Core Viewpoint - The event on October 13 marked the 36th International Day for Disaster Reduction, where China Ping An, in collaboration with various organizations, launched initiatives to enhance disaster resilience and public disaster response capabilities, including the release of the "Typhoon Disaster Prevention and Mitigation System and Guidelines" [1][4]. Group 1: New Tools and Models - Ping An Property & Casualty Insurance introduced the "Ping An Typhoon Risk Map" and "Ping An Typhoon Catastrophe Model," utilizing AI tools for scientific disaster prevention and control [2]. - The "Ping An Typhoon Risk Map" consists of three digital maps that quantify typhoon risks based on historical and observational data, achieving kilometer-level simulation accuracy [2]. - The "Ping An Typhoon Catastrophe Model" estimates the probability and potential losses from typhoon disasters, aiding in catastrophe insurance pricing [2]. Group 2: Emergency Resource Warehouses - Ping An is establishing five emergency resource warehouses across key regions in China, ensuring a 100% response rate to major disasters and covering the entire disaster management process [3]. - The warehouses will provide over 30 types of emergency supplies, including water barriers and pumps, to meet various disaster response needs [3]. - The warehouses are designed for rapid response, with next-day delivery capabilities during disasters [3]. Group 3: Collaborative Efforts and Knowledge Sharing - A collaborative effort led to the publication of a guidebook aimed at enhancing disaster resilience, using case studies from past typhoons to develop a comprehensive knowledge system [4]. - The guidebook offers practical risk assessment and reduction measures tailored for different environments, promoting actionable disaster preparedness [4]. - A strategic partnership was formed between Ping An and the Hainan Meteorological Bureau to enhance data sharing and collaborative development in the meteorological field [5]. Group 4: Community Engagement and Volunteerism - An emergency rescue team composed of volunteers from Ping An pledged to protect public safety through coordinated disaster response efforts [6]. - The event is part of Ping An's broader "Risk Reduction + Public Welfare" initiative, which aims to enhance community disaster preparedness and response capabilities [6]. - The company emphasizes that improving grassroots emergency capabilities is a systematic project, committing to leverage its strengths in insurance, technology, and services for public safety [6].

Core Viewpoint - The event on October 13 marked the 36th International Day for Disaster Reduction, where China Ping An, in collaboration with various organizations, launched initiatives to enhance disaster resilience and public disaster response capabilities, including the release of the "Typhoon Disaster Prevention and Mitigation System and Guidelines" [1][4] Group 1: New Tools and Models - Ping An Property & Casualty Insurance introduced the "Ping An Typhoon Risk Map" and "Ping An Typhoon Catastrophe Model," utilizing AI tools for scientific disaster prevention and control [2] - The "Ping An Typhoon Risk Map" consists of three digital maps that quantify typhoon risks based on historical and observational data, achieving kilometer-level simulation accuracy [2] - The "Ping An Typhoon Catastrophe Model" estimates the probability and potential losses from typhoon disasters, aiding in catastrophe insurance pricing [2] Group 2: Emergency Resource Warehouses - Ping An is establishing five emergency resource warehouses across key regions in China, providing comprehensive emergency material services and ensuring 100% response to major disasters [3] - The warehouses will stock over 30 types of emergency supplies, including water barriers and pumps, to meet various disaster response needs [3] - The logistics system allows for next-day delivery of emergency supplies during disasters, facilitating rapid response [3] Group 3: Collaborative Efforts and Knowledge Sharing - A joint publication titled "Typhoon Disaster Prevention and Mitigation System and Guidelines" was released to enhance disaster resilience, using case studies from past typhoons to develop a comprehensive knowledge system [4] - The publication offers practical risk assessment and reduction measures tailored to different environments, promoting actionable disaster preparedness [4] - The event featured discussions among experts and representatives on innovative practices for reducing typhoon disaster risks, emphasizing the collective responsibility of society in enhancing disaster response capabilities [5] Group 4: Community Engagement and Volunteerism - An emergency rescue team composed of volunteers from Ping An's Hainan branch pledged to protect public safety through coordinated disaster response efforts [6] - The event is part of Ping An's broader "Risk Reduction + Public Welfare" initiative, which aims to improve grassroots emergency management capabilities [6] - The company plans to continue leveraging its strengths in insurance, technology, and services to contribute to disaster risk reduction and community safety [6]

从资金流向上来看，当日保险板块主力资金净流入1588.64万元，游资资金净流出5168.95万元，散户资金 净流入3580.31万元。保险板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601601 | 中国太保 | 34.92 | -0.40% | 43.82万 | 15.16 Z | | 601318 | 中国平安 | 55.10 | -0.79% | 60.97万 | 33.53亿 | | 601336 | 新华保险 | 62.18 | -0.83% | 20.55万 | 12.72亿 | | 61319 | 中国人保 | 7.83 | -1.14% | 80.75万 | 6.28 Z | | 601628 | 中国人寿 | 39.17 | -1.24% | 13.02万 | 5.0917, | 证券之星消息，10月13日保险板块较上一交易日下跌0.97%，中国人寿领跌。当日上证指数报收于 3889.5，下跌0.19%。深证成指报收于13231.47，下跌0.93 ...

Investment Rating - The report indicates a stable investment outlook for the insurance industry, with expectations for continued growth driven by policy support and market demand [5][34]. Core Insights - The insurance industry in China is experiencing stable competition, with significant head effects among leading companies. Premium income from life insurance is the main growth driver, while property insurance is also seeing growth due to rising car insurance revenue and rapid health insurance growth [4][34]. - Investment returns have decreased compared to the previous year due to fluctuations in bond rates and underperformance in equity markets, despite an increase in the scale of funds utilized by insurance companies [4][5]. - The overall solvency of the industry has improved, with a decrease in the number of companies failing to meet solvency standards, although market volatility poses challenges to solvency levels [4][22]. Summary by Sections 1. Industry Overview - In the first half of 2025, the insurance industry maintained a stable competitive landscape, with premium income from life insurance companies growing by 5.38% year-on-year, driven primarily by life insurance business [15][34]. - Property insurance companies also saw a 5.10% increase in premium income, with car insurance revenue rebounding and health insurance growing rapidly [16][34]. 2. Regulatory Environment - The regulatory framework for the insurance industry has tightened, with an increase in the frequency of policy releases aimed at enhancing risk management and promoting high-quality development [8][34]. 3. Financial Performance - As of June 2025, the total assets of the reinsurance industry reached 0.86 trillion yuan, a 3.96% increase from the previous year, although some companies experienced a decline in premium income [18][34]. - The solvency ratios for insurance companies improved, with the comprehensive solvency ratio at 204.5% and core solvency ratio at 147.8% as of June 2025 [22][34]. 4. Investment and Returns - The total investment balance of the insurance industry reached 36.23 trillion yuan, a year-on-year increase of 17.39%, with fixed-income instruments remaining the primary investment category [19][34]. - Investment returns have been affected by market volatility, with a general decline in investment yield compared to the previous year [28][34]. 5. Future Outlook - The insurance industry is expected to continue its stable growth trajectory, supported by favorable policies and increasing market demand, although attention must be paid to potential market fluctuations and regulatory changes [5][34].

2025年10月13日，中国平安保险(集团)股份有限公司在优质运营、创新突破、社会贡献等指标中表现优 异，入围《经济观察报》2024—2025年度受尊敬企业。根据经观中国上市公司综合价值评估体系，总资 产、员工薪酬连续三年实现正增长。 ...

Core Viewpoint - The event on October 13 marked the 36th International Day for Disaster Reduction, where China Ping An, in collaboration with various organizations, launched initiatives to enhance disaster resilience and public disaster response capabilities, including the introduction of the "Ping An Typhoon Risk Map" and "Ping An Typhoon Catastrophe Model" [1][2]. Group 1: Disaster Risk Management Initiatives - Ping An Property & Casualty Insurance launched the "Ping An Typhoon Risk Map," which consists of three digital maps assessing typhoon wind, rain, and overall risk, utilizing advanced AI models for kilometer-level simulation accuracy [2]. - The "Ping An Typhoon Catastrophe Model" quantifies the probability and potential losses from typhoon events, aiding in catastrophe insurance pricing [2]. - The "Eagle Eye System" issued 25.9 million disaster warnings and 4.26 billion alerts, covering 64.02 million clients, with an international version, EagleX, introduced for global risk management [2]. Group 2: Emergency Resource Warehouses - Ping An is establishing five emergency resource warehouses across key regions in China, ensuring 100% response to major disasters and providing a full-service loop from pre-disaster to post-disaster [3]. - The warehouses will stock over 30 types of emergency supplies, including water barriers and pumps, to meet various disaster response needs [3]. - The warehouses are designed for rapid response, with next-day delivery capabilities during emergencies [3]. Group 3: Educational and Collaborative Efforts - A collaborative publication titled "Typhoon Disaster Prevention and Mitigation System and Guidelines" was released, aimed at enhancing disaster resilience through a comprehensive knowledge system [4]. - The publication includes practical risk assessment measures for various settings, promoting actionable disaster preparedness [4]. - A strategic partnership was formed between Ping An and the Hainan Meteorological Bureau to enhance data sharing and collaborative development in the meteorological field [5]. Group 4: Community Engagement and Volunteerism - An emergency rescue team composed of volunteers from Ping An pledged to protect public safety through coordinated disaster response efforts [6]. - The event is part of Ping An's broader "Risk Reduction + Public Welfare" initiative, which aims to improve grassroots emergency management capabilities [6]. - The company emphasizes the importance of systematic approaches to disaster preparedness and response, leveraging its strengths in insurance, technology, and service [6].

Core Viewpoint - The recent notification from the National Financial Regulatory Administration emphasizes the implementation of a "reporting and execution consistency" system in the non-auto insurance sector, aiming to enhance rate management and ensure transparency in premium income management, effective from November 1, 2025 [1][2]. Summary by Sections Regulatory Changes - The notification introduces a comprehensive "reporting and execution consistency" system for non-auto insurance, which mandates that all actual terms and rates must align with those submitted to regulators [2]. - The notification consists of 12 key points, including optimizing assessment mechanisms, strengthening rate management, and regulating operational expenses [2]. Industry Response - Major insurance companies, including China Insurance and Ping An Property & Casualty, have established dedicated teams to ensure compliance with the new regulations and are actively preparing for the implementation [4][5]. - The industry views the notification as a crucial step towards transitioning from a "scale-oriented" to a "quality-oriented" business model, promoting rational competition and sustainable development [3]. Market Dynamics - The non-auto insurance market has been experiencing rapid growth, nearing half of the total property insurance premiums, but has also faced issues such as excessive competition and high commission fees [1][2]. - The notification aims to address these challenges by enforcing stricter controls on fees and ensuring that insurance companies adhere to transparent practices, thereby protecting consumer rights [3][5].

- Model Name: Expected High Dividend Portfolio; Model Construction Idea: The model uses a two-stage approach to construct the expected dividend yield indicator. The first stage calculates the dividend yield based on the annual report's profit distribution, and the second stage predicts and calculates the dividend yield using historical dividends and fundamental indicators. Additionally, two short-term factors affecting dividend yield—reversal factor and profitability factor—are used to assist in screening, and the selection is made from the CSI 300 constituent stocks to construct the expected high dividend portfolio. The portfolio holds 30 stocks each period and rebalances monthly[3][8] - Model Construction Process: 1. Exclude suspended and limit-up stocks from the CSI 300 constituent stocks to form the candidate stock pool[13] 2. Exclude the top 20% of stocks with the highest short-term momentum (i.e., the top 20% of stocks with the highest 21-day cumulative gains) from the stock pool[13] 3. Exclude stocks with declining profitability (i.e., stocks with a negative year-on-year growth rate of quarterly net profit)[13] 4. Rank the remaining stocks in the stock pool by expected dividend yield and select the top 30 stocks with the highest expected dividend yield to construct the portfolio equally weighted[9] - Model Evaluation: The model's historical performance is outstanding, with a cumulative return of 358.90% and a cumulative excess return of 107.44% relative to the CSI 300 Total Return Index. The annualized excess return is 8.87%, with a maximum rolling one-year drawdown of only 12.26% and a monthly excess win rate of 60.19%[11] Model Backtest Results - Expected High Dividend Portfolio, average return in September 2025: -5.35%, underperformed the CSI 300 Index by 8.09% and the CSI Dividend Index by 3.87%[3][14] - Best performing stocks in September 2025: CITIC Special Steel (3.81%), Yutong Bus (-0.35%), Industrial and Commercial Bank of China (-1.75%), Shuanghui Development (-1.90%)[15] Factor Construction and Evaluation - Factor Name: Expected Dividend Yield Factor; Factor Construction Idea: The factor is constructed by predicting dividend distribution using the method of dividend distribution combined with fundamental indicators. Two short-term factors affecting dividend yield—reversal factor and profitability factor—are used to assist in screening[14] - Factor Construction Process: 1. Calculate the dividend yield based on the annual report's profit distribution[8] 2. Predict and calculate the dividend yield using historical dividends and fundamental indicators[8] - Factor Evaluation: The factor is used to assist in screening and constructing the expected high dividend portfolio, which has shown outstanding historical performance[3][8] Factor Backtest Results - Expected Dividend Yield Factor, average return in September 2025: -5.35%, underperformed the CSI 300 Index by 8.09% and the CSI Dividend Index by 3.87%[3][14]

Core Viewpoint - The performance of the CSI 300 ETF managed by CICC has shown a decline in its key holdings, reflecting broader market trends and investor sentiment [1] Group 1: ETF Performance - As of the midday close on October 13, the CSI 300 ETF (510320) fell by 1.86%, priced at 1.215 yuan, with a trading volume of 6.6276 million yuan [1] - Since its inception on April 16, 2025, the fund has achieved a return of 23.82%, with a monthly return of 3.84% [1] Group 2: Key Holdings Performance - Major holdings in the CSI 300 ETF include: - Kweichow Moutai down by 0.98% - CATL down by 3.64% - Ping An Insurance down by 1.04% - China Merchants Bank down by 0.62% - Industrial Bank unchanged - Yangtze Power up by 0.14% - Midea Group down by 1.55% - Zijin Mining down by 2.36% - BYD down by 2.57% - Eastmoney down by 2.76% [1]

二、中国平安财产保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 2025年9月30日，国家金融监督管理总局上饶监管分局发布批复称，《中国平安（601318）财产保险股 份有限公司德兴支公司关于变更职场租赁地址的请示》(平保产赣分上饶中支发〔2025〕08号）材料收 悉。经审核，现批复如下： 一、同意中国平安财产保险股份有限公司德兴支公司将营业场所变更为：江西省上饶市德兴市银城镇景 园小区。 ...