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: 2025年8月31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: 2025年9月1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 | FF301 FF301 由於本公司於中華人民 ...

Group 1 - As of August 30, 2025, a total of 582 A-share companies are included in the top ten heavy positions of the social security fund, with a total holding market value of 502.91 billion yuan [1] - The social security fund has new positions in 158 stocks, increased positions in 171 stocks, decreased positions in 126 stocks, and maintained positions in 127 stocks [1] - The sectors with significant holdings include chemical products, semiconductors, chemical pharmaceuticals, automotive parts, general equipment, specialized equipment, and medical devices, each with more than 15 stocks [1] Group 2 - Among the 582 companies, 104 stocks have holdings exceeding 500 million yuan, and 37 stocks have holdings exceeding 1 billion yuan, accounting for 76.47% of the total holding market value [3] - Agricultural Bank is the largest heavy position stock of the social security fund, with a holding market value exceeding 138.3 billion yuan and a year-to-date increase of approximately 37% [7] - The average increase of the 582 A-share companies this year is 27.62%, with 32 stocks increasing over 50% since the end of June [8] Group 3 - The top five stocks by holding market value all exceed 10 billion yuan, with four of them maintaining their holding market value [6] - The average holding ratio of the 582 A-share companies is approximately 1.8%, with 28 stocks having a holding ratio exceeding 5%, accounting for 51.83% of the total holding market value [14] - The stocks with the highest holding ratios include China Life Insurance, Founder Securities, and Bank of Communications, each exceeding 10% [16]

【文/羽扇观金工作室】 截至2025年8月28日，A股五家上市险企已悉数完成半年度业绩披露，数据显示，中国人保、中国人 寿、中国平安、中国太保及新华保险在上半年共计实现归属于母公司股东的净利润1781.93亿元，整体 同比增长3.7%。 具体来看，上市险企的归母净利润呈现"四升一降"的态势，整体经营业绩表现亮眼。 半年报显示，中国人保上半年总投资收益达414.78亿元，同比增长42.7%，年化总投资收益率为5.1%， 同比提升了1.0个百分点。新华保险的总投资收益也达到452.88亿元，同比增长43.3%，年化总投资收益 率为5.9%，同比提升1.1个百分点。中国人寿上半年总投资收益1275.06亿元，同比上升4.2%，总投资收 益率为3.29%。中国太保上半年总投资收益568.89亿元，同比增长1.5%，总投资收益率为2.3%。中国平 安上半年总投资收益为962.16亿元，同比下降1.8%，但其非年化综合投资收益率为3.1%，同比上升了 0.3个百分点。 为了与投资者共享高质量发展成果，四家上市险企披露了中期现金分红计划。 中国人保拟向全体股东派发现金股利每10股0.75元（含税），共计约33.17亿元（含 ...

Core Viewpoint - The insurance sector in A-shares has seen significant stock price increases, with several companies reaching new highs following the disclosure of their mid-year operating results for 2025. China Pacific Insurance and China Life Insurance have also reported strong performance metrics, indicating a robust recovery and growth in the industry [1][2]. Group 1: Financial Performance - China Life Insurance achieved a total premium income of 454.6 billion yuan, a year-on-year increase of 6.4%, and a net profit of 35.888 billion yuan, up 17.8% [1]. - The total assets of China Life Insurance reached approximately 1.88 trillion yuan, growing by 6.3% compared to the end of the previous year [1]. - The investment performance of China Life Insurance was 17.5 billion yuan, reflecting a substantial year-on-year growth of 78.3% [1]. Group 2: Property Insurance Business - China Property Insurance reported original insurance premium income of 323.282 billion yuan, a 3.6% increase, maintaining a market share of 33.5% [2]. - The comprehensive expense ratio for motor vehicle insurance decreased by 4.1 percentage points to 21.1%, while the overall cost ratio fell by 2.2 percentage points to 94.2% [2]. - The underwriting profit for China Property Insurance was 8.726 billion yuan, marking a significant year-on-year increase of 67.7% [2]. Group 3: New Energy Vehicle Insurance - The new energy vehicle insurance project is a key component of China Life Insurance's international strategy, with successful launches in Hong Kong and Thailand [2][3]. - The project has already insured over a thousand Chinese brand new energy vehicles in Hong Kong, with a current claim rate of approximately 50%, which is better than expected [2]. Group 4: Life Insurance Business - China Life Insurance's life insurance segment reported original premium income of 90.513 billion yuan, a 14.5% increase, with new business value rising by 71.7% year-on-year [5][6]. - The first-year premium income grew by 25.6%, while renewal premiums increased by 11.7% [5]. - The proportion of first-year premiums to total premium income was 79.5%, up 0.9 percentage points from the previous year [5]. Group 5: Health Insurance and Service - The health insurance segment achieved premium income of 40.7 billion yuan, a 12.2% increase, and net profit of 5.128 billion yuan [7]. - New business value in the health insurance sector grew by 51% year-on-year [7]. Group 6: Strategic Initiatives - The company aims to build a world-class insurance financial group, focusing on enhancing protection functions, improving development quality, and deepening six key reforms [8][9]. - The company has made significant progress in digital transformation and resource sharing, with a reported 8.9% increase in collaborative premium income [9].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 601601 | 中国太保 | 39.60 | -1.76% | 37.72万 | | 15.05亿 | | 601318 | 中国平安 | 58.51 | -2.29% | 94.85万 | | 55.67亿 | | 61319 | 中国人保 | 8.75 | -2.56% | 102.16万 | | 26668 | | 601628 | 中国人寿 | 40.97 | -2.64% | 27.89万 | | 11.50亿 | | 601336 | 新华保险 | 65.75 | -3.65% | 32.92万 | | 21.85 Z | 证券之星消息，9月1日保险板块较上一交易日下跌2.48%，新华保险领跌。当日上证指数报收于 3875.53，上涨0.46%。深证成指报收于12828.95，上涨1.05%。保险板块个股涨跌见下表： | 代码 名称 | 主力净流入（元） | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流 ...

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: 2025年8月31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: 2025年9月1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 | A 股份 ...

Core Viewpoint - The five major listed insurance companies in A-shares have shown stable main business performance and aggressive investment strategies in the first half of 2025, reflecting a new logic in asset-liability management and injecting more certainty into the capital market [2][5]. Group 1: Financial Performance - In the first half of 2025, the five major insurance companies achieved a total net profit attributable to shareholders of 178.19 billion yuan, a year-on-year increase of 3.7% [2][4]. - The revenue of the five major insurance companies reached 1.3339 trillion yuan, with China Ping An leading at 500.08 billion yuan, followed by China Pacific Insurance at 324.01 billion yuan [3][4]. - New China Life Insurance emerged as a "dark horse" with a net profit growth of 33.5%, while China Ping An experienced a decline of 8.8% in net profit [2][4]. Group 2: Business Growth and New Strategies - The new business value of the five major insurance companies collectively exceeded 70 billion yuan, with a year-on-year growth rate generally exceeding 20% [6][8]. - The insurance industry is experiencing a steady growth trend, with the total investment balance of insurance companies surpassing 36 trillion yuan by the end of the second quarter [5][12]. - The shift towards high-quality value growth is evident as companies focus on improving the quality of their agent teams and deepening cooperation in bancassurance channels [8][12]. Group 3: Investment Performance - The total investment income of the five major insurance companies reached 367.38 billion yuan, a year-on-year increase of nearly 9% [9][10]. - The companies collectively increased their equity asset allocation, with a total increase of 411.9 billion yuan in stocks, raising the stock balance to 1.85 trillion yuan [9][10]. - Investment returns varied among companies, with China Ping An achieving a non-annualized comprehensive investment return rate of 3.1%, while New China Life reported a total investment return rate of 5.9% [10][11]. Group 4: Dividend Distribution - Four of the five major insurance companies announced mid-term dividend plans, with a total proposed cash distribution of 29.336 billion yuan [11]. - New China Life's mid-term cash dividend per share increased by 24% compared to the previous year, reflecting a commitment to returning value to shareholders [11]. Group 5: Future Outlook - The insurance companies are expected to benefit from channel reforms and the popularity of value-oriented products, which may enhance performance in the second half of the year [12]. - The combination of asset and liability strategies is anticipated to support overall performance, with insurance capital providing long-term funding to the capital market [12].

Core Insights - The insurance companies listed in Shanghai and Hong Kong are shifting focus from premium growth to the contribution of new business value (NBV) in their performance reports [2][3] - Major insurance firms reported double-digit growth in new business value for the first half of the year, indicating strong market acceptance [2][3] Group 1: New Business Value Growth - China Ping An's new business value reached 22.335 billion yuan, a year-on-year increase of approximately 39.8% [2] - China Life's new business value was 28.546 billion yuan, up 20.3% year-on-year [2] - China Pacific Insurance reported a new business value of 9.544 billion yuan, reflecting a 32.3% increase [2] - China People's Insurance saw a significant rise in new business value to 4.978 billion yuan, up 71.7% [2] - New China Life achieved a new business value of 6.181 billion yuan, with a year-on-year growth of 22.8% [2] - AIA Group's new business value was 2.838 billion USD, marking a 14% increase [2] Group 2: Market Performance and Investor Sentiment - Despite limited growth in net profit for most insurance groups, insurance stocks have performed exceptionally well, with some doubling in value [3] - The strong performance of new business value has garnered market recognition, but the sustainability of this growth throughout the year remains a concern [3][9] - The shift from focusing on premium scale to new business value is seen as a necessary evolution in the domestic life insurance market [4] Group 3: Strategic Initiatives and Future Outlook - China Ping An emphasizes the importance of new business value, attributing its growth to multi-channel strategies, product-service integration, and AI empowerment [5] - AIA Group's growth is driven by proven business models, digital transformation, and structural improvements in new markets [5] - China Pacific Insurance's new business value growth is supported by enhanced management and a focus on dividend insurance sales [7] - New China Life is optimizing its business structure and improving operational efficiency to sustain new business value growth [8] Group 4: Challenges and Considerations - The insurance industry is transitioning from a focus on premium figures to the underlying value of new business, which reflects future profitability [10] - The ability of insurance companies to maintain double-digit growth in new business value and improve value rates in the second half of the year is under scrutiny [11]

Core Viewpoint - The insurance companies listed in Hong Kong and Shanghai are shifting focus from premium growth to the contribution of new business value (NBV), which has shown significant double-digit growth in the first half of the year [1][2][3]. Group 1: New Business Value Growth - Major listed insurance companies reported substantial growth in new business value, with China Ping An's NBV reaching 22.335 billion yuan, up 39.8% year-on-year; China Life's NBV at 28.546 billion yuan, up 20.3%; China Pacific's NBV at 9.544 billion yuan, up 32.3%; and China Insurance's NBV at 4.978 billion yuan, up 71.7% [1]. - AIA Group reported a new business value of 2.838 billion USD, reflecting a 14% increase year-on-year [1]. - The growth in NBV is seen as a key indicator of the companies' performance and has garnered market recognition, although the sustainability of this growth throughout the year remains a concern [2][8]. Group 2: Market Performance and Investor Sentiment - Despite limited growth in net profit for most insurance groups, insurance stocks have performed exceptionally well, with some doubling in value since the market downturn in September [2][8]. - The market is increasingly valuing new business value as a more reliable indicator of a company's operational capability and future profitability, moving away from traditional metrics like premium size [9][10]. Group 3: Strategic Initiatives and Future Outlook - Companies are focusing on enhancing their business models, including digital transformation and AI integration, to drive new business value growth [4][5]. - China Pacific emphasized strengthening its management and sales capabilities, particularly in dividend insurance, which saw a significant increase in new premium income [5]. - New business value rates are critical for assessing the underlying value of insurance companies, and the ability to maintain double-digit growth in NBV will be crucial for future stock performance [10].

Group 1: Financial Performance - The five major listed insurance companies in A-shares achieved a total revenue of 13,338.62 billion yuan and a net profit of 1,781.93 billion yuan in the first half of 2025, with a year-on-year growth of 3.7% [1] - China Ping An led the industry with a net profit of 680.47 billion yuan, while New China Life Insurance became the growth champion with a 33.5% increase [1] Group 2: New Business Value Growth - All listed insurance companies reported significant growth in new business value for life insurance, with year-on-year increases exceeding double digits [2] - New business values for major companies included: China Life (28.546 billion yuan, +20.3%), China Ping An (22.335 billion yuan, +39.8%), China Taiping (9.544 billion yuan, +32.5%), New China Life (6.182 billion yuan, +58%), and China Pacific Insurance (4.978 billion yuan, +71.7%) [2] Group 3: Property Insurance Performance - The comprehensive cost ratio for property insurance decreased, leading to improved underwriting profits, with China Ping An's overall cost ratio at 95.2%, down 2.6 percentage points year-on-year [3] - China Taiping's new energy vehicle insurance achieved a premium income of 10.596 billion yuan, with a 19.8% share of the auto insurance premium [3] Group 4: Investment Strategies - Listed insurance companies increased their equity investment proportions, with total stock investment reaching nearly 1.8 trillion yuan, an increase of 405.356 billion yuan from the end of 2024 [4] - China Life increased its public market equity scale by over 150 billion yuan by mid-2025, while also diversifying investments into gold and other innovative products [4] Group 5: Market Confidence and Future Outlook - The A-share investment asset scale of China Insurance increased by 26.1% year-to-date, with a 1.2 percentage point rise in total investment asset proportion [5] - Insurance capital has made 30 equity stakes in listed companies this year, indicating a significant increase in market confidence [5]