Group 1 - The core viewpoint of the news is that China Pacific Insurance (China Taibao) has shown a mixed performance in its stock price, with a year-to-date increase of 8.82% but a recent decline over the past 20 days [1][2] - As of September 29, the stock price reached 35.91 CNY per share, with a market capitalization of 345.466 billion CNY and a trading volume of 10.16 billion CNY [1] - The company has experienced a net inflow of main funds amounting to 58.2254 million CNY, with significant buying and selling activities from large orders [1] Group 2 - China Pacific Insurance was established on May 13, 1991, and listed on December 25, 2007, operating primarily in life and property insurance through its subsidiaries [2] - The revenue composition of the company includes 50.17% from property insurance, 47.56% from life and health insurance, and 0.92% from asset management [2] - As of June 30, 2025, the company reported a net profit of 27.885 billion CNY, reflecting a year-on-year growth of 10.95% [2] Group 3 - Since its A-share listing, China Pacific Insurance has distributed a total of 119.281 billion CNY in dividends, with 30.015 billion CNY distributed over the past three years [3] - As of June 30, 2025, the number of shareholders decreased by 23.33%, while the average circulating shares per person increased by 31.77% [2][3] - Hong Kong Central Clearing Limited is the seventh-largest circulating shareholder, holding 219 million shares, a decrease of 33.3827 million shares from the previous period [3]

北京商报讯（记者 李秀梅）9月28日，国家金融监督管理总局山西监管局发布行政处罚信息显示，中国太平洋人寿保险股份有限公司太原中心支公司，因欺 骗投保人被保险人，被责令改正，处41万元罚款。时任中国太平洋人寿保险股份有限公司太原中心支公司银行保险部业务部经理刘泽东被警告并罚款4万 元；时任中国太平洋人寿保险股份有限公司太原中心支公司银行保险部业务部经理王家豪被警告并罚款1万元；时任中国太平洋人寿保险股份有限公司太原 中心支公司个险队伍发展与训练部负责人张鑫皓被警告并罚款4万元。 | 序 | 当事人名 | 行政处罚 | 中国际 | 行政处罚依 | 行政处 | 作出 | | --- | --- | --- | --- | --- | --- | --- | | 를 | 称 | 决定书文 | 违规行为 | 据 | 罚内容 | 定机 | | | | יקם | | | | | | 1 | 刘泽东 国太平洋 股份有限 | 决字 | 对中国大 保险股份 太原中心 | 《中华人民 法》第八十 | | | | | ( （ 、 （ 、 （ 、 （ 、 ） （ 、 ） （ | | 平洋人寿 | | | | | | | | | | ...

2025 年 09 月 28 日 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjg@swsresearch.com jinld@swsresearch.com 联系人 罗钻辉 (8621)23297818× luozh@swsresearch.com 申万宏源研究微信服务号 管局再提保险法修订,预贷 下调预期带动 8 月保费表现亮朗 -非银金融行业周报（2025/9/22-2025/9/26） 本期投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 简单金融 成就梦想 行业点评 图表目录 若研究我 券商：本周申万券商 II 指数收跌 0.18%，跑输沪深 300 指数 1.25pct。1) "9•24"一揽子政策 实施一周年，资本市场高质量稳增长态势巩固。根据中证报，截至 9 月 25 日，市场融资融券余额 为 24,443.66 亿元。今年以来 A 股市场有 4 个交易日单日成交额突破 3 万亿元，A 股总市值站上百 万亿元规模。8 月 A 股新增开户数 265.03 万户，环比增长 34.97%，同比增长 1 ...

Investment Rating - The report maintains a "Recommended" rating for the insurance and securities sectors, indicating a positive outlook for these industries [6]. Core Insights - The insurance sector experienced significant growth in premium income, with total insurance premium income reaching 479.98 billion yuan from January to August 2025, a year-on-year increase of 9.6%. In August alone, the premium income was 59.13 billion yuan, up 35.6% year-on-year [1]. - The report highlights the ongoing reforms in the capital market, which are expected to enhance its attractiveness. The direct financing proportion has increased to 31.6%, up 2.8 percentage points from the end of the 13th Five-Year Plan [3]. - The report emphasizes the importance of stable monetary policy and the implementation of tools to maintain capital market stability, which has improved the resilience and risk resistance of the A-share market [4]. Summary by Sections Market Review - The broad market indices showed a rebound, with the Shanghai Composite Index increasing by 0.21% and the ChiNext Index rising by 1.96% during the week [10]. Securities Sector - The total trading volume in the Shanghai and Shenzhen markets reached 11.46 trillion yuan, with a daily average trading amount of 2.29 trillion yuan, reflecting a year-on-year increase of 116.72% [17]. - The IPO underwriting scale for the year reached 69.90 billion yuan, marking a 112% increase compared to 2024 [17]. Insurance Sector - The life insurance premium income for the first eight months of 2025 was 357.97 billion yuan, up 11.4% year-on-year, while property insurance premium income was 122.01 billion yuan, up 4.7% [1]. Liquidity Tracking - The central bank conducted 2.47 trillion yuan in reverse repos and 600 billion yuan in MLF operations, resulting in a net injection of 880.6 billion yuan [28]. Industry News and Company Announcements - The report notes significant achievements in the financial sector during the 14th Five-Year Plan, including a total of 10.6 trillion yuan in dividends and buybacks by listed companies, which is an increase of over 80% compared to the previous plan [2][35]. Investment Recommendations - The report suggests focusing on key insurance companies such as Sunshine Insurance, China Pacific Insurance, and China Life, as well as top securities firms like CITIC Securities and Huatai Securities [38].

保险业与前沿科技深度融合，这个拥有数百年历史的传统行业正迎来一场深刻变革。2025年9月，在上海举办的华为全联接大会（Huawei Connect 2025）上，华为与中国太平洋保险（集团 "太平洋保险金融行业灯塔"的落地带来多重积极效应：一方面，为中国太保业务体系提供高性能算力支撑，显著提升销售、理赔等关键环节的运营效率与决策准确性；另一方面，通过大模型技术 此次合作不仅是技术能力的升级，更是战略路径的实践。太保科技与华为的深度协同，成功验证了"自主创新+场景应用"的可行模式，为国内金融保险行业的数智化转型提供了先进理念与实践范 ...

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The average daily trading volume of A-shares for the week (September 21-27, 2025) was 23,132 million yuan, a decrease of 8.1% week-on-week but an increase of 17.5% year-on-year. The average trading volume for the third quarter of 2025 to date is 21,062 million yuan, up 212.2% compared to the same period in 2024. Year-to-date average trading volume in 2025 is 16,423 million yuan, an increase of 89.0% compared to 2024 [1][16] - The People's Bank of China held its monetary policy committee meeting on September 23, 2025, emphasizing the need to maintain stability in the capital market and exploring regular institutional arrangements for stock repurchase and increase loans [3][14] - The insurance sector saw a significant increase in premium income, with life insurance premiums rising by 47.25% year-on-year in August 2025, driven by strong market demand and a reduction in the preset interest rate [4][15] Summary by Sections Market and Sector Performance - The non-bank financial Shenwan index decreased by 0.09%, underperforming the CSI 300 index by 1.16 percentage points, ranking 9th among all primary industries. The securities sector fell by 0.18%, while the insurance sector rose by 0.46% [2][13] Securities - The average daily trading volume of A-shares was 23,132 million yuan, with a total of 2 new stock issuances raising 370 million yuan during the week. Year-to-date, there have been 76 IPOs in A-shares, raising 749.58 billion yuan [1][16] Insurance - The insurance industry reported original premium income of 4.8 trillion yuan for the first eight months of 2025, with life insurance premiums at 3.8 trillion yuan, reflecting a year-on-year growth of 11.32% [4][15] Industry News - Major state-owned banks announced they would no longer establish supervisory boards, which is expected to enhance governance efficiency [38] - The total scale of public funds in China has surpassed 36 trillion yuan for the first time, marking a significant milestone in the industry [39]

行业周报 | 非银金融 险资配置动作活跃，看好银行股中长期修复空间 金融行业周报（2025/09/28） 核心结论 金融行业周涨跌幅跟踪：1）本周非银金融（申万）指数涨跌幅为-0.09%， 跑输沪深 300 指数 1.16pct。本周证券Ⅱ（申万）、保险Ⅱ（申万）、多元金 融指数涨跌幅分别为-0.18%、+0.46%、-1.51%。2）本周银行（申万）涨跌 幅为-0.48%，跑输沪深 300 指数 1.55pct。按子板块情况看，国有行、股份 行、城商行、农商行本周涨跌幅分别为-0.41%、-0.76%、-0.05%、-0.49%。 投资观点：1）保险：本周保险Ⅱ(申万)+0.46%，跑输沪深 300 指数 0.61pct。 行业降本增效取得进展，寿险 2024 年以来压降成本 3500 亿元，财险综合成 本率、费用率分别创近 10 年、20 年新低。险资配置动作活跃，平安人寿、 长城人寿等多有增持，瑞众人寿减持勤上股份，险企积极配置第二批科创债 ETF，其中泰康人寿认购 20 亿份。我们坚定看好保险股的投资价值，核心在 于负债端反内卷下的供给侧改革叠加权益资产上行的显著受益，保险将成为 产业结构转型下金融业 ...

Core Viewpoint - The strategic collaboration among Hezhima Intelligent, Chery Commercial Vehicles, and China Pacific Property Insurance aims to innovate the "technology + insurance" model, enhancing safety and operational efficiency for new energy commercial vehicles through advanced driver assistance technologies [1][7]. Group 1: Companies Involved - Hezhima Intelligent specializes in automotive-grade intelligent computing chips and has comprehensive capabilities in developing advanced driver assistance systems [3]. - Chery Commercial Vehicles has established a strong brand reputation in the commercial vehicle sector, leveraging its manufacturing expertise and market presence [3]. - China Pacific Property Insurance provides robust risk management solutions through its advanced data analysis capabilities and professional insurance services [3]. Group 2: Collaboration Details - The partnership will create an efficient operational system characterized by a closed-loop service chain of "technical support - offline management - online analysis" [4]. - Hezhima Intelligent will supply the PA2.0 active safety system for Chery's new energy vehicle lineup, which integrates multiple safety functions and has shown to reduce accident rates by over 70% [4][6]. - Chery Commercial Vehicles will manage offline operations, ensuring rapid market access for the technology and products [6]. Group 3: Innovation and Impact - The collaboration aims to establish a new ecosystem for the safe development of new energy commercial vehicles, promoting high-quality growth while addressing industry pain points [7][8]. - The innovative integration of Hezhima Intelligent's technology with China Pacific's insurance services creates a new paradigm that enhances driver and vehicle safety while providing a replicable development model for the industry [7][8]. - The pilot program will initially launch in at least three provincial regions, with plans for nationwide expansion to foster smart logistics and green transportation [8].

黑芝麻智能创始人兼CEO单记章(二排左侧)、奇瑞控股集团副总裁兼奇瑞商用车总经理巩月琼(二排中间)、中国太平洋财产保险股份有限公司副总经理、总 精算师陈森(二排右侧)出席签约 智通财经APP获悉，2025年9月26日，智能汽车计算芯片引领者黑芝麻智能(02533)、国内自主品牌中率先突破百万销量的奇瑞商用车，以及行业领先的中国 太平洋财产保险(下称 "中国太保产险")正式达成战略合作。三方将携手探索"技术+保险"创新模式，以先进辅助驾驶技术赋能车险承保环节，构建风险减量 与保费优惠的联动机制，为新能源商用车的安全升级与运营效率提升注入强劲动力。 奇瑞商用车将负责协调线下管理工作，依托其成熟的渠道网络与服务体系，为合作落地提供高效的线下支撑，保障技术与产品快速触达市场。 作为此次合作的核心技术支撑方，黑芝麻智能专注于车规级智能汽车计算芯片及配套解决方案的研发与供应，具备全栈辅助驾驶技术研发能力与丰富的行业 实践经验。奇瑞商用车凭借深厚的制造底蕴与市场积淀，在商用车领域树立了卓越的品牌口碑，其产品矩阵广泛覆盖物流等多元应用场景。中国太保产险则 依托强大的数据分析能力与专业保险服务体系，为行业风险管理提供有力保障。 ...

Core Insights - The insurance industry is undergoing a profound transformation through deep integration with cutting-edge technology, highlighted by the launch of the "Pacific Insurance Financial Industry Lighthouse" in collaboration with Huawei [1][3] - This initiative marks a new phase in the digital transformation of the insurance sector, establishing a fully autonomous intelligent computing infrastructure capable of training and inference with models containing hundreds of billions of parameters [1][3] Group 1: Technological Advancements - The establishment of the lighthouse project provides high-performance computing support for China Pacific Insurance, significantly enhancing operational efficiency and decision-making accuracy in key areas such as sales and claims [3] - The collaboration between China Pacific Insurance and Huawei has validated the model of "independent innovation + scenario application," offering a practical example for the digital transformation of the domestic financial insurance industry [3][12] - The AI applications deployed across over 60 core business scenarios have achieved a monthly call volume exceeding 5 million, doubling every two months, thus supporting the implementation of the "Digital Pacific Insurance 2.0" strategy [6] Group 2: Strategic Development - China Pacific Insurance's digital transformation can be summarized in three phases: focusing on usability, enhancing user experience, and moving towards comprehensive AI integration [5] - The first phase involved migrating core systems to a fully autonomous and controllable cloud, achieving a 10% increase in peak processing capacity during high business periods [5] - The second phase aimed at empowering industry partners through SaaS services, establishing a collaborative ecosystem with over 20 small and medium-sized insurance companies [5] Group 3: AI Implementation in Claims Processing - The introduction of large model technology in health insurance claims has automated the review process, reducing processing time to minutes and increasing accuracy to 98%, surpassing the capabilities of junior reviewers [8] - As of June 2025, the monthly review volume for health insurance claims exceeded 100,000 cases, significantly improving customer experience and allowing employees to focus on more complex tasks [8] Group 4: Collaborative Efforts - A joint team was formed between China Pacific Insurance and Huawei to tackle technical and business challenges, optimizing average time between failures and enhancing model inference performance by over 50% [11] - The partnership has led to the establishment of a "Computing Ecology Joint Laboratory" and the unveiling of the lighthouse project, showcasing a series of successful outcomes [11][12] Group 5: Future Outlook - Looking ahead, the collaboration will continue to focus on the dual-engine model of "technology + scenario," aiming to create more AI benchmark applications in sales, claims, and management [13] - Huawei plans to leverage the experience gained from China Pacific Insurance to assist more financial industry clients in accelerating AI application deployment globally [15]