Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [4] Core Insights - The banking sector is expected to maintain stable performance despite external uncertainties, benefiting from policies such as reserve requirement ratio cuts and fiscal support, making it a strong defensive investment choice [5][46] - The securities sector is currently experiencing a period of adjustment, with a valuation of 1.35, indicating potential for recovery as external conditions improve and capital market reforms continue [5][49] - The insurance sector is seeing increased equity investments, with significant growth in stock holdings and long-term equity investments, driven by regulatory support for insurance capital market participation [50] Summary by Sections Market Review - As of May 29, 2025, the banking, securities, and insurance indices have shown declines of -0.93%, -2.93%, and -1.10% respectively, while the CSI 300 index decreased by -1.24% [13] - Notable performers include Su Nong Bank (+6.33%), Xiangcai Securities (+1.11%), and China Pacific Insurance (+1.82%) [13] Valuation Situation - The banking sector's price-to-book (PB) ratio is 0.68, with state-owned banks at 0.69, joint-stock banks at 0.63, city commercial banks at 0.72, and rural commercial banks at 0.64 [23] - The securities sector's PB ratio is at 1.35, positioned at the 33.84% percentile over the past five years, indicating room for valuation recovery [26] Recent Market Indicators - As of May 29, 2025, the one-year Medium-term Lending Facility (MLF) rate is 2.0%, with the one-year and five-year Loan Prime Rates (LPR) at 3.0% and 3.5% respectively [32] - The average daily trading volume in A-shares is 11,387.53 billion, reflecting a decrease of 7.58% week-on-week [35] Industry News - In Q1 2025, commercial banks achieved a net profit of 656.8 billion, with an average capital return rate of 8.82% [41] - The financial regulatory authority announced measures to support insurance capital market participation, including expanding long-term investment pilot programs [50] Company Announcements - Notable stock performance includes Chengdu Bank, Ningbo Bank, and China Merchants Bank, which are recommended for investment due to their strong regional performance and stability [47] - In the securities sector, firms like Zheshang Securities and Guolian Minsheng are highlighted for their potential restructuring opportunities [49]

中国母基金行业一周资讯（ 5 . 2 4 - 5 . 3 0 ） 【资讯解读】 本周资讯涉及的母基金管理规模达6 1 1 . 0 3 亿元，主要分布在上海、广东、 浙江、湖北、湖 南、江苏、四川 等地区，投资人工智能 、生物医药、新能源等 。以下是内容提要和具体资 讯。 【内容提要】 天使母基金除重点考虑与头部机构合作外，还重点关注与中试平台及战略性科技平台进行合 作。中试平台主要指国家、省、市发展改革、经济信息和科技管理相关职能部门认定、发布、 备案的高新区的中试平台、与管委会签订投资协议、共建合作协议等重大合作协议的中试平 台，四川省中试研发有限公司纳入 " 1+N"体系高新区中试平台，通过成都高新区认定的中试平 台。战略性科技平台主要指工业和信息化部批复的国家制造业创新中心、国家发展改革委批复 的国家产业创新中心、科技部批准的国家技术创新中心、四川省人民政府批准建设的天府实验 室、顶尖战略科技力量与成都高新区管委会共建的研究院。申请机构与符合天使母基金管理办 法的管理机构应当就子基金合作建立利益联结机制，满足上述条件申请机构可与天使母基金进 行常态化洽谈合作。 二、合作需求方向 本次天使母基金拟重点征集 ...

在监管层持续鼓励长期资金入市的背景下，继2023年10月中国人寿和新华保险成为首批险资长期投资试点机构 后， 2025年，险资长期投资试点持续扩容，第二批试点机构已增至8家，而规模达600亿元的第三批试点机构也在 陆续获批中。 长期投资试点不断扩容 备案信息显示，泰康稳行成立于今年4月21日，于2025年5月26日完成私募证券投资基金管理人备案登记。公司注 册于武汉，办公地在北京，注册资本为1000万元，由泰康资产全资控股。 泰康资产作为泰康保险集团旗下资产管理子公司，截至2024年末，管理资产总规模超4.2万亿元，其中受托管理的 第三方资产总规模超2.5万亿元。 高管团队方面，泰康稳行法定代表人、执行董事王琦此前是泰康资产权益投资部股票投资执行总监。总经理刘志 强此前是泰康资产权益投资部投资经理。二人均具有20多年金融从业经历。在加入泰康资产之前，王琦曾先后供 职于大通证券、中关村证券、中信建投证券及中信建投基金等机构。刘志强则曾任职于平安保险和嘉实基金等机 构，其自2008年7月加入泰康资产至今已有17年。 "设立泰康稳行管理该试点基金，旨在响应保险资金长期投资改革试点，进一步增加符合保险资金投资策略的长 ...

太保家园苏州社区与大理社区（二期）同步开业 5月28日，太湖之畔的太保家园· 苏州国际颐养社区 正式投入运营，这是中国太保旗下第十家 开业的高品质养老社区。随着全国养老布局的进一步完善，中国太保正以"十园十美"开启护航 银发生活的新篇章。同日， 太保家园 · 大理国际乐养社区二期 精彩亮相，苍山洱海与枕水江 南，联动构建起中国太保全龄大康养生态圈。 苏州社区聚焦护理刚需，让长者在 园林诗境中 安享 专业照护 太保家园苏州社区坐落于苏州吴中太湖新城， 区位优越，交通便利。 整体建筑融合江南园林 元素，苏州社区 更将" 园林优雅栖居 "与 "医护专业照护"深度融合，打造江南养老新标杆 。 苏州社区集医疗护理、康复保健、中医调理、生活照料于一体，以"全科诊疗+特色专科"为特 色，并设有康复门诊和护理院，引进先进诊疗设备，汇聚经验丰富的医疗专家团队，为失能、 半失能长者及术后康复患者提供个性化医疗、护理、康复服务。 "园"梦苏州，" 愈 " 见大理 ，打造银发健康生活理想目的地 长者在太保家园苏州社区快乐生活 根据国家统计局数据，2024年我国60岁及以上人口首次突破3亿，占总人口的比重超过 20%。这一庞大群体不仅 ...

保险 队 中国人保 中国太保 中国平安 ■《》 3586.57亿市值 3334.41亿市值 9746.12亿市值 18.68亿成交额 5.80亿成交额 11.73亿成交额 53.52 8.11 34.66 +0.46(+1.35%) +0.23(+0.43%) -0.10(-1.22%) 酸酒行业 贵州茅台 五粮液 山西汾酒 19345.45亿市值 2290.85亿市值 4942.06亿市值 10.48亿成交额 20.36亿成交额 33.75亿成交额 1540.00 187.78 127.32 -0.22(-0.12%) +0.40(+0.32%) +3.00(+0.20%) 半导体 北方华创 寒武纪-U 2271.53亿市值 2558.59亿市值 15.27亿成交额 26.75亿成交额 425.24 612.90 +7.90(+1.89%) +2.91(+0.48%) 汽车整车 铁路公路 比亚迪 长城汽车 京沪高铁 2897.28亿市值 10974.98亿市值 1959.28亿市值 69.43亿成交额 3.62亿成交额 3.67亿成交额 5.90 22.89 361.13 -1.75(-0.48%) -0. ...

转自：新华财经 新华财经上海5月28日电（记者 王淑娟）5月份，北京市曾局地突降冰雹，各险种报案超4万件，估损金额高达3亿元。湖北多地也曾遭遇强降雨天气，局地 出现特大暴雨，引发内涝、山体滑坡等次生灾害，各险企已接到报案超4000笔、报损金额超过3300万元……近年来的极端天气给保险业带来新挑战。目前， 我国不少险企积极探索气候及巨灾保险，区域特色明显，但整体仍面临需求障碍与数据鸿沟等挑战，且存在较大保障缺口。气候保险发展还差哪些火候？ 因地制宜，多地落地气候保险机制 我国气候保险体系建设起步较晚，但近年来取得了不少进展。各地气候条件并不相同，因地制宜设计产品是气候保险的一大特点。 每年夏秋季，我国东部沿海地区都会遭受台风的影响，造成物质财产损失、营业中断损失等。因此，热带气旋巨灾指数保险应运而生。2024年夏天，上海遭 遇"双台风"，保险赔付金额最大的一起财产险报案，就是热带气旋指数保险产品，被保险人为上海浦东某大型主题公园，赔付金额超过3000万元。 四川是国内较早试点巨灾保险的地区。在近期举办的"西博会"上，四川省副省长李文清出席中国太保主办的"气候保险的实践与探索研讨会"时表示，四川充 分发挥保险的重 ...

Group 1 - The 20th China Western International Expo is being held in Chengdu, Sichuan, from May 25 to 29, with over 3,000 domestic and international enterprises participating [2] - China Pacific Insurance (Group) Co., Ltd. made its debut at the expo and hosted a seminar on "Practices and Explorations of Climate Insurance" [2] - The chairman of China Pacific Insurance emphasized the increasing frequency and intensity of extreme weather events due to climate change, leading to average annual economic losses exceeding $300 billion over the past three years [2] Group 2 - China Pacific Insurance is focusing on building a climate risk response system and innovating catastrophe insurance products to enhance the economy's ability to cope with climate change [3] - The company has identified catastrophe insurance as a key strategic area in response to new requirements from the insurance industry for 2024 [3] - The chairman highlighted the need for a collaborative platform involving government, academia, and insurance institutions to improve disaster management systems [4]

金十图示：2025年05月28日（周三）富时中国A50指数成分股今日收盘行情一览：石油、煤炭板块全天飘红，银行、汽车板块午 后继续涨跌互现 @ JIN10.COM 金十数据 | 一个交易工具 JIN10.COM 电力行业 互联网服务 长江电力 88 中国核电 1982.76亿市值 东方财富 a 2018-02-1 7470.15亿市值 3239.83亿市值 16.37亿成交额 5.55亿成交额 27.20亿成交额 30.53 9.64 20.50 +0.27(+0.89%) -0.01(-0.10%) -0.19(-0.92%) 食品饮料 证券 中信证券 国泰海通 海天味业 (D 3037.60亿市值 3767.38亿市值 2523.96亿市值 9.03亿成交额 3.13亿成交额 6.16亿成交额 25.42 17.23 45.39 -0.09(-0.35%) -0.10(-0.58%) +0.87(+1.95%) 消费电子 化学制药 工业富联 立讯精密 個瑞医药 3689.78亿市值 2202.50亿市值 3582.41亿市值 20.24亿成交额 6.16亿成交额 19.44亿成交额 18.58 30.39 ...

27 May 2025 | 5:30PM HKT China Insurance Remain selective despite recent share price strength; Buy China Life H, Ping An and PICC P&C Share prices of the Chinese insurers have outperformed the HSI/CSI300 indices since early March, after a mixed set of FY24/1Q25 results. We believe the outperformance was mainly driven by fund-flow related factors, including potential onshore mutual fund re-balancing and expectations of more inflow to the A-share market, including from insurance funds. With most insurers now ...

Core Viewpoint - The recent leadership changes at China Pacific Insurance (China Taibao) are significant, with both the chairman and president positions being filled by new appointees, which may influence the company's future direction amidst ongoing performance challenges [2][4][5]. Leadership Changes - China Taibao has appointed Fu Fan as the new chairman and Zhao Yonggang as the new president, marking a complete overhaul of the top management team [4][5]. - Fu Fan has extensive experience in the financial sector, having held various senior positions in asset management and insurance, which is expected to benefit the company [5]. - Zhao Yonggang also brings a strong background in management and strategic transformation within the company [6]. Performance Overview - The company reported a slight increase in revenue for the first three quarters of 2023, with total revenue reaching 255.93 billion yuan, a year-on-year increase of less than 1% [4][8]. - Net profit for the same period saw a significant decline of 24.39%, amounting to 23.15 billion yuan, attributed to market fluctuations, new accounting standards, and natural disasters [4][12]. - The insurance service revenue for the first three quarters was 204.78 billion yuan, with life insurance revenue declining by 5.2% and property insurance revenue increasing by 13.9% [8]. Investment and Asset Management - As of September 2023, China Taibao's investment assets totaled 21,726.60 billion yuan, reflecting an 11.1% increase from the previous year [9]. - The net investment yield for the first three quarters was 3.0%, a decrease of 0.2 percentage points year-on-year, while the total investment return rate was 2.4%, down by 0.8 percentage points [9]. Strategic Direction - The company aims to enhance its market position and operational efficiency through reforms and innovations, focusing on high-quality development in key areas [8][13]. - Future strategies will likely continue to emphasize life insurance, property insurance, health insurance, and pension investments under the new leadership [14][15].