Core Viewpoint - The 19th Shenzhen International Financial Expo highlights optimism regarding China's economic future, driven by new technological revolutions and internal economic adjustments [1] Economic Cycle Analysis - The difficulties affecting China's economy, such as issues in the real estate sector, are diminishing, while new growth drivers like artificial intelligence are strengthening [1] - The ongoing deepening of reform and opening-up policies continues to release positive forces for economic recovery [1] - The challenging phase of the Chinese economy is approaching its end [1] Technological Revolution Perspective - A new technological revolution, characterized by advancements in artificial intelligence and biomedicine, is progressing rapidly [1] - Unlike previous technological and industrial revolutions where China was a bystander, it is now a participant and leader in this new wave [1] - The new economy is expected to significantly influence and dominate China's future development [1] Long-term Strategic Focus - Emphasizing the importance of self-improvement and addressing internal challenges is crucial for enhancing competitiveness [1] - The future will favor those who strengthen themselves and effectively resolve their issues [1] - A brighter future is anticipated for entities that can elevate their competitiveness in the face of global changes [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Sunshine Insurance Group Company Limited 陽光人壽 陽光人壽的業務範圍包括人壽保險、健康保險、意外傷害保險等各類人身保險業務；上 述業務的再保險業務；國家法律、法規允許的保險資金運用業務；證券投資基金銷售業 務；經保險監督管理機構批准的其他業務。 基金管理人 陽光恆益（青島）私募基金管理有限公司乃一家在中國註冊成立的有限責任公司，由陽光 資管設立並全資擁有，主要從事私募證券投資基金管理服務。 6963 關連交易 擬投資試點基金之進展 訂立基金合同 茲提述陽光保險集團股份有限公司（「本公司」）日期為2025年5月16日的公告（「該公告」）及 本公司日期為2025年5月27日之通函（「通函」），內容有關（其中包括）本公司附屬公司陽光 人壽擬出資人民幣200億元投資基金管理人（擬由本公司附屬公司陽光資管擬發起設立）發 起設立的試點基金份額之關連交易。除另有界定外，本公告所 ...

Core Viewpoint - The Red River Financial Regulatory Bureau has approved the relocation of the business premises for Sunshine Property Insurance Co., Ltd.'s Pingbian branch to a new address in Yuping Town, Pingbian Miao Autonomous County, Yunnan Province [1] Group 1 - Sunshine Property Insurance Co., Ltd. has received approval to change the business location of its Pingbian branch [1] - The new address for the Pingbian branch is located at 139 Kunhe Road, First Floor, Yuping Town, Pingbian Miao Autonomous County, Honghe Hani and Yi Autonomous Prefecture, Yunnan Province [1] - Sunshine Property Insurance Co., Ltd. is required to handle the necessary changes and obtain new permits in accordance with relevant regulations [1]

Core Viewpoint - The approval for the relocation of the Yangguang Property Insurance Co., Ltd. Linying Marketing Service Department has been granted by the Linyi Financial Regulatory Bureau, indicating a strategic move to enhance operational efficiency and service delivery in the region [1] Group 1 - The Yangguang Property Insurance Co., Ltd. Linying Marketing Service Department will change its business location to a new site in the urban redevelopment area of Linying County, Henan Province [1] - The approval document specifies the new address as No. 3 (7) 202, 203, Nanyuan Urban Shantytown Redevelopment Project, Linying County, Henan Province [1] - The company is required to complete the necessary procedures for the change and obtain new permits in accordance with relevant regulations [1]

Investment Rating - The report maintains an "Outperform" rating for the insurance industry [1][85]. Core Insights - The insurance sector is experiencing improvements in both liability and asset sides, benefiting from a recovery in the capital markets [1][85]. - The report highlights that the new business value (NBV) for life insurance continues to show positive growth, with varying performance in new policies across different companies [3][12]. - The property and casualty (P&C) insurance sector is seeing improvements in the combined operating ratio (COR) due to reduced disaster losses and strategic adjustments [38][56]. - The recovery in equity markets is driving an increase in net profit growth for insurance companies [68][80]. Summary by Sections Life Insurance: NBV Continues to Improve, New Policy Performance Varies - The NBV growth for listed life insurance companies in 9M2025 shows a positive trend, with year-on-year growth rates as follows: PICC Life (+76.6%), New China Life (+50.8%), Ping An Life (+46.2%), China Life (+41.8%), and Taikang Life (+31.2%) [8][17]. - In Q3 2025, the NBV growth rates for major companies were: Ping An Life (+58.3%) and Taikang Life (+29.4%), indicating a further increase compared to Q2 2025 [9][12]. - New policy premium growth varied among companies, with New China Life (+59.8%) and PICC Life (+33.8%) leading, while Ping An Life (+2.3%) showed minimal growth [17][24]. Property and Casualty Insurance: Improved COR Due to Reduced Disaster Losses - The P&C insurance sector's premium income growth in 9M2025 was as follows: Ping An P&C (+7.0%), PICC P&C (+3.5%), and Taikang P&C (+0.1%) [44][49]. - The COR for P&C insurance companies improved year-on-year, with PICC P&C at 96.1%, Ping An P&C at 97.0%, and Taikang P&C at 97.6% [61][67]. Investment: Recovery in Equity Markets Boosts Net Profit Growth - The annualized total investment return rates for 9M2025 were: New China Life (8.6%), China P&C (7.2%), and PICC (7.2%) [74][80]. - The net profit growth for listed insurance companies in 9M2025 was led by China Life (+60.5%) and New China Life (+58.9%), with all companies reporting positive growth [80][81]. Investment Recommendations - The report recommends maintaining an "Outperform" rating for the insurance industry, highlighting potential growth in NBV and improvements in COR for P&C insurance [85]. - Key stock recommendations include China P&C, PICC, New China Life, and Ping An, based on their expected performance and market positioning [85].

Core Points - The National Financial Supervision Administration of Gansu Province approved the request from Sunshine Life Insurance Co., Ltd. for the relocation of its Jiayuguan branch [1] Group 1 - Sunshine Life Insurance Co., Ltd. Jiayuguan branch will change its business location to No. 150-5, Qilian West Road, Jiayuguan City, Gansu Province [1] - The company is required to handle the relocation and license renewal procedures in accordance with relevant regulations [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 陽光保險集團股份有限公司（於中華人民共和國註冊成立的股份有限公司）（「本公司」） 呈交日期: 2025年11月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 境內未上市股份 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 8,022,753,987 RMB | | | 1 RMB | | 8,022,753,987 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 8,022,753,987 RMB | | | 1 RMB | | ...

Group 1 - Sunshine Insurance (06963.HK) saw a nearly 3% increase in share price towards the end of trading, with a current rise of 2.71% to HKD 3.79 [1] - The trading volume reached approximately HKD 74.99 million [1]

Core Viewpoint - Sunshine Insurance (06963) has shown a nearly 3% increase in stock price, with a current price of HKD 3.79 and a trading volume of HKD 74.99 million, following the release of its solvency report and unaudited financial data for Q3 2025 [1] Financial Performance - Sunshine Life and Sunshine Property & Casualty achieved a combined interest income, investment income, and fair value change income of CNY 20.76 billion for the first three quarters, representing a year-on-year growth of 26.8% [1] Investment Portfolio - As of the first half of 2025, Sunshine Insurance's FVTPL (Fair Value Through Profit or Loss) stocks accounted for 29.1% of its stock assets, while FVOCI (Fair Value Through Other Comprehensive Income) stocks made up 70.9%, indicating a significantly higher proportion of FVOCI stocks compared to peers [1] - The substantial increase in the secondary market during Q3 has not fully reflected in the company's net profit due to the accounting treatment of FVOCI stocks, where fair value changes are recorded in OCI (Other Comprehensive Income) and only dividends are recognized in current investment income [1]

Core Viewpoint - Sunshine Insurance's stock has seen a nearly 3% increase, attributed to the release of its subsidiaries' solvency reports and financial data for Q3 2025, indicating strong investment performance [1] Financial Performance - Sunshine Life and Sunshine Property & Casualty reported a total investment income, including interest income, investment gains, and fair value changes, of 20.76 billion yuan for the first three quarters, representing a year-on-year growth of 26.8% [1] Investment Strategy - As of the first half of 2025, Sunshine Insurance's FVTPL (Fair Value Through Profit or Loss) stocks accounted for 29.1% of its stock assets, while FVOCI (Fair Value Through Other Comprehensive Income) stocks made up 70.9%, significantly higher than industry peers [1] - The substantial allocation to FVOCI stocks means that the company's net profit does not fully reflect the performance gains from equity increases, as fair value changes are recorded in OCI, with only dividends contributing to current investment income [1]