Core Viewpoint - Insurance capital continues to show enthusiasm for equity market allocation, with a total of 30 instances of capital raising this year, including 6 in A-shares and 25 in H-shares, primarily in banking and insurance sectors, as well as utilities, energy, biomedicine, and technology [1] Group 1: Investment Strategy - China Pacific Insurance adheres to a "value investment, long-term investment, stable investment, and responsible investment" philosophy, implementing a refined "barbell" asset allocation strategy that increases long-term interest rate bonds while also adding equity and alternative investments to enhance long-term returns [2][3] - The company has actively increased its equity holdings during market downturns, such as the low market phase before September 24, 2024, and the significant drop on April 7 this year, thereby acting as a stabilizer in the stock market [2] - The establishment of the Taibao Zhanxin M&A Fund with a target size of 30 billion yuan and the Taibao Zhiyuan Private Securities Investment Fund with a target size of 20 billion yuan supports the company's long-term investment strategy [2] Group 2: Asset Allocation Logic - The company has developed a strategic asset allocation methodology centered on solvency and risk appetite, balancing short-term profit fluctuations with long-term net value growth [3] - In equity investments, the focus is on a dividend value strategy, optimizing the structure of equity investment portfolios while exploring innovative high-quality assets in fixed income, such as ABS and public REITs [3][6] - The company is expanding its investment varieties and channels, including gold investments and swap facilities, to enhance the efficiency and quality of insurance capital utilization [3] Group 3: Market Outlook and Challenges - The company views the Chinese equity market positively, citing better intrinsic returns from equity assets compared to fixed income, with the dividend yield of the CSI 300 index at 2.8% and the Hang Seng index at 3.2% [6] - The ongoing low interest rate environment presents challenges, with a predicted downward trend in mid- to long-term interest rates, leading to difficulties in obtaining stable returns due to a shortage of quality assets [11][12] - The company recognizes multiple strategic opportunities, including participation in emerging industries like new energy and AI, and aims to leverage its large-scale, long-term capital to optimize asset allocation [12]

Core Viewpoint - Insurance capital continues to show enthusiasm for equity market allocation, with a total of 30 instances of capital raising this year, including 6 in A-shares and 25 in H-shares, primarily in banking and insurance sectors, as well as utilities, energy, biomedicine, and technology [1][4] Group 1: Investment Strategy - China Pacific Insurance adheres to a "value investment, long-term investment, prudent investment, and responsible investment" philosophy, implementing a refined "barbell" asset allocation strategy that balances long-term government bonds and equity investments [4][5] - The company has increased its allocation to long-term government bonds, leading the industry in this regard, while also expanding its equity and alternative investments to enhance long-term returns [4][5] - The establishment of the Taibao Zhanxin M&A Fund with a target size of 30 billion yuan and the Taibao Zhiyuan Private Securities Investment Fund with a target size of 20 billion yuan supports the company's long-term investment strategy [4][5] Group 2: Market Analysis - The company views the current equity market positively, noting that equity assets have the best allocation value among major asset classes, with a dividend yield of 2.8% for the CSI 300 Index and 3.2% for the Hang Seng Index [7][8] - The company emphasizes a cross-cycle asset allocation system and a strategy-driven management system, focusing on sustainable dividend income and long-term value growth [8][9] Group 3: Alternative Investments - In the current low-interest-rate environment, alternative assets are seen as a key direction for insurance capital, providing risk diversification in asset allocation [12] - The company is actively involved in equity investments, particularly in the context of policy-driven opportunities in the M&A market, and is focusing on real estate investments through funds targeting logistics, data centers, and renewable energy infrastructure [12][13] Group 4: Challenges and Opportunities - The insurance capital allocation environment is complex due to global political and economic changes, domestic real estate market adjustments, and investment slowdown [14][15] - Despite challenges, the company identifies strategic opportunities in emerging industries such as renewable energy and AI, leveraging its long-term capital advantages for investment [15]

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公告的內 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 不對因本公告全部或任何部份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） 自願公告 召 開2025年中期業績說明會 本 公 告 乃 中 國 太 平 洋 保 險（集 團）股 份 有 限 公 司（「本公司」）董 事 會（「董事會」） 自 願 作 出。 本公司將於2025年8月28日在香港聯合交易所有限公司網站 (www.hkexnews.hk)披露本公司2025年 中 期 業 績。為 了 便 於 廣 大 投 資 者 更 全面深入地 了 解本公司2025年 上半年的 業 績 和 經 營 情 況，本 公 司 將 於 2025年8月29日15:30-17:00（北 京 時 間，下 同）召 開 業 績 說 明 會，就 投 資 者 普 ...

证券代码：601601 证券简称：中国太保 公告编号：2025-042 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 关于召开2025年中期业绩说明会的公告 重要内容提示： 一、业绩说明会类型 本公司将于2025年8月29日在上海证券交易所网站（www.sse.com.cn） 披露本公司 2025 年半年度报告。为了便于广大投资者更全面深入地了解 本公司 2025 年上半年的业绩和经营情况，本公司将于 2025 年 8 月 29 日 15:30-17:00（北京时间，下同）召开业绩说明会，就投资者普遍关注的问 题进行交流。 二、业绩说明会召开的时间、地点 （一）会议召开时间：2025 年 8 月 29 日 15:30-17:00 1 会议召开时间：2025 年 8 月 29 日（星期五）15:30-17:00 会议召开方式：网络直播 网络直播接入方式：投资者可通过链接（https://webcast.roadshowchina. cn/UHNNM0FrOG5Tc3NHVndtZX ...

Core Viewpoint - The insurance industry is adjusting its asset allocation strategies in response to a low interest rate environment, focusing on extending bond durations, credit downgrading, increasing equity allocations, and enhancing alternative assets [1][3][4]. Group 1: Asset Allocation Strategies - The overseas insurance industry has made four major adjustments to asset allocation: extending bond durations, credit downgrading, increasing equity allocations, and enhancing alternative assets [3][4]. - Domestic insurance companies are learning from overseas experiences to develop a diversified asset allocation strategy suitable for the domestic market, including increasing high-dividend assets through FVOCI accounts [1][3]. Group 2: Recent Investment Activities - Since August, insurance capital has frequently acquired shares in financial sector listed companies, with notable transactions including China Ping An's purchases of China Pacific Insurance H-shares [2][6]. - Insurance companies have made over 20 acquisitions of listed companies this year, marking the highest number in five years, primarily targeting high-dividend H-shares in the banking and insurance sectors [6]. Group 3: Financial Performance and Challenges - Insurance companies are striving to maintain high investment returns, with China Ping An achieving a comprehensive investment return rate of 5.8% in 2024, up 2.2 percentage points year-on-year [7]. - The average return rate of non-standard assets held by leading insurance companies has decreased from 6% in 2017 to 4.5% currently, indicating pressure to seek higher returns [8]. Group 4: Market Dynamics and Strategic Considerations - The high dividend yield of H-shares in the banking and insurance sectors, around 4%, is attracting insurance capital, especially in a low interest rate and asset scarcity environment [4][9]. - The narrowing AH share premium has prompted insurance capital to accelerate acquisitions to lock in lower holding costs before further declines [12][13]. Group 5: Risk Management and Asset Liability Matching - Insurance companies are using high-dividend stocks to mitigate risks associated with interest rate differentials and funding mismatches, as the average investment return rate has shifted down to 3%-4% [15][16]. - The phenomenon of "long money short matching" is prevalent, with many leading insurance companies facing a duration gap of 4-7 years, prompting a shift towards high-dividend H-shares as long-term assets [16][18].

证券之星消息，8月21日保险板块较上一交易日上涨0.12%，中国人保领涨。当日上证指数报收于 3771.1，上涨0.13%。深证成指报收于11919.76，下跌0.06%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 61319 | 中国人保 | 8.71 | 1.52% | 101.82万 | | 8.90 Z | | 601318 | 中国平安 | 59.62 | 0.71% | 57.46万 | | 34.21 乙 | | 601628 | 中国人寿 | 42.07 | -0.31% | 15.10万 | | 6.38亿 | | 601336 | 新华保险 | 67.19 | -0.39% | 12.15万 | | 8.18亿 | | 601601 | 中国太保 | 39.90 | -1.12% | 21.08万 | | 8.46 Z | 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不 ...

Core Insights - The insurance market in China is undergoing a significant structural adjustment, with major players experiencing varied revenue trends, leading to a notable decline in China Pacific Insurance's net profit by 18.1% year-on-year, indicating operational challenges and a potential reshaping of the competitive landscape in the life insurance sector [1][4]. Group 1: Financial Performance - In Q1 2025, China Pacific Insurance's fair value change income plummeted by 89% to 1.655 billion yuan, contrasting sharply with a 5.6% investment return in 2024, highlighting the impact of new financial accounting standards on profit and loss statements [2]. - The company's reliance on equity markets has exposed weaknesses in its asset allocation and risk hedging strategies, particularly during market downturns [2]. Group 2: Market Dynamics - The overall new premium growth in the industry has slowed, with a more than 20% year-on-year decline in new single premiums across the sector. China Pacific's agent channel new single premiums fell by 15.2%, while the bancassurance channel surged by 130.7%, contributing 87% to overall premium growth [3]. - Despite the growth in the bancassurance channel, the insurance service revenue only increased by 0.6%, indicating a disparity between premium growth and value creation [3]. Group 3: Competitive Landscape - Competition among leading insurance companies is intensifying, with the premium gap between China Pacific and Taikang Life narrowing from 10.5 billion yuan in 2024 to less than 10 billion yuan [4]. - China Pacific's new product structure is lagging behind industry trends, with the proportion of participating insurance new premiums rising to 18.2%, still far from the 50% target [4]. Group 4: Strategic Challenges - The management of China Pacific needs to focus on upgrading investment capabilities, restructuring channel value, and accelerating product innovation to navigate the multifaceted challenges it faces [5]. - Digital transformation is seen as a potential key to overcoming these challenges, with plans to enhance investment decision-making efficiency and optimize product pricing through big data analysis [5].

Group 1 - The meeting between the Secretary of the Municipal Party Committee and the General Manager of China Pacific Property Insurance Jiangsu Branch highlights the importance of collaboration for local economic development [1] - The Secretary emphasized the need for both parties to deepen communication and enhance complementary advantages to achieve mutual benefits [1] - The General Manager expressed gratitude for the support from the local government and outlined the company's recent development, indicating a strong potential for cooperation in local economic and social construction [1]

证券之星消息，8月20日保险板块较上一交易日上涨1.58%，中国太保领涨。当日上证指数报收于 3766.21，上涨1.04%。深证成指报收于11926.74，上涨0.89%。保险板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 601601 | 中国太保 | 40.35 | 3.28% | 28.93万 | | 11.42 Z | | 601336 | 新华保险 | 67.45 | 2.04% | 13.05万 | | 8.68亿 | | 61319 | 中国人保 | 8.58 | 1.90% | 67.61万 | | 5.72亿 | | 601318 | 中国平安 | 59.20 | 1.72% | 76.27万 | | 44.53 乙 | | 601628 | 中国人寿 | 42.20 | 0.79% | 12.41万 | | 5.1 ...

格隆汇8月20日｜A股市场保险股上涨，中国太保(601601)、新华保险(601336)涨超1%，中国人保 (601319)、中国平安(601318)涨近1%。 ...