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. 承董事會命 中 國 太 平 洋 保 險（集 團）股 份 有 限 公 司 傅 帆 董事長 香 港，2025年8月14日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 傅 帆 先 生 和 趙 永 剛 先 生；非 執 行 董 事 為 黃 迪 南 先 生、王 他 竽 先 生、陳 然 先 生、周 東 輝 先 生、路 巧 玲 女 士 和John Robert DACEY先 生；和 獨 立 非 執 行 董 事 為 陳 欣 女 士、林 婷 懿 女 士、羅 婉 文 女 士、金 弘 毅 先 生 和 姜 旭 平 先 生。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：02601） 董事會會議通知 中 國 太 平 洋 保 ...

Market Overview - After a significant rise in indices yesterday, the market experienced a notable collective pullback today, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index closing down by 0.46%, 0.87%, and 1.08% respectively [1] - Over 4,600 stocks declined, while only about 700 stocks rose, with total trading volume exceeding 2 trillion [1] Digital Currency - Digital currency and RWA were the only strong themes in today's market, with notable stocks like Hengbao Co., Ltd. achieving three consecutive limit-ups, and others like Zhongke Jincai and Jida Zhengyuan hitting their daily limits [5] - The digital renminbi and RWA saw respective increases of 1.17% and 3.23% by market close [5] Power Sector - The AI power sector saw a collective surge in the afternoon, with stocks like Wolong Electric and Oulu Tong reaching their daily limits [10] - The rise was attributed to institutional support and positive sentiment surrounding electric power and liquid cooling technologies [10] Cambrian Technology - Cambrian Technology experienced a significant increase of over 10%, reaching a new historical high after a previous limit-up [12] - In just half a month, the stock has surged nearly 60%, with substantial buying from major investors [12] Quzhou Development - Quzhou Development announced plans to acquire a 95.4559% stake in Xian Dao Electronics Technology Co., Ltd., focusing on high-tech fields such as semiconductor sputtering targets [16] - The stock has seen consecutive limit-ups following this announcement, indicating strong market interest [16]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View Yesterday, it was suggested that there might be significant resistance near the upper pressure line of the stock market. Today, the stock market rose on strong trading volume but retreated in the late session, which was in line with expectations. At the industry level, affected by the information of Ping An Insurance Group's stake - increase, the financial sector showed a relatively strong trend. The banking sector was also supported to some extent by the transfer of profit - taking funds to high - dividend industries and showed resilience. In the futures index market, small - cap futures indexes pulled back significantly, while large - cap indexes were more resilient. After a failed attempt to break through and with most of the week's key data released, it is expected that market investment will turn cautious. There is only a small probability of another upward rush in the short term, and the market is expected to fluctuate and correct [6]. 3. Summary by Directory Market Review Today, the stock index continued to decline on heavy trading volume, while the large - cap index showed resilience. The trading volume of the two markets increased by 12.8272 billion yuan. In the futures index market, IF declined on heavy trading volume, IH rose on heavy trading volume, and IC and IM declined on reduced trading volume [4]. Important Information Ping An Insurance Group and its asset management subsidiary, Ping An Asset Management, increased their stakes in CPIC H - shares, triggering the mandatory tender offer threshold [5]. Strategy Recommendation For the insurance strategy, it is recommended to hold the underlying assets and buy put options [7]. Futures Index Market Observation | Index | Main Contract Intra - day Return (%) | Trading Volume (10,000 lots) | Trading Volume Change (10,000 lots) | Open Interest (10,000 lots) | Open Interest Change (10,000 lots) | | --- | --- | --- | --- | --- | --- | | IF | - 0.02 | 15.3749 | 2.6975 | 27.1876 | 0.5578 | | IH | 0.48 | 8.709 | 2.0405 | 10.4724 | 0.3248 | | IC | - 1.00 | 11.2146 | 0.5277 | 21.5557 | - 0.9652 | | IM | - 0.95 | 26.5731 | 3.6064 | 36.5293 | - 0.6229 | [7] Spot Market Observation | Index | Value | | --- | --- | | Shanghai Composite Index Return (%) | - 0.46 | | Shenzhen Component Index Return (%) | - 0.87 | | Ratio of Rising to Falling Stocks | 0.16 | | Total Trading Volume of the Two Markets (billion yuan) | 227.9209 | | Trading Volume Change (billion yuan) | 12.8272 | [8]

Core Viewpoint - The A-share market experienced a collective pullback, with the Shanghai Composite Index losing its 3700-point level, indicating a potential correction phase in the market [2][3]. Market Performance - The Shanghai Composite Index fell by 0.46% to close at 3666.44 points, while the Shenzhen Component and ChiNext Index dropped by 0.87% and 1.08%, respectively [2]. - A total of 4396 stocks declined, with only 727 stocks rising, reflecting a broader market downturn despite the seemingly moderate index declines [3]. - The trading volume reached 22.79 billion, marking a significant increase of 1.283 billion from the previous day, indicating a large sell-off [3]. Sector Analysis - Only four sectors saw gains, with the insurance sector leading at a 2.64% increase, driven by China Ping An's acquisition of a stake in China Pacific Insurance [5]. - The insurance sector is expected to benefit from a "Davis Double Play" scenario, where valuation recovery coincides with performance growth [5][6]. - The H-shares of insurance companies have recently outperformed their A-share counterparts, with some nearing a reversal in valuation ratios [5]. Investment Trends - There is a notable trend of "overseas flowers blooming while domestic flowers wither," where foreign investors have a better understanding of the insurance sector compared to domestic investors who have been focusing on speculative stocks [6]. - High dividend yields are highlighted as a focal point for long-term investors, particularly insurance funds, which are expected to be the biggest beneficiaries [6]. Market Sentiment - The current market is characterized by a peak in old themes and a lack of new themes, with performance being heavily scrutinized during the ongoing mid-year report disclosures [8]. - Data shows that 2900 stocks have underperformed the market since August, indicating a structural market where gains and losses are highly differentiated [8]. Monetary Policy - The People's Bank of China announced a 500 billion reverse repurchase operation, indicating ongoing efforts to maintain market liquidity [9]. - The total reverse repurchase operations in August are expected to exceed 1.2 trillion, suggesting a proactive approach to ensure sufficient liquidity in the market [9].

2025年1月至7月，中国太保子公司中国太平洋人寿保险股份有限公司累计原保险业务收入为人民币 1,859.62亿元，同比增长9.0%；子公司中国太平洋财产保险股份有限公司累计原保险业务收入为人民币 1,286.28亿元，同比增长0.8%。 中国经济网北京8月14日讯中国太保（601601）(601601.SH)昨日晚间发布保费收入公告。2025年1月1日 至2025年7月31日，中国太保累计原保险业务收入为3145.90亿元，同比增长5.5%。 ...

Core Viewpoint - The recent acquisition by China Ping An of China Pacific Insurance's H-shares marks a rare instance of an insurance company acquiring another insurance company, highlighting a shift in investment strategies within the insurance sector [2][12]. Group 1: Acquisition Details - China Ping An increased its stake in China Pacific Insurance by approximately 1.74 million shares, reaching a total holding of about 5.04% of the H-share capital, thus triggering the "lifting the stake" threshold [2][7]. - The acquisition was executed at a price of HKD 32.07 per share, amounting to a total investment of approximately HKD 55.84 million [7]. Group 2: Market Reaction - Following the announcement, China Pacific Insurance's A-shares rose nearly 6%, while its H-shares increased by almost 7% [2]. - The insurance sector index also saw a strong performance, with an increase of over 3% in both the A-share and Hong Kong markets [2]. Group 3: Industry Context - The insurance industry has witnessed a new wave of acquisitions, with over 20 instances of stake increases this year alone, surpassing the total for the previous year [8]. - Historically, acquisitions of insurance stocks by insurance companies have been infrequent, with the last notable instance occurring six years ago when China Life increased its stake in China Pacific Insurance [12][13]. Group 4: Strategic Considerations - The rationale behind this acquisition includes a need for asset allocation rebalancing, a reassessment of value during the insurance industry's transformation, and a dual drive from policy and market conditions [12][14]. - China Pacific Insurance is viewed as an attractive target due to its high dividend yield and potential for valuation recovery, especially in the context of low interest rates and an "asset shortage" environment [9][10]. Group 5: Financial Performance - China Pacific Insurance is projected to see a 65% year-on-year increase in net profit for 2024, with total managed assets reaching CNY 3.5 trillion and original insurance business income of CNY 282.01 billion in the first half of the year [10]. - The company has a strong dividend appeal, with a projected dividend of CNY 1.08 per share for 2024, totaling CNY 10.39 billion in cash dividends [10].

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。 证券代码：601601 证券简称：中国太保 公告编号：2025-041 中国太平洋保险（集团）股份有限公司 保费收入公告 于2025年1月1日至2025年7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1,859.62亿元，同比增长9.0%，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1,286.28亿元，同比增长0.8%。 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 2025年8月14日 注： 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号一原保险合同》（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。 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 - The article discusses the recent acquisition of shares by China Ping An in China Pacific Insurance, marking a rare instance of an insurance company acquiring another insurance company, which has not occurred in six years. This move is seen as a strategic financial investment and reflects a shift in asset allocation within the insurance sector [1][6][10]. Group 1: Acquisition Details - On August 13, China Ping An increased its holdings in China Pacific Insurance by approximately 1.74 million shares, bringing its total ownership to about 5.04% of the H-shares, thus triggering the "lifting the stake" threshold [1][6]. - The acquisition was executed at a price of HKD 32.07 per share, totaling approximately HKD 55.84 million [6][7]. - Following the announcement, shares of China Pacific Insurance surged nearly 6% in A-shares and about 7% in H-shares, contributing to a broader rally in the insurance sector [1][4]. Group 2: Market Context and Trends - The insurance industry has seen a resurgence in share acquisitions, with over 20 instances of stake increases in 2023 alone, surpassing the total for the previous year [6][8]. - The current market environment, characterized by declining interest rates and an "asset shortage," has prompted insurance companies to seek high-dividend, low-valuation equity assets [7][8]. - China Pacific Insurance is viewed as an attractive target due to its high dividend yield and potential for valuation recovery, with a current H-share price of HKD 36.14 and a dividend yield of 3.26% [7][8]. Group 3: Strategic Implications - The acquisition signals a shift in the insurance sector towards high-quality development and mutual trust among leading insurance firms, moving away from mere scale expansion [8][11]. - The article highlights that the insurance sector is undergoing a transformation, which may lead to improved operational quality and a gradual recovery in valuations [11][12]. - The rarity of insurance companies acquiring other insurance firms is attributed to high ownership concentrations among major shareholders and the current low valuation levels in the insurance sector [10][11].

中 國 太 平 洋 保 險（集 團）股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）茲 通 告謹定於2025年8月28日（星 期 四）舉 行 董 事 會 會 議，以 審 議 及 批 准 本 公 司 截 至2025年6月30日止六個月之中期業績及其發佈，並處理其他有關事項。 承董事會命 中 國 太 平 洋 保 險（集 團）股 份 有 限 公 司 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） 董事會會議通知 香 港，2025年8月14日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 傅 帆 先 生 和 趙 永 剛 先 生；非 執 行 董 事 為 黃 迪 南 先 生、王 他 竽 ...

| 代码 | 名称 | 主力净流入（元） | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入（元） | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601318 中国平安 | | 4.671Z | 7.61% | -2.961Z- | -4.82% | -1.717, | -2.79% | | 601601 中国太保 | | 1.39亿 | 6.86% | -1914.71万 | -0.94% | -1.20亿 | -5.91% | | 601319 中国人保 | | 1.36/Z | 8.72% | -6226.21万 | -4.00% | -7356.58万 | -4.72% | | 601336 新华保险 | | 1.30亿 | 7.26% | -7513.89万 | -4.21% | -5456.01万 | -3.06% | | 601628 中国人寿 | | 2469.25万 | 1.72% | 2463.82万 | 1.72% | -4933.08万 | -3.44% | 从资金流向上来看，当日保险板块 ...