Investment Rating - The industry investment rating is Attractive [7][9]. Core Insights - The insurance sector has shown strong performance over the past two years, driven by anti-involution, improved business quality, and market beta [9]. - Anti-involution measures are expected to continue benefiting both life and property & casualty (P&C) insurers, enhancing long-term profitability and balance sheet strength [3][9]. - Life insurers face risks related to interest rate spread loss, which has pressured valuations down to approximately 0.5x price-to-book (P/B) by early 2024 [4]. - P&C insurers are expected to benefit from eased competition in both auto and non-auto lines, potentially expanding underwriting margins [9]. Summary by Sections Life Insurance - The anti-involution measures for life insurers include cutting commissions and expenses across all channels, reducing pricing interest rates from 3.5% to an estimated 2-2.25%, and introducing a floating pricing interest rate mechanism [4]. - The introduction of a long-term evaluation mechanism on insurers' investment and efficiency is also part of the regulatory changes [4]. Property & Casualty Insurance - A restricted expense policy for P&C insurers has been in place since 2018 and was further strengthened in 2023 and 2024, with regulations expanding to non-auto lines in July 2025 [5]. Company Ratings - AIA Group Ltd: Overweight [61] - Ping An Insurance Group Co of China Ltd: Overweight [61] - China Life Insurance Co Ltd: Equal-weight [61] - China Pacific Insurance Group Co Ltd: Overweight [61] - PICC Group: Overweight [61] - ZhongAn Online P & C Insurance Co Ltd: Overweight [61]

财政部近期连续出台重磅政策，力促保险资金立足长期、投向资本市场。7月11日发布的《关于引导保 险资金长期稳健投资 进一步加强国有商业保险公司长周期考核的通知》（下称"新规"），将国有商业 保险公司两大核心绩效指标——净资产收益率与资本保值增值率的考核权重向三年及五年长周期指标大 幅倾斜，合计占比高达70%。 这并非孤立的政策调整，而是一系列引导"长钱"入市组合拳的关键一环。从2023年首次引入三年期考 核，到2024年初《推动中长期资金入市工作的实施方案》明确要求大型险企每年新增保费的30%投向A 股，再到此次将考核周期实质性延长至五年，监管层引导险资践行长期价值投资、优化资本市场结构的 决心清晰可见。 本报（chinatimes.net.cn）记者吴敏 北京报道 "财政部此次改革将五年期考核权重由原先的大约50%提升至70%，显著弱化了对保险公司短期财务收 益的关注，释放出强烈的政策信号，即支持长期投资、价值投资、稳定投资。"北京大学应用经济学博 士后、教授朱俊生在接受《华夏时报》记者采访时表示，未来2-3年内，险资在A股的配置比例有望从 当前约11%左右稳步上升至15%甚至更高，配置结构也将由"防御型"为 ...

Group 1 - The core theme of the event is "Love and Responsibility: Insurance Makes Life Better," aimed at enhancing public understanding of the insurance industry and promoting risk awareness [1] - The event included a table tennis and badminton team competition, showcasing both individual skills and teamwork, which helped to foster a spirit of perseverance and strengthen industry cohesion [1] - The event was organized in response to the call from local financial regulatory authorities and the insurance industry association, highlighting the commitment of the insurance sector to social responsibility [1] Group 2 - Staff from the company distributed 300 insurance promotional brochures and answered 30 questions from the public, covering topics such as illegal fundraising prevention and recognizing "agent refund" traps [4] - The initiative aimed to educate the community on insurance knowledge, particularly focusing on the elderly's risk prevention and rights awareness [4] - The company plans to continue financial consumer education activities to enhance the accessibility and convenience of financial services for the public [5] Group 3 - The event addressed community concerns regarding pension and medical insurance needs, as well as safety measures for electric vehicles, demonstrating the practical value of accident insurance [5] - Through face-to-face interactions, the company aimed to bridge the gap between insurance and the public, deepening the understanding of financial knowledge [5] - The company emphasizes its commitment to social responsibility and aims to promote a culture of integrity within the industry [5]

Group 1 - Insurance capital has initiated a new wave of "stake acquisitions" in 2025, with 19 instances recorded so far, nearing last year's total of 20 [2] - Jiangnan Water and Hualing Steel have recently been targeted for stake acquisitions by Life Insurance and Xintai Life, respectively, with Jiangnan Water seeing a 5.03% stake increase and Hualing Steel reaching 5.00% [3] - The acquisitions are based on long-term investment strategies and the companies' value propositions, with funding sourced from the insurers' own capital [3] Group 2 - Insurance capital is particularly focused on bank stocks, with 10 out of 19 acquisitions targeting banks, especially in the Hong Kong market [4] - The "Ping An system" has been notably active, accounting for 6 of the acquisitions, including Postal Savings Bank and China Merchants Bank [4][5] - Ping An Group's CEO indicated that the investments in high-dividend bank stocks were made in anticipation of a declining interest rate cycle [5] Group 3 - In 2025, 13 insurance companies have announced capital increase plans, totaling approximately 50 billion yuan, with Ping An Life accounting for nearly half of this amount [7] - Ping An Life plans to increase its registered capital from 33.8 billion yuan to 36 billion yuan through a capital increase of about 19.999 billion yuan [7] - Other companies, such as Zhongyou Insurance, have also received approval for capital increases, indicating a trend of strengthening capital positions across the industry [7] Group 4 - Issuing bonds has become a significant method for insurers to supplement capital, with several companies, including Ping An Life and Taikang Life, actively participating in the bond market [8][9] - In June, Ping An announced plans to issue 11.765 billion HKD in zero-coupon convertible bonds, attracting market attention [9] Group 5 - The insurance industry has faced increased regulatory scrutiny, with over 1,000 penalties issued in the first half of 2025, reflecting a tightening of oversight [10][11] - Notable penalties include a 1.115 million yuan fine against China People's Insurance for multiple violations, highlighting the regulatory environment's impact on major players [11] - The second quarter saw continued enforcement, with penalties primarily related to improper benefits and financial reporting inaccuracies [12]

Core Viewpoint - The Ministry of Finance issued a notification to guide insurance funds towards long-term and stable investments, enhancing the long-cycle assessment of state-owned commercial insurance companies, effective immediately and applicable for the 2025 performance evaluation [1] Group 1: Long-term Investment Strategy - The notification encourages insurance funds to act as a stabilizing force in the market, promoting long-term capital and patient capital strategies [1][3] - It aims to increase the tolerance of insurance companies towards short-term market fluctuations, thereby enhancing their equity and long-term investment capabilities [1][2] Group 2: Performance Evaluation Adjustments - The performance evaluation metrics for state-owned insurance companies have been revised to include a combination of annual, 3-year, and 5-year indicators, with respective weights of 30%, 50%, and 20% [2] - This adjustment is expected to significantly reduce the impact of short-term market volatility on the performance evaluations of state-owned insurance companies [2][4] Group 3: Asset-Liability Management - The notification emphasizes the need for improved asset-liability management among insurance companies, advocating for stable, long-term, and value-based investment approaches [5] - Companies are encouraged to align their investment strategies with their liabilities, thereby increasing the supply of medium- and long-term funds in the capital market [4][5] Group 4: Regulatory Context - The notification is part of a broader regulatory trend aimed at promoting medium- and long-term capital market participation, following several initiatives earlier in the year [6] - Recent regulatory changes have included raising the investment cap for equity assets and reducing risk factors for stock investments, indicating a supportive environment for long-term investments [6]

Investment Rating - The industry rating is "Recommended" [4] Core Insights - The non-bank financial sector index increased by 3.96%, outperforming the CSI 300 index by 3.14 percentage points, ranking third among all primary industries [2][15] - The implementation of the "28 Measures for High-Quality Development of the Securities Industry" aims to enhance self-regulation and promote high-quality development within the securities sector [3][16] - The recent notification from the Ministry of Finance emphasizes the importance of long-term stable investments by state-owned insurance companies, adjusting performance evaluation metrics to include longer time frames [7][17] Market and Sector Performance - The average daily trading volume of A-shares reached 14,961 million yuan, a week-on-week increase of 3.8% and a year-on-year increase of 138.2% [20] - In the second quarter of 2025, the average daily trading volume was 12,886 million yuan, up 55.7% from the same period in 2024 [20] - As of July 10, 2025, the margin trading balance was 18,737.06 billion yuan, a 0.78% increase from the previous period and a 19.57% increase compared to the average level in 2024 [20] Regulatory Developments - The "Implementation Opinions" released by the China Securities Association outlines 28 measures to strengthen self-regulation and enhance the service capabilities of securities firms [3][16] - The new performance evaluation system for state-owned insurance companies will now consider annual, three-year, and five-year indicators for net asset return and capital preservation rates, with respective weights of 30%, 50%, and 20% [7][17][19] Investment Opportunities - The adjustment in performance evaluation metrics for insurance companies is expected to reduce sensitivity to short-term market fluctuations and enhance the willingness of insurance funds to enter the market, potentially stabilizing market operations [8][19] - The securities sector is anticipated to achieve high-quality development as the new measures are gradually implemented, fostering a more robust industry ecosystem [6][16]

在乡村振兴专题环节中，中国人保健康与宛平街道卢沟桥村、永合庄村、北天堂村探索推出"保险副村 长"机制，尝试将保险服务深度融入基层治理体系和健康共富进程。中国人保健康北京分公司将派出3名 政治觉悟高、业务能力强的服务人员，和村集体联建合作，通过"党建+金融"双轮驱动，推动组织共 建、服务共融、治理共促三项核心举措。下一步，村党组织还将与结对机构联合开展主题党日活动，强 化村企支部联动，以红色引擎激发乡村振兴活力；同时依托"金融知识进村居"活动、"保险服务直通 车"快速响应机制等，双方齐心协力解决民生保障中的痛点问题，打造"美丽健康乡村"样板工程。 此外，作为"学子回家"计划的重要环节，中国人保健康北京分公司向首都高校发出实习岗位邀请。宛平 街道党工委书记孟丹表示："'学子回家'计划就是要让青年才俊与家乡发展同频共振。" （编辑 郭之宸） 本报讯 （记者冷翠华）7月12日，2025年中国人保健康客户节彩虹跑活动与丰台区宛平街道"学子回 家"活动在北京永定河畔绿堤公园举行。活动通过政企协同、青年参与、文化创新、消费者权益保护宣 传、"78保险宣传日"宣传等多种形式，展现了中国人保健康服务人民健康、助力乡村振兴，传递 ...

Core Viewpoint - The event on July 8, 2025, marked the launch of the "Insurance Publicity Day" in Liaocheng, emphasizing the importance of insurance awareness and community engagement through a health-focused initiative [1][3]. Group 1: Event Overview - The event attracted 58 teams from the city, showcasing a strong community involvement in promoting insurance knowledge [3]. - Participants engaged in a walking event along Dongchang Lake, combining physical activity with public education on insurance concepts and fraud prevention [3]. Group 2: Community Engagement - The event featured a financial fraud prevention campaign, with staff providing detailed explanations of insurance policies and answering public inquiries through various interactive methods [3]. - The atmosphere was described as warm and engaging, with many visitors actively participating and seeking information, highlighting the event's success in community outreach [3]. Group 3: Future Commitment - The insurance professionals involved expressed a commitment to continue their efforts in promoting insurance awareness and safeguarding public trust, reinforcing the industry's dedication to improving lives [4]. - The company aims to embody the principles of "love and responsibility," ensuring that the message of "insurance makes life better" resonates deeply within the community [4].

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, particularly highlighting the potential for valuation increases driven by policy support and favorable mid-year performance [1][2]. Core Insights - The non-bank financial sector is experiencing a boost due to supportive policies for insurance capital market entry and positive earnings forecasts for brokerages, with an expected year-on-year profit growth of 36% for the first half of 2025 [2][16]. - The report emphasizes the growing involvement of Chinese brokerages in the stablecoin and virtual asset sectors, spurred by recent discussions and policy developments in Shanghai and Hong Kong [2][16]. - Insurance companies are expected to benefit from new long-term investment policies aimed at aligning investment strategies with performance evaluations, which could enhance their market stability and investment returns [2][16]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4,014.81 with a weekly change of +0.82%, while the non-bank index rose by 3.96% to 1,945.59 [5][11]. - The brokerage sector saw a significant increase of 4.46%, with notable performances from individual stocks such as Zhongyin Securities (+22.56%) and Haitong Securities (+16.36%) [7][14]. Non-Bank Financial News and Key Announcements - The Ministry of Finance issued a notification to guide insurance funds towards long-term stable investments, which is expected to enhance the investment appetite and stability of insurance companies [16][20]. - Several brokerages have reported optimistic earnings forecasts for the first half of 2025, with companies like Guolian Minsheng expecting a staggering 1183% increase in net profit [27][30]. - The report highlights the increasing stock and securities investment by insurance funds, which reached a total of 4.46 trillion yuan, accounting for 12.8% of their total investments, marking a significant increase from previous periods [2][11].

Investment Rating - The report maintains an "Accumulate" rating for the non-bank financial industry [1] Core Views - The non-bank financial sector has shown strong performance recently, with all sub-sectors outperforming the CSI 300 index in the last five trading days [9] - The report highlights the significant increase in trading volume in the securities sector, with a year-on-year increase of 120% in daily average stock trading volume as of July 11, 2025 [15] - The insurance sector is expected to benefit from long-term capital advantages due to new assessment criteria for state-owned insurance companies [23] - The multi-financial sector is entering a stable transition period, with trust assets continuing to grow but profits declining significantly [31] Summary by Sections 1. Recent Performance of Non-Bank Financial Sub-Sectors - In the last five trading days (July 7-11, 2025), the multi-financial sector rose by 11.89%, the securities sector by 4.58%, and the insurance sector by 1.72%, while the overall non-bank financial sector increased by 3.94% compared to a 0.82% rise in the CSI 300 index [9][11] 2. Non-Bank Financial Sub-Sector Insights 2.1 Securities - Trading volume has significantly increased, with a daily average stock trading amount of CNY 16,688 billion, up 120% year-on-year as of July 11, 2025 [15] - The China Securities Association has implemented measures to strengthen self-regulation and promote high-quality development in the securities industry [19] 2.2 Insurance - New long-term assessment criteria for state-owned insurance companies have been introduced, focusing on net asset return and capital preservation over a five-year period [23] - The insurance sector's valuation is currently at 0.62-0.95 times the 2025E P/EV, which is considered historically low, maintaining an "Accumulate" rating [28] 2.3 Multi-Financial - The trust industry saw its asset scale reach CNY 29.56 trillion in 2024, a year-on-year growth of 23.58%, but profits dropped significantly by 45.5% [31] - The futures market experienced a trading volume of 740 million contracts in June 2025, with a transaction value of CNY 52.79 trillion, reflecting year-on-year growth of 28.91% and 17.40%, respectively [34] 3. Industry Ranking and Key Company Recommendations - The report ranks the insurance sector highest, followed by securities and other multi-financial sectors, recommending companies such as China Ping An, New China Life, China Pacific Insurance, CITIC Securities, and Tonghuashun [44]