Group 1 - A-shares in the insurance sector experienced a strong afternoon rally on November 10, with New China Life Insurance rising over 2% [1] - Other concept stocks such as China Pacific Insurance, China Life Insurance, and China People's Insurance also saw widespread gains [1]

Core Points - The National Financial Supervision Administration of Nanyang has approved the request for the cancellation of the People's Road Marketing Service Department of the Fangcheng Branch of China People's Property Insurance Co., Ltd [1] - Following the approval, the company is required to cease all business activities immediately and return its license to the Nanyang Financial Supervision Bureau within 15 working days [1] Summary by Sections - **Approval of Cancellation** - The cancellation of the marketing service department has been officially approved [1] - **Operational Requirements** - The company must stop all operations immediately upon receiving the approval [1] - The company is obligated to return its license and complete necessary legal procedures within a specified timeframe [1]

Group 1 - A-shares in the insurance sector strengthened in the afternoon trading session [1] - New China Life Insurance rose over 2% [1] - Other concept stocks such as China Pacific Insurance, China Life Insurance, and China People’s Insurance also experienced a broad increase [1]

Core Points - The National Financial Supervision Administration of Shangqiu has approved the relocation of the Yongcheng branch of China People's Property Insurance Co., Ltd. [1] - The new address for the Yongcheng branch is specified as: No. 2, Shengshi Jiayuan, North of Tuanjie Road, West of Mangdang Road, Yanjitown, Yongcheng City, Shangqiu, Henan Province [1] - The Shangqiu branch must present this approval to the National Financial Supervision Administration for the change of the insurance license and complete necessary procedures with the local market supervision administration [1]

Group 1 - The National Financial Supervision Administration of Nanyang approved the request for the cancellation of the Health Road Marketing Service Department of the Zhenping Branch of China People's Property Insurance Co., Ltd [1] - The company is required to cease all business activities immediately upon receiving the approval document [1] - The company must return its license to the Nanyang Financial Supervision Administration within 15 working days and complete relevant procedures according to applicable laws and regulations [1]

Core Points - The National Financial Supervision Administration of Nanyang has approved the request for the cancellation of the marketing service department of the Xidajie branch of the Nanyang branch of China People's Property Insurance Co., Ltd [1] Group 1 - The approval includes the immediate cessation of all business activities by the Nanyang branch of China People's Property Insurance Co., Ltd [1] - The company is required to return its license to the Nanyang Financial Supervision Administration within 15 working days and complete related procedures as per relevant laws and regulations [1]

Summary of PICC Group and PICC P&C Investor Day Industry and Company Overview - **Industry**: Non-auto insurance and online health insurance - **Company**: PICC Group and PICC Property and Casualty Co. (PICC P&C) Key Points and Arguments Non-Auto Insurance Segment - Management expressed confidence in growth and underwriting improvements in the non-auto insurance segments due to increased regulatory scrutiny over pricing and channel expenses [2][4] - The contribution of the non-auto segment to industry premiums has risen to approximately 45% in FY24, up from below 30% several years ago [8] - Similarities were drawn between the current reforms in the non-auto insurance segment and the auto insurance reform initiated in 2020, which has led to improved profitability since 2021 [2][8] Regulatory Reforms - The reforms will initially focus on commercial property, workers' safety liability, and employers' liability segments [9] - PICC P&C is involved in setting pure risk premiums and pricing flexibility for individual insurers, with a requirement for all P&C insurers to re-file products with regulators by the end of 2026 [9] - Management noted that while improvements in underwriting results may take time, they are confident in achieving better underwriting margins in the medium to long term [9] Overseas Expansion - PICC P&C aims to enhance cooperation with Chinese enterprises investing overseas, particularly in ASEAN, EU, and South America [3][14] - Management anticipates that revenue from overseas business will likely surpass domestic contributions, citing similar trends observed in developed markets [3] - The company has gained insights into local risk factors through partnerships with local insurers and plans to establish branch offices to expand product offerings [14] Online Health Insurance - PICC Health, under PICC Group, has seen significant growth since its launch in 2017, reaching RMB 178 billion in FY24, with its contribution to group profit increasing to 13% from 0% in 2017 [14] - The company believes that health insurance will continue to grow, supported by policy initiatives and collaboration with public healthcare providers [14] Natural Catastrophe Response - A demonstration showcased PICC P&C's established processes for responding to natural catastrophe events, emphasizing risk identification, mitigation measures, and technology use [15] Financial Outlook and Dividend Policy - The company reiterated its commitment to delivering sustainable shareholder returns, maintaining a minimum payout ratio of 40% for PICC P&C and 30% for PICC Group [16] Additional Important Information - Management acknowledged potential impacts of autonomous driving on auto insurance but noted that current pilot programs are insured under commercial auto insurance, where PICC P&C holds a dominant market share [10] - The presentations reinforced the view that PICC P&C's superior underwriting results are supported by industry-leading operations, strong internal risk controls, scale advantages, and an experienced management team [4]

Core Viewpoint - The 15th National Games, hosted by Guangdong, Hong Kong, and Macau, marks a significant milestone as the largest and highest-level comprehensive sports event in China, with China Life Insurance acting as the official partner to provide extensive risk management and insurance services [1] Group 1: Insurance and Risk Management Strategy - China Life Insurance adopts a "risk reduction" approach, transitioning from traditional post-event compensation to proactive risk management and control during the event [2] - The company utilizes its proprietary "Wandering Cloud" platform, integrating AI, big data, IoT, and digital twin technologies to create a comprehensive service system covering pre-event prevention, in-event monitoring, and emergency simulations [2][3] - A "Sports Center Risk Database" has been established, combining historical insurance claims data, meteorological information, and technical standards to formulate scientific risk reduction recommendations [2] Group 2: Monitoring and Emergency Preparedness - Key areas such as power distribution rooms and fire control centers are equipped with IoT monitoring devices, while drones are deployed for 24-hour dynamic monitoring of venue safety [3] - Digital twin technology is employed to create virtual models of critical venues, allowing for simulations of emergencies like fires and power outages, thereby optimizing emergency response plans [3] Group 3: Comprehensive Insurance Coverage - China Life Insurance has developed a tailored "full-process, multi-dimensional, integrated" insurance plan that covers all aspects of risk from participants to venues, providing over 100 billion yuan in insurance coverage [4] - The insurance products include venue property insurance, personal accident insurance, public liability insurance, and organizer liability insurance, addressing the unique needs of large-scale events [4] Group 4: Cross-Border Claims Mechanism - A collaborative claims mechanism has been established to address the challenges of cross-border insurance services, ensuring information sharing and mutual recognition of claims standards among Guangdong, Hong Kong, and Macau [5] - A dedicated green claims channel allows participants to enjoy "on-site claims" regardless of where the incident occurs, streamlining the claims process [5][6] - For Hong Kong and Macau participants, a specialized service window has been set up to ensure claims are processed within 8 hours, enhancing service efficiency and convenience [7]

Core Insights - The 15th National Games, the largest and highest-level comprehensive sports event in China, is being held in Guangdong, Hong Kong, and Macau, marking the first time the event has taken place in these regions [1] - China Life Insurance is the official partner for the event, implementing a "insurance + risk reduction services + technology" model to ensure safety and risk management throughout the event [1][2] Group 1: Risk Management and Technology Integration - China Life Insurance has shifted from a traditional post-claim model to a proactive risk management approach, focusing on risk reduction before and during the event [2] - The company utilizes its proprietary "Wanshang Cloud" platform, integrating AI, big data, IoT, and digital twin technologies to create a comprehensive service system for risk prevention, monitoring, and emergency response [2][3] - A "Sports Center Risk Database" has been established, combining historical insurance claims data with various risk factors to provide scientific risk reduction recommendations [2] Group 2: Comprehensive Insurance Coverage - China Life Insurance has developed a tailored "full-process, multi-dimensional, integrated" insurance plan that covers all aspects of risk from participants to venues, providing over 100 billion yuan in insurance coverage [4] - The insurance products include coverage for athletes, staff, volunteers, and third-party personnel, as well as venue property and equipment [4] Group 3: Cross-Border Claims and Service Efficiency - A collaborative claims mechanism has been established to address the challenges of cross-border insurance services, ensuring information sharing and mutual recognition of claims standards among Guangdong, Hong Kong, and Macau [5][6] - A dedicated green claims channel has been created, allowing participants to submit claims online, significantly speeding up the claims process [6][7] - A 24/7 service hotline and on-site service points have been set up to provide immediate assistance and streamline the claims process for participants [6][7]

Major Events - Bluestar Jiahe Services (02606.HK) plans to repurchase up to 10% of its issued H-shares [1] - China People's Insurance Group (01339.HK) reported original premium income of 97.985 billion yuan in January, a year-on-year increase of 6.67% [1] - Hengteng Network (00136.HK) signed a strategic cooperation agreement with Evergrande Tourism Group [1] Financial Data - New Star Printing (01975.HK) achieved a net profit of 27.5 million HKD in the interim period, with an interim dividend of 1.5 HKD cents [1] Earnings Forecast - Qihua Environmental Protection (00976.HK) expects an increase in annual net loss [1] - Zhuyou Intelligent Manufacturing Technology (00726.HK) anticipates a net profit increase of approximately 40.8% for the year [1] - Birmingham Sports (02309.HK) raised its earnings forecast, expecting a mid-term profit of 70 million HKD [1] - Huazhang Technology (01673.HK) expects a mid-term profit of 15 to 20 million yuan, turning from loss to profit year-on-year [1] - Raffles Interior (01376.HK) anticipates a net loss of 4.5 million Singapore dollars for the 2020 fiscal year [1] - Fengcheng Holdings (08216.HK) expects a net profit increase of over 50% for the year [1] - New Fengtai Group (01771.HK) forecasts a net profit growth of approximately 20% for the year [1] - Yefeng Group (01695.HK) expects an annual loss not exceeding 4 million Malaysian ringgit [1] Operational Data - China People's Insurance Group (01339.HK) reported original premium income of 97.985 billion yuan in January, a year-on-year increase of 6.67% [1] - New China Life Insurance (01336.HK) reported original premium income of 34.63 billion yuan in January, a year-on-year increase of 12.78% [1] - China Property & Casualty Insurance (02328.HK) reported original insurance premium income of 53.112 billion yuan in January, a year-on-year increase of 1.2% [1] - China Metallurgical Group (01618.HK) signed new contracts worth 103.59 billion yuan in January, a year-on-year increase of 129.7% [1] - China Eastern Airlines (00670.HK) reported a 60.59% year-on-year decline in passenger turnover in January [1] - Sinopec Oilfield Services (01033.HK) recently signed overseas contracts worth 2.323 billion yuan [1] - China Southern Airlines (01055.HK) reported a 59.16% year-on-year decline in passenger turnover in January [1] - Huili Group (00806.HK) reported total managed assets of approximately 14.8 billion USD at the end of January [1]