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 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 60131 ...

Market Overview - The FTSE China A50 Index components showed mixed performance with sectors like home appliances, liquor, and non-ferrous metals rising, while sectors such as securities, consumer electronics, and logistics declined [1]. Sector Performance Home Appliances - Gree Electric Appliances had a market capitalization of 259.96 billion, with a trading volume of 25.10 billion and an increase of 0.96 (+2.11%) [3]. - Haier Smart Home reported a market cap of 240.01 billion, with a trading volume of 19.79 billion and an increase of 0.82 (+3.31%) [3]. Liquor Industry - Kweichow Moutai had a market capitalization of 1,770.74 billion, with a trading volume of 36.89 billion and an increase of 4.50 (+0.32%) [3]. - Wuliangye Yibin reported a market cap of 214.25 billion, with a trading volume of 11.55 billion and an increase of 1.20 (+0.69%) [3]. Non-Ferrous Metals - The sector showed positive performance, contributing to the overall rise in the index [1]. Securities - CITIC Securities had a market capitalization of 404.30 billion, with a trading volume of 10.59 billion and a decrease of 0.11 (-0.40%) [4]. - Guotai Junan Securities reported a market cap of 338.49 billion, with a trading volume of 15.74 billion and a decrease of 0.07 (-0.36%) [4]. Consumer Electronics - Industrial Fulian had a market cap of 420.21 billion, with a trading volume of 24.20 billion and a decrease of 0.24 (-1.12%) [4]. - Luxshare Precision reported a market cap of 245.97 billion, with a trading volume of 17.15 billion and a decrease of 0.79 (-2.28%) [4]. Logistics - SF Holding had a market capitalization of 272.79 billion, with a trading volume of 17.11 billion and a decrease of 1.51 (-0.67%) [4]. Energy Sector - China Shenhua Energy had a market cap of 190.41 billion, with a trading volume of 8.45 billion and an increase of 0.60 (+1.47%) [3]. - China Petroleum & Chemical Corporation reported a market cap of 1,573.98 billion, with a trading volume of 6.26 billion and a decrease of 0.04 (-0.46%) [3].

Group 1 - Typhoon "Doksuri" made landfall in Fujian on July 28, 2023, causing severe damage with approximately 2.67 million people affected and direct economic losses of 14.755 billion yuan [1] - The financial system in Fujian has been proactive in disaster response, providing timely financial services to affected communities [1][2] Group 2 - Jinjiang Rural Commercial Bank launched a special credit loan product called "Jinqing Assistance Loan" with a total quota of 800 million yuan, offering interest subsidies to support small and medium-sized enterprises affected by the typhoon [2] - Within a month after the typhoon, Jinjiang Rural Commercial Bank issued nearly 50 million yuan in "Jinqing Assistance Loans" to support local businesses [2] Group 3 - Zhangzhou Rural Commercial Bank provided a 1.7 million yuan no-repayment loan to a fish farming company affected by the typhoon, helping them resume operations [3] - The People's Bank of China (PBOC) in Fujian increased support for disaster recovery by implementing policies to guide local financial institutions in providing credit support for recovery efforts [3] Group 4 - Agricultural Bank of China in Xiamen expedited the payment of wages for 532 migrant workers on the day of the typhoon's landfall, ensuring timely salary disbursement despite adverse conditions [4] - China Merchants Bank in Quanzhou facilitated a cross-border payment of over 51 million USD for a chemical company facing operational challenges due to the typhoon [4] Group 5 - The PBOC in Fujian emphasized the importance of disaster prevention and response, urging financial institutions to strengthen risk management and ensure service continuity during the typhoon [5][6] - The PBOC also opened a green channel for disaster relief fund transfers, allocating 100 million yuan to severely affected areas [6] Group 6 - Financial institutions in Fujian utilized data-driven approaches to identify and assist affected clients, providing tailored credit support to those facing repayment difficulties [7] - Affected financial credit villages received targeted assistance, with 75,000 yuan in credit support provided to 10 households in a disaster-hit village [7] Group 7 - Insurance companies in Xiamen quickly processed claims for disaster insurance, with the first claim payment made within hours of the typhoon's impact [8][9] - The Xiamen government implemented a catastrophe insurance program to support disaster relief efforts, with over 200 claims processed during the typhoon [9]

Core Viewpoint - The article discusses the challenges and opportunities in the insurance of local specialty agricultural products, emphasizing the potential of catastrophe bonds as a solution to enhance risk management and financial sustainability in this sector [2][3][9]. Group 1: Challenges in Specialty Agricultural Insurance - The local specialty agricultural products industry is increasingly important for rural economic development and farmer income, but it faces significant risks due to climate change, with annual loss rates reaching 12%-15% [2]. - Traditional insurance models are struggling with high payout rates and low coverage, exemplified by Hebei Province's insurance payout rate of 97% in 2022, and certain products like soybean insurance reaching 172% [2][4]. - The unique risk attributes of specialty agricultural products include strong geographic dependence, high market sensitivity, and ecological vulnerability, leading to a national insurance participation rate of only 42% [4]. Group 2: Catastrophe Bonds as a Solution - Catastrophe bonds connect the insurance market with capital markets, offering a new approach to address the "cold supply and demand" issue in specialty agricultural insurance [3][5]. - The introduction of catastrophe bonds could reduce expected payouts for insurance companies by 20%-30%, potentially lowering pure premium rates by 15%-25% [5]. - The research focuses on optimizing risk dispersion efficiency through catastrophe bonds, analyzing different regional specialty industries, and exploring the synergy between policy support and capital markets [5][6]. Group 3: International Comparisons and Local Practices - International experiences from the U.S., Japan, and Canada provide valuable insights into agricultural catastrophe risk dispersion models, highlighting the importance of policy collaboration and innovative tools [6]. - Local case studies, such as the Ningxia goji berry and Sichuan wheat industries, demonstrate effective implementation of catastrophe bonds, significantly improving risk coverage and financial efficiency [8][9]. - The research indicates that catastrophe bonds can enhance fiscal subsidy efficiency by 40%-80% and reduce insurance company cost ratios by 20%-30% [9]. Group 4: Policy Recommendations - Recommendations include constructing a multi-layered risk dispersion system, improving risk dispersion mechanisms to lower insurance premiums, and promoting the application of catastrophe bonds [9]. - Emphasis is placed on institutional innovation and technological empowerment to enhance risk governance effectiveness, including establishing collaborative mechanisms between insurance and industry [9].

Financial Performance Highlights - The group's insurance revenue reached RMB 537709 million, a 67% increase compared to 2023[103, 104] - Net profit attributable to equity holders of the company increased by 888% to RMB 42151 million[20, 104] - Total investment income increased significantly by 862% to RMB 822 billion[41, 87] - The group's total assets increased by 135% to RMB 1766321 million[26, 104] - The annual cash dividend per share increased by 154% to RMB 0180[28] Segment Performance - PICC P&C's insurance revenue increased by 61% to RMB 485223 million[103, 104] - PICC Life's insurance revenue increased by 230% to RMB 22384 million[103, 104] - PICC Health's insurance revenue increased by 62% to RMB 27217 million[103, 104] Key Initiatives and Innovation - Green insurance provided risk protection of RMB 184 trillion[33, 53] - Technology insurance provided risk protection of RMB 31 trillion[33] - Premiums from products dedicated to technological activities increased by 180%[65]

Group 1 - Ant Group concept declined by 1.72%, ranking among the top declines in the concept sector, with stocks like Jida Zhengyuan and Cuiwei Co. hitting the limit down [1][2] - Major stocks in the Ant Group concept saw significant net outflows, totaling 4.616 billion yuan, with 62 stocks experiencing outflows, and 12 stocks seeing outflows exceeding 100 million yuan [2][3] - The top net outflow stock was Hengsheng Electronics, with a net outflow of 659 million yuan, followed by Cuiwei Co. and Lakala with outflows of 607 million yuan and 548 million yuan respectively [2][3] Group 2 - Among the stocks in the Ant Group concept, 21 stocks experienced price increases, with Anni Co. leading with a 10% increase, followed by ST Gaohong and Jingneng Electric Power with increases of 4.92% and 4.45% respectively [1][4] - The overall market sentiment reflected a mixed performance across various concept sectors, with the top gainers including the China Shipbuilding System and Cell Immunotherapy, while sectors like Digital Currency and Ant Group concept faced declines [2][4] - The trading volume and turnover rates varied significantly among the stocks, with Hengsheng Electronics showing a turnover rate of 5.35% and a price decline of 4.32% [3]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 1339 董事名單與其角色和職能 一、執行董事 丁向群 （董事長） 趙 鵬 （副董事長） 肖建友 二、非執行董事 王少群 喻 強 宋洪軍 三、獨立非執行董事 邵善波 徐麗娜 王鵬程 高平陽 - 1 - 四、董事會專業委員會 | | 委員會 | | 風險管理與 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 戰略與投資 | 消費者權益 | 審計 | 提名薪酬 | 關聯交易 | | 董事 | | 委員會 | 保護委員會 | 委員會 | 委員會 | 控制委員會 | | 丁向群 | | C | | | | | | 趙 鵬 | | | C | | | | | 肖建友 | | | | | | M | | 王少群 | | M | M | | | | | 喻 強 | | | | M | | M | | 宋洪軍 | | M | M | | | | | 邵 ...

同时，自本公告之日起，苗福生先生不再履行董事职责。苗福生 先生辞任详细信息请见本公司于 2025 年 3 月 27 日发布的《中国人民 保险集团股份有限公司关于非执行董事辞任的公告》。 特此公告。 中国人民保险集团股份有限公司董事会 2025 年 7 月 1 日 证券代码：601319 证券简称：中国人保 公告编号：临 2025-023 中国人民保险集团股份有限公司 关于非执行董事辞任的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 本公司董事会收到王清剑先生的辞呈。因年龄原因，王清剑先生 辞去本公司非执行董事、董事会战略与投资委员会委员、董事会审计 委员会委员职务。该辞任自 2025 年 7 月 1 日起生效。王清剑先生已 确认其与本公司董事会、管理层无不同意见，亦没有任何其他事项需 要通知本公司股东。 王清剑先生自 2017 年 7 月加入本公司董事会以来，恪尽职守， 勤勉履职，在本公司发展战略、公司治理、董事会运作、内部控制、 财务监督等方面做出了重要贡献。本公司董事会对王清剑先生在任职 期间做出的贡献表示衷心感 ...

+0.05(+0.91%) +0.10(+1.18%) +0.05(+1.20%) 保险 中国太保 中国平安 中国人保 01 3851.91亿市值 3598.97亿市值 10143.10亿市值 5.37亿成交额 19.62亿成交额 6.12亿成交额 55.70 8.71 37.41 -0.10(-0.27%) +0.22(+0.40%) 0.00(0.00%) 酸酒行业 贵州茅台 山西汾酒 五粮液 17650.84亿市值 2127.86亿市值 4604.75亿市值 27.94亿成交额 9.82亿成交额 14.49亿成交额 174.42 118.63 1405.10 -0.27(-0.23%) -4.42(-0.31%) -1.97(-1.12%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2369.53亿市值 3172.72亿市值 2355.31亿市值 11.51亿成交额 59.25亿成交额 26.84亿成交额 443.30 136.50 563.00 +1.09(+0.25%) -38.50(-6.40%) -4.79(-3.39%) 汽车整车 铁路公路 长城汽车 比亚迪 京沪高铁 2803.44 ...

Investment Rating - The report maintains a "Recommended" rating for the insurance sector, indicating a positive outlook for the industry in the coming months [7]. Core Insights - The insurance industry has shown signs of recovery, with total premium income reaching 30,602 billion yuan from January to May 2025, reflecting a year-on-year increase of 3.8%. The premium income for May alone was 4,647 billion yuan, up 13.2% year-on-year [4]. - Life insurance continues to recover, with premium income of 18,735 billion yuan from January to May 2025, a 3.9% increase year-on-year. The premium income for May was particularly strong at 2,674 billion yuan, marking a 24.1% increase year-on-year [4]. - The health insurance sector experienced a slight decline in premium income, totaling 3,879 billion yuan from January to May 2025, a 0.9% increase year-on-year, with May showing a decrease of 6.3% [5]. - The property insurance sector saw premium income of 7,805 billion yuan from January to May 2025, a 5.2% increase year-on-year, with May's income at 1,319 billion yuan, up 5.3% [4]. - The report highlights the potential for life insurance products, particularly participating insurance, to gain market share due to their dual benefits of protection and investment returns, especially in a low-interest-rate environment [4][9]. - The automotive insurance segment benefited from increased vehicle sales, with premium income reaching 3,720 billion yuan, a 4.4% increase year-on-year, while non-auto insurance premiums were 4,085 billion yuan, up 6.0% [8]. Summary by Sections Life Insurance - Life insurance premium income from January to May 2025 was 18,735 billion yuan, up 3.9% year-on-year, with a significant increase in May of 24.1% [4]. - The demand for life insurance products is expected to recover due to the declining bank deposit rates, enhancing the attractiveness of long-term insurance products [4]. Health Insurance - Health insurance premium income was 3,879 billion yuan from January to May 2025, reflecting a modest growth of 0.9% year-on-year, with a notable decline in May [5]. - The report suggests that the health insurance sector is undergoing a transformation, with potential for growth in mid-to-high-end medical insurance products [5]. Property Insurance - Property insurance premium income reached 7,805 billion yuan from January to May 2025, a 5.2% increase year-on-year, with steady growth in both auto and non-auto segments [4][8]. - The report anticipates a continued focus on professionalization and refinement in the property insurance sector, particularly among leading companies [9]. Investment Opportunities - The report suggests that the insurance sector is poised for growth, with a focus on improving product structures and increasing the share of participating insurance products [9]. - The macroeconomic recovery is expected to support long-term interest rates, which could positively impact the insurance sector's performance [9].