"平安集团所管理的保险资产现已超6万亿元，其中二级市场权益投资规模超8000亿元。"路昊阳透露， 平安集团内部制定了"五大匹配"原则，即资产与负债久期匹配、投资与收益要求匹配、投资与流动性需 求匹配、投资与风险安全要求匹配、投资与财务报表要求匹配。 当前，保险行业普遍面临低利率环境下资产收益无法满足负债成本要求的困境，资产负债匹配的挑战不 断加大。而全球保险机构在穿越低利率环境方面早有探索，特别是美国、日本等经历过低利率周期的国 家。日本在20世纪90年代经济泡沫破裂后、利率持续走低，其国内保险业经历了严重危机，多家保险公 司破产，剩下的险企在投资方面做对了两件事：一是大幅增加海外配置，赚取息差，缓解负债匹配压 力；二是增配国内高股息股票作为"压舱石"，有效覆盖了负债成本。美国险企面对低利率时，更多是选 择主动调降负债，在保证成本的同时大幅增配权益，与客户共同承担风险，同时利用权益的波动性弥补 低利率环境下产品吸引力的不足。德国险企虽略有保守但不缺灵活，一方面通过利率债严格把控久期缺 口，另一方面通过适当加大二级市场权益投资和挖掘一级市场的股权投资机会，全面提升长期收益水 平。 "增配权益是各国险企度过低利率 ...

Core Viewpoint - The insurance industry has shown significant growth in claims, with total claims exceeding 110 billion yuan in the first half of 2025, reflecting an increasing demand for insurance products and services [6][12][14]. Group 1: Claims Overview - Total claims amount exceeded 110 billion yuan, with over 35.09 million claims processed [1][6]. - The average claim approval rate stands at 98.8%, with daily processing of approximately 190,000 claims [29][32]. - There are 14 cases of claims exceeding 10 million yuan, indicating a rise in high-value claims [15][22]. Group 2: Major Claimants - China Life Insurance reported the highest claims at 30.2 billion yuan, followed by Ping An Life with 20.62 billion yuan [2][12]. - Six insurance companies reported claims exceeding 3 billion yuan, including Taikang Life and Xinhua Insurance [12][14]. - The top claims cases from 49 insurance companies all exceeded 1 million yuan, showcasing a trend towards higher claim amounts [16][21]. Group 3: Claim Types - Critical illness claims accounted for 47% of total claims, while medical claims made up 28% [14]. - The increasing focus on health-related insurance products reflects changing consumer needs and preferences [14][39]. Group 4: Regional Insights - High-value claims are predominantly concentrated in economically developed regions such as Beijing, Shanghai, and Guangzhou, where clients often have multiple insurance products [24][22]. Group 5: Service Improvements - Insurance companies are enhancing their claims processing efficiency through online platforms and simplified procedures, leading to faster claim settlements [32][39]. - Many companies report significant improvements in online claim approval rates, with some achieving over 90% [33][39].

Group 1 - China Ping An announced that renowned table tennis player Ma Long has become the company's brand ambassador, aligning with its mission to promote health and a better life for customers [1] - The company has recently launched the eShengbao series of medical insurance products, which feature low premiums and high coverage, catering to the growing health protection needs of customers [1][4] - The eShengbao series allows for flexible combinations of insurance plans, enabling customers to tailor their coverage according to their specific needs and financial capabilities [5] Group 2 - The eShengbao Huixiang version offers a first-year premium of only 410 yuan for a 30-year-old male with basic medical insurance, with a total payout limit of up to 8 million yuan [4] - The eShengbao series includes a comprehensive health service plan called "Anyou Medical," which provides a full range of medical assistance services, covering pre-hospital, in-hospital, and post-hospital care [5] - This collaboration signifies China Ping An's commitment to enhancing health protection services and integrating insurance expertise with sportsmanship to build a stronger health safety net for families [5]

Core Viewpoint - China Ping An's stock performance shows a slight increase of 0.34% with a trading volume of 1.271 billion yuan and a market capitalization of 1,060.202 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% respectively [2] - The top ten circulating shareholders include Central Huijin Asset Management Co., Ltd. and China Securities Finance Corporation [2] - The company owns Fintech subsidiary OneConnect, providing electronic banking, account services, credit reporting, loans, and interbank transactions to small and medium-sized banks [2] - China Ping An has stakes in several unicorn companies, including Lufax, Ping An Good Doctor, and a health insurance company, with Lufax valued at 39.4 billion USD as of March 2019 [2] Fund Flow Analysis - Today's net inflow from major funds is -55.288 million yuan, accounting for 0.05%, with a continuous three-day reduction in major fund holdings [2] - The industry has seen a net outflow of -107 million yuan over the same period [2] Technical Analysis - The average trading cost of the stock is 52.64 yuan, with a recent decrease in holdings, though the rate of decrease has slowed [4] - The current stock price is near a support level of 58.40 yuan, and a drop below this level may trigger a downward trend [4] Company Overview - China Ping An Insurance (Group) Co., Ltd. is based in Shenzhen, Guangdong, and was established on March 21, 1988, with its IPO on March 1, 2007 [5] - The company's main business includes insurance, banking, securities, and trust services, with revenue composition as follows: life and health insurance 45.76%, property insurance 34.46%, banking 13.87%, asset management 5.27%, and financial empowerment 3.85% [5] - As of September 30, 2025, the number of shareholders is 696,200, a decrease of 3.43%, with an average of 15,401 circulating shares per person [5] - For the period from January to September 2025, the company reported a net profit of 132.856 billion yuan, a year-on-year increase of 11.47% [5] Dividend Distribution - China Ping An has distributed a total of 391.904 billion yuan in dividends since its A-share listing, with 134.54 billion yuan distributed over the past three years [6] - The sixth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 456 million shares, a decrease of 182 million shares from the previous period [6]

Core Insights - The Financial Regulatory Bureau released an action plan to promote high-quality development in the property insurance industry, focusing on business transformation and upgrades [1] - The action plan has led to significant reforms in the auto insurance sector, particularly addressing challenges in insuring new energy vehicles [1][3] Group 1: Policy and Regulatory Developments - The action plan aims to enrich new energy vehicle insurance products and optimize market pricing mechanisms [1] - A joint guidance opinion was issued to enhance the quality of new energy vehicle insurance through data sharing, repair standards, and rate determination [1][2] Group 2: Industry Innovations and Solutions - A risk-sharing mechanism was established to address the "difficult to insure" issue for high-risk models, with the launch of the "Car Insurance Good to Insure" platform [2] - The platform has onboarded 37 property insurance companies, facilitating insurance for over 1.1 million vehicles, providing coverage exceeding 1.1 trillion yuan [2] Group 3: Financial Performance and Growth - Major insurers like China Ping An and China Pacific Insurance reported that new energy vehicle insurance has entered a profitable stage, with a projected premium of around 200 billion yuan and a growth rate exceeding 30% [3] - The industry is expected to see further profitability as technology upgrades and data accumulation continue [3] Group 4: Challenges and Future Outlook - The property insurance industry still faces challenges such as the division of liability in smart driving and the need for improved data sharing and security [4] - However, there is a general consensus that ongoing reforms will enable the industry to better serve the real economy and meet public needs [4]

Core Insights - The major stock indices experienced a decline in October, with the CSI 300 index falling by 2.46% and closing at 4526.66 points, marking a drop of 114.01 points [11][12]. - The performance of various indices over different time frames shows that the CSI 300 index has gained 15.04% year-to-date, while the CSI 500 index has seen a decline of 4.08% in the past month [11][14]. Monthly Performance of Major Indices - The CSI 300 index opened at 4636.73, reached a high of 4707.13, and closed at 4526.66, reflecting a monthly decline of 2.46% [11]. - The CSI 100 index decreased by 2.05%, closing at 4397.36, while the CSI 800 index fell by 2.90% to 4945.49 [11]. - The Shanghai Composite Index dropped by 1.67%, closing at 3888.60 [11]. Sector Performance - The energy sector showed a slight increase of 0.48% in the CSI 300, while the materials sector declined by 2.15% [17][22]. - The industrial sector experienced a significant drop of 3.44%, and the healthcare sector fell by 5.02% [17][22]. - The financial sector had a minor increase of 0.13%, contrasting with the information technology sector, which saw a decline of 7.73% [17][22]. Top and Bottom Performing Stocks - The top-performing stocks in the CSI 300 included GAC Group, which rose by 18.29%, and Weichai Power, which increased by 15.71% [13]. - Conversely, the worst performers included SAILIS, which fell by 18.69%, and Industrial Fulian, which dropped by 15.67% [15][20]. Valuation Metrics - The CSI 300 index has a P/E ratio of 14.42 and a P/B ratio of 1.45, indicating a moderate valuation compared to historical averages [14]. - The healthcare sector has the highest P/E ratio at 25.97, while the financial sector has the lowest at 8.61 [14]. Trading Volume and Turnover - The top ten stocks by trading volume in the CSI 300 included China Aluminum and China Bank, with significant trading volumes of 871 million and 453 million respectively [17]. - The turnover rate for the top stocks was notably high for companies like Aters, which had a turnover rate of 250.27% [17].

Core Insights - The long-term investment return assumption is a crucial parameter affecting the intrinsic value of life insurance companies, reflecting their expectations regarding capital market conditions and investment strategies. In 2024, most life insurance companies have lowered their long-term investment return assumption from 4.5% to 4.0% [9][11]. Investment Returns Analysis - From 2010 to 2024, listed life insurance companies had a total investment return that exceeded the long-term investment return assumption in only 5 out of 15 years, with the remaining 10 years showing negative deviations. The cumulative total investment return deviation for the industry is -0.38% [3][6][37]. - As of the first three quarters of 2025, the total investment return for the year is approximately 3.5%, slightly below the long-term investment return assumption of 4.0%. A strong performance in the fourth quarter could make 2025 the first year since 2020 to exceed the long-term investment return assumption [3][13]. Company-Specific Performance - In 2024, China Life's total investment return was 4.02%, while its comprehensive investment return was 5.94%, both exceeding the long-term investment return assumption of 4.0% [17][18]. - Ping An Life's total investment return for 2024 was 3.32%, with a comprehensive investment return of 7.25%, also above the long-term assumption [19][21]. - For 2024, Taikang Life's total investment return was 3.03%, while its comprehensive investment return was 7.33%, surpassing the long-term assumption [22][23]. - New China Life reported a total investment return of 3.56% and a comprehensive investment return of 6.84% for 2024, both exceeding the long-term assumption [24][25]. - PICC Life's total investment return was 3.70%, with a comprehensive investment return of 14.1%, significantly above the long-term assumption [28][29]. - AIA's estimated long-term investment return assumption for 2024 is 3.4%, which is below the 4.0% threshold, indicating a cautious outlook [30][33]. Summary of Deviations - The average deviation of total investment returns from long-term assumptions for the industry is -0.38%, while the average deviation for comprehensive investment returns is 0.66%. Companies like PICC Life and AIA show better performance with positive deviations [37][38].

二、中国平安人寿保险股份有限公司厦门分公司应按照有关规定及时办理变更及许可证换领事宜。 一、同意中国平安人寿保险股份有限公司厦门分公司集美支公司灌口营销服务部将营业场所变更为：厦 门市集美区软件园三期F26地块1号楼15层1502-3单元。 中国平安 中国平安-R 中国平安 分时图 日K线 周K线 月K线 58.30 -0.50 -0.85% 1.11% 0.73% 0.37% 0.00% 0.37% 0.73% 1.11% 58.15 58.37 58.58 58.80 59.02 59.23 59.45 09:30 10:30 11:30/13:00 14:00 15:00 3万 37万 72万 106万 2025年11月24日，国家金融监督管理总局厦门监管局发布批复称，《中国平安（601318）人寿保险股份 有限公司厦门分公司关于集美支公司灌口营销服务部变更营业场所的请示》(平保寿厦分发〔2025〕210 号)收悉。经审核，现批复如下： ...

Core Insights - The release of the upgraded China Earthquake Catastrophe Model 3.7 by Zhongzai Catastrophe Risk Management Co., Ltd. enhances the precision of quantifying earthquake disaster losses and provides reliable data support for insurance actuarial work, disaster prevention planning, and emergency management [1] - The recent advancements in catastrophe risk management models reflect a broader trend in the industry, with multiple models being upgraded to improve disaster risk quantification [1][2] - The implementation of the "Action Plan" by the Financial Regulatory Bureau emphasizes the importance of developing catastrophe risk models for typhoons, floods, and earthquakes as part of a comprehensive disaster prevention and mitigation strategy [2] Industry Developments - The insurance industry is increasingly focusing on proactive disaster prevention measures, as demonstrated by the development of intelligent monitoring systems that can predict agricultural risks and provide timely warnings to farmers [3] - Emergency response capabilities have been enhanced, with insurance companies actively participating in disaster management, such as directing traffic during flooding events to prevent further losses [3] - The speed of claims processing has improved significantly, exemplified by rapid compensation for damages caused by natural disasters, showcasing the industry's commitment to efficient service [4] Regulatory Framework - The "Action Plan" has led to significant advancements in establishing a multi-layered catastrophe insurance protection mechanism, including the recent approval for domestic insurance companies to issue catastrophe-linked securities in Hong Kong [5] - The issuance of catastrophe-linked securities allows for better risk distribution and enhances the resilience of the insurance industry against natural disasters [5] Overall Impact - The insurance sector's role in disaster prevention, emergency response, and loss compensation has become increasingly prominent, with a closed-loop system being developed to enhance efficiency and societal resilience [6] - The industry is transitioning from passive compensation to proactive disaster reduction, supported by technological advancements and innovative mechanisms [6] - As catastrophe insurance systems deepen and emergency service mechanisms improve, the insurance industry's function within the national emergency management framework is expected to become more robust, providing stronger protection for public safety [6]

Core Insights - The Financial Regulatory Bureau released an action plan to promote high-quality development in the property insurance industry, focusing on business transformation and upgrades [1] - The action plan has led to significant reforms in the auto insurance sector, particularly addressing challenges in insuring new energy vehicles [1][3] - The introduction of a risk-sharing mechanism has helped alleviate the "difficult to insure" problem for high-risk models [2] Group 1: Policy and Regulatory Developments - The action plan aims to enrich new energy vehicle insurance products and optimize market pricing mechanisms [1] - A joint guidance document was released to enhance the quality of new energy vehicle insurance through data sharing, repair standards, and rate determination [1][2] - The "Car Insurance Good to Insure" platform was launched to support high-compensation model insurance, with over 37 insurance companies participating [2] Group 2: Industry Performance and Trends - Major insurers like China Ping An and China Pacific have reported that new energy vehicle insurance has entered a profitable phase [3] - The expected premium for new energy vehicle insurance is projected to reach 200 billion yuan, with a growth rate exceeding 30% [3] - The industry is experiencing a shift towards digitalization and AI integration, with significant advancements in automated claims processing [3] Group 3: Challenges and Future Outlook - The industry still faces challenges such as the division of liability in autonomous driving and the need for improved data sharing protocols [4] - Despite these challenges, the ongoing reforms are expected to enhance the industry's role in supporting the real economy and meeting public needs [4]