Core Viewpoint - The reform pilot for long-term investment of insurance funds is entering a rapid implementation phase, with insurance companies establishing private equity funds to allocate capital primarily to the secondary market for long-term holding, becoming an important means to guide medium- and long-term funds into the market [1][5]. Group 1: Investment Scale and Progress - The first batch of pilot projects approved by the Financial Regulatory Bureau in October 2023 has successfully landed with a total of 500 billion yuan by early March this year [1]. - The second batch, approved in January and March 2025, has a total scale of 1,120 billion yuan, while the third batch of 600 billion yuan is set to open participation to small and medium-sized insurance companies, increasing the total scale of the three batches to 2,220 billion yuan [1][5]. Group 2: Market Impact and Investment Trends - As of the end of the first quarter, the stock investment scale of insurance companies reached 28.2 trillion yuan, with a net purchase scale of nearly 390 billion yuan, marking the largest quarterly increase in recent years [2]. - Life insurance companies' stock investment balance increased by 3.775 billion yuan, a growth of 16.65%, while property insurance companies saw an increase of 118 million yuan, a growth of 11.61% [2]. Group 3: Investment Strategy and Challenges - To effectively support the capital market and the real economy, insurance funds must overcome three key thresholds: investment capability, assessment mechanisms, and market perception [2][4]. - Emphasizing value investment and optimizing asset allocation are crucial for enhancing investment returns and reducing risks, which will support the sustainable development of the insurance industry [2][4]. Group 4: Future Outlook - The acceleration of insurance funds entering the market signifies not only an expansion of capital scale but also an upgrade in investment philosophy, aiming for a virtuous cycle that supports national strategies while achieving self-value [5].

Core Insights - The health insurance sector in China is showing robust growth, with a premium income of 455.7 billion yuan in the first four months of 2025, marking a year-on-year increase of 4.06% [1][2] - Health insurance is becoming a crucial growth driver for the insurance industry amid a slowdown in overall premium growth [1][2] Group 1: Health Insurance Performance - Health insurance premiums from property insurance companies reached 130.2 billion yuan, with a year-on-year growth rate of 8.47%, while life insurance companies reported 325.5 billion yuan, growing by 2.39% [1][2] - Specialized health insurance companies, including PICC Health, Ping An Health, and others, reported a combined premium income of 38.645 billion yuan in Q1 2025, reflecting a growth of approximately 12% [2] - The net profit of these specialized health insurance companies surged over 100% year-on-year, totaling 3.117 billion yuan [2] Group 2: Market Dynamics and Competition - Property insurance companies are increasingly focusing on health insurance as a key area for growth, with health insurance premium income growing by 16.6% in 2024 [3] - Internet insurance companies like ZhongAn Insurance and Taikang Online are leveraging their strengths in technology and product innovation to capture market share in health insurance [4] - Traditional property insurance giants are also accelerating their health insurance offerings to counteract slowing growth in auto insurance [4] Group 3: Challenges and Opportunities - Despite the growth, many smaller insurance companies face challenges with profitability, with around 70% of health insurance businesses reporting underwriting losses [5] - The health insurance market has significant potential for growth, particularly in innovative products like nursing and disability insurance, supported by recent policy initiatives [6] - The government is promoting the integration of commercial health insurance with health management, aiming to enhance service levels and expand coverage [6]

Core Viewpoint - The article highlights the increasing involvement of long-term capital in China's capital markets, driven by policy initiatives aimed at promoting long-term investments and enhancing the investment environment for institutional investors [1][2][5]. Group 1: Long-term Capital Initiatives - China Pacific Insurance has launched the Taibao Zhiyuan No. 1 private securities investment fund with a target size of 20 billion yuan, marking a commitment to long-term investment strategies [1][2]. - The China Securities Regulatory Commission (CSRC) has reported that social security, insurance, and pension funds have net purchased over 200 billion yuan in A-shares this year, indicating a positive cycle of long-term capital inflow and market stability [2][5]. - The approval of the first batch of new floating fee rate funds, which link management fees to fund performance, aims to encourage long-term holding by investors [3][4]. Group 2: Policy and Regulatory Changes - The CSRC has introduced a floating management fee structure that aligns the interests of fund managers and investors, promoting a focus on risk-return balance and long-term goals [3][4]. - Recent regulatory changes allow private equity funds that hold investments for over four years to reduce their lock-up periods, enhancing liquidity and investment efficiency [4]. - The government plans to expand the pilot scope for long-term insurance investments by an additional 60 billion yuan, further encouraging insurance companies to increase their market participation [5]. Group 3: Market Outlook and Recommendations - Experts suggest that the ongoing implementation of policies to facilitate long-term capital entry into the market will optimize the investment environment and address existing barriers [5]. - There is potential for growth in personal pension contributions, with recommendations to increase contribution limits and develop low-fee index products to attract more long-term capital [5].

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The report highlights a significant increase in A-share average daily trading volume, which reached 12,089 billion yuan, reflecting a 10.5% month-on-month increase and a 62.1% year-on-year increase [3][18] - The report indicates that the non-bank financial Shenwan index rose by 1.99%, outperforming the CSI 300 index by 1.12 percentage points, ranking it 10th among all primary industries [2][13] - The report emphasizes the ongoing support for technological innovation from multiple departments, including the People's Bank of China and the China Securities Regulatory Commission, aiming to enhance financial support for technology enterprises [3][14][15] - Insurance capital is increasingly being directed towards long-term investments, with the launch of significant funds aimed at supporting strategic industries and enhancing capital market stability [4][16][17] Summary by Sections Market and Sector Performance - The average daily trading volume in A-shares for the week was 12,089 billion yuan, with a 10.5% increase from the previous week and a 62.1% increase year-on-year [3][18] - The non-bank financial sector saw a 1.99% increase in its index, with notable performances from sub-sectors such as securities (up 2.39%) and internet finance (up 4.65%) [2][13] Financial Support for Technological Innovation - The Tianjin Financial Forum on June 5, 2025, highlighted a commitment from regulatory bodies to enhance financial support for technology innovation through improved credit services and the establishment of a "technology board" in the bond market [3][14] - The banking sector's knowledge property pledge loan balance exceeded 300 billion yuan, marking a 33.7% year-on-year increase, indicating a growing focus on supporting technology enterprises [14][15] Insurance Sector Developments - China Pacific Insurance announced the establishment of a 500 billion yuan fund aimed at mergers and acquisitions, focusing on key areas of state-owned enterprise reform and modern industrial system construction [4][16] - The report notes that insurance capital is increasingly being utilized for long-term investments, which aligns with the needs of technology enterprises for stable financial support [17]

非银行业周报 20250608 险资成立私募基金的考量 2025 年 06 月 08 日 ➢ 头部险资纷纷成立私募股权基金，探索股权投资和二级市场股票投资新形 式。中国太保 6 月 3 日正式成立太保战新并购基金和私募证券投资基金，分别聚 焦战略新兴产业和私募证券投资基金，总规模达到 500 亿元。近期在推动中长期 资金入市政策出台，叠加险资长期投资试点的背景下，头部大型险企纷纷通过私 募基金的形式，探索股权投资助力产业发展，以及二级市场股票投资助力权益市 场。从太保本次成立的总规模 500 亿的 2 只私募基金来看，其中一只基金太保 战新并购私募基金目标规模 300 亿元，首批规模 100 亿，主要将聚焦上海国资 国企改革和现代化产业体系建设的重点领域，助力推动上海战新产业发展以及重 点产业的强链补链。另一只基金，太保致远 1 号私募证券投资基金目标规模 200 亿，主要是响应国家扩大保险机构设立私募证券投资基金改革试点，聚焦二级市 场优质标的以及分红稳定股息较高的标的来加强股票投资，有望有效应对长端利 率中枢的下行并助力资本市场稳定。 ➢ 险资作为重要的机构投资者，伴随政策支持和利率下行的客观趋势，通过私 ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - The report indicates that the non-bank financial sector continues to benefit from a rebound in new account openings, with a year-on-year increase of 23% in May. The overall performance of the non-bank sector has outperformed the market, particularly in the insurance segment, driven by expectations of benchmark recovery and easing trade tensions [3][4] - The report anticipates that the brokerage sector will maintain good growth momentum in the upcoming interim reports, supported by low base effects and improving trading volumes. The insurance sector is expected to see a slight decline in growth rates due to elevated performance bases in the second quarter [3][4] - The report highlights specific investment opportunities in Hong Kong Exchanges and Clearing (HKEX) and Jiangsu Jinzhong Leasing, which are expected to benefit from the expansion of the Hong Kong market and high dividend yields [3] Summary by Sections Brokerage Sector - In May, the average daily trading volume for stock funds reached 14.2 trillion yuan, an increase of 8.4% month-on-month. The number of new A-share accounts opened in May was 1.5556 million, a year-on-year increase of 23%, with a cumulative total of 10.9514 million new accounts opened from January to May, reflecting a 30% year-on-year growth [3] - The report notes that the valuation and institutional holdings in the brokerage sector are currently low, and macroeconomic measures to stabilize the stock market are expected to continue, creating favorable conditions for growth [3] Insurance Sector - China Ping An announced plans to issue zero-coupon convertible bonds totaling 11.765 billion HKD, aimed at supporting its future business development and capital needs. The initial conversion price is set at 55.02 HKD per share, representing a premium of approximately 18.45% over the closing price [4] - The insurance sector is currently underrepresented in public fund allocations compared to the CSI 300 index, with favorable PB and ROE ratios. The report expects a rebound in new business value (NBV) growth in the second half of the year, although overall growth rates may decline compared to 2024 [4] Recommended and Beneficiary Stocks - Recommended stocks include Jiangsu Jinzhong Leasing, Hong Kong Exchanges and Clearing, and China Pacific Insurance. Beneficiary stocks include Guosen Securities, Jiufang Zhitu Holdings, China Galaxy Securities, and others [5]

Core Viewpoint - The article highlights the establishment and recruitment of various mother funds across multiple cities in China, focusing on sectors such as robotics, new energy, integrated circuits, new materials, artificial intelligence, and low-altitude economy [1][4][10]. Fund Establishment - Several cities including Shenzhen, Nanjing, and Tianjin have announced the establishment or registration of funds, primarily targeting sectors like biopharmaceuticals, smart healthcare, high-end medical devices, and integrated circuits [1]. - The China Pacific Insurance Company has launched a new merger and acquisition private equity fund with a target size of 30 billion yuan and an initial size of 10 billion yuan [2]. Specific Fund Initiatives - The Jintan District Industry Innovation Development Mother Fund is seeking general partners (GPs) with a total scale of 10 billion yuan, focusing on five new industries including new energy and new medical technology [3]. - The Pukou District High-Quality Development Mother Fund is also recruiting GPs, emphasizing investment in strategic emerging industries such as integrated circuits and artificial intelligence [4]. - The Shanghai State-owned Assets Fund has selected 17 sub-funds, with a total investment amount of 4.15 billion yuan, focusing on integrated circuits and biomedicine [6]. Investment Strategies - The Hangzhou High-tech Zone plans to establish an industry investment fund and an intellectual property fund, focusing on smart IoT, biomedicine, and green energy [9]. - The Yangzhou Biopharmaceutical Industry Fund has been set up with a total scale of 1.5 billion yuan, targeting innovative drug development and high-end medical devices [10]. - The Nanjing Biomedical Valley is seeking fund managers for a specialized fund focusing on medical engineering and biomedicine, with a maximum scale of 300 million yuan [12]. New Fund Launches - The first S fund in Yancheng has been established to support technology innovation and modern industrial system construction [13][14]. - The Shenzhen Artificial Intelligence Terminal Industry Fund has been set up with a total investment of 1.44 billion yuan, focusing on equity investment and asset management [19]. - The first QFLP fund in Fangchenggang has been registered, targeting strategic emerging industries such as healthcare and advanced manufacturing [20]. Collaborative Efforts - The Qianhai Dinghui Deep Hong Kong Co-investment Fund has been established to focus on artificial intelligence and biotechnology, promoting deep collaboration between Shenzhen and Hong Kong [21]. - The Tianjin Chip Fire Integrated Circuit Venture Capital Fund has been officially registered, aiming to support the development of the integrated circuit industry [22]. Regulatory Developments - The Guangdong Provincial Government has issued a management method for government investment funds, emphasizing performance evaluation and management fees [23].

Group 1 - The first central enterprise venture capital mother fund, "Chengtong Science and Technology Investment Fund (Beijing) Partnership (Limited Partnership)," has been established with an initial scale of 100 billion yuan and a planned total scale of 300 billion yuan, focusing on new materials, advanced manufacturing, and new generation information technology [2][10] - Shanghai's three leading industry mother funds have selected 17 sub-funds from 79 applicants, with a total investment amount of 41.5 billion yuan and a total fund scale of 241.5 billion yuan, achieving a leverage ratio of 5.82 times [3] - China Pacific Insurance has launched a new merger and acquisition fund with a total scale of 500 billion yuan, including a target scale of 300 billion yuan for the "Taibao New Merger and Acquisition Private Fund," focusing on Shanghai's state-owned enterprise reform and modernization of the industrial system [4] Group 2 - The first Qualified Foreign Limited Partner (QFLP) fund in Fangchenggang, Guangxi, has been established with a total scale of 500 million yuan and an initial scale of 100 million yuan, targeting strategic emerging industries such as health and advanced manufacturing [6] - The first S fund in Yancheng has been successfully established, focusing on technology and healthcare sectors, supporting quality enterprises in their growth phases through a "project + sub-fund" investment approach [7] - The Wuhan Chegu Science and Technology Investment Fund has completed registration with a total scale of 10 billion yuan, focusing on hard technology fields such as artificial intelligence and biomedicine, with a long-term investment horizon of 12 years [8]

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 关于控股子公司董事长任职资格获核准的公告 本公司控股子公司中国太平洋财产保险股份有限公司（以下简称 "太保产险"）近日收到国家金融监督管理总局（以下简称"金融监 管总局"）《关于俞斌中国太平洋财产保险股份有限公司董事长任职资 格的批复》（金复〔2025〕337 号）。金融监管总局已核准了俞斌先生 担任太保产险董事长的任职资格。 证券代码：601601 证券简称：中国太保 公告编号：2025-028 重要提示 特此公告。 中国太平洋保险（集团）股份有限公司董事会 2025 年 6 月 7 日 1 ...

Group 1 - The core viewpoint of the articles highlights the initiative by China Pacific Insurance (CPIC) to launch urban biodiversity insurance in Shanghai, promoting harmony between urban environments and wildlife [1][2] - CPIC has partnered with local ecological organizations to provide a comprehensive insurance service plan for the Le Yi Habitat Garden, which is recognized as a typical case in the global "Biodiversity 100+" initiative [1] - The insurance plan includes coverage for wildlife-related damages, specifically for the raccoon dog, which is classified as a second-level protected animal in China's National Key Protected Wildlife List [1] Group 2 - The presence of 3,000 to 5,000 raccoon dogs in over 300 neighborhoods in Shanghai reflects the effectiveness of urban ecological protection, while also posing potential risks to residents [2] - CPIC's initiative is seen as a proactive exploration of urban biodiversity and offers a new approach to biodiversity protection nationwide [2] - The company aims to align with national biodiversity governance efforts and will continue to focus on green financial innovation to support ecological quality improvement and biodiversity protection [2]