Group 1 - China Pacific Insurance (CPIC) successfully won the "TIR Card Vehicle Insurance Service" project for Ruian Xinxin European International Logistics Co., enhancing its role in supporting the Belt and Road Initiative and injecting new momentum into the construction of international logistics corridors [1] - The TIR international road transport route from Ruian, Zhejiang Province, is set to officially open on December 12, 2024, providing a direct connection to Europe in approximately 8 to 12 days, significantly improving cross-border transport efficiency through standardized processes [1] - The opening of the TIR route will help local enterprises in Ruian overcome international logistics bottlenecks, shorten the "going abroad" cycle, and inject strong momentum into the region's export-oriented economic development [1] Group 2 - In recent years, CPIC has actively integrated into national strategies, responding to the Belt and Road Initiative by optimizing its global service network, providing overseas business risk protection exceeding 3 trillion yuan, and covering over 1,200 projects across more than 180 countries and regions [2] - CPIC aims to leverage this cooperation to deepen its practice of "safeguarding national strategies and serving the real economy," providing comprehensive support for the high-quality development of the TIR route while enhancing insurance service precision and response efficiency through technological empowerment [2]

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分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。 於2025年4月9日（交易時段後），太保壽險與上海科創、國際集團、虹橋睿智、 上 港 集 團、上 海 信 託、建 元 信 託 及 寧 和 盛 諮 詢 共 同 簽 訂 上海科創三期基 金合夥協議，擬設立上海科創三期基金。根據上海科創三期基金合夥協議， 太保壽險（作為有限合夥人）將對上海科創三期基金認繳出資人民幣8億元。 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） 關連交易 參與設立 上海科創三期基金 於2025年4月9日（交易時段後），太 保 壽 險 與 上 海 科 創、國 際 集 團、虹 橋 睿 智、上 港 集 團、上 海 信 託、建 元 信 託 及 寧 和 盛 諮 詢 共 同 簽 訂 上 海 ...

信心比黄金更重要！ 展望后市，券商机构认为，中国股票市场具备较多有利条件，包括地缘叙事和科技叙事的变化，以及中国 资产本身的估值优势和宏观政策发力的空间，中国资产相比全球股市更具韧性。 汇金公司明确了自己是资本市场上的"国家队"，发挥着类"平准基金"作用。央行表示，必要时向汇金公司 提供充足的再贷款支持。 汇金公司有关负责人就2025年4月7日公告答记者问表示，将继续发挥好资本市场"稳定器"作用，有效平 抑市场异常波动，该出手时将果断出手；下一步，汇金公司将坚定增持各类市场风格的ETF，加大增持力 度，均衡增持结构；汇金公司具有充分信心、足够能力，坚决维护资本市场平稳运行。 重磅政策出台、类"平准基金"发力、"国家队"行动、地方国资出手、险资发声、上市公司掀起增持回购 潮……关键时刻，多方力量正在形成合力，坚决维护中国资本市场稳定运行。 受一系列利好举措刺激，4月8日A股三大指数强势反攻，截至收盘，沪指涨1.58%，深成指涨0.64%，创 业板指涨1.83%。港股亦明显回暖，恒生指数收涨1.51%，恒生科技指数收涨3.79%。 瑞银估计，在2025年期间，除了"国家队"（包括汇金公司、中国证金及国家外汇管理局 ...

证券代码：601601 证券简称：中国太保 公告编号：2025-017 重要提示 目前该事项正在筹划之中，公司将制定合理可行的回购股份方案， 并按照相关规定履行审批程序并及时履行信息披露义务。该回购事项 需按有关监管规定履行相关审批程序后方可实施，审议通过后的最终 方案可能与本次公告内容存在差异，请以经公司履行审批程序后最终 审议通过的方案为准。上述事项尚存在不确定性，敬请广大投资者注 意投资风险。 特此公告。 中国太平洋保险（集团）股份有限公司董事会 2025 年 4 月 8 日 2 中国太保坚信中国经济长期向好的基本面没有改变，坚定看好中 国资本市场发展前景。公司坚持"价值投资、长期投资、稳健投资、 责任投资"理念，看好中国权益市场长期配置价值，发挥保险资金长 期投资优势，做市场真正的耐心资本。 公司已于 4 月 7 日增持了宽基交易型开放式指数基金（ETF）等 产品，未来将进一步发挥保险资金长期投资优势，加大战略性新兴产 业、先进制造业、新型基础设施等领域投资力度，服务新质生产力发 展，继续增持代表中国未来经济发展方向的优质资产。 同时，基于对公司未来发展的信心以及对公司价值的认可，为维 护公司全体股东 ...

Investment Rating - The report maintains a "Recommended" rating for the insurance sector, expecting it to outperform the market [2][3]. Core Insights - The report highlights that the insurance sector is expected to benefit from a collective improvement in performance, with specific companies like China Ping An showing strong profit growth and dividend increases [10]. - The report suggests a focus on companies such as China Ping An, China Taiping, New China Life, and China Life, with a recommendation to pay attention to China Property & Casualty Insurance [3][10]. Summary by Sections Key Company Earnings Forecast, Valuation, and Investment Ratings - China Taiping: EPS forecast for 2025E is 4.87 CNY, with a PE of 6.62 and a PB of 0.91, rated as "Recommended" [4]. - New China Life: EPS forecast for 2025E is 6.39 CNY, with a PE of 8.05 and a PB of 1.80, rated as "Recommended" [4]. - China Ping An: EPS forecast for 2025E is 7.56 CNY, with a PE of 6.81 and a PB of 0.95, rated as "Strongly Recommended" [4]. - Guangfa Securities: EPS forecast for 2025E is 1.45 CNY, with a PE of 11.19 and a PB of 0.99, rated as "Recommended" [4]. - CITIC Securities: EPS forecast for 2025E is 1.82 CNY, with a PE of 14.49 and a PB of 1.41, rated as "Recommended" [4]. Industry Basic Data - The non-bank financial sector consists of 72 companies, with a total market capitalization of 52,964.03 billion CNY and a circulating market capitalization of 39,161.16 billion CNY [5]. Relative Index Performance - The absolute performance over 1 month is +10.1%, over 6 months is +6.8%, and over 12 months is -13.9% [6]. Market Trends - The report notes a decrease in average daily trading volume to 11,367.50 billion CNY, down 27.90% week-on-week [10]. - The insurance index has outperformed the market, while the securities index has underperformed [10]. Company Recommendations - The report recommends Guangfa Securities, CITIC Securities, and China Ping An, among others, based on their strong fundamentals and market positioning [10].

证券代码：601601 证券简称：中国太保 公告编号：2025-016 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。 中国太平洋保险（集团）股份有限公司 董事辞任公告 因工作变动原因，蔡强先生已向本公司董事会提交辞呈，辞去本 公司非执行董事以及董事会战略与投资决策及 ESG 委员会委员职务。 蔡先生的辞任自 2025 年 4 月 6 日起生效。蔡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。 特此公告。 中国太平洋保险（集团）股份有限公司董事会 2025 年 4 月 8 日 1 ...

Macroeconomic Insights - China will impose a 34% tariff on all imports from the United States starting April 10, 2025, which is expected to significantly reduce agricultural imports from the U.S. [3] - In 2024, China imported agricultural products worth $24.9 billion from the U.S., with major imports including soybeans (22.1 million tons), sorghum (5.7 million tons), corn (2.1 million tons), and wheat (1.9 million tons) [3]. Agricultural Sector - The increase in tariffs is likely to enhance domestic grain prices and benefit the planting industry chain, emphasizing the need for self-sufficiency in grain production [3]. - The report highlights the importance of technological advancements in agriculture, particularly in genetically modified and gene-edited crops, which are expected to accelerate, benefiting seed companies with leading technology reserves [3]. - The report recommends focusing on companies that are actively expanding their domestic brands in the pet food sector, such as Guibao Pet and Zhongchong Co., which primarily generate revenue from domestic sales [4]. Livestock Industry - The report indicates that the pig farming sector is expected to see a significant improvement in profitability for the 2024 annual report and the first quarter of 2025, driven by favorable pig prices and reduced costs [5]. - The analysis of March's supply and demand dynamics in the pig farming industry shows a balanced market, but a potential downward trend in prices is anticipated if there is no support from state reserves [4][5]. Investment Recommendations - Recommended stocks in the poultry sector include Shengnong Development, Yisheng Shares, and Lihua Shares; for the post-cycle sector, recommended stocks are KQ Bio, Haida Group; in the pig farming sector, recommended stocks include Muyuan Foods, Wens Foodstuff Group, Tiankang Bio, and Shennong Group [7]. - In the seed industry, recommended stocks include Fengle Seed Industry, Quanyin High-Tech, Longping High-Tech, and Dabeinong [7]. - In the pet sector, recommended stocks are Guibao Pet, Zhongchong Co., and Ruipu Bio [7]. Chemical Industry - The report suggests that the imposition of a 34% tariff on U.S. imports will accelerate the domestic substitution process for chemical products, particularly in high-end markets [17]. - Beneficiary products include lubricant additives, nucleating agents, adsorption separation resins, and nano-silica, with specific companies recommended for investment [19]. Rare Earth Industry - The report maintains an "overweight" rating on the rare earth sector, anticipating that the recent tariffs will enhance China's strategic advantages in rare earth production and lead to price increases due to supply-demand mismatches [22]. - The export control measures on heavy rare earths are expected to stimulate overseas stockpiling, further driving up prices [23]. Insurance Sector - The insurance sector is projected to see stable growth in 2025, with a focus on improving asset-liability matching strategies [25]. - The report recommends increasing holdings in companies like China Pacific Insurance and New China Life Insurance, which are expected to benefit from improved investment returns and stable business strategies [40].

Core Viewpoint - In 2024, China Pacific Property Insurance (CPIC) focuses on technology insurance as a core strategy to support the high-quality development of technology enterprises, aligning with national financial policies and promoting deep integration of technology and insurance [1][2]. Group 1: Strategic Initiatives - CPIC has established a special working group for technology insurance and formed specialized teams across its branches to systematically advance technology insurance business [2]. - The company leads the Shanghai Technology Insurance Working Group and has set up a service station in the Lingang New Area to enhance service delivery from "window" to "enterprise" [2]. - CPIC participated in formulating industry standards and published the first "Shanghai Technology Insurance Product Catalog" and the "2024 Shanghai Technology Insurance Innovation Development Report" [2]. Group 2: Innovative Products - CPIC launched innovative products tailored to different stages of technology enterprises, including the first domestic "pilot project cost loss insurance" for new materials and a "risk supervision" model to assist in technology transfer [3]. - The company introduced the first "high-tech enterprise certification compensation insurance" and received the "Annual Guaranteed Insurance Product Award" for its "Technology Enterprise Assistance" service case [3]. - CPIC has developed a comprehensive network security insurance service system, recognized by the Ministry of Industry and Information Technology, to support the growth of network security insurance [3]. Group 3: Focus on Key Industries - CPIC provides customized risk solutions for key sectors such as integrated circuits, biomedicine, and low-altitude economy, helping enterprises overcome core technology challenges [5]. - The company has been a leading underwriter for major enterprises in the integrated circuit sector and has introduced new insurance products to support industry stability [5]. - In the biomedicine sector, CPIC offers a full-chain risk solution and has launched various insurance products to support international clinical trials and new technology applications [5]. Group 4: Knowledge Property Insurance - By 2024, CPIC has provided over 4.4 billion yuan in risk protection for more than 8,000 enterprises covering 20,000 patents, trademarks, and other intellectual properties [4]. - The company launched the first "data intellectual property safety insurance" based on a data storage platform, which won the "Annual Guaranteed Insurance Product Award" [4].

Core Viewpoint - China Pacific Insurance (CPIC) has made significant strides in financial performance and sustainable development in 2024, achieving a notable ESG rating upgrade to AA from MSCI, the highest for mainland Chinese insurance companies, positioning itself among global leaders in sustainable performance [1][2]. Group 1: Sustainable Development Foundation - The "top-level design" is crucial for the successful implementation of sustainable development strategies, with CPIC establishing a clear governance structure since 2020 [2]. - In 2024, CPIC's governance system was further refined, enhancing the foundation for sustainable development [2]. - CPIC has developed a comprehensive set of ESG management guidelines, including the "Investment Activity Due Diligence Management Guidelines" and "Carbon Inventory Management Measures," which support ESG management across all operational levels [2][3]. Group 2: Innovation in Sustainable Development - Innovation is a key driver for CPIC's sustainable development, with the term "innovation" appearing over 50 times in the 2024 sustainability report [4]. - In the technology finance sector, CPIC launched the "Pilot Project Cost Loss Insurance," the first of its kind in China, providing risk coverage for technology enterprises [5]. - CPIC's green finance initiatives include launching over 30 innovative green insurance products and achieving a green investment scale exceeding 260 billion yuan [6]. Group 3: Social Responsibility and National Strategy - CPIC plays a vital role in national strategies, providing comprehensive insurance solutions for major events like the China International Import Expo, with coverage exceeding 12.7 trillion yuan [8]. - The company has supported the Belt and Road Initiative by providing risk coverage exceeding 3 trillion yuan across over 1,200 projects globally [8]. - In social welfare, CPIC has expanded its health insurance services, covering over 9 million people and contributing 17.57 million yuan to rural revitalization efforts in 2024 [9][10].

日前，中国太保发布《2024年可持续发展报告》。这是中国太保在连续13年发布社会责任报告的基础 上，连续第4年发布可持续发展报告。报告显示，中国太保深化ESG与主责主业结合，进一步推进在可 持续保险、负责任投资、绿色低碳运营等领域的工作部署。 2024年，中国太保实现营业收入4040.89亿元，同比增长24.7%，归母净利润为449.6亿元，同比大增 64.9%。内含价值较上年末增长6.2%，管理资产规模较上年末增长21.2%。 盈利高增的背后，是中国太保以客户全生命周期服务生态圈为核心的战略成果体现。公司通过将ESG理 念深度融入主责主业，走出了一条经济效益与社会价值并重的发展道路。 为应对气候变化挑战，中国太保因地制宜开发救助型、创新型、指数型等多种类别的巨灾保险。2024 年，中国太保提供的巨灾风险保额约9752亿元，为社会抵御巨灾风险提供坚实支撑。 在碳汇领域，中国太保产险不断提升创新研究能力，持续推进产品创新：落地全国首单"零碳乡村"保 险，结合余村"两山"理念实践重点，打造综合方案覆盖山、水、林及生态救助等多个维度，形 成"3+1"系统保障体系，打造零碳乡村保险样本；创新推出全国首个"零碳会议+碳 ...