Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [1] Core Insights - The report highlights the emergence of a trillion-yuan brokerage firm through mergers, accelerating supply-side reforms in the securities industry [3] - The total assets of the new company formed by the merger of CICC, Dongxing Securities, and Xinda Securities are expected to reach 1009.583 billion yuan, making it the fourth largest securities company in A-shares [3] - The report indicates that the insurance sector is seeing a steady increase in stock investments, with a total balance of 3.62 trillion yuan, reflecting a shift towards equity investments to mitigate potential risks [4][46] Summary by Sections Market Review - As of November 20, 2025, the banking, securities, and insurance indices have changed by +1.69%, -3.36%, and +1.76% respectively, while the CSI 300 index decreased by -2.74% [12] - Among the sub-sectors, China Bank (+10.25%), Dongxing Securities (+5.38%), and China Life Insurance (+2.32%) performed the best [12] Valuation Situation - As of November 20, 2025, the PB ratio for the banking sector is 0.77, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks having PB ratios of 0.83, 0.62, 0.73, and 0.65 respectively [22] - The securities sector's PB ratio is 1.49, indicating potential for valuation recovery [25] Recent Market Indicators - The average daily trading volume in A-shares was 1819.419 billion yuan, a decrease of 10.14% week-on-week [35] - The average margin balance was 2493.753 billion yuan, showing a slight decrease of 0.05% [35] Industry News - The report notes that the financial regulatory authority has implemented measures to enhance the supervision of pension institutions, which may impact banking operations [39] - The report also highlights a significant increase in bond underwriting by securities firms, particularly in technology and rural revitalization bonds [39] Company Announcements - CICC announced plans to merge with Dongxing Securities and Xinda Securities, with the merger expected to enhance its market position significantly [45] - Nanjing Securities plans to raise up to 5 billion yuan through a private placement to strengthen its capital base and enhance competitiveness [42] Weekly Perspectives - The banking sector is expected to benefit from a shift in funds towards safer investments, particularly in high-dividend, low-valuation bank stocks [44] - The insurance sector is encouraged to increase equity investment ratios, with a focus on returning to core protection functions [46]

Core Points - The insurance sector experienced a decline of 2.39% on November 21, with Xinhua Insurance leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Insurance Sector Performance - China Life (601628) closed at 43.48, down 2.07% with a trading volume of 137,000 shares and a turnover of 602 million yuan [1] - Ping An Insurance (601318) closed at 58.91, down 2.14% with a trading volume of 685,600 shares [1] - China Pacific Insurance (601601) closed at 34.63, down 2.56% with a trading volume of 294,300 shares and a turnover of 1.029 billion yuan [1] - China Reinsurance (601319) closed at 8.55, down 3.17% with a trading volume of 764,600 shares and a turnover of 662 million yuan [1] - Xinhua Insurance (601336) closed at 65.40, down 3.54% with a trading volume of 198,600 shares and a turnover of 1.319 billion yuan [1] Capital Flow Analysis - The insurance sector saw a net outflow of 856 million yuan from institutional investors, while retail investors had a net inflow of 733 million yuan [1] - The detailed capital flow for individual stocks shows that China Reinsurance had a net outflow of 51.58 million yuan from institutional investors [2] - China Life experienced a net outflow of 52.08 million yuan from institutional investors, while retail investors contributed a net inflow of 64.48 million yuan [2] - China Pacific Insurance had a net outflow of 56.32 million yuan from institutional investors, with retail investors contributing a net inflow of 85.31 million yuan [2] - Xinhua Insurance faced a significant net outflow of 258 million yuan from institutional investors, while retail investors had a net inflow of 185 million yuan [2] - Ping An Insurance had a net outflow of 43.91 million yuan from institutional investors, with retail investors contributing a net inflow of 35.8 million yuan [2]

Core Points - The Henan Financial Regulatory Bureau approved the request from China People's Property Insurance Company to revoke 17 marketing service departments in Zhengzhou [1][2] - The company is required to cease all operations of the revoked institutions and return their licenses within 15 working days [2] - The company must announce the revocation and inform policyholders and beneficiaries to make proper arrangements regarding insurance payments and claims [2]

Core Insights - Southbound funds increased their holdings in China People's Insurance Group (01339.HK) by 1,007,000 shares on November 20, 2025, marking a total net increase of 10,337,000 shares over the past five trading days [1] - Over the last 20 trading days, there were 10 days of net reductions totaling 15,518,000 shares [1] - As of now, southbound funds hold 2.658 billion shares of China People's Insurance Group, accounting for 30.45% of the company's total issued ordinary shares [1] Trading Data Summary - On November 20, 2025, total shares held were 2.658 billion with a change of 1,007,000 shares, representing a 0.04% increase [2] - On November 19, 2025, total shares held were 2.657 billion with a change of 3,860,000 shares, representing a 0.15% increase [2] - On November 18, 2025, total shares held were 2.654 billion with a change of 6,452,000 shares, representing a 0.24% increase [2] - On November 17, 2025, total shares held were 2.647 billion with a change of 964,000 shares, representing a 0.04% increase [2] - On November 14, 2025, total shares held were 2.646 billion with a change of -1,946,000 shares, representing a -0.07% decrease [2] Company Overview - China People's Insurance Group is a holding company primarily engaged in providing insurance products [2] - The company and its subsidiaries are involved in property insurance, health insurance, life insurance, reinsurance, Hong Kong insurance, and pension insurance [2] - Property insurance includes products for both corporate and individual clients, such as motor vehicle insurance, agricultural insurance, property insurance, and liability insurance [2] - Health insurance encompasses health and medical insurance products [2] - Life insurance includes various life insurance products such as participating, whole life, annuity, and universal life insurance [2] - Hong Kong insurance pertains to property insurance operations in Hong Kong [2] - Pension insurance includes corporate annuities and occupational annuities [2]

Core Viewpoint - Insurance companies are increasingly issuing perpetual bonds and capital supplementary bonds to enhance their capital and solvency, with a total issuance exceeding 15 billion yuan since November [1][2]. Group 1: Bond Issuance Trends - The total bond issuance by insurance companies has decreased compared to last year but remains at a high level, with a notable preference for perpetual bonds [1][2]. - In November, several insurance companies accelerated their bond issuance, including Zhongyou Life (1.27 billion yuan), Yingda Taihe Life (2.5 billion yuan), Zhongzheng Property Insurance (4 billion yuan), Ping An Property Insurance (6 billion yuan), and others [2]. - The primary purpose of these bond issuances is to supplement capital and enhance the companies' solvency to support sustainable business development [2]. Group 2: Factors Influencing Bond Issuance - The surge in bond issuance is attributed to multiple factors, including a favorable regulatory approval timeline and the need to address the impact of new accounting standards on solvency ratios [3]. - The relatively low financing costs have also encouraged insurance companies to issue bonds, with coupon rates ranging from 2.15% to 2.40%, significantly lower than the previous years' rates around 3.5% [3][4]. Group 3: Perpetual Bonds as a Financing Tool - Perpetual bonds have emerged as a new tool for capital supplementation, allowing insurance companies to meet regulatory capital requirements without a fixed maturity [5]. - The issuance of perpetual bonds has gained momentum since the regulatory framework was established in 2022, with major companies like Taikang Life leading the way [5][6]. - The total issuance of perpetual bonds in 2023 reached 35.77 billion yuan, with projections for 2024 indicating further growth [6]. Group 4: Long-term Capital Strategies - While bond issuance provides short-term capital relief, the long-term solution lies in enhancing the insurance companies' internal capital generation capabilities [7]. - Companies are encouraged to focus on high-quality development, optimize business structures, and improve operational efficiency to reduce reliance on external capital [7]. - Strengthening asset-liability management and leveraging technology for operational efficiency are essential for sustainable growth in the insurance sector [7].

Core Viewpoint - The "2025 China Insurance Industry Ark Award" winners were announced during the "19th Shenzhen International Financial Expo and 2025 China Financial Institutions Annual Conference," highlighting excellence in various categories within the insurance sector [1]. Award Categories and Winners High-Quality Development Insurance Companies - China Life Insurance Co., Ltd. - People's Insurance Company of China Group - Ping An Property & Casualty Insurance Co., Ltd. - New China Life Insurance Co., Ltd. [3] Value Growth Insurance Companies - Allianz Life Insurance Co., Ltd. - China Dadi Property Insurance Co., Ltd. - Dajia Life Insurance Co., Ltd. [3] Gold Medal Insurance Services - Taiping Life Insurance Co., Ltd. - Taikang Pension Insurance Co., Ltd. [3] Gold Medal Insurance Products - Blue Medical Long-term Medical Insurance (Good Medicine and Good Medicine Version) by Pacific Insurance Co., Ltd. - Health Appointment by Taikang Life Insurance Co., Ltd. - Yue Health No. 1 Mid-end Medical Insurance by Taikang Life Insurance Co., Ltd. - All Medical Insurance (Internet) by China Merchants Sincere Life Insurance Co., Ltd. - Changying Life Annuity Insurance (Smart Version) by Fude Life Insurance Co., Ltd. [4] High-Quality Development Insurance Asset Management Companies - China Life Asset Management Co., Ltd. - Taikang Asset Management Co., Ltd. - Pacific Asset Management Co., Ltd. [5] Gold Medal Risk Control in Insurance Asset Management - China Re Asset Management Co., Ltd. [8] Gold Medal Insurance Investment Teams - Fixed Income Department of Pacific Asset Management Co., Ltd. - Asset Management Team of New China Asset Management Co., Ltd. [8] Innovative Insurance Asset Management Products - Bay Drama Fund by China Life Asset Management Co., Ltd. - Modern Industry Fund by China Re Capital Insurance Asset Management Co., Ltd. [9] Insurance Funds Supporting Real Economy Innovation - Various funds and projects aimed at supporting innovation in the real economy, including the Great Health Fund and Longjiang Electric Power Project by Ping An Asset Management Co., Ltd. [11] Insurance Industry Innovation Awards - Road Natural Disaster Risk Analysis and Management Platform by Tai Ping Reinsurance (China) Co., Ltd. [12] Social Responsibility in Insurance - Awards given to companies like China Life Property Insurance Co., Ltd. and Sunshine Insurance Group Co., Ltd. for their contributions to social responsibility [13]. Green Finance Practices - Projects focused on green insurance statistics and ESG risk assessment by People's Insurance Group of China [14]. Digital Financial Practices - Internet Digital Claims Ecosystem Platform by China People's Health Insurance Co., Ltd. [16].

Core Insights - The insurance sector experienced a slight decline of 0.05% on November 20, with China Pacific Insurance leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Insurance Sector Performance - China Life Insurance (601628) closed at 44.40, up 0.23% with a trading volume of 132,300 shares and a transaction value of 589 million [1] - China Pacific Insurance (601601) closed at 35.54, down 0.81% with a trading volume of 256,300 shares and a transaction value of 918 million [1] - China Ping An (601318) closed at 60.20, down 0.28% with a trading volume of 394,500 shares and a transaction value of 2.387 billion [1] - New China Life Insurance (601336) closed at 67.80, down 0.59% with a trading volume of 127,800 shares and a transaction value of 870 million [1] - China Reinsurance (601319) closed at 8.83, up 0.46% with a trading volume of 849,600 shares and a transaction value of 7.551 billion [1] Capital Flow Analysis - The insurance sector saw a net inflow of 154 million from institutional investors, while retail investors experienced a net outflow of 31.98 million [1] - China Life Insurance had a net inflow of 58.50 million from institutional investors, while retail investors had a net outflow of 30.28 million [2] - China Pacific Insurance experienced a net outflow of 32.81 million from institutional investors, but a net inflow of 70.61 million from retail investors [2]

一、同意中国人民财产保险股份有限公司陕西省分公司陈仓支公司虢镇营销服务部将营业场所变更为： 陕西省宝鸡市陈仓区县功镇南一路便民服务中心北侧。 二、中国人民财产保险股份有限公司陕西省分公司应按照有关规定及时办理变更及许可证换领事宜。 2025年11月14日，国家金融监督管理总局宝鸡监管分局发布批复称，《中国人民财产保险股份有限公司 陕西省分公司关于陈仓支公司虢镇营销服务部变更营业场所的请示》（陕人保财险发〔2025〕209号） 收悉。经审核，现批复如下： ...

Group 1: Central Bank Operations - The central bank conducted a 310.5 billion yuan 7-day reverse repurchase operation, with a bid amount and winning amount of 310.5 billion yuan, maintaining an operation rate of 1.40% [1] Group 2: Banking Sector Performance - A-shares in the banking sector experienced fluctuations but generally rose, with China Bank's stock price increasing over 2% to reach a new high, alongside significant gains from other banks such as Everbright Bank and CITIC Bank [2] - The rise in bank stock prices reflects positive market expectations for future growth in the financial industry, likely driven by economic recovery expectations and policy support [2] Group 3: Insurance Sector Performance - The insurance sector in A-shares continued to rise, with China Life and China Property & Casualty Insurance both increasing over 3%, along with other major insurers [3] - The notable growth in the insurance sector indicates investor optimism, potentially influenced by market perceptions of economic stability and increased risk management awareness among individuals [3] Group 4: Gold Market Trends - Spot gold prices reached 4,100 USD per ounce, reflecting a 0.85% increase during the day [4] - The rise in gold prices indicates a sustained preference for safe-haven assets, driven by increasing geopolitical risks and inflation pressures, showcasing gold's appeal as a traditional safe-haven investment [4]

Core Insights - The insurance sector experienced a rise of 2.43% on November 19, with China Pacific Insurance leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Insurance Sector Performance - China Life Insurance (code: 601628) closed at 44.30, up 2.98% with a trading volume of 167,000 shares and a transaction value of 735 million yuan [1] - China Pacific Insurance (code: 601601) closed at 35.83, up 2.78% with a trading volume of 509,600 shares and a transaction value of 1.818 billion yuan [1] - New China Life Insurance (code: 601336) closed at 68.20, up 1.79% with a trading volume of 152,600 shares and a transaction value of 1.037 billion yuan [1] - Ping An Insurance (code: 601318) closed at 60.37, up 1.26% with a trading volume of 705,900 shares and a transaction value of 4.268 billion yuan [1] Capital Flow Analysis - The insurance sector saw a net outflow of 757 million yuan from institutional investors, while retail investors contributed a net inflow of 439 million yuan [1] - Speculative funds recorded a net inflow of 317 million yuan into the insurance sector [1]