Market Overview - The Shanghai Composite Index closed at 3567.02 points, with a change of 0.20% [1] - The total trading volume of A-shares reached 932.32 billion yuan [1] Technical Analysis - A total of 45 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Sifang Jingchuang (300468) with a distance of -1.64% - Zhongyou Capital (000617) with a distance of -1.04% - Langxin Group (300682) with a distance of -0.94% [1] Individual Stock Performance - Sifang Jingchuang (300468) saw a decline of 1.58% with a trading turnover of 4.30% [1] - Zhongyou Capital (000617) decreased by 3.42% with a turnover of 1.28% [1] - Langxin Group (300682) fell by 1.37% with a turnover of 1.64% [1] - Other notable stocks include: - China Life Insurance (601319) increased by 0.37% [1] - Haosen Intelligent (688529) rose by 0.71% [1] - Donglai Technology (688129) increased by 1.25% [1] Additional Stock Movements - Stocks with minor declines include: - Huatai Wine Industry (000995) down by 1.31% [1] - Changyang Technology (688299) down by 0.22% [1] - Dream Jie's (002397) decline of 1.39% [1] - Stocks with slight increases include: - Matrix Technology (301299) up by 1.15% [2] - Lianxin Electronics (002036) down by 0.47% [2]

Market Overview - The Shanghai Composite Index is at 3568.16 points, with a change of 0.23% [1] - The total trading volume of A-shares is 697.23 billion yuan [1] Technical Analysis - 49 A-shares have seen their 5-day moving average cross below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Sifang Precision (300468) at -1.60% - Langxin Group (300682) at -0.99% - Zhongyou Capital (000617) at -0.91% [1] Individual Stock Performance - Sifang Precision (300468): Today's change is -1.11%, with a latest price of 37.52 yuan, which is -8.04% from the 10-day moving average [1] - Langxin Group (300682): Today's change is -1.88%, with a latest price of 19.29 yuan, which is -6.20% from the 10-day moving average [1] - Zhongyou Capital (000617): Today's change is -2.05%, with a latest price of 8.59 yuan, which is -4.96% from the 10-day moving average [1] - Other stocks with notable performance include: - China Reinsurance (601319): +0.12%, latest price 8.17 yuan, -2.73% from the 10-day moving average [1] - Haosen Intelligent (688529): +0.76%, latest price 19.97 yuan, -0.99% from the 10-day moving average [1] - Huangtai Liquor (000995): -1.52%, latest price 14.29 yuan, -3.99% from the 10-day moving average [1]

Investment Rating - Maintain "Buy" rating for the non-bank financial sector [1] Core Views - The non-bank financial sector has shown significant market activity, with the Hong Kong Stock Exchange optimizing its IPO issuance and pricing mechanisms [1][4] - The insurance sector has outperformed other sub-sectors, with a strong growth in life insurance premiums and a downward adjustment in preset interest rates [4][22] - The securities sector is benefiting from a substantial increase in trading volume and favorable market policies, while the multi-financial sector is transitioning into a stable growth phase [4][31] Summary by Sections 1. Recent Performance of Non-Bank Financial Sub-Sectors - In the recent five trading days (July 28, 2025 - August 1, 2025), only the insurance sector outperformed the CSI 300 index, with the insurance sector down 0.18%, securities down 3.11%, and multi-financial down 3.23% [9] - Year-to-date performance shows the insurance sector up 11.87%, multi-financial up 6.24%, and securities up 1.79%, while the overall non-bank financial sector is up 4.94% [10] 2. Non-Bank Financial Sub-Sector Insights 2.1 Securities - Trading volume has significantly increased, with an average daily trading amount of 19,189 billion yuan in August, up 178% year-on-year [16] - The balance of margin trading reached 19,848 billion yuan, a year-on-year increase of 38.14% [16] - The average PB valuation for the securities industry is projected at 1.3x for 2025E, with recommendations for leading firms like CITIC Securities and Dongfang Caifu [21] 2.2 Insurance - The preset interest rate for traditional insurance has been adjusted down to 1.99%, triggering a reduction in preset rates for various insurance products [22] - Life insurance premiums showed strong growth, with a 5.4% increase in original premium income year-on-year for the first half of 2025 [27] - The insurance sector is expected to benefit from economic recovery and rising interest rates, with a valuation range of 0.60-0.91 times 2025E P/EV, indicating a "Buy" rating [30] 2.3 Multi-Financial - The trust industry saw its asset scale reach 29.56 trillion yuan by the end of 2024, with a year-on-year growth of 23.58% [31] - The futures market experienced a trading volume of 740 million contracts in June 2025, with a transaction value of 52.79 trillion yuan, reflecting a year-on-year increase of 28.91% [38] - The multi-financial sector is transitioning into a stable growth phase, with a focus on innovation and risk management as key future directions [44] 3. Industry Ranking and Key Company Recommendations - The recommended ranking for the non-bank financial sector is insurance > securities > other multi-financial [47] - Key companies recommended include China Ping An, New China Life, China Life, CITIC Securities, and Dongfang Caifu, as they are expected to benefit from favorable market conditions and economic recovery [47]

Core Viewpoint - The insurance industry is experiencing a significant turnover in management, with over 50 companies undergoing leadership changes since 2025, reflecting a shift from rapid expansion to a focus on long-term operations [1][3][13] Group 1: Management Changes - As of mid-2025, more than 30 insurance companies have seen changes in their top management, including key positions such as chairman and general manager [13] - The turnover includes both strategic adjustments in leading firms and urgent replacements in companies facing risks [3][14] - The approval of over 40 executive appointments in the first half of 2025 marks a notable increase compared to fewer than 30 in the same period of 2024 [3] Group 2: Industry Challenges - The insurance sector is under pressure from declining traditional growth models, strict regulations, and concerns over interest rate margins, necessitating the search for new growth avenues [3][19] - Companies are grappling with a changing market landscape, including the impact of regulatory changes and shifts in consumer demand, which complicate their operational strategies [18][21] Group 3: Strategic Implications - Leadership changes present a "window of opportunity" for companies to restart strategic planning, optimize governance structures, and rebuild organizational culture [9][18] - The need for executives with strategic vision and integration capabilities is emphasized, as companies face the challenge of aligning with shareholder expectations and market realities [10][19] Group 4: Specific Company Examples - North Bay Insurance is set to appoint a new chairman after a nine-month vacancy, while Huatai Life has recently filled its general manager position after a three-year gap [2][9] - The frequent changes in management at smaller insurance firms reflect survival anxieties amid competitive pressures and limited operational flexibility [15][21] - Major players like China Life and China Insurance have also undergone significant leadership transitions, indicating a broader trend across the industry [19][20]

第一节 财产保险的内涵和职能 一、财产保险的含义 二、财产保险的特征 三、财产保险是一种社会的经济补偿制度 四、财产保险的职能和作用 第二节 农村财产保险介绍 一、农村财产保险的定义 二、农村财产保险的类型 三、财产保险的特点 四、农村财产保险发展历程 第三节 附加险介绍 一、附加农村牲畜死亡保险 二、附加人身意外死亡保险 三、附加人身意外伤残保险 四、附加意外暂停工作保险 五、附加住院保险 六、附加农村旅游，娱乐责任保险 本研究报告数据主要采用国家统计数据，海关总署，问卷调查数据，商务部采集数据等数据库。其中宏 观经济数据主要来自国家统计局，部分行业统计数据主要来自国家统计局及市场调研数据，企业数据主 要来自于国家统计局规模企业统计数据库及证券交易所等，价格数据主要来自于各类市场监测数据库。 报告目录： 第一章 农村财产保险相关概述 第二章 2020-2024年国农村财产保险所属行业的发展分析 智研咨询发布的《2025-2031年中国农村财产保险行业市场运行格局及未来趋势研判报告》共十二章。 首先介绍了农村财产保险行业市场发展环境、农村财产保险整体运行态势等，接着分析了农村财产保险 行业市场运行的现状，然后 ...

| 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601319 | 說明 | | 於上海證券交易所上市 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 35,497,756,583 | RMB | | 1 RMB | | 35,497,756,583 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 35,497,756,583 | RMB | | 1 RMB | | 35,497,756,583 | 本月底法定/註冊股本總額： RMB 44,223,990,583 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國人民保險集團股份有限公司 呈交 ...

Group 1 - The core point of the announcement is that China People's Insurance Group Co., Ltd. (China PICC) has declared a cash dividend distribution for the year 2024, amounting to a total of 5.174 billion yuan, with a per-share distribution of 0.117 yuan (tax included) based on a total share capital of 44.224 billion shares [1] - The total cash dividend for A-shares, which number 35.498 billion shares, is approximately 4.153 billion yuan [1] Group 2 - The key dates related to the dividend distribution include the equity registration date on August 7, 2025, the ex-dividend date on August 8, 2025, and the cash dividend payment date also on August 8, 2025 [3]

| 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601601 | 中国太保 | 8646.74万 | 9.59% | 2097.02万 | 2.33% | -1.07亿 | -11.92% | | 601628 中国人寿 | | -550.32万 | -1.26% | 2340.95万 | 5.35% | -1790.63万 | -4.09% | | 601319 中国人保 | | -690.51万 | -1.12% | -741.27万 | -1.21% | 1431.78万 | 2.33% | | 000627 | *ST天茂 | -4582.26万 | -18.63% | 1883.30万 | 7.66% | 2698.96万 | 10.97% | | 601318 中国平安 | | -6542.73万 | -2.29% | 278.06万 | 0.10% | 6264.67万 | 2.19% | | 60 ...

I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01339 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 8,726,234,000 | RMB | | 1 RMB | | 8,726,234,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 8,726,234,000 | RMB | | 1 RMB | | 8,726,234,000 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國人民保險集團股份有限公司 呈交日期: 2025年8月1日 | 2. 股份分類 | 普通股 | A 股份 ...

金十图示：2025年08月01日（周五）富时中国A50指数成分股今日收盘行情一览：银行股走势分化，石油、证券、医药股走软 富时中国A50指数连续 光大银行 2392.96亿市值 6.38亿成交额 4.05 0.00(0.00%) 保险 中国太保 中国平安 中国人保 机械 3608.68亿市值 3569.15亿市值 10598.36亿市值 9.02亿成交额 28.60亿成交额 6.15亿成交额 58.20 37.10 8.16 -0.36(-0.96%) -0.49(-0.83%) -0.02(-0.24%) 酿酒行业 贵州茅台 山西汾酒 五粮液 17800.32亿市值 2182.64亿市值 4696.75亿市值 42.01亿成交额 9.39亿成交额 14.91亿成交额 1417.00 178.91 121.00 -4.67(-0.33%) -0.09(-0.05%) -0.15(-0.12%) 半导体 海光信息 北方华创 寒武纪-U HYGON 2379.85亿市值 2882.85亿市值 3201.78亿市值 49.98亿成交额 18.35亿成交额 31.52亿成交额 329.80 689.10 137.75 ...