一、同意中国平安财产保险股份有限公司静宁支公司将营业场所变更为：甘肃省平凉市静宁县城关镇西 城社区崇德路1号5栋商铺1层102室。 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8月25日，国家金融监督管理总局平凉监管分局发布批复称，《中国平安财产保险股份有限公司 甘肃分公司关于变更静宁支公司营业场所的请示》（平保产甘分发〔2025〕75号）及相关补正、说明解 释材料收悉。经审核，现批复如下： ...

Core Viewpoint - The insurance sector is experiencing significant growth, with a 4.28% increase in the industry index, driven by major companies like Xinhua Insurance and China Life Insurance showing substantial stock price gains [1] Group 1: Market Performance - The insurance sector (Shenwan secondary industry classification) rose by 4.28%, leading industry sectors [1] - Xinhua Insurance increased by 9.66%, China Life Insurance by 4.73%, and China Ping An by 3.47% [1] Group 2: Investment Trends - Dongguan Securities notes that the rapid growth of insurance funds, combined with a "slow bull" market and long-term market entry policies, is leading to an increased proportion of equity investments [1] - Insurance capital is deepening its layout in the equity market to share in the economic transformation and market upturn [1] Group 3: Financial Drivers - High dividend assets are providing a foundation, while growth sectors enhance yield elasticity, making equity investment a core driver of asset-side revenue growth [1] - The insurance industry is currently in a phase of "β attribute-driven valuation repair + solidifying the foundation of the liability side transformation + enhancing returns through asset-side equity efforts" [1] Group 4: Outlook on Valuation - Guotai Haitong Securities indicates that the insurance industry's liability side is seeing stable premium growth, and the reduction in the preset interest rate is beneficial for improving interest spread losses [1] - With increased equity allocation and accelerated inflow of new funds, the outlook for insurance stock valuation recovery is positive [1]

Core Viewpoint - China Ping An's new business value in life and health insurance reached 22.335 billion yuan in the first half of 2025, marking a year-on-year growth of 39.8%, indicating significant growth potential in commercial health insurance due to rapid economic development in China [1][5]. Industry Insights - The Chinese government is placing high importance on the construction of a multi-level security system, emphasizing the necessity for collaboration between basic medical insurance and commercial health insurance [3][4]. - Policies supporting the high-quality development of commercial health insurance have been introduced this year, presenting historic opportunities for the sector [3][4]. - The basic medical insurance system covers 1.326 billion people with a participation rate of 95%, but the overall funding level is low, necessitating a focus on basic coverage [4]. Company Strategy - China Ping An is optimistic about the future of commercial health insurance, noting that the sector has maintained double-digit growth in premiums over recent years [5][6]. - The company plans to enhance the development of "insurance + medical" products to support the construction of a comprehensive medical ecosystem, focusing on differentiated and advantageous services [6][7]. - Ping An aims to deepen collaboration in the pharmaceutical insurance sector and actively participate in the construction of a drug directory to promote standardization and professional development within the industry [7].

"业务结构优化与降本增效是关键。"中国人保副总裁肖建友在业绩会上指出，通过压缩趸交高成本业务、提升期交占比，叠加"报行合一"政策落 地，人保寿险新业务价值率同比提升4个百分点。太保寿险则通过分红险期缴规模增长，推动新业务价值率同比提升0.4个百分点。 财产险领域，三大上市财险公司综合成本率全面改善。人保财险综合成本率降至95.3%，创近十年同期最优；平安产险整体成本率优化2.6个百分 点，车险业务实现承保盈利；太保产险综合成本率下降0.8个百分点，新能源车险保费收入同比增长46.2%，市场份额达27.6%。 投资端：权益布局加码增厚收益 面对低利率环境，险企普遍加大权益市场配置力度。中国人寿公开市场权益规模较年初增加超1500亿元，总投资收益率达3.29%；中国平安股票 账面值占比提升至10.5%，综合投资收益率同比增长24.5%；新华保险年化总投资收益率达5.9%，高股息OCI类权益工具投资增长68.26亿元。 "我们正通过'价值+成长'双轮驱动优化权益结构。"中国人保副总裁才智伟透露，集团A股投资规模较年初增长26.1%，重点布局新质生产力与高股 息资产。中国平安则依托AI技术优化固收交易策略，非年化综合 ...

招银国际发表研究报告指，中国平安上半年税后营运利润按年增长3.7%至777亿元，相当于第二季按年 增长4.9%，符合预期。新业务价值按年增长39.8%223亿元，大幅超出预期，主要得益于银保业务。该 行将其目标价由65.1港元上调至71港元，维持"买入"评级。 ...

招银国际发表研究报告指，中国平安上半年税后营运利润按年增长3.7%至777亿元，相当于第二季按年 增长4.9%，符合预期。新业务价值按年增长39.8%223亿元，大幅超出预期，主要得益于银保业务。该 行将其目标价由65.1港元上调至71港元，维持"买入"评级。 ...

消息面上，中国平安上半年整体经营稳健，集团实现归属于母公司股东的营运利润777.32亿元，同比增 长3.7%，归属于母公司股东的净利润680.47亿元。寿险及健康险业务新业务价值同比大增39.8%。此 外，现金分红水平稳定增长，中国平安将向股东派发中期股息每股现金0.95元，同比增长2.2%。 业绩公布后，美银发表研报，预期中国平安全年税后营运利润增长4%，推动全年股息维持稳定增长； 将2025至27年盈利预测上调4%。另外，该行将其H股目标价由62.4港元上调至64.9港元，重申"买入"评 级；A股目标价由60.3元上调至62.7元。(格隆汇) 中国平安A股涨超3.8%，报61.1元，创月内新高；H股涨超3%，报57.9港元。 ...

Macroeconomic Insights - The average import tax rate in the U.S. increased by 6.6 percentage points compared to the end of 2024, which is lower than market expectations[5] - If the average import tax rate rises by 10% this year, it could push the PCE year-on-year growth rate to 3.1% and the core PCE to 3.4% under stable demand conditions[7] Consumer and Business Impact - As of June, U.S. businesses bore approximately 63% of the tariff costs, while consumers accounted for less than 40%[6] - The consumer price sensitivity may lead businesses to absorb a significant portion of tariff costs, affecting pricing strategies[6] Durable Goods and Construction Sector - Domestic demand for construction remains weak, with steel and glass prices declining, while cement prices have rebounded due to enhanced production management[9] - Retail sales of passenger vehicles increased, with a year-on-year growth of 8% in daily sales from August 11 to August 17[10] Insurance Sector Performance - The insurance industry reported a total premium income of CNY 420.85 billion from January to July 2025, reflecting a year-on-year growth of 6.8%[14] - Life insurance premiums reached CNY 258.61 billion in July, marking a significant year-on-year increase of 33.5%[15] Steel Industry Outlook - China's crude steel production from January to July 2025 was 594 million tons, a decrease of 3.1% year-on-year, indicating a contraction in production capacity[25] - The steel industry is expected to stabilize in 2025 due to a combination of demand recovery and supply-side reductions[27]

Core Insights - The investment trends of listed insurance companies are a focal point for the market, with stock assets exceeding 1.8 trillion yuan as of June 30, marking an increase of over 400 billion yuan and a growth rate of 28.7% compared to the end of the previous year [1] - The combined stock and fund holdings of major insurance companies have also shown rapid growth, with China Life, Ping An, China Pacific Insurance, and China Property & Casualty Insurance having stock and fund allocation ratios of 13.6%, 12.6%, 11.8%, and 10.7% respectively, reflecting increases of 0.9 to 2.7 percentage points [1] - The proactive entry of insurance capital into the market is driven by two main factors: the low interest rate environment and new accounting standards necessitating increased equity asset allocation, along with policies that facilitate long-term investments [1][2] Industry Overview - As of the end of June, the total market value of stocks held by life insurance companies reached 2.87 trillion yuan, an increase of 605.2 billion yuan, representing a growth rate of 26.69%, significantly outpacing the 8.85% growth in total fund utilization [1] - The central government's push for long-term funds to enter the market, initiated in September of last year, has led to effective policies that have removed barriers for insurance capital, promoting a stable investment environment [2] - The active participation of insurance capital is expected to enhance its role as a market stabilizer and guide the market towards a trend of long-term and value investing, contributing to the healthy development of the capital market [2]

Group 1: A-Share Market Performance - A-shares saw collective gains on August 28, with trading volume exceeding 3 trillion yuan, led by the technology sector [1] - The A-share market has outperformed global markets this year, with significant inflows into emerging markets, particularly from the iShares core MSCI Emerging Markets ETF, which saw over $8.6 billion in net inflows [1] - On August 27, there was a market pullback, particularly in small-cap stocks, with the CSI 2000 index down 2.32% and the Wind micro-cap index down nearly 4% [1] Group 2: Private Enterprises and Financial Performance - The "2025 China Top 500 Private Enterprises" list revealed that 194 companies control 273 A-share listed companies, with a revenue threshold of 27.023 billion yuan [2] - The total revenue of the top 500 private enterprises reached 43.05 trillion yuan, with an average revenue of 861.02 billion yuan, reflecting a year-on-year growth of 2.72% [2] Group 3: Fund Issuance and Investment Trends - The new fund issuance market is recovering, with nearly 100 billion yuan in new funds launched this month, and equity fund issuance exceeding 57 billion yuan, marking a record high for the year [3] - Sovereign wealth funds are increasing their holdings in A-shares, with notable investments from entities like Abu Dhabi Investment Authority and Kuwait Investment Authority [3] Group 4: Fluorochemical Industry Performance - Major fluorochemical companies reported significant profit growth in the first half of the year, with Juhua Co. achieving a net profit of 2.051 billion yuan, up 146.97% year-on-year [4] - The supply of refrigerants is constrained due to quota systems, leading to improved industry dynamics and increased domestic and international demand [4] Group 5: Insurance Sector Performance - The five major listed insurance companies reported a combined net profit of 178.193 billion yuan in the first half of 2025, a year-on-year increase of 3.7% [8] - The new business value of life insurance and the combined cost ratio of property insurance improved, indicating better underwriting profitability [8] Group 6: Nonferrous Metals Industry - As of August 28, 116 listed companies in the nonferrous metals sector reported their half-year results, with 72 companies showing profit growth and 18 companies exceeding 100% profit growth [9] - The sector benefited from rising prices and sales of gold, silver, and copper, alongside ongoing innovation and cost reduction efforts by leading firms [9]