Core Insights - The insurance industry is increasingly supporting the development of specialized and innovative companies by providing tailored insurance products that cover the entire lifecycle of technology enterprises [1][2] Group 1: Insurance Support for Technology Enterprises - The insurance sector has developed a comprehensive range of products and services aimed at supporting technology companies, enhancing the scope and precision of technology insurance [1][2] - Clinical trial liability insurance has emerged to bolster market confidence and facilitate orderly medical research, covering potential liabilities arising from adverse reactions during clinical trials [2][3] Group 2: Risk Management and Digital Security - Insurance plays a crucial role in risk management for biotechnology firms, providing essential coverage for clinical trials and drug safety, with China Pacific Insurance offering a total of 42.3 billion yuan in insurance coverage for 262 biotech companies in Suzhou [3] - As digital transformation accelerates, cybersecurity insurance has become vital for enterprises, addressing risks associated with data recovery, ransomware attacks, and cybersecurity liability [3][4] Group 3: Intellectual Property Protection - Intellectual property insurance is critical for specialized and innovative companies, providing a safety net against infringement and supporting innovation by protecting core assets [4][5] - Companies like Shangjiukai have adopted various insurance products to safeguard against market challenges, with total risk coverage exceeding 5 billion yuan since inception [5] Group 4: Growth and Market Aspirations - The support from the insurance industry allows specialized and innovative companies to focus on research and development, with some companies planning to enter capital markets through IPOs or mergers [5]

Core Insights - The insurance industry is increasingly supporting the development of specialized and innovative companies by providing comprehensive insurance products and services tailored to the entire lifecycle of technology enterprises [1][5] - The introduction of clinical trial liability insurance is enhancing market confidence and facilitating orderly medical research, thereby promoting innovation in the pharmaceutical industry [2][5] - Digital security insurance is becoming essential for specialized and innovative companies facing cybersecurity risks, helping them manage risk costs and promote technology application [3][5] Group 1: Insurance Support for Innovation - The insurance sector has developed a range of products that cover the entire lifecycle of technology companies, significantly accelerating the development and transformation of specialized and innovative enterprises [1][5] - In 2024, China Pacific Insurance provided a comprehensive insurance package worth 42.3 billion yuan for 262 biomedical companies in Suzhou, including clinical trial liability and drug safety liability insurance [2][5] Group 2: Cybersecurity and Digital Insurance - Cybersecurity insurance is crucial for companies undergoing digital transformation, covering costs related to data recovery, ransomware attacks, and liability for cybersecurity breaches [3][5] - Companies like Koser Medical emphasize the necessity of data security, highlighting that cybersecurity is a survival issue rather than a choice [3][5] Group 3: Intellectual Property Insurance - Intellectual property insurance is vital for specialized and innovative companies, providing protection against infringement and ensuring the safeguarding of innovation [4][5] - The company Shangjiukai has insured against intellectual property infringement losses and execution, reflecting the changing insurance needs as the market evolves [4][5] Group 4: Growth and Market Aspirations - The insurance industry's support allows specialized and innovative companies to focus on research and development, with some companies planning to enter the capital market [5][6] - Companies like Koser Medical are preparing for an IPO on the Sci-Tech Innovation Board, indicating a trend towards capital market engagement among innovative firms [6]

纵观全局，险资正在从传统的"固收为主、权益为辅"转向"固收打底、权益增强"的资产配置模式。其在 IPO市场上的频繁出手，不仅是资产端寻求收益突破的战术调整，更是保险资金作为"耐心资本"服务实 体经济、支持国家战略的功能体现。 "险资正在从传统财务投资者向'产业赋能型资本'转型。"北京大学应用经济学博士后、教授朱俊生在接 受《华夏时报》记者采访时表示，传统险资更关注财务收益，而近年来，随着投资能力、产业研究能力 和投后管理能力的提升，一些险资机构开始通过IPO基石投资、战略配售、联合投后服务等方式深入参 与产业链发展，实现资本与产业的双向价值创造。 本报（chinatimes.net.cn）记者吴敏 北京报道 近年来，在资本市场深化改革与利率持续下行的双重背景下，保险资金正以前所未有的活跃姿态涌入 IPO市场，成为一级市场中不可忽视的长期资本力量。从港股基石投资到A股战略配售，从半导体芯片 到新能源电站，险资的触角正深入更多具备高成长性与战略价值的产业领域。 港股IPO：险资成为基石力量 今年以来，港股市场迎来多家重磅企业上市，其中紫金矿业旗下黄金业务板块紫金黄金国际的登陆尤为 引人注目。该项目不仅是今年港股募 ...

Core Viewpoint - The article discusses the rising trend of Real World Assets (RWA) tokenization in the Greater Bay Area, highlighting its potential benefits and challenges for companies seeking to leverage this new financing model [4][5]. Group 1: RWA Tokenization Overview - RWA refers to the tokenization of real-world assets into tradable digital asset certificates using blockchain technology, with over 13 institutions exploring this model in the past two years [4][7]. - Companies are increasingly interested in RWA not just for financing but also for brand exposure and potential stock price enhancement [4][13]. Group 2: Recent Developments and Case Studies - Since 2024, notable companies like Langxin Group and Huaxia Fund have successfully issued RWA projects, with underlying assets including funds, bonds, and real estate [7][8]. - The total market value of global on-chain RWA assets surpassed $25 billion by July 2025, with projections suggesting the market could exceed $10 trillion by 2030 [9]. Group 3: Challenges and Risks - The costs associated with issuing RWA projects in Hong Kong can be high, often exceeding HKD 2.5 million, which may deter some companies from pursuing this route [11][12]. - Not all assets are suitable for RWA; successful tokenization requires stable cash flows, clear legal rights, and verifiable off-chain data [18][19]. Group 4: Regulatory Environment - The regulatory landscape for RWA is still evolving, with a need for clear classification and compliance pathways based on asset characteristics [19][20]. - There are concerns about systemic risks if transparency and custodial measures are not adequately enforced [20][21]. Group 5: Future Prospects - RWA could provide a new avenue for Chinese companies to return to the Hong Kong market, offering a more flexible and faster alternative to traditional secondary listings [24][25]. - The development of RWA is expected to align with economic trends, with potential breakthroughs in cross-border financial products and limited trials for equity assets [25].

Core Insights - Zhang Yuanhan, the Chief Actuary of China Pacific Insurance (CPIC), has submitted his resignation, citing "work changes" as the reason for his early departure, which was originally expected to last until February 2027 [1][2] - Zhang has served CPIC for over 12 years and has held multiple roles, including Chief Financial Officer and temporary Chief Actuary of CPIC's life insurance subsidiary [2] Company Overview - CPIC reported a revenue of 200.496 billion yuan and a net profit attributable to shareholders of 27.885 billion yuan for the first half of 2025, representing year-on-year growth of 3% and 11%, respectively [3] - As of the end of the first half of 2025, CPIC's embedded value was 588.927 billion yuan, an increase of 4.7% from the beginning of the year [3] - The solvency ratios for core and comprehensive solvency were 190% and 264%, respectively, both exceeding regulatory requirements [3]

Core Viewpoint - The article discusses the analysis of the embedded value changes of listed life insurance companies for the first half of 2025, highlighting a 7.7% growth in embedded value, driven by various factors including expected returns and new business value creation [2][14]. Summary by Sections Embedded Value Changes - The embedded value of listed life insurance companies increased by 7.7% in the first half of 2025, with the expected return on the initial embedded value contributing 2.8%, new business value creation contributing 2.6%, investment return differences contributing 1.4%, and operational experience deviations contributing 0.83% [14][26]. ROEV Analysis - The overall Return on Embedded Value (ROEV) for listed life insurance companies was 6.3%, a decrease of 0.5 percentage points year-on-year. Companies like China Life, Ping An Life, and Taiping Life saw a decline in ROEV, while New China Life, AIA, and Sunshine Life experienced improvements [29][30]. Factors Influencing Embedded Value - The factors influencing the embedded value changes are ranked as follows: expected return on embedded value, new business value creation, investment return differences, operational experience deviations, and changes in assumptions and models [16][18]. Detailed Breakdown of Influencing Factors - **Expected Return on Embedded Value**: Averaged 2.8%, down 0.5 percentage points year-on-year, with most companies (except AIA) showing a decline [18]. - **New Business Value Creation**: Contributed 2.56%, down 0.2 percentage points year-on-year, with some companies like Ping An Life and New China Life showing improvements while others declined [18]. - **Operational Experience Deviations**: Averaged 0.83%, up 0.1 percentage points year-on-year, indicating positive impacts from actual operational experiences [23]. - **Investment Return Differences**: Averaged 1.4%, up 0.5 percentage points year-on-year, with most companies reporting positive deviations [26]. Company-Specific Insights - Sunshine Life reported the highest ROEV at 11.1%, followed by AIA at 8.6% and Ping An Life at 7.5% [30].

Core Viewpoint - China Pacific Insurance (02601.HK) announced the resignation of its Chief Actuary Zhang Yuanhan due to job changes, effective upon delivery of the resignation to the board of directors [1] Summary by Relevant Sections - **Company Announcement** - The company has received the resignation letter from Chief Actuary Zhang Yuanhan [1] - The resignation is in accordance with the Company Law and the company's articles of association [1] - The resignation will take effect from the date it is delivered to the board of directors [1]

Core Viewpoint - China Pacific Insurance (02601) announced the resignation of its Chief Actuary Zhang Yuanhan due to job changes, effective upon delivery of the resignation to the board of directors [1] Summary by Relevant Sections - **Company Announcement** - The company has received the resignation letter from Chief Actuary Zhang Yuanhan [1] - The resignation is in accordance with the Company Law and the company's articles of association [1] - The resignation takes effect from the date it is delivered to the board of directors [1]

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。 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） 海外監管公告 本 公 告 乃 依 據《香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則》第13.10B條的披 露 義 務 而 作 出。 茲 載 列 該 公 告 如 下，僅 供 參 考。 承董事會命 中 國 太 平 洋 保 險（集 團）股 份 有 限 公 司 傅 帆 董事長 於 本 公 告 日 期，本 公 司 執 行 董 事 為 傅 帆 先 生 和 趙 永 剛 先 生；非 執 行 董 事 為 黃 迪 南 先 生、王 他 竽 先 生、陳 然 先 生、周 東 輝 先 生、路 巧 玲 女 士 和John Robert DACEY先 生；和 ...

证券代码：601601 证券简称：中国太保 公告编号：2025-056 中国太平洋保险（集团）股份有限公司 张远瀚先生在本公司任职期间恪尽职守、勤勉尽责，为公司高质量发展做出 积极贡献，本公司对张远瀚先生任职期间所做的贡献表示衷心感谢！ 特此公告。 关于高级管理人员离任的公告 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（以下简称"公司"或"本公司"） 近日收到公司总精算师张远瀚先生的辞呈。张先生因工作变动，辞去本公司总精 算师的职务。根据《公司法》《公司章程》等相关规定，张远瀚先生的辞呈自送 达本公司董事会之日起生效。 二、离任对公司的影响 张远瀚先生不存在未履行完毕的公开承诺，并已按照公司相关规定做好离任 交接工作。张先生的辞任不会影响公司正常运作。 中国太平洋保险（集团）股份有限公司董事会 2025 年 10 月 10 日 一、离任的基本情况 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 张远瀚 ...