Core Viewpoint - The National Financial Supervision Administration's Dalian Regulatory Bureau has approved the change of business location for China Ping An Property & Casualty Insurance Company Limited's Dalian Technology Branch to a new address in Dalian High-tech Zone [1] Group 1 - The new business location is specified as: 7th Floor, Unit 01, Haichuang International Industry Building, No. 533 Huangpu Road, Dalian High-tech Zone [1] - The company is required to handle the change and obtain new permits in accordance with relevant regulations [1]

Investment Rating - The report maintains an "Accumulate" rating for the insurance sector [1]. Core Insights - The report discusses the evolution of participating insurance in China, highlighting its significance in a low-interest-rate environment and the shift towards floating yield products, which are gaining traction among domestic investors [2][6]. Summary by Sections 1. What is Participating Insurance? - Participating insurance is a type of insurance that combines protection and investment, allowing policyholders to share in the insurer's surplus [12]. - The operational mechanism involves sharing profits derived from better-than-expected performance, with a minimum of 70% of the surplus distributed to policyholders [6][15]. 2. Historical Development of Participating Insurance in Mainland China - The development of participating insurance has seen significant fluctuations influenced by policy and market factors, with its market share peaking at 75% in 2010 before declining due to market reforms [6][45]. - Since 2024, regulatory policies have encouraged the development of floating yield products, marking a consensus in the industry towards transitioning to participating insurance [6][45]. 3. Current Transition of Participating Insurance - The report anticipates that the proportion of participating insurance will continue to rise, with over 50% of new policies in the first half of 2025 being participating insurance [6][45]. - The transition is expected to alleviate pressure from interest rate losses and enhance the reliability of the insurance sector's embedded value (EV) [6][45]. 4. International Experience - In mature markets, floating yield products dominate, with Hong Kong's participating insurance being a core component, accounting for 85% of new premiums in 2024 [2][6]. - The report suggests that the characteristics of participating insurance in Hong Kong, such as multi-currency support and a design of low guarantees with high floating returns, could serve as a model for the mainland market [2][6]. 5. Key Metrics for Evaluating Participating Insurance - The report outlines four key indicators for assessing the performance of participating insurance: 1. **Guaranteed Rate**: Currently set at 1.75%, which is lower than traditional insurance [23]. 2. **Demonstration Rate**: Reflects expected returns, with current rates around 3.5% to 4% [24]. 3. **Actual Yield**: The industry average is capped at 3.2%, with some companies exceeding this limit [27]. 4. **Dividend Realization Rate**: Increased by 11 percentage points to 62% in 2024, indicating improved management and expectation guidance [29].

Investment Rating - The report maintains an "Overweight" rating for the insurance industry, indicating a positive outlook for the sector's performance relative to the overall market [3]. Core Insights - The strategic positioning of asset-liability management for insurance companies has been elevated, with the introduction of the "Insurance Company Asset-Liability Management Measures (Draft for Comments)" by the Financial Supervisory Authority [2]. - The draft emphasizes three main goals for asset-liability management: matching the term structure, cost-benefit matching, and liquidity matching, with insurance companies bearing primary responsibility and the authority overseeing compliance [2]. - The governance structure requires clear delineation of responsibilities for the board of directors and senior management, establishing an asset-liability management committee and department within insurance companies [2]. - The report highlights the importance of asset-liability management in mitigating interest spread risks, especially in a declining interest rate environment, and aims to enhance the risk warning mechanism for insurance operations [2]. Summary by Sections Regulatory and Monitoring Indicators - For property and casualty insurance companies, there are three regulatory indicators focusing on income-cost coverage and liquidity, all of which must not fall below 100% [5]. - For life insurance companies, four regulatory indicators are established, including effective duration gap and comprehensive investment income coverage, also requiring a minimum of 100% [5]. Valuation of Key Companies - The report provides a valuation table for key non-bank financial companies, including China Life, Ping An, and China Pacific Insurance, with metrics such as market capitalization and price-to-earnings ratios [6]. - For instance, China Life has a market capitalization of 115.02 billion RMB and a PE ratio of 7.66, while Ping An has a market capitalization of 119.24 billion RMB and a PE ratio of 9.02 [6]. Investment Recommendations - The report continues to recommend several major insurance companies, including China Life (H), Ping An (A/H), China Pacific Insurance, China People’s Insurance, New China Life, and China Property Insurance, while suggesting to pay attention to China Taiping [3].

Core Viewpoint - The A500 ETF Southern (159352) is experiencing significant market activity and positive performance, reflecting a broader bullish sentiment in the Chinese stock market, particularly as it approaches key resistance levels like the 4000-point mark on the Shanghai Composite Index [1][2]. Group 1: A500 ETF Performance - As of December 30, 2025, the A500 ETF Southern (159352) increased by 0.48%, with a turnover rate of 18.06% and a total transaction volume of 8.405 billion yuan, indicating active market participation [1]. - In the past five trading days, the A500 ETF Southern saw net inflows on four occasions, totaling 6.774 billion yuan [1]. - The A500 ETF closely tracks the CSI A500 Index, which is recognized as a "barometer of China's new productive forces," covering approximately 90 sub-industries and focusing on industry leaders and ESG criteria [1]. Group 2: Index Composition and Strategy - The top ten weighted stocks in the CSI A500 Index include major companies such as CATL, Kweichow Moutai, and Ping An Insurance, highlighting the index's focus on significant market players [1]. - The index employs a unique construction logic that prioritizes industry leaders and excludes negative ESG performers, aligning with national strategic industries and providing a diversified investment vehicle [1]. - The A500 ETF Southern offers a low management fee of 0.15% and a custody fee of 0.05%, making it an attractive option for investors seeking high precision and low-cost investment channels [2]. Group 3: Market Outlook - Guotai Junan Securities predicts that the Chinese stock market will stabilize and surpass critical levels, with the potential for a "transformation bull market" as the Shanghai Composite Index reaches new highs [2]. - The A500 ETF Southern is noted for its low tracking error and significant excess return rates, reinforcing its position as a reliable investment tool in the current market environment [2].

Group 1 - The National Financial Supervision Administration of Baoding approved the request from China Ping An Life Insurance Company Limited Hebei Branch for the relocation of its Anguo Marketing Service Department [1] - The new business location is specified as: No. 1-101, Building 36, Yao Du New City, Anguo City, Baoding, Hebei Province [1] - The company is required to handle the change and obtain the necessary permits in accordance with relevant regulations [1]

Core Viewpoint - The approval for the change of business location for China Ping An Property & Casualty Insurance Company Limited's Qiu County branch has been granted by the Handan Financial Regulatory Bureau [1] Group 1 - The new business location for the Qiu County branch is specified as: 2nd floor, shops 28-5 and 28-6, Shanyue Fenglin Bay, Xinxing Road, Qiu County, Handan City, Hebei Province [1] - The Hebei branch of China Ping An Property & Casualty Insurance Company is required to handle the change and obtain the necessary permits in accordance with relevant regulations [1]

Core Viewpoint - The article highlights a community event organized by Ping An Life Insurance Shandong Branch to enhance residents' awareness and ability to prevent financial fraud and risks, focusing on both financial safety and emergency health training [1][12]. Group 1: Financial Fraud Prevention - The event featured financial knowledge volunteers who educated residents on avoiding illegal fundraising, telecom fraud, and recognizing money laundering traps through practical examples [3]. - Volunteers used real-life cases to illustrate the tactics of fraudsters, such as scams disguised as "retirement investments" or "community group buying rebates" [3]. - A warning was issued regarding high-return, low-risk investment schemes, which are often fronts for illegal fundraising, emphasizing the importance of choosing legitimate financial institutions [3]. Group 2: Emergency Training - The "Orange Heart Guardians Team" provided practical training on emergency skills, including CPR and the Heimlich maneuver, allowing residents to practice these life-saving techniques [9]. - Participants expressed that hands-on experience significantly improved their understanding of how to respond in critical situations [9]. Group 3: Ongoing Community Engagement - The event is part of a broader initiative by Ping An Life Insurance to establish a "grid-based" financial knowledge promotion mechanism, aiming to enhance financial literacy and risk prevention across multiple communities in Jinan [12]. - The company is committed to ongoing efforts in financial safety and community well-being, reinforcing the message that financial security is a continuous responsibility [13].

Group 1 - The company will hold its first extraordinary general meeting of shareholders in 2026 on February 13, 2026, at 14:00 [1] - The meeting will be convened by the company's board of directors [1] - Voting will be conducted through a combination of on-site and online voting [1] Group 2 - The on-site meeting will take place at the Ping An Financial Education Training Center in Longhua District, Shenzhen [1] - The online voting system will be the Shanghai Stock Exchange's shareholder meeting online voting system, available from 9:15 to 15:00 on the day of the meeting [2] - Specific voting procedures for margin trading, transfer, and other related accounts must comply with relevant regulations [3] Group 3 - There are no proposals for public solicitation of shareholder voting rights [4] - The meeting will review specific resolutions, with details available on the Shanghai Stock Exchange website [5] - There are no special resolutions or proposals requiring separate counting for minority investors [5] Group 4 - Shareholders must register to attend the meeting, providing necessary identification and documentation [7][8] - The registration for the on-site meeting will be open from 12:30 to 14:00 on February 13, 2026 [10] - The company will not cover expenses for attending shareholders [10]

Core Insights - The insurance industry in China has achieved record high asset levels and profitability in 2025, driven by practical reforms and a focus on rational management [1][2]. Group 1: Industry Growth and Performance - By the end of October 2025, China's insurance industry total assets reached 40.59 trillion yuan, an increase of 4.68 trillion yuan from the beginning of the year, marking a growth rate of 13.03% [2]. - The total assets of the insurance industry have seen double-digit growth since 2023, primarily due to increased premium income, cost optimization, enhanced capital replenishment, and improved asset allocation [2]. - The combined market capitalization of five listed insurance companies in A-shares exceeded 3.3 trillion yuan, with a growth of over 700 billion yuan, reflecting a nearly 30% increase [3]. Group 2: Profitability and Financial Health - In the first three quarters of 2025, the five listed insurance companies achieved a total net profit of 426 billion yuan, a year-on-year increase of 33.5%, setting a historical high [4]. - The insurance sector's balance sheet has entered a phase of healthy expansion, benefiting from low interest rates and strong sales of main products like dividend insurance [4]. Group 3: Regulatory and Structural Reforms - The dynamic adjustment mechanism for insurance product preset rates was officially launched in 2025, with preset rates decreasing from 2.34% at the beginning of the year to 1.90% by the end of the year [10][11]. - The introduction of the fourth life table in October 2025 will impact insurance product pricing, reflecting changes in population structure and mortality rates [15][16]. Group 4: Market Strategies and Innovations - The insurance industry is increasingly focusing on dividend insurance products, which now account for nearly half of new life insurance products launched after September 2025 [13]. - The commercial health insurance innovation drug directory was released in December 2025, marking a significant step in clarifying the boundaries between basic medical insurance and commercial health insurance [17][18]. Group 5: Investment Trends - Insurance capital has accelerated its entry into the market, with equity asset allocation reaching historical highs, and the stock and fund allocation balance reaching 5.59 trillion yuan, a 35.92% increase from the previous year [8][9]. - The "long money, long investment" strategy has gained traction, with regulatory changes encouraging insurance funds to focus on long-term investments [7].

Core Insights - The article compares the investment returns of various life insurance companies over the past decade, highlighting the top performers and the bottom performers in terms of annualized returns. Group 1: Top Performers - The top three companies in terms of annualized returns are joint ventures: Tongfang Global (6.8%), Lujiazui Guotai (6.6%), and Zhongying Life (6.5%) [1][14] - The fourth and fifth positions are held by Taikang Life (6.0%) and Ping An Life (5.9%), respectively [14] - Other notable companies in the top ten include PICC Life, Caixin Life, Heng'an Standard, Zhonghe Life, and Zhongyi Life, with Caixin Life also having the smallest volatility among the top ten [1][14] Group 2: Bottom Performers - The company with the lowest ten-year cumulative return is Great Wall Life, which has a 40 percentage point difference compared to the top performer, Tongfang Global [2][15] - Junlong Life not only has a low return but also exhibits high volatility, while China Life's poor investment returns may be attributed to its large scale [2][15] Group 3: Historical Performance - Eight companies have previously held the top position, with Tongfang Global and Hongkang Life achieving first place twice [3][15] - The article notes that Tongfang Global has also secured second place three times and ninth place once, indicating consistent strong performance [3][15] Group 4: Risk Ratings - The bottom five companies generally have lower risk ratings, with most rated as B, except for China Life, which holds an AAA rating [3][15]