Core Viewpoint - The insurance industry is experiencing significant changes in the structure and estimation of incurred but not reported (IBNR) reserves, which are crucial for understanding the financial health of insurance companies. The IBNR reserves for 2024 are estimated at approximately 248 billion, accounting for 37.5% of the total reserves, remaining stable compared to the previous year [11][13][16]. Group 1: IBNR Reserves - IBNR reserves are primarily composed of three parts: reported but not settled claims, unreported claims, and claims handling expense reserves. The estimation of IBNR involves predicting future claims based on historical data and actuarial models, which introduces a degree of uncertainty [10][11]. - The proportion of IBNR reserves to total reserves has increased from 15.4% in 2010 to 39.4% in 2022, but has shown signs of a recent decline [13]. - For major insurance companies in 2024, the IBNR proportion of total reserves is as follows: People's Insurance Company of China (35.3%), Ping An Property & Casualty (39.9%), and China Pacific Insurance (35.8%), with the latter showing a decrease of 4.3 percentage points compared to the previous year [16][18]. Group 2: Cash Flow and Cost Ratios - A new accounting standard for insurance contracts has introduced a metric for changes in cash flow related to incurred claims liabilities. This metric reflects the difference between actual and estimated claim payments, impacting the book value of insurance liabilities [5][24]. - The ratio of changes in incurred claims liabilities to insurance service revenue for 2024 is projected to be -4.5%, indicating favorable changes that have led to a reduction in the comprehensive cost ratio for eight major insurance companies by approximately 4.5 percentage points [7][29]. - The total incurred claims liabilities for eight companies adopting the new accounting standard represent about 75% of the market share in the property and casualty insurance sector [24]. Group 3: Industry Trends and Comparisons - The average IBNR proportion across the industry for 2024 is 37.5%, with a simple average of 46.3% and a median of 43.2%. Ten companies have an IBNR proportion exceeding 70% [14]. - The ratio of total reserves to earned premiums for 2024 is 44.1%, reflecting a year-on-year increase of approximately 1 percentage point, with top three companies at 43.8% and smaller companies at 44.6% [13]. - The report highlights the differences in IBNR proportions among companies, which can be attributed to business structure and claims efficiency improvements [14][16].

Core Insights - The insurance sector experienced a decline of 0.56% on October 24, with China Pacific Insurance leading the drop [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Insurance Sector Performance - China Ping An (601318) closed at 57.88, with a slight increase of 0.14% and a trading volume of 558,200 shares, totaling a transaction value of 32.40 billion [1] - New China Life Insurance (601336) closed at 68.78, down 0.03%, with a trading volume of 200,000 shares and a transaction value of 1.368 billion [1] - China Life Insurance (601628) closed at 44.38, down 0.20%, with a trading volume of 191,900 shares and a transaction value of 850 million [1] - China Property & Casualty Insurance (601319) closed at 8.76, down 0.23%, with a trading volume of 580,800 shares and a transaction value of 507 million [1] - China Pacific Insurance (601601) closed at 37.22, down 0.32%, with a trading volume of 199,200 shares and a transaction value of 741 million [1] Fund Flow Analysis - The insurance sector saw a net outflow of 369 million from institutional investors, while retail investors had a net inflow of 385 million [1] - New China Life Insurance had a net inflow of 7.105 million from institutional investors, but a net outflow of 19.212 million from retail investors [2] - China Property & Casualty Insurance experienced a significant net outflow of 53.2675 million from institutional investors, with a net inflow of 49.3297 million from retail investors [2] - China Life Insurance had a net outflow of 85.7896 million from institutional investors, with a net inflow of 68.5680 million from retail investors [2] - China Pacific Insurance faced a net outflow of 87.024 million from institutional investors, while retail investors contributed a net inflow of 41.1788 million [2]

Core Viewpoint - China Ping An's stock performance shows a slight increase of 0.14% with a trading volume of 3.24 billion yuan and a market capitalization of 1,048.07 billion yuan [1] Dividend Analysis - The dividend yields for China Ping An over the past three years are 5.15%, 6.03%, and 4.84% [2] - The company has distributed a total of 391.90 billion yuan in dividends since its A-share listing, with 134.54 billion yuan distributed in the last three years [7] Shareholder Structure - The top ten circulating shareholders include Central Huijin Asset Management Co., Ltd. and China Securities Finance Corporation [2] - As of June 30, 2025, the number of shareholders is 720,900, a decrease of 9.74% from the previous period [6] Business Overview - China Ping An, established on March 21, 1988, offers diversified financial services including insurance, banking, securities, and trust [6] - The revenue composition is as follows: life and health insurance 45.76%, property insurance 34.46%, banking 13.87%, asset management 5.27%, and financial empowerment 3.85% [6] Financial Performance - For the first half of 2025, China Ping An reported a net profit of 68.05 billion yuan, a year-on-year decrease of 8.81% [6] Market Activity - The stock has seen a net outflow of 95.72 million yuan today, with a lack of clear trends in major funds [3] - The average trading cost of the stock is 51.41 yuan, with the current price near a resistance level of 58.25 yuan [5]

证券研究报告 保险 险资红利策略 2.0 华泰研究 2025 年 10 月 24 日│中国内地 专题研究 战略上坚持，战术上灵活 1H25 险资加速配置红利股，上市公司增配红利股近 3200 亿元，超过去年 全年增配规模。由于现金收益持续下降，险资仍不得不倚重红利投资，但红 利股估值抬升和股息率下降对险资红利策略形成挑战。险资红利策略可能已 经告别"买买买"的 1.0 阶段，进入精挑细选、左右平衡的 2.0 阶段，需要 在获取稳定现金收益的同时降低资本亏损概率，同时需要考虑是否止盈以及 跌价风险。在估值已经明显抬升之后，险资集中加仓红利股的机会正在减少， 可选红利股范围逐渐收窄。我们估计目前全行业仍然欠配红利股 0.8-1.6 万 亿人民币左右，或在未来两三年内完成配置。建议关注资产负债表有韧性、 均衡增长的中国平安 A/H、中国太保 A/H、中国人寿 A/H、中国人保 A。 红利策略或步入新阶段 受制于刚性负债成本居高难下，险资需要尽力维持现金投资收益。由于利息 贡献不足，险资不得不求诸股息，这是险资红利策略的来源。在低利率背景 下，增配红利股仍然是险资长期目标。但短期看，红利股估值上升推高了跌 价风险，股 ...

Core Points - The Fuzhou Financial Regulatory Bureau approved the change of business locations for China Ping An Property & Casualty Insurance Company [1] Group 1 - China Ping An Property & Casualty Insurance Company’s Jinxi branch will relocate to No. 63A, 1st Floor, Building 1, Auto Expo City, Xiangdu Avenue, Jinxi County, Fuzhou City, Jiangxi Province [1] - The marketing service department in Lichuan will move to Shops 107-108, Guoan No. 1 Building, Jingchuan Avenue, New District, Lichuan County, Fuzhou City, Jiangxi Province [1] - The company is required to handle the change and obtain new permits in accordance with relevant regulations [1]

Core Points - The Yunnan Chuxiong Financial Regulatory Bureau approved the request for the change of business location for China Ping An Property & Casualty Insurance Co., Ltd. Shuangbai Branch [1] - The new business location is specified as Room 04, 1st and 2nd floors, Building 2, Xinhao Wenyuan Community, Wenchang Road, Tuodian Town, Shuangbai County, Chuxiong Yi Autonomous Prefecture, Yunnan Province [1] - China Ping An Property & Casualty Insurance Co., Ltd. is required to handle the change and license renewal in accordance with relevant regulations [1]

Core Points - The Red River Financial Regulatory Bureau approved the request from China Ping An Property & Casualty Insurance Company for the relocation of its Mile branch [1] - The new business location is specified as A66, 1-2 floors, Lakeside Garden Phase II, Xixiu Garden, Miyang Street, Mile City, Honghe Hani and Yi Autonomous Prefecture, Yunnan Province [1] - The Red River Center Branch of China Ping An Property & Casualty Insurance Company is required to handle the change and license renewal in accordance with relevant regulations [1]

Core Viewpoint - The Wenshan Financial Regulatory Bureau has approved the relocation of the business premises for China Ping An Property & Casualty Insurance Company, indicating regulatory support for the company's operational adjustments [1] Group 1 - The business location of China Ping An's Maguan branch will be changed to a new address in Wenshan Zhuang and Miao Autonomous Prefecture, specifically to the second building of Fengchun Junlan Hotel [1] - The company is required to handle the change and obtain new permits in accordance with relevant regulations [1]

Core Viewpoint - The performance of the CSI 300 ETF managed by CICC shows a slight increase, with notable movements in its constituent stocks, indicating mixed market sentiment and potential investment opportunities [1] Group 1: ETF Performance - As of the midday close on October 24, the CSI 300 ETF (510320) rose by 0.57%, priced at 1.245 yuan, with a trading volume of 9.0113 million yuan [1] - The performance benchmark for the CSI 300 ETF is the return rate of the CSI 300 Index, with a return of 23.62% since its inception on April 16, 2025, and a return of 1.97% over the past month [1] Group 2: Constituent Stocks Performance - Major stocks within the CSI 300 ETF showed varied performance: Kweichow Moutai decreased by 0.90%, CATL increased by 0.94%, Ping An Insurance rose by 0.36%, and China Merchants Bank fell by 0.54% [1] - Other notable movements include Industrial Bank down by 0.63%, Yangtze Power down by 0.18%, Midea Group down by 0.31%, Zijin Mining up by 0.81%, BYD up by 0.15%, and East Money Information up by 0.20% [1]

Core Viewpoint - The article discusses the performance of the Hu-Shen 300 ESG ETF (561900) as of October 24, highlighting its current price, trading volume, and the performance of its major holdings [1] Group 1: ETF Performance - As of the midday close, the Hu-Shen 300 ESG ETF (561900) increased by 0.82%, reaching a price of 0.978 yuan, with a trading volume of 1.1127 million yuan [1] - Since its inception on July 6, 2021, the fund has recorded a return of -2.88%, while its return over the past month is 1.82% [1] Group 2: Major Holdings Performance - Major holdings in the ETF include: - Kweichow Moutai: down 0.90% - China Merchants Bank: down 0.54% - Contemporary Amperex Technology: up 0.94% - Yangtze Power: down 0.18% - Industrial Bank: down 0.63% - Midea Group: down 0.31% - BYD: up 0.15% - Industrial and Commercial Bank of China: unchanged - Wuliangye: down 0.89% - Ping An Insurance: up 0.36% [1]