香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本通告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 中國太平洋保險（集團）股份有限公司 CHINA PACIFIC INSURANCE (GROUP) CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （股份代號：02601） 臨時股東大會通告 茲通告，中 國 太 平 洋 保 險（集 團）股 份 有 限 公 司（「本公司」）將 於2025年8月 29日（星 期 五）下 午1時30分假座上海市徐匯區田林路201號中國太平洋保 險（集團）股份有限公司舉行2025年第一次臨時股東大會（「臨時股東大會」）， 藉 以 審 議 及 酌 情 通 過 下 列 決 議 案。除 文 義 另 有 所 指 外，本 通 告 所 採 用 之 詞彙與本公司日期為2025年8月12日 的 通 函 所 界 定 者 具 相 同 涵 義。 作 為 特 別 決 議 案： – 1 – 1. 審議及批准根據本公司日期 ...

此乃要件 請即處理 閣下對本通函任何內容如有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券商、銀行經理、律師、 專業會計師或其他專業顧問。 閣下如已將名下全部中國太平洋保險（集團）股份有限公司（「本公司」）股份售出或轉讓，應立即將本通 函及隨附的代表委任表格交予買方或承讓人，或送交經手買賣或轉讓的銀行、股票經紀或其他代理商， 以便轉交買方或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示概不對因本通函全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 中國太平洋保險（集團）股份有限公司 CHINA PACIFIC INSURANCE (GROUP) CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （股份代號：02601） 建議不再設立監事會相關事項 建議修訂公司章程 建議修訂股東會議事規則 建議修訂董事會議事規則 建議選舉王昱華女士為第十屆董事會非執行董事 建議選舉黃顯榮先生為第十屆董事會獨立非執行董事 及 臨時股東大會通告 中國太平洋保險（集團）股份有限公司謹訂於2025年8月29日（星期 ...

中国太平洋保险（集团）股份有限公司 2025 年第一次临时股东大会 会议材料 中国太平洋保险（集团）股份有限公司 2025 年 8 月 29 日 上海 1 中国太平洋保险（集团）股份有限公司 2025 年第一次临时股东大会 一、会议时间：2025 年 8 月 29 日（周五）下午 13：30 二、会议地点：上海市徐汇区田林路 201 号中国太平洋保险（集团） 股份有限公司 三、会议主持人：傅帆董事长 议程内容 一、宣布会议开始及会议议程 二、审议议案： 1.审议《关于中国太平洋保险（集团）股份有限公司不再设立 监事会相关事项的议案》 2.审议《关于修订<中国太平洋保险（集团）股份有限公司章 程>的议案》 3.审议《关于修订<中国太平洋保险（集团）股份有限公司股 东会议事规则>的议案》 4.审议《关于修订<中国太平洋保险（集团）股份有限公司董 事会议事规则>的议案》 5.审议《关于选举王昱华女士为中国太平洋保险（集团）股份 有限公司第十届董事会非执行董事的议案》 6.审议《关于选举黄显荣先生为中国太平洋保险（集团）股份 有限公司第十届董事会独立非执行董事的议案》 三、回答股东提问 四、宣布出席会议股东及股东代理 ...

Core Viewpoint - The implementation of the new Company Law in China has led insurance companies to abolish their supervisory boards, transitioning towards a more streamlined and efficient governance model [1][3][4] Group 1: Changes in Governance Structure - China People's Property Insurance Company announced the abolition of its supervisory board following the approval of its revised articles of association [1] - Other insurance companies, including China Pacific Insurance and Taikang Insurance, have also announced the removal of their supervisory boards, with their supervisory functions being transferred to the audit committee of the board [2][4] - The new Company Law allows state-owned companies to establish an audit committee composed of directors to exercise the powers of the supervisory board, eliminating the need for a supervisory board [3] Group 2: Role of the Audit Committee - The audit committee, typically composed of independent directors, is responsible for reviewing financial information, overseeing internal and external audits, and evaluating internal controls [4] - The shift from a supervisory board to an audit committee is expected to enhance decision-making efficiency and reduce internal coordination complexities [4] - However, potential challenges include information asymmetry and time constraints faced by independent directors in fulfilling their supervisory roles [4] Group 3: Implications for Corporate Governance - The removal of the supervisory board raises questions about maintaining effective oversight and balancing decision-making efficiency with power checks [4] - As more insurance companies adjust their governance structures in line with the new Company Law, the industry will gain insights into creating a more scientific and efficient corporate governance system [4]

Core Insights - The recent approval for China Taiping's subsidiary to establish a private equity fund management company marks a significant step in the long-term investment reform pilot for insurance funds, aimed at increasing their participation in the stock market [1][2][3] - The total approved pilot scale for insurance funds has reached 222 billion yuan, with participation from major insurance companies, indicating a broadening of the investment landscape [2][3] - The trend shows a shift towards investing in large-cap blue-chip stocks with stable dividends, reflecting a strategic focus on long-term capital deployment [4][6][7] Investment Reform Pilot - The pilot program for long-term investment by insurance funds has seen three batches of approvals, with a total scale of 222 billion yuan, including 500 billion yuan from the first batch and 1.12 billion yuan from the second batch [2][3] - The third batch, approved in March 2025, included 600 billion yuan, further expanding the scope of insurance fund participation in the capital market [3] Fund Management and Strategy - Taiping Asset aims to establish a robust fund management framework, emphasizing long-term performance evaluation and investment strategies tailored to insurance capital [2] - The types of funds have diversified, with a mix of company-type and contract-type funds being utilized, enhancing operational flexibility [4] Investment Preferences - Insurance funds are increasingly favoring investments in large, well-governed companies with stable operations and dividends, such as Yili Group and China Telecom [5][6] - The focus on sectors like finance, energy, and public infrastructure aligns with national economic development goals [6] Market Activity and Trends - There has been a notable increase in insurance capital's market activity, with 22 instances of shareholding increases reported this year, surpassing the total for the previous year [7][8] - The sectors attracting the most investment include public utilities and banking, characterized by high dividend yields and stable returns [7][8]

证券代码：601601 证券简称：中国太保 公告编号：2025-040 中国太平洋保险（集团）股份有限公司 关于召开2025年第一次临时股东大会的通知 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。 重要内容提示： 一、 召开会议的基本情况 召开的日期时间：2025 年 8 月 29 日 13 点 30 分 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 8 月 29 日 至2025 年 8 月 29 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大 会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联网投票平台 的投票时间为股东大会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投票， | 序号 | 议案名称 | | 投票股东类型 | | --- | --- | --- | --- | | | | ...

证券之星消息，8月11日保险板块较上一交易日下跌0.55%，新华保险领跌。当日上证指数报收于 3647.55，上涨0.34%。深证成指报收于11291.43，上涨1.46%。保险板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000627 | *ST天茂 | 1.52 | 4.83% | 67.71万 | 1.03亿 | | 601601 | 中国太保 | 36.88 | -0.05% | 22.50万 | 8.33亿 | | 601318 | 中国平安 | 58.47 | -0.12% | 43.19万 | 25.36 Z | | 601628 | 中国人寿 | 40.48 | -0.71% | 16.20万 | 6.571Z | | 616109 | 中国人保 | 8.17 | -1.09% | 76.47万 | 6.28 Z | | 601336 | 新华保险 | 62.58 | -1.57% | 27.61万 | 17.23亿 | 从资金流向上来看，当日保险板块主力 ...

随着新公司法的落地，保险公司纷纷宣布不再设立监事会，传统的"三会一层"架构正向更为精简高效的 治理模式过渡。 《金融时报》记者注意到，今年已有多家保险机构发布撤销监事会的公告，包括上市保险公司、外资财 险公司等。7月30日，中国太平洋保险（集团）股份有限公司发布第十届董事会第十五次会议公告，宣 布审议并通过了不再设立监事会相关事项的议案，由董事会审计与关联交易控制委员会行使监事会职 权。7月2日，大家保险集团发布公告称，不再设立监事会，监事会各监事已辞任。6月23日，泰康保险 发布公告宣布，公司不再设立监事会，第三届监事会各监事自动离任。早在今年4月16日，日本财险 （中国）最先发布公告称，撤销公司监事职位，并明确由董事会下的审计与风险管理委员会行使监事会 职责。 据了解，监事会成员主要包括股东代表和适当比例的公司职工代表，可行使检查公司财务；对董事、高 级管理人员执行职务的行为进行监督，对违反法律、行政法规、公司章程或者股东会决议的董事、高级 管理人员提出解任的建议；向股东会提出提案等权力。 2024年7月1日，新修订的《中华人民共和国公司法》正式实施。新公司法指出，国有独资公司在董事会 中设置由董事组成的 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the Chinese insurance industry, particularly life and property & casualty (P&C) insurance sectors, with insights into the expected performance for the first half of 2025 (1H25E) [1][2][3]. Core Insights and Arguments Life Insurance Sector - **Robust NBV Growth**: Life insurers in China are expected to report a robust new business value (NBV) growth of 18% to 43% year-over-year (yoy) in 1H25E, primarily driven by: - Strong momentum in the bancassurance channel as banks seek enhanced returns on maturing deposits [2][8]. - Margin expansion due to a pricing rate cap cut in Q3 2024 and expense rationalization across the agency channel [2][8]. - **Leading Companies**: - PICC Life is projected to lead with a 43% yoy NBV growth, followed by Ping An Life and New China Life at 39% each, and CPIC Life at 31% [2][8]. - Taiping Life and China Life are expected to have softer growth at 26% and 18% yoy, respectively, due to a focus on shifting towards par products [2][8]. Property & Casualty (P&C) Insurance Sector - **Improvement in CoR**: Traditional P&C insurers are anticipated to see a year-over-year improvement in the combined ratio (CoR) by 0.9 to 2.0 percentage points (ppt) in 1H25E, attributed to normalized natural catastrophe (NAT CAT) trends, with economic losses from catastrophes declining by 46% yoy to RMB 54 billion [3][9]. - **Top Players' Performance**: - The top three players, PICC P&C, Ping An P&C, and CPIC P&C, are expected to see CoR enhancements to 95.3%, 95.8%, and 96.1%, respectively [3][9]. Earnings Trends - **Diverging Earnings Growth**: Earnings trends are expected to diverge between life and P&C insurers in 1H25E: - P&C-focused players are forecasted to enjoy higher earnings growth, with PICC P&C and PICC Group expected to see net profit growth of 29% and 20% yoy, respectively [4][10]. - Life insurers are expected to have varied growth, with NCI leading at 25% yoy, followed by CTIH at 15%, while Ping An is projected to decline by 8% yoy [4][10]. Additional Important Insights - **Market Reactions and Ratings**: - China Life Insurance has been placed under a negative catalyst watch due to concerns that its 1H25E earnings growth may fall below expectations, with a forecasted modest growth of 5% yoy [25][26]. - Conversely, China Pacific Insurance and Ping An Insurance are under positive catalyst watches, with expectations of decent NBV growth and CoR improvements [27][29]. - **Investment Strategies**: - Analysts maintain a "Buy" rating for several companies, including China Life and China Pacific, citing strong brand recognition and growth potential from ongoing reforms in the life insurance sector [83][92]. Conclusion - The Chinese insurance industry is poised for significant growth in both life and P&C sectors in 1H25E, driven by strategic shifts in sales channels and improved operational efficiencies. However, earnings performance may vary significantly across different companies, highlighting the importance of careful stock selection in this sector.

Investment Rating - The report maintains a positive outlook on the brokerage sector, reiterating its investment value [2][4]. Core Insights - The margin trading balance has surpassed 2 trillion yuan, indicating potential for further growth. As of August 7, the margin trading balance reached 2.0 trillion yuan, accounting for 2.3% of the A-share market capitalization, with trading volume representing 10.12% of total A-share transactions. In comparison, during the previous peak in 2015, the margin trading balance constituted over 4.5% of the A-share market capitalization [4][17]. - The insurance sector has seen a resurgence in the bank insurance channel, which has likely surpassed individual insurance as the leading channel for life insurance. In the first half of 2025, China Pacific Insurance's bank insurance channel premium income increased by 74.6% year-on-year to 37.053 billion yuan, representing 22.05% of total premium income [4][14]. - The report suggests focusing on the strategic positioning and growth potential of the bank insurance channel, as it is expected to become a core avenue for acquiring new customers in the insurance industry [4][18]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4,104.97, with a weekly change of +1.23%. The non-bank index closed at 1,952.79, with a weekly change of +0.59%. The brokerage, insurance, and diversified financial sectors reported changes of +0.80%, +0.25%, and +0.11%, respectively [7][9]. Non-Bank Industry Key Data - As of August 8, 2025, the 10-year government bond yield was 1.69%, with a weekly change of -1.92 basis points. The margin trading balance was reported at 20,131.30 billion yuan, reflecting an 8.0% increase from the end of 2024 [14][17]. Investment Analysis Recommendations - For the brokerage sector, the report recommends three investment lines: 1. Strong comprehensive institutions benefiting from an optimized competitive landscape, including Guangfa Securities, Guotai Junan, and CITIC Securities. 2. Brokerages with significant earnings elasticity, such as Dongfang Securities and Orient Securities. 3. Firms with strong international business competitiveness, including China Galaxy and CICC [4][29]. - In the insurance sector, the report anticipates performance differentiation in the first half of 2025 but believes that growth rates will have limited impact on valuations, emphasizing the revaluation of undervalued stocks [4][30].