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: 2024年11月30日 狀態: 新提交 致:香港交易及結算所有限公司 公司名稱: 中國太平洋保險(集團)股份有限公司 呈交日期: 2024年12月2日 l. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | IH | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 證券代號 (如上市) | 02601 | 説明 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,775,300,000 RMB | | 1 RMB | | 2,775,300,000 | | 增加 / 減少 (-) | | | | | RMB | | | | 本月底結存 | | | 2,775,300,000 RMB | | 1 RMB | | 2,775,300,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港 ...

证券代码：601601 证券简称：中国太保 公告编号：2024-055 重要提示 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。 中国太平洋保险（集团）股份有限公司 保费收入公告 于 2024 年 1 月 1 日至 2024 年 10 月 31 日期间，本公司子公司中 国太平洋人寿保险股份有限公司累计原保险保费收入为人民币 2,195.98 亿元，同比增长 2.4%，本公司子公司中国太平洋财产保险股 份有限公司累计原保险保费收入为人民币 1,728.50 亿元，同比增长 7.4%。 1、原保险保费收入数据根据中华人民共和国财政部《企业会计准则第 25 号—原保险合同》（财会〔2006〕 3 号）及《保险合同相关会计处理规定》（财会〔2009〕15 号）编制。 上述累计原保险保费收入数据未经审计，提请投资者注意。 特此公告。 中国太平洋保险（集团）股份有限公司董事会 2024 年 11 月 15 日 注： 2、中国太平洋财产保险股份有限公司累计原保险保费收入为包含其子公司太平洋安信农业保险股份有限公 司的合并数据。 ...

Core Viewpoint - China Pacific Insurance (China Taibao) has signed a strategic cooperation agreement with the Liaoning provincial government, aiming to enhance investment confidence and support the region's development initiatives [1] Group 1: Strategic Cooperation - The agreement marks a new starting point for China Taibao to leverage its financial and insurance advantages [1] - The partnership will focus on supporting major national strategies and technological innovations in Liaoning [1] Group 2: Investment and Development Focus - China Taibao plans to enrich its insurance product offerings and increase investment financing efforts [1] - The company aims to assist Liaoning in becoming a leader in six key areas: advanced manufacturing, modern agriculture, cultural and tourism integration, and as a hub for Northeast Asia cooperation [1]

Investment Rating - The investment rating for China Pacific Insurance (601601) is "Outperform the Market" [1]. Core Insights - The report highlights a significant increase in net profit for Q3, with a year-on-year growth of 173.6%, primarily driven by the rise in capital markets at the end of September [4]. - The report indicates that the company is focusing on sustainable high-quality development in its property insurance segment while enhancing service efficiency to mitigate risks [7]. - The estimated fair value range for the company's stock is between 41.70 and 47.65 yuan, based on a projected PEV of 0.7-0.8 times for 2024 [7]. Financial Performance Summary - For the first three quarters, the net profit attributable to shareholders reached 38.3 billion yuan, representing a year-on-year increase of 65.5% [4]. - The net asset value attributable to shareholders was 273.3 billion yuan, up 9.5% from the beginning of the year [4]. - The weighted ROE was reported at 14.6%, an increase of 4.7 percentage points year-on-year [4]. Life Insurance Segment - The new business value (NBV) for Q3 saw a year-on-year increase of 75.3%, with a total NBV of 5.2 billion yuan for the quarter [5]. - The NBV margin improved to 20.1%, up 6.2 percentage points year-on-year, attributed to reduced channel fees from integrated operations [5]. - Individual insurance new premium income increased by 16.3% year-on-year for the first three quarters, with a significant rise of 36.6% in Q3 alone [5]. Property Insurance Segment - The total premium income for the first three quarters was 159.8 billion yuan, a year-on-year increase of 7.7%, with non-auto premiums growing by 12.2% [6]. - The combined ratio remained stable at 98.7%, benefiting from effective cost control in auto insurance [6]. - The report notes that the increase in the combined ratio in Q3 compared to H1 was due to higher claims from natural disasters [6]. Investment Performance - The total investment assets of the group reached 25,843 billion yuan, up 14.9% from the beginning of the year [6]. - The annualized net investment yield was reported at 2.9%, a slight decrease of 0.1 percentage points year-on-year, while the total investment yield increased by 2.3 percentage points to 4.7% [6].

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: 2024年10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: 中國太平洋保險(集團)股份有限公司 呈交日期: 2024年11月4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) | 02601 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,775,300,000 | RMB | | 1 RMB | | 2,775,300,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,775,300,000 | RMB | | 1 RMB | | 2,775,300,000 | | 2. 股份分類 | 普通股 | ...

Company and Industry Overview * **Company**: China Taiping Insurance Group Company Limited (China Taiping) * **Industry**: Insurance * **Focus**: Financial performance, strategic initiatives, and market outlook for Q3 2024 Key Points Financial Performance * **Revenue and Profit Growth**: China Taiping reported stable revenue and profit growth in Q3 2024. Total insurance service revenue reached 209.4 billion yuan, up 2.3% year-on-year. Net profit increased by 65.5% to 38.31 billion yuan. * **Business Segments**: * **Life Insurance**: Revenue from life insurance business increased by 4.1% year-on-year to 145.2 billion yuan. * **Property and Casualty Insurance**: Revenue from property and casualty insurance business increased by 3.3% year-on-year to 23.59 billion yuan. * **Asset Management**: Investment assets reached 2.58 trillion yuan, up 14.9% year-on-year. Net investment return rate was 2.9%, down 0.1 percentage points year-on-year, while total investment return rate was 4.7%, up 2.3 percentage points year-on-year. Strategic Initiatives * **Healthcare**: China Taiping is advancing its healthcare strategy, focusing on health management, elderly care, and pension management. * **Digitalization**: The company is investing in digitalization, including digital labor, agent training, and health insurance claims processing. * **Product Development**: China Taiping is expanding its product portfolio, including health insurance, savings products, and annuities. Market Outlook * **New Business Value**: The company expects sustainable growth in new business value, driven by product innovation, channel expansion, and customer-centric strategies. * **Investment**: China Taiping continues to focus on high-dividend yield stocks and long-term fixed-income assets, aiming to achieve stable investment returns. * **Regulatory Environment**: The company is closely monitoring regulatory changes and adapting its strategies accordingly. Additional Points * **Distribution Channels**: China Taiping is focusing on agent channels, enhancing agent training and professionalization. * **Underwriting**: The company is strengthening risk management and underwriting discipline to ensure sustainable growth. * **Customer Service**: China Taiping is committed to improving customer service and protecting consumer rights. Conclusion China Taiping Insurance Group Company Limited reported strong financial performance and outlined its strategic initiatives for sustainable growth. The company is focused on healthcare, digitalization, and product innovation, while also adapting to regulatory changes and market conditions.

Investment Rating - The report maintains a "Buy" rating for China Pacific Insurance (CPIC) [1] Core Views - CPIC's 9M24 net profit attributable to parent company reached RMB 38.31 billion, up 65.5% YoY, driven by capital market gains [1] - The company's investment spread surged 188.7% YoY, becoming the core driver of the 65.5% net profit growth [1] - CPIC's life insurance business achieved 9 consecutive quarters of YoY NBV growth, with 9M24 NBV reaching RMB 14.238 billion, up 37.9% YoY [1] - The property insurance business maintained stable underwriting profit, with 9M24 premium income growing 7.7% YoY [1] Financial Performance - 9M24 ROE reached 14.6%, up 4.7 percentage points YoY [1] - Net investment yield was 2.9% (down 0.1 pct YoY) while total investment yield was 4.7% (up 2.3 pct YoY) [1] - Fair value changes turned positive to RMB 42.103 billion in 9M24 from negative RMB 1.917 billion in 9M23 [1] - Insurance service revenue grew 2.3% YoY, with life insurance down 2.5% and property insurance up 4.4% [1] Business Segments Life Insurance - NBV margin improved 6.2 pct YoY to 20.1% [1] - Individual agent channel new premium grew 16.3% YoY, contributing 47.9% of total new premium [1] - Core manpower increased 2.4% YoY to 58,000, with per capita first-year premium up 15.0% [1] Property Insurance - 9M24 premium income reached RMB 159.819 billion, up 7.7% YoY [1] - Auto insurance grew 3.3% while non-auto insurance grew 12.2% [1] - Combined ratio remained stable at 98.7%, same as last year [1] Valuation and Forecast - 2024-2026 net profit forecast maintained at RMB 42.8, 38.0, and 43.3 billion respectively [1] - 2024E P/EV ratio is 0.60x [1] - 2024E EVPS is RMB 62.05 [1] Market Data - Current share price: RMB 37.19 [3] - 52-week range: RMB 21.27-43.01 [3] - Market cap: RMB 357.78 billion [3] - P/B ratio: 1.31x [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 36.8 RMB [5] Core Views - The company's Q3 2024 net profit reached 13.18 billion RMB, a year-on-year increase of 173.6% [1] - For the first three quarters of 2024, the company achieved a net profit of 38.31 billion RMB, up 65.5% year-on-year [1] - The company's investment income saw significant growth, with total interest income, investment income, and fair value changes reaching 98.5 billion RMB, up 105.9% year-on-year [1] - The total investment yield and net investment yield were 4.7% and 2.9% respectively (annualized to 6.3% and 3.9%) [1] - The company's new business value (NBV) for the first three quarters of 2024 was 14.24 billion RMB, up 37.9% year-on-year [2] - The new business value margin improved to 20.1%, up 6.2 percentage points year-on-year [2] Business Segments Life Insurance - Individual insurance channel contributed significantly, with new premium income of 33.83 billion RMB, up 16.3% year-on-year [2] - The core workforce increased by 2.4% year-on-year, with monthly average core workforce reaching 58,000 [2] - Bancassurance channel achieved new premium income of 24.02 billion RMB, down 18.4% year-on-year, but with a rebound in growth rate by 12 percentage points [3] Property Insurance - The company achieved premium income of 159.82 billion RMB, up 7.7% year-on-year [3] - Non-auto insurance premium income grew faster than auto insurance, with non-auto insurance premium income reaching 81.69 billion RMB, up 12.2% year-on-year [3] - The combined ratio for property insurance remained stable at 98.7%, unchanged from the same period last year [3] Financial Projections - The report forecasts net profit attributable to the parent company for 2024-2026 to be 44.47 billion RMB, 46.93 billion RMB, and 50.56 billion RMB, representing year-on-year growth of 63.1%, 5.5%, and 7.7% respectively [3] - Earnings per share (EPS) for 2024-2026 are projected to be 4.91 RMB, 5.18 RMB, and 5.58 RMB [4] - The price-to-earnings ratio (P/E) is expected to be 7.50x, 7.11x, and 6.60x for 2024-2026 [4] Key Financial Metrics - The company's total investment assets are projected to grow from 2.02 trillion RMB in 2022 to 3.10 trillion RMB in 2026 [9] - The embedded value (EV) is expected to increase from 519.62 billion RMB in 2022 to 626.36 billion RMB in 2026 [9] - The solvency adequacy ratio for the group is projected to remain stable at around 258% from 2024 to 2026 [9]

证券研究报告 金融公司|公司点评|中国太保（601601） NBV 及净利润表现均延续向好 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月31日 证券研究报告 |报告要点 中国太保发布 2024 年三季报，前三季度公司实现归母净利润 383.1 亿元,同比+65.5%；寿险 NBV 为 142.38 亿元，同比+37.9%；财险 COR 为 98.7%，同比持平。鉴于公司持续推动寿险转 型，NBV 表现处于同业较优水平，我们维持"买入"评级。 |分析师及联系人 刘雨辰 朱丽芳 SAC：S0590522100001 SAC：S0590524080001 请务必阅读报告末页的重要声明 1 / 5 金融公司|公司点评 glzqdatemark2 2024年10月31日 中国太保(601601) NBV 及净利润表现均延续向好 | --- | --- | |----------------------------|------------------| | | | | 行 业： | 非银金融 / 保险Ⅱ | | 投资评级： | 买入（维持） | | 当前价格： | 37.19 元 | | ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.10.31 ——中国太保 2024 年三季报业绩点评 价值增长提速，投资回暖增厚利润 中国太保(601601) [Table_Industry] 保险/金融 | --- | --- | --- | |----------|-------------------------------------|-------------------------| | | | | | | [table_Authors] 刘欣琦 ( 分析师 ) | 李嘉木 ( 分析师 ) | | | 021-38676647 | 021-38038619 | | | liuxinqi@gtjas.com | lijiamu026075@gtjas.com | | 登记编号 | S0880515050001 | S0880524030003 | 本报告导读： 公司前三季度归母净利润同比增长 65.5%，主要得益于投资收益提振；寿险 ...