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，概不就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之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） 2025 年第三季度報告 本公告由中國太平洋保險（集團）股份有限公司（「本公司」）根據《證券及期貨條例》 第 XIVA 部及香港聯合交易所有限公司證券上市規則第 13.09 條及第 13.10B 條而作出。 本公司 2025 年第三季度報告所載財務資料根據中國企業會計準則編制，且未經審計。 §1 重要提示 1.1 本公司董事會、監事會及董事、監事、高級管理人員保證季度報告內容的真實、準確、 完整，不存在虛假記載、誤導性陳述或者重大遺漏，並承擔個別和連帶的法律責任。 1.2 本公司第十屆董事會第十八次會議於 2025 年 10 月 30 日審議通過了本公司《2025 年 第三季度報告》。應出席會議的董事 13 人，親自 ...

Core Viewpoint - The insurance sector experienced a decline of 0.98% on October 30, with China Life leading the drop, while the overall market indices also fell [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3986.9, down 0.73% - The Shenzhen Component Index closed at 13532.13, down 1.16% [1]. Group 2: Individual Stock Performance - New China Life (601336) closed at 70.90, up 1.21% with a trading volume of 315,600 shares and a turnover of 2.262 billion yuan - China Pacific Insurance (601601) closed at 37.75, up 0.40% with a trading volume of 529,600 shares and a turnover of 2.009 billion yuan - Ping An Insurance (601318) closed at 58.65, down 0.51% with a trading volume of 745,700 shares and a turnover of 4.424 billion yuan - China Reinsurance (601319) closed at 8.70, down 1.47% with a trading volume of 729,500 shares and a turnover of 643 million yuan - China Life Insurance (601628) closed at 44.38, down 1.86% with a trading volume of 206,000 shares and a turnover of 926.76 million yuan [1]. Group 3: Capital Flow Analysis - The insurance sector saw a net inflow of 260 million yuan from institutional investors, while retail investors experienced a net inflow of 33.01 million yuan - However, speculative funds recorded a net outflow of 293 million yuan [1]. Group 4: Detailed Capital Flow by Company - China Pacific Insurance (601601) had a net inflow of 216 million yuan from institutional investors, but a net outflow of 109 million yuan from speculative funds - New China Life (601336) had a net inflow of 123 million yuan from institutional investors, with a net outflow of 9.31 million yuan from speculative funds - China Reinsurance (601319) experienced a net outflow of 2.81 million yuan from institutional investors, but a net inflow of 37.96 million yuan from retail investors - Ping An Insurance (601318) had a net outflow of 21.07 million yuan from institutional investors and 119 million yuan from speculative funds, with a net inflow of 14 million yuan from retail investors - China Life Insurance (601628) had a net outflow of 55.69 million yuan from institutional investors, a net outflow of 20.94 million yuan from speculative funds, and a net inflow of 76.62 million yuan from retail investors [2].

Investment Rating - The report maintains an "Overweight" rating for the industry [1] Core Insights - The recent meeting of the Life Insurance Industry Liability Reserve Assessment Rate Expert Consultation Committee expressed a more positive outlook compared to the previous quarter, indicating a reduced likelihood of adjustments to the upper limit of the preset interest rate in the medium term [4][5] - The preset interest rate research value for ordinary life insurance products is currently at 1.90%, down from 1.99% in the previous quarter, reflecting a year-on-year decrease of 9 basis points [4] - The report highlights that the long-end interest rates have stabilized since the beginning of 2025, with the decline in preset interest rates showing a narrowing trend [4] Summary by Sections Industry Overview - The total market capitalization of the industry is 33,163.22 billion [1] - The report notes that the financial regulatory authority has issued a notification to establish a mechanism linking preset interest rates with market rates, which is expected to guide companies in prudent pricing and asset-liability management [4][8] Market Trends - The meeting's statements have shifted from concerns about continuous declines in medium to long-term interest rates to a more optimistic view on the resilience and vitality of the national economy [4] - The report suggests that if long-end interest rates remain stable, the preset interest rate for 2026 may not see significant adjustments, with a projected value of 1.87% by the end of 2026 [4][10] Investment Recommendations - The report recommends actively monitoring the valuation and performance elasticity of listed insurance companies, particularly focusing on companies such as New China Life Insurance, China Life Insurance, China Property & Casualty Insurance, Ping An Insurance, China Pacific Insurance, and AIA Group [4]

Core Viewpoint - The regulatory scrutiny in the insurance industry is intensifying, with a significant increase in penalties and a focus on financial data authenticity [1][3][4] Group 1: Regulatory Actions - The Shanghai branch of Guohua Life Insurance was fined 340,000 yuan for "unrealistic expense usage," and its director received a warning and a 50,000 yuan fine [1] - In the first three quarters of 2025, the total fines in the insurance industry exceeded 300 million yuan, marking a year-on-year increase of 9.64% [1] - The number of industry professionals banned from practice increased significantly, with 86 individuals facing bans ranging from one year to lifetime, more than double the 38 from the same period in 2024 [1][3] Group 2: Penalty Statistics - In Q3 2025, the insurance industry saw 632 penalties totaling 134 million yuan, affecting 369 institutions and 696 individuals [3] - September alone accounted for 30.91 million yuan in fines, a staggering year-on-year increase of 136.9% [3] - The most common violations were related to "five false" issues, including false expenses and claims, which are now a regulatory focus [3][4] Group 3: Individual Accountability - The regulatory approach has shifted to a dual penalty system targeting both institutions and individuals, with personal fines reaching 64.72 million yuan, accounting for 20.94% of total fines [4] - The number of bans and revocations of qualifications for individuals has increased, particularly for mid-to-senior management [4] - The structure of penalties has become pyramid-like, covering all levels from executives to frontline employees [4] Group 4: Regulatory Framework and Technology - The new "National Ten Articles" emphasizes strict market access, continuous supervision, and serious rectification of illegal activities in the insurance sector [5] - Regulatory technology is advancing, with systems like EAST and real-time monitoring tools being implemented to enhance oversight efficiency [5] - Shanghai has established a digital regulatory system capable of real-time monitoring of abnormal indicators, facilitating rapid inspections [5]

Market Overview - A-shares experienced slight fluctuations with major indices showing mixed results, as the Shanghai Composite Index opened lower but rose to a 10-year high, while the North Star 50 continued its strong performance, breaking through 1600 points [1] - The market showed a moderate increase in trading volume, with sectors such as new energy, shipping ports, insurance, and coal leading in gains, while sectors like glass fiber, medical beauty, communication equipment, and ground weaponry faced declines [1] New Energy Sector - The new energy industry saw a strong performance, with energy metals leading the charge, and the sector index surged nearly 6%, reaching a new high not seen in two and a half years, with half-day trading volume approaching the previous day's total [3] - Key stocks such as Tianhua New Energy, Jiangte Electric, and Yongxing Materials hit the daily limit or rose over 10%, while wind power equipment, photovoltaic equipment, battery recycling, and lithium mining also showed significant gains [3] - The "14th Five-Year Plan" emphasizes accelerating the construction of a new energy system, increasing the proportion of new energy supply, and promoting the orderly replacement of fossil energy [5] - Lithium battery electrolyte core material hexafluorophosphate (6F) saw a rapid price increase, reaching 98,000 yuan/ton, up over 66% from the end of September, indicating a tight supply and potential for further price increases [5] - Global photovoltaic installations exceeded 380 GWac in the first three quarters, a year-on-year increase of over 30%, with domestic installations reaching 240 GW, up 49% year-on-year, accounting for 63% of the global total [5] Insurance Sector - The insurance sector saw a significant rally, with the insurance index reaching a historical high, and stocks like New China Life Insurance surged over 4% within an hour of trading, surpassing the previous day's total volume [7] - The China Insurance Industry Association discussed the evaluation interest rate for life insurance products, suggesting a current research value of 1.90%, with expectations for a decrease in the cost of liabilities following the next round of interest rate adjustments in 2025 [9] Banking Sector - The banking sector index rose nearly 1%, with banks like Qingdao Bank, Xiamen Bank, Changshu Bank, and Ningbo Bank leading in gains [10] - Analysts from JPMorgan noted that Chinese bank stocks still hold significant investment value due to stable dividend yields and strong performance in the current interest rate environment [10] - Zhejiang Merchants Securities indicated that with risk appetite stabilizing and risk-free interest rates declining, bank stocks are expected to yield absolute returns in the fourth quarter [10]

Core Insights - The regulatory scrutiny in the insurance industry is intensifying, with penalties being imposed on both institutions and individuals for various violations [1][5][6] Regulatory Penalties - In the first three quarters of 2025, the total fines in the insurance sector exceeded 300 million yuan, marking a year-on-year increase of 9.64% [1] - The number of penalties issued in Q3 2025 reached 632, with a total amount of 134 million yuan, affecting 369 institutions and 696 individuals [3] - The fines in September alone amounted to 30.91 million yuan, representing a significant year-on-year increase of 136.9% [3] Common Violations - The most prevalent violations include "Five Falsifications" (虚列费用, 虚假承保, 虚假退保, 虚挂保费, and 虚假理赔), with financial data inaccuracies being the leading cause of penalties, accounting for 33.94% of all violations [3][4] Individual Accountability - The regulatory approach has shifted to a dual penalty system, holding both institutions and individuals accountable, with personal fines amounting to 64.73 million yuan, which is 20.94% of the total fines [5] - The number of individuals banned from the industry has significantly increased, particularly among mid-to-senior management [5] Regulatory Framework and Technology - The new regulatory framework emphasizes strict oversight, as outlined in the "New National Ten Articles," which focuses on stringent market entry, continuous supervision, and effective risk prevention [6] - Technological advancements in regulatory practices include the use of systems like EAST and real-time monitoring tools, enhancing the efficiency of regulatory oversight [6]

Core Viewpoint - The National Financial Supervision Administration of Longnan has approved the change of business location for China Pacific Property Insurance Co., Ltd.'s Lixian branch to a new address in Longnan City, Gansu Province [1] Group 1 - The new business location for the Lixian branch is specified as No. 22, Hongyu Community, Qinhan Avenue, Chengguan Town, Lixian County, Longnan City, Gansu Province [1] - China Pacific Property Insurance Co., Ltd. is required to handle the change and obtain the necessary permits in accordance with relevant regulations [1]

Core Points - The National Financial Supervision Administration of Tianshui has approved the change of business location for China Pacific Property Insurance Co., Ltd. Tianshui Branch [1] - The new business location is specified as the third floor of the Postal Delivery Building on Fendou Lane, Qinzou District, Tianshui City, Gansu Province [1] - China Pacific Property Insurance Co., Ltd. is required to handle the change and obtain the necessary permits in accordance with relevant regulations [1]

Core Viewpoint - The report from Dongwu Securities indicates a slight decrease in public fund holdings in the non-bank financial sector as of the end of Q3 2025, with expectations for continued benefits from an improving market environment [1][5]. Summary by Category Public Fund Holdings - As of the end of Q3 2025, public fund stock investments in the non-bank financial sector accounted for 1.61%, a decrease of 0.32 percentage points from Q2 2025. This represents an underweight of 8.35 percentage points compared to the market capitalization of the CSI 300 index, with a slight narrowing of the underweight by 0.13 percentage points from Q2 2025 [2]. Insurance Sector - The insurance sector's holdings were at 0.78%, down 0.32 percentage points from Q2 2025. Notably, China Life and Ping An saw increases in shareholdings, while other companies like PICC and Taikang Life experienced significant reductions [3]. - The dynamic valuation for the insurance sector was 0.66x PEV, remaining stable compared to Q2 2025. The holdings for major insurers as of Q3 2025 were: China Life (0.02%), Ping An (0.48%), Taikang (0.18%), Xinhua (0.09%), and PICC (0.01%) [3]. Brokerage and Internet Finance Sector - The holdings in the brokerage and internet finance sector remained relatively stable at 0.74%, with a slight increase of 0.01 percentage points from the first half of 2025. Traditional brokerages accounted for 0.54% of the holdings, reflecting a 0.01 percentage point increase [4]. - The valuation for the brokerage industry (CITIC Securities II Index) was 1.55x P/B at the end of Q3 2025, up from 1.41x P/B at the end of the first half of 2025 [4]. Market Trends and Recommendations - The non-bank financial sector has shown continuous improvement in market conditions, with significant increases in trading volumes. The average daily trading volume for equity funds reached 18,723 billion yuan in the first three quarters of 2025, a year-on-year increase of 109%, with Q3 alone seeing a 208% increase [5]. - Key recommendations for investment include China Ping An, Xinhua Insurance, China Life, CITIC Securities, Tonghuashun, and Jiufang Zhitu Holdings, as the sector remains underweighted in public fund portfolios [1][5].

Core Insights - The insurance sector experienced a rise of 0.92% on October 29, with China Ping An leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Insurance Sector Performance - China Ping An (601318) closed at 58.95, with a gain of 2.06% and a trading volume of 1.0444 million shares, amounting to a transaction value of 6.172 billion [1] - New China Life Insurance (601336) closed at 70.05, up 1.49%, with a trading volume of 169,100 shares [1] - China Pacific Insurance (601601) closed at 37.60, up 0.80%, with a trading volume of 590,700 shares [1] - China Life Insurance (601628) closed at 45.22, up 0.27%, with a trading volume of 175,700 shares [1] - China Reinsurance (601319) closed at 8.83, up 0.46%, with a trading volume of 589,300 shares [1] Fund Flow Analysis - The insurance sector saw a net outflow of 505 million from institutional investors, while retail investors contributed a net inflow of 434 million [1] - Among individual stocks, New China Life Insurance had a net inflow of 27.46 million from institutional investors, while China Ping An experienced a net outflow of 306 million [2] - China Life Insurance saw a net inflow of 19.49 million from retail investors, despite a net outflow of 51.38 million from institutional investors [2]