1. Report Industry Investment Rating - The report suggests actively paying attention to opportunities in some insurance subordinated debts [5]. 2. Core Viewpoints of the Report - Insurance subordinated debts have gone through three development stages, with perpetual bonds being the mainstream issuance type currently. In the context of the domestic "asset shortage," some insurance subordinated debts have relative coupon advantages, and certain ones have relatively high investment value, but issuers with non - redemption situations or those that have not disclosed financial information for a long time should be carefully selected [2][5]. 3. Summary by Relevant Catalogs 3.1 Insurance Subordinated Debt Development History - **Three - stage Development and Current Situation**: Insurance subordinated debt development has three stages. From 2005 - 2014, only subordinated term debts were issued; from 2015 - 2023, capital supplementary bonds were the main type; since 2023, perpetual bonds have become the mainstream. As of June 6, 2025, 56 insurance companies have 100 outstanding subordinated debts with a balance of 495.41 billion yuan [2][10]. - **Issuance Scale Fluctuations**: From 2005 to the end of 2024, the issuance scale of insurance subordinated debts showed four upward and three downward trends. Factors such as economic slowdown, regulatory policies, and industry reforms influenced these fluctuations. Life insurance companies are the main issuers [15]. - **Rating and Interest Rate Characteristics**: High - rated bonds dominate. From 2016 - 2025/06/08, the issuance scale ranking of different - rated insurance subordinated debts is AAA>AA +>AAA +>AA>AA ->A +. The overall issuance interest rate has shown a downward trend, and different - rated issuers have significant differences in coupon rates [19]. - **Enterprise Nature of Issuers**: As of June 6, 2025, central - owned enterprises account for 53.5% of the outstanding scale of insurance subordinated debts, indicating good overall credit quality of issuers [26]. - **Regulatory Policy Changes**: Key regulatory policy nodes include the release of the "Interim Measures for the Administration of Subordinated Term Debts of Insurance Companies" in 2004, the "Measures for the Administration of Subordinated Term Debts of Insurance Companies" in 2011, the permission for insurance groups to issue subordinated debts in 2013, the start of capital supplementary bond issuance in 2015, and the permission for issuing perpetual bonds in 2022 [29]. - **Solvency Policy Evolution**: Solvency policies have gone through "Solvency Generation I," "Solvency Generation II Phase I," and "Solvency Generation II Phase II." "Solvency Generation I" focused on asset scale, while "Solvency Generation II" focused on risk control. The implementation of "Solvency Generation II Phase II" has put pressure on insurance companies' solvency [33]. - **Differences between Capital Supplementary Bonds and Perpetual Bonds**: Capital supplementary bonds have a definite maturity, can supplement supplementary tier - 1 capital, and are prioritized in repayment. Perpetual bonds have no fixed maturity, can supplement core tier - 2 capital, and have a stronger subordinated nature [36]. - **Special Provisions and Risks**: Some insurance subordinated debts contain special provisions such as call options and write - down clauses. There is a risk of non - redemption, and historical non - redemption cases are mainly due to solvency pressure or operating losses [39][43]. 3.2 Activity Level of Insurance Subordinated Debts - **Outstanding Debt Situation**: As of June 6, 2025, 56 insurance institutions have 100 outstanding subordinated debts, with a capital supplementary bond scale of 378.04 billion yuan and a perpetual bond scale of 117.37 billion yuan. The remaining maturities of capital supplementary bonds are mainly within 1 year and 4 - 5 years, while perpetual bonds are in the 3 - 4 years and 4 - 5 years ranges [48][49]. - **Secondary Market Transactions**: From December 6, 2024, to June 6, 2025, 89 insurance subordinated debts had secondary - market trading records. Life insurance companies had the highest trading volume and turnover, followed by property insurance companies. The average turnover rate of perpetual bonds was higher than that of capital supplementary bonds [50][52]. - **Comparison with Other Subordinated Debts**: The trading activity of insurance subordinated debts is between that of bank and securities firm subordinated debts. The trading volume is lower than that of bank perpetual bonds but higher than that of securities firm subordinated debts. The turnover rate is lower than that of commercial bank subordinated debts but higher than that of securities firm subordinated debts [3][56]. 3.3 Supply and Demand Situation of Insurance Subordinated Debts - **Supply - side Situation**: The solvency adequacy ratio of insurance companies has declined. From the end of 2020 to the end of the first quarter of 2025, the comprehensive solvency adequacy ratio dropped from 184.75% to 131.42%, and the core solvency adequacy ratio dropped from 186.37% to 149.72%. There is potential for an increase in bond issuance [60]. - **Demand - side Situation**: Insurance institutions hold each other's subordinated debts, while asset management products (public funds, securities firm asset management, and bank wealth management) hold a small proportion. As of Q1 25, these three types of products held a total market value of 20.816 billion yuan of insurance subordinated debts, accounting for 2.34% of the total market value [4][62]. - **Public Fund Holdings**: Public funds hold more capital supplementary bonds with implicit AA +/AA ratings issued by central - owned enterprises. They increased their holdings of AA +/AA - rated and central - owned enterprise - issued subordinated debts in Q1 25 compared to the end of 2024 [66][67].

证券代码：601601 证券简称：中国太保 公告编号：2025-032 谢先生的离任不会导致本公司董事会成员低于法定人数。谢先生已确认与本 公司董事会并无不同意见，而就其辞任一事，亦无任何需要通知本公司股东和债 权人的事项，并已按照有关要求做好交接工作。 谢先生在任职期间恪尽职守、勤勉尽责，本公司董事会对谢先生为本公司所 做的贡献表示衷心的感谢！ 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 25 日 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。 因工作原因，谢维青先生已向本公司董事会提交辞呈，辞去本公司非执行董 事、董事会审计与关联交易控制委员会委员、董事会科技创新与消费者权益保护 委员会委员职务。谢先生的辞任自 2025 年 6 月 24 日起生效。 姓名 离任职务 离任时间 原定任期 到期日 离任 原因 是否继续在上 市公司及其控 股子公司任职 是否存在未 履行完毕的 公开承诺 谢维青 非执行董事、董事会 审计与关联交易控制 委员会委员、董事会 科技创新与消费者权 益保护委员会委员 202 ...

Summary of Key Points Core Viewpoint - The FTSE China A50 Index shows a mixed performance among banking stocks, while the insurance and liquor sectors are experiencing positive trends. Insurance Sector - China Life Insurance, China Pacific Insurance, and Ping An Insurance have market capitalizations of 397.57 billion, 354.22 billion, and 1,026.87 billion respectively, with trading volumes of 1.03 billion, 3.92 billion, and 0.80 billion respectively. Their stock prices increased by 2.59%, 2.34%, and 4.05% respectively [4]. Liquor Industry - Kweichow Moutai, Shanxi Fenjiu, and Wuliangye have market capitalizations of 1,809.30 billion, 219.45 billion, and 464.63 billion respectively, with trading volumes of 3.66 billion, 1.36 billion, and 0.72 billion respectively. Their stock prices rose by 1.22%, 1.43%, and 1.20% respectively [4]. Semiconductor Sector - Northern Huachuang, Cambricon Technologies, and Haiguang Information have market capitalizations of 231.90 billion, 252.51 billion, and 316.99 billion respectively, with trading volumes of 1.12 billion, 4.28 billion, and 1.88 billion respectively. Their stock prices changed by -1.01%, +2.10%, and +6.49% respectively [4]. Automotive Sector - BYD, Great Wall Motors, and Shanghai-Kunming High-Speed Railway have market capitalizations of 1,899.34 billion, 182.31 billion, and 281.32 billion respectively, with trading volumes of 2.90 billion, 0.20 billion, and 0.58 billion respectively. Their stock prices increased by 2.21%, 1.28%, and 1.05% respectively [4]. Shipping and Oil Industry - Sinopec, PetroChina, and COSCO Shipping have market capitalizations of 250.78 billion, 688.67 billion, and 1,641.70 billion respectively, with trading volumes of 0.87 billion, 1.42 billion, and 1.18 billion respectively. Their stock prices decreased by -0.53%, -1.32%, and -0.49% respectively [4]. Coal Industry - Shaanxi Coal and China Shenhua have market capitalizations of 201.85 billion and 791.76 billion respectively, with trading volumes of 0.57 billion and 0.83 billion respectively. Their stock prices changed by -0.05% and +2.27% respectively [4]. Food and Beverage Sector - China National Chemical Corporation, CITIC Securities, and Haitian Flavoring & Food have market capitalizations of 3,976.35 billion, 3,282.65 billion, and 2,275.70 billion respectively, with trading volumes of 2.61 billion, 1.03 billion, and 0.38 billion respectively. Their stock prices increased by 2.29%, 0.98%, and 1.38% respectively [5]. Electronics and Pharmaceuticals - Heng Rui Medicine, Industrial Fulian, and Luxshare Precision have market capitalizations of 403.33 billion, 239.58 billion, and 345.00 billion respectively, with trading volumes of 0.83 billion, 2.05 billion, and 1.53 billion respectively. Their stock prices changed by +0.54%, -0.42%, and +0.04% respectively [5].

2025年06月24日 证券研究报告| 存款搬家下的价值回归 ——2025年下半年非银金融投资策略 行业研究·深度报告 非银金融 投资评级：优于大市（维持） | 证券分析师：孔祥 | 证券分析师：王德坤 | 联系人：王京灵 | | --- | --- | --- | | 021-60375452 | 021-61761035 | 0755-22941150 | | kongxiang@guosen.com.cn | wangdekun@guosen.com.cn | wangjingling@guosen.com.cn | | S0980523060004 | S0980524070008 | | 请务必阅读正文之后的免责声明及其项下所有内容 核心观点摘要 请务必阅读正文之后的免责声明及其项下所有内容 -25,000 -20,000 -15,000 -10,000 -5,000 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 2009年3月 2009年9月 2010年3月 2010年9月 2011年3月 2011年9月 2012年3月 2012年9月 201 ...

Core Viewpoint - China Pacific Insurance (CPIC) is actively enhancing its insurance services and product innovation to promote inclusive finance, ensuring that financial support reaches the grassroots level and meets the needs of the real economy [1][4]. Group 1: Enhancing Public Welfare Insurance - The "Shanghai Health Insurance" (沪惠保) program has seen significant uptake, with over 4 million policies sold on its first day of the 2025 version, achieving a participation rate exceeding 20% [2][4]. - Since its launch in 2021, "沪惠保" has accumulated over 26 million participants and paid out more than 2.2 billion yuan in claims, benefiting numerous families [4]. Group 2: Agricultural Insurance and Support - CPIC has implemented innovative agricultural insurance solutions, providing timely compensation to farmers affected by natural disasters, as demonstrated by a farmer receiving compensation immediately after a typhoon [3][5]. - The company has established a "Three Summer" service team to support wheat farmers with technology and monitoring, enhancing disaster prevention awareness and improving yield [5][6]. Group 3: Community and Health Initiatives - CPIC is addressing the challenges of aging populations by exploring "insurance + public welfare" models, including a comprehensive program for Alzheimer's disease management [7][8]. - The "Blue Smart Home" initiative provides community-based brain health services, including early screening and support for families [7]. Group 4: Commitment to Social Responsibility - Since its establishment in 1991, CPIC has integrated social responsibility into its core mission, focusing on inclusive financial services and contributing to rural revitalization and poverty alleviation [8].

中国太平洋保险（集团）股份有限公司 关于高级管理人员任职资格获核准的公告 本公司近日收到国家金融监督管理总局（以下简称"金融监管总 局"）《关于王磊中国太平洋保险（集团）股份有限公司总经理助理 任职资格的批复》（金复〔2025〕370 号）。金融监管总局已核准了 王磊先生担任本公司总经理助理的任职资格。 证券代码：601601 证券简称：中国太保 公告编号：2025-031 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。 2025 年 6 月 24 日 特此公告。 中国太平洋保险（集团）股份有限公司董事会 ...

19 June 2025 | 11:28PM HKT China Pacific Insurance (2601.HK): Key takeaways from Asia Financial Corporate Day Bottom line: We hosted CPIC's IR team at our Asia Financial Corporate Day on Jun 19. Discussions centered around: 1) recent sales momentum, 2) equity investment strategy, 3) asset and liability management and 4) shareholders' return. Strong sales momentum in 1Q25 has continued into 2Q, with higher contribution from participating products. CPIC noted that both total agent headcount and core agent hea ...

非银行业周报 20250622 1.5%预定利率分红险有望提振板块估值 2025 年 06 月 22 日 ➢ 分红险预定利率迎来"1 开头"时代，1.5%预定利率分红险有望降低险企负 债成本。根据财联社报道，近期市场上已有险企对分红险预定利率进行下调，合 资公司同方全球率先推出了 1.5%预定利率定价的分红险产品，与前期 2.0%预定 利率的分红险相比，预定利率降低了 50bp。近期长端利率 10 年期国债持续低 位震荡，同时最近一期的预定利率指导值为 2.13%，已低于现有传统险预定利率 2.5%达 37bp，超过了 25bp，若后一次预定利率指导值继续低于 2.5%达 25bp 以上，则预定利率将调降，此次有险企率先开发降低预定利率后的分红险，我们 认为体现了在预定利率动态调整机制下，险企主动并提前进行产品切换的思路。 1.5%预定利率的分红险销售有望缓解险企的债券配置压力，当前 10 年期国债维 持在 1.6%左右的水平，1.5%预定利率分红险的债券配置压力有望减轻，头部险 企有望凭借更为丰富的分红产品系列和更强的综合投资能力而更为受益，保险板 块估值有望持续修复。 ➢ 证监会制定发布《科创板意见》，增 ...

报告由薪智平台发布，该平台是易路旗下以"Big data +AI"为核心的市场人才薪酬数据分析与管理平台，覆盖10亿+人才数据，为企 业提供薪酬领域"数据+工具+智能分析"一体化解决方案，已服务30000+企业客户。 样本分布 企业规模：100人以下企业占比28.3%，100-500人占23.9%，500-1000人占7.8%，1000人以上企业占比40.2%，行业企业规模分布较为 多样。 企业性质：民营企业占比96.3%，占据主导地位，国有、上市等其他性质企业占比相对较低。 城市分布：上海、北京、深圳等一线城市公司总部数量较多，华东、华北、华南为主要聚集区域。 产业链分布：涵盖保险、银行、证券、基金、期货、科技金融、资产管理等多个二级行业，各行业均有知名代表企业。 人力指标 涨薪率：2024年科技金融行业涨薪率为0.2%，近12个月（2024年6月至2025年5月）为-0.2%，预测2025年涨薪率为0%。不同城市涨 薪率差异较大，嘉兴、大连等城市表现突出。 离职率：2024年科技金融行业离职率为18.3%，低于2023年的27.6%，员工流动情况有所改善。 招聘趋势：2025年Q2招聘量为5799，环比下 ...

相关研究 证 券 研 究 报 告 证券分析师 行 业 及 产 业 非银金融/ 保险Ⅱ 分红险分红水平监管迎新规。6 月 18 日，金管局下发《关于分红险分红水平监 管意见的函》，聚焦提升分红险可持续经营水平，就 2024 年分红水平做出进 一步要求：1）根据账户资产配置特点及实际投资收益率，审慎确定分红水平； 2）按照资产负债相匹配、财务与精算硬约束、投资收益可支撑、分红水平可持 续原则审定分红险年度可分配盈余；3）建立健全分红水平动态管理机制；4） 存在以下情形之一的，应充分论证分红水平必要性、合理性和可持续性：i)拟定 分红水平对应的投资收益率超过分红账户过去三年 min{平均财务投资收益率， 平均综合投资收益率}；ii)分红实施前/后分红特储为负值；iii）设立时间不足 3 年的分红险账户拟分红水平超过人身险行业过去 3 年平均财务收益率 （3.2%）；iv)监管评级为 1-3 级，且拟分红水平超过人身险行业过去 3 年平均 财务收益率（3.2%）；v) 监管评级为 4-5 级，且拟分红水平超过产品预定利率 的；vi）公司资产负债管理职能部门认为需要提交审议的其他情形。 推动分红险转型的核心目的是在满足 ...