Core Insights - Several insurance companies in China, including China Pacific Insurance, China Life Insurance Group, and China Insurance, held meetings to summarize their performance in the first half of 2025 and outline key priorities for the second half [1] Group 1: Performance Overview - In the first half of the year, multiple insurance companies reported growth in asset scale and premium income [1] Group 2: Strategic Focus for the Second Half - Key priorities for the second half include enhancing the quality and efficiency of financial services to the real economy, strengthening asset-liability linkage, and accelerating digital transformation [1]

Investment Rating - The report maintains an "Accumulate" rating for the insurance sector [2]. Core Insights - The PCE-ROCE valuation system is introduced to better reflect the true value of insurance companies under new standards, addressing the limitations of the traditional P/EV system [6][47]. - The report identifies that companies like China Pacific Insurance and China Life Insurance are significantly undervalued in the A-share market, while in the H-share market, China Pacific, China Life, and Sunshine Insurance are also notably undervalued [6][6]. - The insurance sector is characterized by dual benefits: companies possess dividend advantages, and leading firms like Ping An have strategically invested in high-dividend assets, which positively impacts their performance [6]. Summary by Sections 1. Introduction - The P/EV valuation system is under scrutiny due to a prolonged low interest rate environment, leading to a decline in the valuation levels of listed insurance companies [16][16]. - As of July 23, 2025, major insurance companies are trading at historical low P/EV ratios, indicating a potential valuation trap [16][16]. 2. PCE-ROCE Valuation System - The PCE-ROCE system incorporates comprehensive equity (CE) and return on comprehensive equity (ROCE) to provide a more accurate valuation framework [47][48]. - The system aims to mitigate the volatility associated with traditional valuation methods by integrating net assets and contract service margins [6][47]. 3. Comparison with PIEV - The PCE-ROCE system is deemed more effective in reflecting the true value of insurance companies in a low interest rate environment compared to the PIEV system, which relies heavily on long-term investment return assumptions [8][8]. - The report highlights that the PCE-ROCE system offers a balanced valuation approach by considering both net assets and contract service margins [8][8]. 4. Profitability Analysis of Listed Insurance Companies - The report evaluates the profitability of insurance policies under the new standards, focusing on contract service margins (CSM) and new business contract service margins (NBCSM) [8][8]. - A scoring system is established to assess the performance of listed insurance companies based on various profitability indicators, with AIA, PICC, and CPIC scoring the highest [8][8]. 5. Main Conclusions and Investment Recommendations - The report concludes that the insurance sector presents significant investment opportunities, particularly in companies that are undervalued and have strong dividend policies [6][6]. - Recommended companies for investment include New China Life, Ping An, AIA, China Life, China Pacific, and China People’s Insurance [6][6].

Investment Rating - The report maintains an "Overweight" rating for the insurance sector [2]. Core Insights - The P/EV valuation system is facing challenges in a persistently low interest rate environment, leading to significant adjustments in risk discount rates and investment return assumptions, which have resulted in a decline in NBV and EV growth [5][9]. - The introduction of the PCE-ROCE valuation system aims to provide a more comprehensive reflection of the true value of insurance companies by incorporating comprehensive equity (CE) and return on comprehensive equity (ROCE) [31][43]. - The report identifies that A-share listed insurance companies, particularly China Pacific Insurance and China Life Insurance, are relatively undervalued according to the PCE-ROCE valuation system [5][29]. Summary by Sections 1. Introduction - The P/EV valuation system shows signs of "failure" as the valuation levels for A-share listed insurance companies continue to decline, with significant pressure on new business value growth due to macroeconomic factors [9][14]. 2. PCE-ROCE Valuation System Proposal - The PCE-ROCE system introduces comprehensive equity (CE) and ROCE to better reflect the value of insurance companies under new accounting standards [31][43]. - The system aims to address the limitations of the P/EV system by providing a more stable and predictable valuation framework [5][31]. 3. Comparison of Valuation Systems - The PCE-ROCE system is more effective in reflecting the true value of insurance companies in a low interest rate environment compared to the traditional P/EV system [5][31]. - The report highlights that the P/CE ratio provides a better fit and reflects the comprehensive value of insurance companies compared to P/B and P/EV ratios [5][31]. 4. Analysis of Insurance Companies' Policy Profitability - The report establishes a profitability evaluation system for listed insurance companies based on CSM and NBCSM, identifying key performance indicators to assess profitability [5][31]. - The scoring system ranks companies based on their CSM performance, with AIA, PICC, and CPIC scoring the highest [5][31]. 5. Main Conclusions and Investment Recommendations - The report concludes that several A-share and H-share listed insurance companies are undervalued, suggesting a focus on companies like New China Life, Ping An, AIA, China Life, CPIC, and PICC for potential investment opportunities [5][29].

Market Overview - The FTSE China A50 Index showed a predominantly declining trend with more stocks falling than rising, particularly in the banking, oil, and coal sectors [1][6]. Banking Sector - Everbright Bank had a market capitalization of 241.07 billion with a trading volume of 716 million, closing at 4.08, down by 1.21% [3]. - Major banks like China Ping An, China Pacific Insurance, and China Life Insurance had market capitalizations of 374.58 billion, 360.67 billion, and 1,057.65 billion respectively, with trading volumes of 1.962 billion, 789 million, and 2.959 billion [3]. Oil Sector - China Petroleum and China Sinopec had market capitalizations of 1,586.79 billion and 722.62 billion respectively, with trading volumes of 1.598 billion and 996 million, both showing slight declines [3]. Coal Sector - China Shenhua and Shaanxi Coal had market capitalizations of 763.55 billion and 201.27 billion respectively, with trading volumes of 1.049 billion and 905 million, both experiencing declines [3]. Semiconductor Sector - Northern Huachuang, Cambrian, and Haiguang Information had market capitalizations of 246.76 billion, 281.68 billion, and 328.87 billion respectively, with trading volumes of 5 billion, 2.105 billion, and 8.133 billion, showing positive trends for Cambrian and Haiguang [3]. Alcohol Industry - Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of 1,827.77 billion, 226.40 billion, and 479.53 billion respectively, with trading volumes of 6.140 billion, 1.609 billion, and 2.285 billion, all showing declines [3]. Electric Power Sector - Changjiang Electric Power had a market capitalization of 191.69 billion with a trading volume of 2.910 billion, showing a slight increase [4]. Securities Sector - CITIC Securities, Ningde Times, and Guotai Junan had market capitalizations of 440.17 billion, 361.23 billion, and 1,289.37 billion respectively, with trading volumes of 3.625 billion, 2.769 billion, and 3.803 billion, with CITIC Securities showing a decline [4]. Consumer Electronics - Industrial Fulian, Luxshare Precision, and Dongfang Fortune had market capitalizations of 569.17 billion, 277.97 billion, and 379.14 billion respectively, with trading volumes of 11.391 billion, 3.082 billion, and 3.138 billion, with mixed performance [4]. Chemical and Pharmaceutical Sector - Heng Rui Pharmaceutical, Muyuan Foods, and SF Holding had market capitalizations of 265.38 billion, 242.76 billion, and 374.34 billion respectively, with trading volumes of 2.874 billion, 1.963 billion, and 1.074 billion, showing varied performance [4].

Investment Rating - The report maintains a "Positive" investment rating for the insurance industry [12]. Core Insights - The insurance industry is expected to see a sustained improvement in interest spreads in the medium to long term, driven by recent policy, regulatory changes, and industry trends, which will enhance profitability [3][10]. - The report recommends specific stocks: New China Life Insurance, China Ping An, China Life Insurance, and China Pacific Insurance [10]. Summary by Sections Insurance Business Model: Interest Spread Analysis Framework - The current insurance profitability model aligns well with the "heavy asset interest spread business" analysis model, utilizing the classic DuPont analysis framework [6][21]. - Short-term valuation factors are primarily influenced by interest spread expectations, while long-term factors include expansion capacity and quality [6][21]. Trend 1: Improvement in Liability Costs - A dynamic adjustment mechanism and cost control measures are expected to drive improvements in liability costs, with a more flexible adjustment to preset interest rates in response to market conditions [7]. Trend 2: Equity Allocation Underway, Driving Interest Spread Improvement - The stability of equity assets is significantly increasing, supported by regulatory policies that encourage long-term investments and enhance the proportion of equity allocations [8][10]. Trend 3: Strong Demand and Improved Market Structure - The demand for savings-type insurance products is expected to remain stable, with the competitive landscape gradually optimizing, favoring leading insurance companies [9][10]. Valuation Outlook - Insurance stocks are anticipated to benefit significantly from the "slow bull market" in A-shares, with current P/EV valuations generally below 1x, indicating potential for recovery and growth [10][12]. Future Interest Spread Levels - The report suggests that future interest spread levels are likely to increase, supported by improved liability costs and enhanced investment returns from equity allocations [39][74].

Core Viewpoint - The strong performance of insurance stocks is driven by multiple factors, including improvements in fundamentals, supportive policies, and favorable funding conditions [1][3][9]. Group 1: Performance Metrics - As of July 23, the A-share insurance sector saw a 2.25% increase, with New China Life leading at 2.73% [2]. - From April 1 to the present, major A-share insurance stocks have experienced gains ranging from nearly 50% to over 120%, with New China Life doubling its stock price [1][3]. - Over the past year, New China Life's stock has risen by 116.15%, while China Life and China Pacific Insurance have also shown significant increases of 59.16% and 48.51%, respectively [3]. Group 2: Fundamental Drivers - The improvement in the insurance sector's fundamentals is supported by a recovery in liabilities and assets, alongside a series of policies aimed at reducing costs and enhancing market access for insurance funds [1][9]. - Analysts predict that the insurance sector is at the beginning of a long-term upward trend, with all listed insurance companies showing investment value [1][10]. Group 3: Valuation and Investment Trends - The insurance sector is characterized by low valuations and stable dividend yields, attracting attention from public funds [3][4]. - As of the end of Q2 2025, public funds increased their holdings in insurance stocks, with the sector's valuation ranging from 0.60 to 0.93 times P/EV, indicating it remains at historical lows [4][6]. - The total dividends from five listed insurance companies for 2024 are projected to reach 907.89 billion yuan, a year-on-year increase of 20.21% [4]. Group 4: Regulatory Impact - Recent regulatory measures have aimed to mitigate "interest spread loss" risks, which have historically pressured valuations in the insurance sector [6][7]. - The lowering of the maximum guaranteed interest rates for various insurance products is expected to alleviate investment pressures on insurance companies [7][8]. Group 5: Future Outlook - Analysts anticipate continued improvement in the insurance sector's fundamentals, driven by a combination of favorable policies and market conditions [9][12]. - The upcoming financial reports for listed insurance companies are expected to reflect sustained growth in new business value and improved profitability in various insurance segments [11][12].

Core Points - The FTSE China A50 Index saw a mixed performance with the banking sector retreating from previous gains while insurance, liquor, and semiconductor sectors showed positive trends [1][6] Banking Sector - The banking sector experienced a decline, with notable stocks like China Everbright Bank showing a decrease of 0.24% [3] - Major banks such as China Pacific Insurance and China Life Insurance reported market capitalizations of 373.69 billion and 360.67 billion respectively, with slight increases in their stock prices [3] Insurance Sector - The insurance sector performed well, with China Pacific Insurance and China Life Insurance seeing stock price increases of 0.92% and 1.43% respectively [3] Liquor Industry - The liquor industry showed strong performance, with Kweichow Moutai, Shanxi Fenjiu, and Wuliangye reporting market capitalizations of 232.44 billion, 1871.65 billion, and 486.02 billion respectively [3] - Kweichow Moutai's stock price increased by 0.98% [3] Semiconductor Sector - The semiconductor sector also performed positively, with stocks like Northern Huachuang and Cambricon Technologies seeing increases of 1.70% and 1.24% respectively [3] - Market capitalizations for key players in this sector include 243.27 billion for Northern Huachuang and 250.71 billion for Cambricon Technologies [3] Oil Industry - The oil sector showed mixed results, with China Petroleum and China Petrochemical reporting market capitalizations of 1616.08 billion and 729.90 billion respectively [3] - China Petroleum's stock price decreased by 1.23% while China Petrochemical remained unchanged [3] Coal Industry - The coal industry saw positive movement, with stocks like Shenhua Group and Shaanxi Coal and Chemical Industry showing increases of 1.93% and 0.46% respectively [3] Automotive Sector - The automotive sector, represented by BYD, reported a market capitalization of 1893.35 billion with a stock price increase of 0.67% [3] Other Sectors - Various other sectors such as shipping, electricity, and securities also showed varied performances, with notable movements in stock prices and market capitalizations across different companies [4][3]

当前，消费者购物习惯逐渐向线上转移，电销渠道获客成本攀升，人力、场地等运营开支居高不下。同 时，监管部门对电销的合规要求日益细化，企业合规成本增加。这些原因使得电销中心加速退场成为行 业调整的必然选择。 在保险销售的多元格局中，以电话为核心纽带连接险企与客户的电销渠道，如今正经历深刻变革。 近日，金融监管总局四川监管局批复同意撤销阳光人寿保险股份有限公司成都电话销售中心高新分中 心。这已不是今年第一家撤销电销中心的保险公司，据《金融时报》记者统计，今年以来已有10余家保 险电销中心或分部被撤销，较去年同期有所增长。 业内人士认为，保险公司电销中心加速离场，折射出传统电销渠道在行业发展中的式微态势，主要受到 互联网销售渠道冲击、获客成本加大以及监管趋严下销售误导问题无所遁形等原因的驱使。值得关注的 是，科技赋能"电销+线上"的保险精准获客模式已然开启。 保险电销缘何日渐式微？事实上，在保险销售群体中，电销座席职务几乎是处于行业末端地位，虽然大 量普通的传统个险代理人收入不高、流失率较高，但他们尚且有着一定的自由度、成长周期及较为宽松 的展业空间。而保险电销员则面临着严苛的考核压力，工作模式相对僵化。 以市场竞争 ...

Core Insights - The central rural work leading group reported the effectiveness of the 2024 central unit targeted assistance evaluation, with three major insurance companies receiving the highest rating of "good" [1] Group 1: Company Contributions - China People's Insurance Group has supported over 100 industrial projects in five targeted assistance counties, donating more than 112 million yuan to boost local "one village, one product" initiatives [1] - China Life Insurance has invested 443 million yuan in assistance and attracted over 763 million yuan in investment, training 6,275 individuals and conducting nearly 98 million yuan in consumer assistance [3] - China Pacific Insurance has promoted "anti-poverty insurance" and large illness rescue insurance in targeted areas, serving 5,000 AAA-rated credit users and enhancing financial support for local industries [4] Group 2: Financial Impact - China People's Insurance has facilitated sales of over 4600 local specialty products, achieving cumulative sales exceeding 233 million yuan, thus converting production into sales for impoverished communities [2] - In 2024, China Life Insurance provided risk protection worth 678.4 billion yuan to 16.65 million farming households through agricultural insurance, ensuring financial safety nets for rural areas [3] - China Pacific Insurance's initiatives are aimed at expanding coverage and enhancing the financial foundation for rural revitalization, demonstrating the role of insurance in promoting common prosperity [4]

富时中国A50指数连续 金十图示：2025年07月23日（周三）富时中国A50指数成分股今日收盘行情一览：石油、煤炭板块回吐涨幅，银行、保险板块多 数收涨 +0.05(+0.89%) +0.03(+0.36%) 0.00(0.00%) 光大银行 2505.23亿市值 7.54亿成交额 4.24 0.00(0.00%) 得經 中国平安 中国太保 中国人保 明 3719.24亿市值 3573.96亿市值 10561.94亿市值 11.79亿成交额 22.33亿成交额 50.21亿成交额 37.15 58.00 8.41 +0.96(+2.65%) +1.30(+2.29%) +0.03(+0.36%) 酿酒行业 贵州茅台 山西汾酒 五粮液 2314.39亿市值 18535.20亿市值 4859.77亿市值 66.76亿成交额 28.88亿成交额 22.23亿成交额 1475.50 125.20 189.71 +10.52(+0.72%) -1.07(-0.56%) -0.33(-0.26%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2392.12亿市值 2491.53亿市值 3141.81亿市值 39 ...