中国平安保险（集团）股份有限公司董事会 本次修订的详细情况请见附件《〈中国平安保险（集团）股份有限公司章程〉 修订条文对照表》。 本次修订尚须提交本公司股东会以特别决议案审议通过，并将于获得国家金 融监督管理总局核准后方可生效。 附件：《中国平安保险（集团）股份有限公司章程》修订条文对照表 特此公告。 证券代码：601318 证券简称：中国平安 编号：临 2025-048 中国平安保险（集团）股份有限公司 关于修订公司章程的公告 中国平安保险（集团）股份有限公司（以下简称"本公司"）董事会及全体董事 保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的 真实性、准确性和完整性承担法律责任。 本公司于 2025 年 12 月 16 日分别召开第十一届监事会第十次会议、第十三 届董事会第十二次会议审议通过了《关于修订〈公司章程〉的议案》，建议对《中 国平安保险（集团）股份有限公司章程》作出若干修订（以下简称"本次修订"）。 2025 年 12 月 16 日 1 / 24 附件： 《中国平安保险（集团）股份有限公司章程》修订条文对照表 一、《公司章程》的修订情况 | 序号 | 修订前章程条款 | ...

证券代码：601318 证券简称：中国平安 公告编号：临 2025-046 特此公告。 中国平安保险（集团）股份有限公司监事会 2025 年 12 月 16 日 中国平安保险（集团）股份有限公司 第十一届监事会第十次会议决议公告 中国平安保险（集团）股份有限公司（以下简称"本公司"）监事会及全体监事保 证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真 实性、准确性和完整性承担法律责任。 本公司第十一届监事会第十次会议（以下简称"会议"）书面通知于 2025 年 12 月 13 日发出，会议于 2025 年 12 月 16 日在深圳市召开。会议应出席监事 5 人，实到监事 5 人，会议有效行使表决权票数 5 票。本公司部分高级管理人员列 席了会议，会议的召集、召开程序符合《中华人民共和国公司法》和《中国平安 保险（集团）股份有限公司章程》（以下简称"《公司章程》"）的相关规定，会 议合法、有效。 会议由本公司监事会主席孙建一主持，与会监事经充分讨论，审议通过了《关 于修订〈公司章程〉的议案》，并同意提交股东会审议。 表决结果：赞成 5 票、反对 0 票、弃权 0 票 ...

证券代码：601318 证券简称：中国平安 公告编号：临 2025-047 中国平安保险（集团）股份有限公司 第十三届董事会第十二次会议决议公告 中国平安保险（集团）股份有限公司（以下简称"本公司"）董事会及全体董事 保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的 真实性、准确性和完整性承担法律责任。 本公司第十三届董事会第十二次会议（以下简称"会议"）书面通知于 2025 年 12 月 13 日发出，会议于 2025 年 12 月 16 日在深圳市召开。会议应出席董事 15 人，实到董事 15 人，会议有效行使表决权票数 15 票。本公司全体监事和部 分高级管理人员列席了会议。会议的召集、召开程序符合《中华人民共和国公司 法》和《中国平安保险（集团）股份有限公司章程》（以下简称"《公司章程》"） 的相关规定，会议合法、有效。 会议由本公司董事长马明哲主持，与会董事经充分讨论，审议通过了如下议 案： 一、审议通过了《关于修订〈公司章程〉的议案》，并同意提交股东会审议 本公司董事会同意提请股东会授权本公司董事长或其授权人在《公司章程》 报请核准的过程中，根据有关监管机关、工商登记机关和证 ...

Group 1 - The core viewpoint of the announcement is that China Ping An held its 12th meeting of the 13th Board of Directors on December 16, 2025, in Shenzhen, where it reviewed the proposal for the 2026 first extraordinary shareholders' meeting [1] - For the first half of 2025, China Ping An's revenue composition was as follows: life insurance accounted for 78.03%, property insurance for 34.37%, customer loans for 13.46%, securities investment interest income for 2.8%, and commission income (bank) for 2.55% [1] - As of the announcement date, China Ping An's market capitalization was 1,213.2 billion yuan [1]

Investment Rating - The report assigns a "Buy-A/Buy-H" rating to the company, with a current price of CNY 67.08 and HKD 65.25, and a reasonable value of CNY 85.17 and HKD 84.23 [4]. Core Insights - The company is positioned as a pioneer in the "transformational era" and a leader in "asset-liability linkage," with significant growth potential in the bancassurance channel, which is expected to drive value growth [8][10]. - The report highlights the company's strong performance in the bancassurance channel, with a new business value (NBV) compound annual growth rate (CAGR) of 31.6% from 2020 to 2024, significantly outpacing the overall market [21][22]. - The company's investment strategy focuses on high dividend yields and stable long-term returns, with a net investment return rate superior to its peers [8][10]. Summary by Sections Liability Side: "Pioneer of the Transformational Era" - The company has consistently led changes in the liability side of the insurance industry, achieving a new business premium CAGR of 7.5% from 2010 to 2024, outperforming peers [15]. - The bancassurance channel is expected to become a core growth driver, with significant room for expansion as the company currently holds the lowest market share among peers in this segment [21][22]. Asset Side: "Leader in Asset Management" - The company has strategically increased its bond allocation since 2018, ensuring a good match between assets and liabilities [8][10]. - The focus on high dividend strategies has resulted in a net investment return rate that is among the highest in the industry, with an average dividend return rate of 5.8% over the past three years [8][10]. Operational Quality: Real Estate Exposure and Sector Performance - The company's real estate exposure has been reduced to 3.3% of its insurance funds, with sufficient provisions for asset impairments [8][10]. - The profitability of both life and property insurance segments is on the rise, supported by improved performance in asset management and technology sectors [8][10]. Valuation: Dividend Yield and Market Position - The company offers a favorable dividend yield, with stable operational profit growth and high dividends, while its current valuation is lower than that of its peers [8][10]. - The report notes that public fund holdings in the company are significantly lower than the benchmark index, indicating potential for reallocation [8][10]. Earnings Forecast and Investment Recommendations - The report forecasts earnings per share (EPS) of CNY 8.91, CNY 9.85, and CNY 10.55 for 2025, 2026, and 2027 respectively, with a reasonable valuation based on the embedded value method [8][10].

Group 1 - Southbound funds net bought Hong Kong stocks worth 82.029 million HKD today [1] - Notable net purchases included Xiaomi Group-W at 633 million, Xpeng Motors-W at 345 million, Tencent Holdings at 197 million, and Meituan-W at 177 million [1] - Significant net sales were observed for Alibaba-W at 631 million, China Mobile at 460 million, SMIC at 459 million, CNOOC at 332 million, and PetroChina at 330 million [1] Group 2 - Southbound funds have net bought Xiaomi for 13 consecutive days, totaling 12.78378 billion HKD [1] - Meituan has seen net purchases for 5 consecutive days, amounting to 4.80742 billion HKD [1] - SMIC has experienced net sales for 6 consecutive days, totaling 2.44528 billion HKD [1] - CNOOC has faced net sales for 4 consecutive days, amounting to 1.73379 billion HKD [1]

Group 1 - The total trading volume of the Shanghai and Shenzhen Stock Connect today reached 207.635 billion, with Cambricon and Zhongji Xuchuang leading in trading volume for the Shanghai and Shenzhen stock connect respectively [1][2] - The main inflow of funds was observed in the retail sector, with a net inflow of 33.38 billion, representing a 6.97% net inflow rate [6][7] - The Standard & Poor's Consumer ETF (159529) saw a significant increase in trading volume, with a 301% growth compared to the previous trading day [9] Group 2 - The top ten stocks by trading volume in the Shanghai Stock Connect included Cambricon at 18.26 billion, followed by Kweichow Moutai at 13.73 billion and Heng Rui Medicine at 12.92 billion [3] - In the Shenzhen Stock Connect, Zhongji Xuchuang led with a trading volume of 36.32 billion, followed by CATL at 33.51 billion and Xinyi Technology at 30.22 billion [3] - The retail, education, dairy, and diversified finance sectors showed the highest gains, while precious metals, film and television, and Hainan sectors experienced the largest declines [5]

Core Viewpoint - The performance of the CSI 300 ETF managed by CICC has shown a decline, with notable drops in several key holdings, indicating potential challenges in the current market environment [1] Group 1: ETF Performance - As of the midday close on December 16, the CSI 300 ETF (510320) fell by 1.23%, priced at 1.208 yuan, with a trading volume of 1.4457 million yuan [1] - The performance benchmark for the CSI 300 ETF is the return rate of the CSI 300 Index, with a return of 22.37% since its inception on April 16, 2025, and a recent one-month return of -1.56% [1] Group 2: Key Holdings Performance - Notable declines were observed in major holdings: CATL dropped by 1.87%, Kweichow Moutai decreased by 0.63%, Ping An fell by 0.52%, and China Merchants Bank declined by 0.17% [1] - Other significant drops included Zijin Mining at 3.66%, Xinyi Solar at 4.70%, and Zhongji Xuchuang at 3.83%, indicating a broader trend of underperformance among these stocks [1]

Summary of Insurance Sector Conference Call Industry Overview - The insurance sector in A-shares and H-shares is currently undervalued, with significant room for valuation recovery, particularly in Hong Kong stocks, where low valuation companies have performed notably well [1][4][12]. - Concerns exist regarding the high equity asset allocation ratio of insurance companies, which reached 15.4% by the end of Q3 2025, leading to increased profit uncertainty and valuation pressure [1][5][6]. Key Insights and Arguments - The decline in interest rates has resulted in a decrease in net investment yield for insurance companies, estimated to drop by 30-50 basis points annually. To meet profit targets, companies have increased their equity asset allocation [1][7]. - The pre-sale performance for the 2026 "opening red" period has exceeded expectations, driven by demand for dividend insurance products and the bancassurance channel, indicating marginal improvement in new business [1][8]. - Low valuation stocks like Ping An and China Pacific have shown strong performance due to their significant valuation recovery potential, while New China Life outperformed them earlier due to its lower valuation characteristics [1][9][11]. Valuation and Market Trends - A-shares and H-shares insurance companies exhibit interesting valuation phenomena, with the lowest valued companies in Hong Kong seeing the most significant price increases, indicating a clear valuation recovery trend [4]. - The average valuation recovery potential in A-shares is estimated at over 25%, while Hong Kong stocks have even greater potential based on current 10-year government bond yield assumptions [12]. Investment Opportunities - Current investment opportunities in the insurance sector are primarily focused on valuation recovery rather than short-term growth from specific companies. The core issue is the trend in interest rates, which directly impacts valuations [13]. - Recommended stocks include Ping An and China Pacific in A-shares, and China Life in H-shares, as they are expected to benefit from rising prices and interest rates, along with having substantial valuation recovery potential [2][14][17]. Future Outlook - The improvement in cash flow certainty for insurance companies is anticipated as the speed of decline in net investment yield is slower than that of liability costs. However, this external momentum will require time to manifest [16]. - The overall recommendation emphasizes the potential of low valuation insurance stocks that can benefit from the anticipated changes in the economic environment and cash flow certainty [18].

Summary of Key Points from the Conference Call Industry Overview - The insurance industry outlook for 2026 is optimistic, with pre-recorded premiums exceeding expectations, primarily benefiting from declining bank deposit rates and increased competitiveness of participating insurance products. The proportion of premiums from bancassurance channels is expected to rise, becoming a key growth driver for premiums [1][5][6]. Core Insights and Arguments - **Interest Rate Impact**: The rise in interest rates is favorable for the insurance asset side, with the 10-year government bond yield increasing from 1.6% at the beginning of the year to 1.86%. This alleviates concerns about spread loss risks, although there may be a slight negative impact on financial statements in the short term [1][3][7]. - **Premium Growth**: It is anticipated that new single premiums and new business value will achieve double-digit growth in 2026, with some companies potentially seeing triple-digit growth through bancassurance channels. This growth is driven by improved liability structure, channel expansion, and enhanced investment returns [1][5][6]. - **Bond Allocation Trends**: There is a decreasing willingness to allocate to bonds, with the proportion of bonds in the life insurance sector slightly declining to around 51% by the end of Q3. Companies are shifting from modified duration management to effective duration management, reducing long-term bond allocation pressure [1][8]. - **Equity Investment**: The core equity allocation ratio in the life insurance sector reached 15.5%, the highest level in 11 to 14 years, benefiting from regulatory encouragement for long-term holdings and stock market performance. Despite average performance of dividend stocks, large asset bases allow for diversified investments [1][9]. Additional Important Insights - **Valuation Levels**: The insurance sector remains undervalued, even with ROE reaching 30%-40%. The market has not significantly outperformed the CSI 300 index, indicating potential for growth [2][11][12]. - **Policy Environment**: The regulatory environment has been friendly over the past two years, with no negative policies impacting the industry, fostering a positive outlook for future development [2][13]. - **Performance of China Ping An**: China Ping An has performed well due to its high and stable dividend yield and large free float market capitalization. The active holding ratio of public funds in insurance stocks is low, indicating room for increased investment [1][10]. Conclusion - The insurance industry is poised for growth in 2026, driven by favorable interest rates, improved premium collection channels, and a supportive regulatory environment. The current valuation levels suggest potential upside, particularly for leading companies like China Ping An.