Investment Rating - The report maintains a "Recommended" rating for China Pacific Insurance, China Life Insurance, and China Property & Casualty Insurance, while giving a "Strong Buy" rating for Ping An Insurance [2]. Core Insights - The report emphasizes the transformation of dividend insurance in the context of deposit migration, highlighting its competitive advantages and the expected increase in premium contributions from dividend insurance [7][8]. - It notes that the insurance industry is expected to see a premium scale of 5.6 trillion yuan in 2026, with dividend insurance contributing approximately 2.1 trillion yuan [8]. Summary by Sections 1. What is Dividend Insurance? - Dividend insurance is categorized as a "fixed income +" product, providing a smoothing mechanism for income and reducing yield volatility [6][11]. - The report discusses the historical dominance of dividend insurance prior to 2013, its decline due to market reforms, and its resurgence in the current low-interest-rate environment [21][22]. 2. Competitive Analysis of Dividend Insurance - The report compares dividend insurance with traditional insurance and highlights its advantages in terms of guaranteed returns and stability in volatile markets [33][34]. - It notes that the asymmetric adjustment of preset interest rates has significantly enhanced the attractiveness of dividend insurance, especially in the context of a recovering equity market [34][40]. 3. Leveraging Channels - The report identifies the migration of deposits as a key driver for the growth of dividend insurance, with bank insurance becoming a primary channel for low-risk preference customers [8][33]. - It emphasizes the importance of high-quality agents in the individual insurance channel as a competitive barrier in the low-interest-rate era [8][33]. 4. Transformation and Future Outlook - The report anticipates that dividend insurance will continue to dominate the low-risk segment, with potential shifts towards "low guarantee + high floating" models in the future [8][30]. - It suggests that dividend-type critical illness insurance may become a new growth point in the health insurance sector in 2026 [8][30].

（於中華人民共和國註冊成立之股份有限公司） （股份代號：1339） 中國人民保險集團股份有限公司 董事會審計委員會工作規則 目 錄 第一章 總則 第一條 為完善中國人民保險集團股份有限公司（以下簡稱「公司」）的公司治 理監督體系，加強董事會對公司財務信息、內部控制、內外部審計等工作的監督 作用，行使對董事和高級管理人員的履職監督，維護全體股東的權益，根據有關 法律法規、監管規定和《上海證券交易所股票上市規則》、《香港聯合交易所有限 公司證券上市規則》、《上市公司審計委員會工作指引》等自律規則（以下簡稱「自 律規則」）、《中國人民保險集團股份有限公司章程》（以下簡稱《公司章程》）、《中 國人民保險集團股份有限公司董事會議事規則》（以下簡稱《董事會議事規則》）等 規定，設立董事會審計委員會，並制定本工作規則。 1 第一章 總則 第二章 人員組成 第三章 職責權限 第四章 履職保障 第五章 議事規則 第六章 附則 第二條 審計委員會是董事會按照《公司章程》設立的專門工作機構，主要 負責公司內部控制制度及其實施情況的審查，審核監督公司內部審計制度及其實 施，對外部審計機構的聘任事宜發表意見並監督其與公司的關係，審閱公 ...

（於中華人民共和國註冊成立之股份有限公司） （股份代號：1339） 中國人民保險集團股份有限公司 董事會審計委員會工作規則 目 錄 第一章 總則 第一條 為完善中國人民保險集團股份有限公司（以下簡稱「公司」）的公司治 理監督體系，加強董事會對公司財務信息、內部控制、內外部審計等工作的監督 作用，行使對董事和高級管理人員的履職監督，維護全體股東的權益，根據有關 法律法規、監管規定和《上海證券交易所股票上市規則》、《香港聯合交易所有限 公司證券上市規則》、《上市公司審計委員會工作指引》等自律規則（以下簡稱「自 律規則」）、《中國人民保險集團股份有限公司章程》（以下簡稱《公司章程》）、《中 國人民保險集團股份有限公司董事會議事規則》（以下簡稱《董事會議事規則》）等 規定，設立董事會審計委員會，並制定本工作規則。 1 第一章 總則 第二章 人員組成 第三章 職責權限 第四章 履職保障 第五章 議事規則 第六章 附則 第二條 審計委員會是董事會按照《公司章程》設立的專門工作機構，主要 負責公司內部控制制度及其實施情況的審查，審核監督公司內部審計制度及其實 施，對外部審計機構的聘任事宜發表意見並監督其與公司的關係，審閱公 ...

Group 1 - The core point of the article highlights that southbound funds have reduced their holdings in China People's Insurance Group (01339.HK) by 3.27 million shares on March 3, with a total net reduction of 18.01 million shares over the past five trading days and 70.51 million shares over the last 20 trading days [1] - As of now, southbound funds hold 2.481 billion shares of China People's Insurance Group, accounting for 28.42% of the company's total issued ordinary shares [1] Group 2 - China People's Insurance Group Co., Ltd. is a holding company primarily providing insurance products, including property insurance, health insurance, life insurance, reinsurance, Hong Kong insurance, and pension insurance [1] - The company's property insurance business includes products for both corporate and individual clients, such as motor vehicle insurance, agricultural insurance, property insurance, and liability insurance [1] - The health insurance segment mainly offers health and medical insurance products, while the life insurance segment includes various life insurance products such as participating, whole life, annuity, and universal life insurance [1] - The Hong Kong insurance business encompasses property insurance operations in Hong Kong, and the pension insurance segment includes corporate annuities and occupational annuities [1]

Investment Rating - The report maintains an "Overweight" rating for the insurance sector [2][6]. Core Insights - The insurance sector has experienced a phase of adjustment, with a decline in the Shenwan Insurance Index from 1474.31 to 1419.21, a drop of -3.74% from February 13 to February 27. This decline occurred despite the Shanghai Composite Index and the CSI 300 Index showing positive growth during the same period [9][10]. - The report highlights that the insurance industry has significantly increased its equity asset allocation, with a rise of 1.6 trillion yuan in "stocks + funds," bringing the proportion to 15.4%. The bond allocation has increased by 0.9 percentage points to 50.4% [13][14]. - As of the end of Q4 2025, the average comprehensive solvency adequacy ratio for insurance companies was 181.1%, with a core solvency adequacy ratio of 130.4%, indicating overall strong solvency across the sector [13][14]. Summary by Sections 1. Insurance Sector Adjustment and Valuation Recovery - The report notes a significant adjustment in the insurance sector, with a focus on the stabilization of interest rates benefiting valuation recovery opportunities for undervalued insurance stocks [3][9]. 2. Industry Event Tracking - The National Financial Regulatory Administration reported that the insurance industry's total investment balance reached 38.5 trillion yuan by the end of 2025, reflecting a year-on-year increase of 15.7% [13]. - The solvency ratios of various insurance companies indicate that most are well-capitalized, with only five companies failing to meet regulatory standards [14]. - A survey indicates that most insurance institutions plan to slightly increase their allocation to A-shares in 2026, focusing on sectors such as electronics, non-ferrous metals, and pharmaceuticals [15]. 3. Company Event Tracking - China Taiping has reduced its stake in Joy City, bringing its holding below 5% [16]. - Ping An Life's chairman, Yang Zheng, is set to retire, with responsibilities transitioning to Cai Ting, the vice chairman [17]. - Zhongying Life has announced the discontinuation of two dividend insurance products, lowering the preset interest rate to 1.25% [17]. 4. Investment Recommendations - The report suggests maintaining an "Overweight" rating for the insurance sector, with specific stock recommendations including China Ping An, China Taiping, New China Life, China Pacific Insurance, China Life, and China People's Insurance Group [18].

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: 2026年2月28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: 2026年3月2日 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 | | 2. 股份分類 | 普通股 | 股份類別 ...

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: 2026年2月28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 第 1 頁 共 11 頁 v 1.2.0 FF301 呈交日期: 2026年3月2日 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 | | 8,726,234,0 ...

Investment Rating - The report does not explicitly state an investment rating for the insurance industry, but it emphasizes the importance of risk resolution for small and medium-sized insurance companies as a key regulatory task for 2026 [4][27]. Core Insights - The risk resolution of small and medium-sized insurance institutions is a significant regulatory focus during the "14th Five-Year Plan" period, with a particular emphasis on market-oriented solutions for existing risks [4][32]. - The report highlights that 19 life insurance companies are currently unable to disclose their solvency reports, with recognized liabilities totaling approximately 4.31 trillion yuan, accounting for about 11.4% of the industry [4][17]. - The report discusses the transition from a "single fund guarantee" model for the insurance guarantee fund to a more diversified market-oriented risk resolution approach [4][32]. Summary by Sections 1. Introduction - The report outlines the challenges faced by small and medium-sized insurance institutions in a persistently low interest rate environment, which has led to operational difficulties and increased risk exposure [10][14]. 2. Observations and Thoughts on Risk Resolution - The current risk resolution approach for small insurance companies involves customized strategies rather than reducing the number of licensed institutions, contrasting with the banking sector [4][35]. - The report compares the current situation to Japan's 1990s insurance crisis, noting that the resolution of risks has not yet broken the "guaranteed return" constraint [4][38]. - It emphasizes the need to find market participants willing and capable of taking over the business of troubled institutions as a priority for risk resolution [4][4]. 3. Key Processes in Risk Resolution for Life Insurance Institutions - The report details various models for risk resolution, including state-led initiatives and the involvement of large insurance funds [6][23]. - It highlights specific cases of life insurance companies undergoing restructuring and the methods employed, such as new entity establishment and asset transfer [6][23]. 4. Key Processes in Risk Resolution for Property Insurance Institutions - The report notes that property insurance companies have a relatively lighter burden due to their asset-liability characteristics, allowing for quicker risk resolution [4][4]. - It outlines diverse methods for property insurance companies, including bankruptcy restructuring and new entity establishment [6][23]. 5. Investment Recommendations - The report suggests that accelerating the risk resolution process for small problem insurance companies is essential for transitioning the market from "quantity expansion" to "quality improvement," fostering a healthier competitive environment [4][4].

Investment Rating - The report does not explicitly provide an investment rating for the insurance industry, but it emphasizes the importance of addressing risks in small and medium-sized insurance companies as a key regulatory task for 2026 [4][32]. Core Insights - The risk resolution of small and medium-sized insurance institutions is a significant regulatory focus during the "14th Five-Year Plan" period, with a particular emphasis on market-oriented solutions for existing risks [4][32]. - The report highlights that 19 life insurance companies are currently unable to disclose their solvency reports, with recognized liabilities totaling approximately 4.31 trillion yuan, accounting for about 11.4% of the industry [4][17]. - The report discusses the transition from a "single fund guarantee" model for the insurance guarantee fund to a more diversified market-oriented risk resolution approach [4][32]. Summary by Sections Introduction - The report outlines the challenges faced by small and medium-sized insurance institutions in a persistently low interest rate environment, which has led to operational difficulties and increased risk exposure [10][14]. Current Situation of Small and Medium-Sized Insurance Institutions - The report categorizes the 19 life insurance companies unable to disclose solvency reports into three stages: newly established companies, those undergoing risk resolution, and those with slow progress in risk resolution [22][24]. - It notes that the current risk resolution approach in the insurance sector is characterized by "one company, one policy," allowing new entities to take over business without reducing the total number of insurance licenses [33][35]. Comparison with Historical Events - The report draws parallels between the current situation in China's insurance industry and the insurance crisis in Japan during the 1990s, noting that the current environment has not yet broken the "guaranteed return" constraint [4][38]. Changes in Risk Resolution Models - The report indicates that the insurance guarantee fund's model will shift from a single fund to a multi-faceted market-oriented resolution strategy, highlighting the need for capable market participants to assist in risk resolution [4][32]. Investment Recommendations - The report suggests that accelerating the risk resolution process for small problem insurance companies is essential for promoting a healthier competitive ecosystem in the industry, transitioning from quantity expansion to quality improvement [4][32].

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial sector [1] Core Insights - The insurance sector is expected to improve fundamentally and see valuation increases despite short-term adjustments [1] - The report highlights the rapid growth of total assets in the insurance industry and a significant increase in equity allocation [24][25] - The multi-financial sector is entering a stable transition period as the era of policy dividends has passed [32] Industry Performance - In the recent four trading days (February 24-27, 2026), only the multi-financial sector outperformed the CSI 300 index, rising by 3.18%, while the insurance sector fell by 3.76% and the overall non-bank financial sector declined by 1.30% [9][10] - Year-to-date, the multi-financial sector has increased by 4.28%, while the insurance sector has decreased by 5.71% [10] Securities Sector - Trading volume has decreased month-on-month, with February's average daily trading volume at 26,889 billion yuan, a 22.61% decline from January [15] - The average price-to-book (PB) ratio for the securities industry is projected at 1.2x for 2026 [22] Insurance Sector - By the end of 2025, the total assets of insurance companies reached 41.3 trillion yuan, a 15.1% increase from the beginning of the year [24] - The insurance sector's average solvency ratio was 181.1% at the end of 2025, indicating strong financial health [24] Multi-Financial Sector - The trust industry saw its asset scale reach 32.43 trillion yuan by mid-2025, a 20.11% year-on-year increase [32] - The futures market experienced a significant increase in trading volume and value, with January 2026 figures showing a 105.14% year-on-year growth in transaction value [36] Industry Ranking and Recommendations - The report ranks the insurance sector highest, followed by securities and other multi-financial sectors, recommending companies such as China Life, Ping An, and CITIC Securities [47]