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 ...

Investment Rating - The report assigns a Neutral rating to China Pacific Insurance (CPIC) with a 12-month price target of HK$23.50 for H-shares and Rmb26.50 for A-shares, indicating a downside of 6.0% and 24.0% respectively [9][13]. Core Insights - Strong sales momentum has been observed in the first quarter of FY25, continuing into the second quarter, with the mix of participating product sales increasing to over 30% by the end of May, compared to approximately 20% in 1Q25 [5]. - CPIC's agency headcount has stabilized year-to-date, with plans to increase recruitment starting in the second half of FY24, focusing on improving agent productivity [5]. - The bancassurance channel has shown strong growth in value of new business (VONB) for FY24, with expectations of similar momentum in FY25, particularly in tier 1-2 cities [5]. - Investment in equity and funds remains stable at around 12% of total investment assets, with a new money yield of approximately 2.5% [12]. Sales Momentum - The sales momentum in 1Q25 has continued into 2Q25, with a notable increase in the sales mix of participating products [5]. - The agency channel aims to promote health and protection products to improve margins and diversify the product mix [5]. - The bancassurance channel strategy focuses on tier 1-2 cities to access mid-to-high-end customers, maintaining key partnerships with banks [5]. Asset and Liability Management - CPIC's current effective duration gap is 3-4 years, with an asset duration of 11.6 years [12]. - The blended guaranteed cost of liability is around 2.8%, expected to be lower than 2.5% when including positive expense and risk margins [12]. Shareholders' Return - CPIC will maintain its annual payout policy and has not proposed a detailed plan for share buybacks, despite receiving authorization from the AGM [12]. - The company emphasizes total payout ratio over more frequent dividend payments, indicating a focus on long-term shareholder returns [12].

Group 1: Core Insights - The report highlights the integration of big data and AI in providing comprehensive talent compensation data analysis and management solutions, covering over 1 billion talent data points and serving more than 30,000 corporate clients [1][13][16]. Group 2: Sample Distribution - Company size distribution shows that 28.3% of companies have fewer than 100 employees, 23.9% have 100-500 employees, 7.8% have 500-1000 employees, and 40.2% have over 1000 employees [2][29]. - The majority of companies are privately owned, accounting for 96.3%, while state-owned and listed companies represent a smaller share [2][32]. - Major company headquarters are concentrated in first-tier cities like Shanghai, Beijing, and Shenzhen, with East, North, and South China being the primary regions [2]. Group 3: Human Resource Indicators - The salary increase rate for the technology finance sector is projected to be 0.2% for 2024, with a decrease of 0.2% over the past 12 months and a forecast of 0% for 2025 [4][38]. - The turnover rate in the technology finance sector is expected to be 18.3% in 2024, down from 27.6% in 2023, indicating an improvement in employee retention [5][51]. - The average starting salary for 2024 graduates is 9,222 yuan, with higher salaries for those with advanced degrees, particularly in IT and finance roles [5][53]. Group 4: Labor Demand - Recruitment trends indicate a decrease in hiring volume to 5,799 in Q2 2025, a 43.6% decline, while recruitment salaries have increased by 1% [7]. - In the past month, Xi'an has seen the highest recruitment volume and salaries, while some cities have experienced declines in hiring [8]. - Popular job functions include credit business, consulting services, and investment management, with significant salary increases in market operations and data analysis roles [8]. Group 5: Benefits Insights - 90% of companies have a per capita benefits budget exceeding 600 yuan, with specific data available for key holidays like Spring Festival and Mid-Autumn Festival [9]. Group 6: Popular Position Salaries - In first-tier cities, popular positions such as financial product managers and risk management specialists have clear salary data across different percentiles, with algorithm positions reaching an annual total cash income of 372,860 yuan at the 90th percentile [10].

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [5]. Core Insights - The new regulations on dividend insurance aim to enhance sustainable operating levels while controlling liability costs, with specific guidelines for determining dividend levels based on asset allocation and investment returns [3][4]. - The focus on managing liability costs is crucial for mitigating interest spread loss risks, with the expected adjustment of the predetermined interest rate in Q3 2025 [5]. - The competitive landscape in the life insurance market remains intense, with customer return performance being a key factor influencing product selection [4]. Summary by Sections Regulatory Changes - New regulations on dividend insurance were issued on June 18, 2025, emphasizing sustainable dividend levels and dynamic management mechanisms [3]. - Insurers must justify the necessity and sustainability of proposed dividend levels under certain conditions, including historical performance metrics [3]. Market Dynamics - The core objective of transforming dividend insurance is to meet customer savings needs while reducing rigid liability costs [4]. - Major insurers have successfully increased sales of dividend insurance products, with significant contributions from individual and bank insurance channels [4]. Financial Projections - The expected predetermined interest rate for life insurance products is projected to decrease to 2.13% in Q1 2025, which is lower than the current rate of 2.5% [5]. - The insurance sector is expected to attract more attention post the implementation of new public fund regulations, with a notable underweight position compared to the market index [5]. Company Valuations - Key companies in the insurance sector have varying valuations, with China Life Insurance having a market cap of 96.34 billion RMB and a PEV of 0.74 for 2025 [9].

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report highlights that the non-bank financial sector is expected to benefit from policy changes, particularly the marginal easing of IPO regulations on the Sci-Tech Innovation Board, which will favor brokerage investment banking and direct investment businesses [3] - The report emphasizes the importance of regulatory measures that link the dividend levels of insurance products to investment returns and risk ratings, which is expected to enhance the performance of large insurance companies [3] - The brokerage sector is anticipated to see continued growth in performance, supported by low valuations and institutional holdings, with a focus on retail brokers and financial technology companies [3] Summary by Sections Industry Trends - The non-bank financial sector is projected to outperform the overall market, with a focus on the positive impact of regulatory reforms and market conditions [1][3] - The average daily trading volume for stock funds was 1.46 trillion, showing a week-on-week decrease of 7.7% [3] Regulatory Developments - The China Securities Regulatory Commission (CSRC) has introduced new measures to deepen reforms on the Sci-Tech Innovation Board, which includes the establishment of a growth tier to support technology companies that are not yet profitable [3] - New regulations on the classification of brokerages aim to promote differentiated development and enhance the functional assessment of brokerages [3] Recommended and Beneficiary Stocks - Recommended stocks include Jiangsu Jinzheng, Hong Kong Stock Exchange, and China Pacific Insurance [4] - Beneficiary stocks include Guosen Securities, Jiufang Zhitu Holdings, and China Galaxy Securities [4]

Regulatory Developments - The Financial Regulatory Bureau has approved AIA Life and Netherlands Global Life to establish an insurance asset management company in Shanghai [1] - The "Action Plan to Support the Construction of Shanghai International Financial Center" aims to further attract insurance institutions to Shanghai [1] Industry Trends - The pilot reform for long-term investment of insurance funds has progressed, with an additional 22.5 billion yuan expected to be invested by New China Life and China Life in a private equity fund [2] - In 2025, 403 new life insurance products have been launched, with participating insurance accounting for 37% of the total, indicating a shift towards this product type due to its fixed and floating income mechanism [3] - A new round of insurance product interest rate adjustments has begun, with a recent product launch featuring a 1.5% interest rate, down from the previous 2% cap [4] Company Performance - China Pacific Insurance reported a premium income of 134.79 billion yuan from January to May 2025, a year-on-year increase of 10.2% [5] - ZhongAn Online reported a total premium income of approximately 13.91 billion yuan for the same period, reflecting a 13% year-on-year growth [5] - Fuzhou Life Insurance has been officially established, with plans for its vice president to potentially become the president, indicating a strategic move in the insurance market [6]

Market Overview - The FTSE China A50 Index components showed a mixed performance with the banking and insurance sectors continuing to rise in the afternoon, while the consumer electronics sector experienced divergent trends [1][7]. Banking and Insurance Sector - Major banks and insurance companies such as China Pacific Insurance, Ping An Insurance, and China Life Insurance reported market capitalizations of 376.78 billion, 340.36 billion, and 996.83 billion respectively, with trading volumes of 7.95 million, 46.06 million, and 6.95 million [3]. - The insurance sector saw positive changes with Ping An Insurance increasing by 1.54 (+2.89%) and China Life Insurance by 0.14 (+1.67%) [3]. Consumer Electronics Sector - The consumer electronics sector displayed mixed results, with companies like Industrial Fulian and Luxshare Precision reporting market capitalizations of 408.89 billion and 240.74 billion respectively, and trading volumes of 39.50 million and 10.37 million [4]. - Industrial Fulian's stock decreased by 0.22 (-1.06%), while Luxshare Precision increased by 0.18 (+0.35%) [4]. Alcohol Industry - The alcohol sector, represented by Kweichow Moutai and Wuliangye, showed strong market capitalizations of 1,794.68 billion and 223.79 billion respectively, with trading volumes of 49.91 million and 21.95 million [3]. - Kweichow Moutai's stock increased by 2.66 (+0.19%), while Wuliangye rose by 6.84 (+3.87%) [3]. Semiconductor Sector - The semiconductor industry, including companies like North Huachuang and Cambrian, reported market capitalizations of 227.97 billion and 310.30 billion respectively, with trading volumes of 14.35 million and 21.38 million [3]. - North Huachuang's stock increased by 3.21 (+0.76%), while Cambrian's stock decreased by 8.11 (-1.39%) [3]. Automotive Sector - The automotive sector, featuring Great Wall Motors and BYD, had market capitalizations of 179.31 billion and 1,869.56 billion respectively, with trading volumes of 25.08 million and 3.83 million [3]. - Great Wall Motors' stock decreased by 0.25 (-0.07%), while BYD's stock decreased by 0.16 (-0.76%) [3]. Energy Sector - The energy sector, including China Petroleum and China Shenhua, reported market capitalizations of 1,676.47 billion and 1,095.42 billion respectively, with trading volumes of 12.62 million and 8.75 million [3]. - China Petroleum's stock increased by 0.21 (+1.30%), while China Shenhua's stock decreased by 1.84 (-0.76%) [3].

苏罡表示，在试点推进过程中，中国太保积极与监管部门沟通协调，并获得监管部门在偿付能力风险因 子、权益类资产监管比例等方面给予的政策支持，这些安排有利于发挥保险资金作为耐心资本的作用， 有利于拓宽公司中长期权益资产配置空间。 在苏罡看来，当前市场环境下，利率中枢持续下行，保险资金配置压力较大，加大权益配置成为必然之 举。 苏罡表示，保险资金，尤其是寿险资金，具备负债久期长、现金流相对稳定的特点，这为配置中长期权 益类资产奠定了良好基础，也使得保险公司能够抵御短期市场波动，在市场波动时择机优化，充分发挥 股市稳定器的关键作用。 新华网北京6月12日电（唐滨妮）6月11日，中国太保2024年度股东大会在上海召开。会议现场，该公司 管理层围绕公司布局、险资入市、投资布局、市值管理等市场关心的热点进行了回应。在此期间，中国 太保副总裁、首席投资官、财务负责人苏罡表示，基于相关政策要求及公司战略规划，中国太保由旗下 太保资产全资设立私募证券基金管理公司，由新设基金管理公司发行契约型私募证券基金产品，并由太 保寿险进行全额认购。"目前公司正全力推进该方案的具体落地实施，确保各项工作有序开展。" 今年初，六部门联合印发《关于 ...

Group 1: Market Overview - The FTSE China A50 Index components showed a rebound in banking, insurance, and liquor sectors, while the power sector continued to adjust [1][4][5] - Major insurance companies like China Pacific Insurance, China Life Insurance, and Ping An Insurance reported market capitalizations of 378.55 billion, 342.10 billion, and 994.83 billion respectively, with trading volumes of 4.88 million, 24.23 million, and 3.99 million [4] - The liquor industry, led by Kweichow Moutai, Wuliangye, and Shanxi Fenjiu, had market capitalizations of 1807.87 billion, 225.39 billion, and 463.74 billion respectively, with trading volumes of 27.96 million, 15.85 million, and 20.97 million [4] Group 2: Sector Performance - The semiconductor sector, including companies like Northern Huachuang and Cambrian, had market capitalizations of 226.75 billion and 240.86 billion respectively, with trading volumes of 7.87 million and 14.31 million [4] - In the automotive sector, Great Wall Motors and BYD reported market capitalizations of 281.32 billion and 1874.12 billion respectively, with trading volumes of 13.90 million and 1.60 million [4] - The power sector, represented by companies like Yangtze Power and China Nuclear Power, had market capitalizations of 746.53 billion and 329.67 billion respectively, with trading volumes of 9.73 million and 16.36 million [5] Group 3: Notable Companies - China Shenhua Energy and Shaanxi Coal and Chemical Industry had market capitalizations of 193.12 billion and 1095.10 billion respectively, with trading volumes of 4.57 million and 18.81 million [4] - In the food and beverage sector, companies like Citic Securities and Haitai Flavor reported market capitalizations of 385.04 billion and 325.62 billion respectively, with trading volumes of 5.48 million and 3.31 million [5] - The electronics sector, including companies like Industrial Fulian and Luxshare Precision, had market capitalizations of 342.13 billion and 409.89 billion respectively, with trading volumes of 5.39 million and 23.98 million [5]

Core Viewpoint - The China Securities Index for non-bank financial themes has shown a decline in the short term but has experienced significant growth year-to-date, indicating a mixed performance in the financial sector [1][2]. Group 1: Index Performance - The CSI Non-Bank Financial Theme Index fell by 2.62% to 3445.53 points, with a trading volume of 18.869 billion yuan [1]. - Over the past month, the index has increased by 8.98%, and over the last three months, it has risen by 6.39%, with a year-to-date increase of 21.74% [1]. Group 2: Index Composition - The index comprises up to 50 listed companies that meet the non-bank financial theme criteria, reflecting the overall performance of this sector within the Hong Kong Stock Connect [1]. - The top ten weighted companies in the index include China Ping An (14.86%), AIA Group (14.77%), Hong Kong Exchanges and Clearing (14.3%), China Life (8.75%), China Pacific Insurance (6.66%), and others [1]. Group 3: Industry Representation - The index exclusively represents the financial sector, with a 100% allocation to financial companies [2]. - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2].