Core Viewpoint - The second batch of insurance fund long-term investment pilot projects has officially commenced, with TaiKang Asset being the first institution to announce its investment activities [1][3]. Group 1: Investment Initiatives - TaiKang Asset has completed its first investment transaction through its wholly-owned private equity fund management company, TaiKang Stable [2][3]. - The long-term investment pilot allows insurance companies to invest in private equity funds, primarily targeting the secondary market for stocks and holding them long-term [3]. - TaiKang Life and TaiKang Asset were approved by the financial regulatory authority in January to participate in the long-term investment pilot, with an approved amount of 12 billion yuan [3]. Group 2: Investment Strategy - TaiKang Stable's investment strategy focuses on three main directions: high dividend assets, industrial upgrades, and counter-cyclical buying [4]. - The strategy emphasizes fundamental analysis to achieve medium to long-term stable asset appreciation, supporting high-quality economic development and stable capital market operations [4]. - The investment will prioritize sectors with stable operations and consistent dividends, as well as areas aligned with national development strategies, such as high-end manufacturing, artificial intelligence, and biomedicine [4]. Group 3: Pilot Program Expansion - The second and third batches of insurance fund pilot projects are being progressively implemented, with a total of 222 billion yuan approved across three batches [5][7]. - Eight insurance companies have been approved in the second batch, with a total scale of 112 billion yuan, while the third batch has a scale of 60 billion yuan [5][7]. - The pilot program aims to facilitate long-term investments by insurance companies, addressing previous barriers and enhancing their equity investment capabilities [7].

Regulatory Dynamics - Six departments support optimizing the guarantee system and promoting innovation in pension-related products [5] - Two departments released the "Implementation Plan for High-Quality Development of Inclusive Finance in Banking and Insurance" [6] - The central bank emphasized utilizing securities, fund, and insurance company swap facilities and stock repurchase to maintain capital market stability [7] - The Ministry of Human Resources and Social Security announced a 3% tax on personal pension withdrawals, not distinguishing between principal and investment income [8] - The Medical Insurance Bureau released guidelines for adjusting the basic medical insurance catalog and commercial insurance innovative drug catalog for 2025 [9][10] - The China Trust Industry Association is drafting guidelines for insurance trust business [11] - Former vice chairman of the China Insurance Regulatory Commission, Li Kemu, highlighted the significant potential in advancing the pension industry [12] - The Shanghai Financial Regulatory Bureau issued a plan to enhance pension financial services for the silver economy [13] - Shanghai will adjust unemployment insurance payment standards starting July 1 [14] Company Dynamics - Ping An Life has made three significant investments in China Merchants Bank's H-shares within six months [16] - PICC Pension's Beijing branch has been approved to commence operations [26] - China Ping An increased its stake in Agricultural Bank of China H-shares to 16.09% [17] - JPMorgan's stake in AIA Group has risen to 8.04% [18] - China Life, along with other companies, plans to establish a partnership with a total investment of 1.2 billion [19] - Haigang Life and CITIC Financial Assets have formed an equity investment fund with a total investment of 4.009 billion [20] - China Post Group and AIA have jointly injected capital, elevating China Post Life's registered capital to the fourth largest in the life insurance industry [21][22] - Huatai Asset Management's second-largest shareholder plans to transfer its shares, potentially making Huatai Insurance Group the sole shareholder [23] - Zhong An Insurance initiated a strategic capital increase of 3.9 billion HKD to enhance financial technology innovation investments [24] - China Pacific Insurance's subsidiary completed private fund manager registration [25] - Taikang Insurance has abolished its supervisory board [27] - Beida Forward signed an insurance agency agreement with Ping An Bank, with expected annual agency fees between 230 million to 360 million [28][29] Industry Dynamics - Insurance companies have raised nearly 70 billion in capital through large-scale increases and bond issuances this year [47] - The trend of insurance funds frequently acquiring H-shares has been noted, with significant increases in activity compared to the previous year [48] - Major insurance companies are increasing investments in real estate, with over 4 companies disclosing significant investments totaling over 4.8 billion [49] - Guojin Securities highlighted the potential for a revaluation of insurance stocks under new standards [50] - UBS maintained a "buy" rating for AIA after its investment in China Post Insurance, indicating minimal impact on its solvency [51] - 60% of insurance institutions plan to increase their investment in Hong Kong stocks by 2025, with Hong Kong being the preferred market for overseas investments [52] - The number of pilot cities for long-term care insurance has expanded to 49, with over 180 million participants [53] - The longevity economy presents significant opportunities for the pension industry, as highlighted by industry leaders [54] Product Services - China Life launched two new annuity insurance products: GuoShou XinXiang HongYing and GuoShou XinYue WanGeng [55]

证券代码：601601 证券简称：中国太保 公告编号：2025-033 一、审议并通过了《关于<中国太平洋保险（集团）股份有限公司 2025 年 度"提质增效重回报"行动方案>的议案》 具体内容详见本公司于上海证券交易所网站（www.sse.com.cn）披露的《中 国太保 2025 年度"提质增效重回报"行动方案》。 表决结果：赞成 13 票，反对 0 票，弃权 0 票。 特此公告。 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 第十届董事会第十四次会议决议公告 本公司第十届董事会第十四次会议通知于 2025 年 6 月 23 日以书面方式发出， 并于 2025 年 6 月 27 日以书面传签方式召开。应表决董事 13 人，实际表决董事 13 人。本次董事会会议出席人数符合法定人数要求，会议召开符合《公司法》 和《公司章程》及有关法律法规的规定。 会议经审议并以记名投票方式表决，形成以下会议决议： 中国太平洋保险（集团）股份有限公司董事会 2025 年 6 月 28 日 1 ...

证券代码：601601 证券简称：中国太保 公告编号：2025-034 一、提升主业经营质效，打造高质量发展新引擎 （一）聚焦重点领域，服务新质生产力发展 聚焦战新领域，助力产业发展。服务科技自立自强，做优科技金融，持续完 善覆盖科技企业全生命周期的保险体系，在航空航天、生物医药、集成电路、低 空经济等新领域打造新优势。发挥耐心资本优势，加大对战新产业、先进制造业 和新型基础设施的资金支持。 聚焦绿色转型，提升服务能级。做强绿色金融，加快建设气候应对、能源转 型、绿色交通、生态碳汇、碳金融等保险产品服务和风控体系。加大绿色投资规 模，重点布局清洁能源、绿色基建、生物多样性等领域，渐进有序降低资产组合 碳强度。 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 2025 年度"提质增效重回报"行动方案 为深入贯彻党的二十大、中央金融工作会议精神，积极响应国务院《关于加 强监管防范风险推动资本市场高质量发展的若干意见》、中国证监会《关于加强 上市公司监管的意见（试行）》和上海证券交易所《 ...

Group 1: Banking Sector - The banking sector has shown strong performance recently, with a two-week increase of 5.48%, ranking second among 31 industries [14][17] - Major banks like Jiangsu Bank, Hangzhou Bank, and Industrial and Commercial Bank of China have reached historical highs, despite a marginal decline in overall performance in Q1 due to macroeconomic conditions [46][47] - The sector's return on equity (ROE) remains above 10%, indicating resilience in profitability and dividends, supported by policies aimed at boosting domestic demand and credit growth [46][47] Group 2: Securities Sector - The securities sector has been active, with a recent approval for Guotai Junan International to provide virtual asset trading services, marking a significant development in the industry [48] - The sector's price-to-book (PB) ratio stands at 1.46, indicating potential for valuation recovery as it is at the 54.84% percentile of the last five years [48][26] - Expected improvements in global risk appetite and ongoing capital market reforms are likely to enhance the business environment for securities firms, with projected double-digit profit growth for the year [48][49] Group 3: Insurance Sector - Recent regulatory measures have curtailed aggressive competition in the insurance sector, particularly regarding dividend insurance, which is expected to stabilize the market [50] - The shift from a "scale-oriented" to a "value-oriented" strategy in the insurance industry is anticipated to lead to valuation recovery, with a focus on products that offer both guaranteed and floating returns [50] - Insurance companies are increasingly investing in bank stocks, benefiting from stable dividends and strong market performance, which is expected to enhance their investment returns [50][51]

Core Viewpoint - The FTSE China A50 Index components showed a decline across various sectors, with banking stocks mostly in the red and significant drops in insurance, liquor, and semiconductor sectors [1][6]. Banking Sector - Most banking stocks experienced a decline, contributing to the overall negative performance of the index [1]. Insurance Sector - Major insurance companies like China Pacific Insurance, Ping An Insurance, and China Life Insurance saw market capitalizations of 390.94 billion, 359.61 billion, and 1,045.27 billion respectively, with declines of -0.26 (-0.69%), -0.18 (-0.31%), and -0.16 (-1.78%) [3]. Liquor Industry - Key players in the liquor industry, including Kweichow Moutai, Shanxi Fenjiu, and Wuliangye, reported market capitalizations of 1,778.15 billion, 217.75 billion, and 464.59 billion respectively, with price changes of -4.50 (-0.32%), -1.16 (-0.65%), and -0.04 (-0.03%) [3]. Semiconductor Sector - Semiconductor companies such as Northern Huachuang, Cambricon Technologies, and Hygon reported market capitalizations of 233.53 billion, 249.53 billion, and 326.76 billion respectively, with price changes of -1.01 (-0.23%), -12.76 (-2.09%), and -1.17 (-0.83%) [3]. Automotive Sector - In the automotive sector, BYD and Great Wall Motors had market capitalizations of 282.79 billion and 1,834.50 billion respectively, with price changes of -3.57 (-1.06%) and +0.07 (+0.33%) [3]. Energy Sector - Companies in the energy sector, including China Shipping and Sinopec, reported market capitalizations of 686.25 billion and 1,584.96 billion respectively, with price changes of +0.03 (+0.20%) and -0.05 (-0.88%) [3]. Coal Industry - In the coal industry, China Shenhua and Shaanxi Coal and Chemical Industry had market capitalizations of 186.24 billion and 795.34 billion respectively, with price changes of -1.98 (-0.78%) and -0.01 (-0.02%) [3]. Power Industry - The power sector, represented by companies like Yangtze Power and China Nuclear Power, had market capitalizations of 192.31 billion and 745.30 billion respectively, with price changes of -0.65 (-2.09%) and -0.03 (-0.32%) [4]. Internet Services - Internet service companies such as Dongfang Caifu reported a market capitalization of 371.40 billion, with a price change of +0.37 (+1.60%) [4]. Food and Beverage Sector - In the food and beverage sector, companies like Citic Securities and Haitian Flavoring reported market capitalizations of 414.23 billion and 342.55 billion respectively, with price changes of +0.38 (+1.38%) and -0.10 (-0.26%) [4]. Consumer Electronics - Companies in the consumer electronics sector, including Industrial Fulian and Luxshare Precision, had market capitalizations of 426.17 billion and 246.39 billion respectively, with price changes of +0.42 (+2.00%) and -0.35 (-0.67%) [4]. Home Appliances - In the home appliance sector, Gree Electric and Haier Smart Home reported market capitalizations of 255.76 billion and 234.57 billion respectively, with price changes of +0.16 (+0.35%) and +0.28 (+1.13%) [4]. Logistics Sector - The logistics sector, represented by companies like SF Holding, had a market capitalization of 276.36 billion, with a price change of +0.60 (+1.13%) [4]. Construction Industry - In the construction industry, China State Construction and XD China Communications reported market capitalizations of 240.07 billion and 527.30 billion respectively, with price changes of -0.02 (-0.34%) and +0.05 (+0.95%) [4].

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the non-bank financial sector, particularly focusing on brokerage firms and the insurance industry, highlighting their performance and market dynamics [1][2][3]. Core Insights and Arguments Non-Bank Financial Sector Performance - The non-bank financial sector has shown resilience, driven by several factors including the upgrade of digital asset trading licenses for brokerages, which injects new vitality into the market [2][3]. - Capital market incremental funding sources include residents' funds, ETF investments, insurance funds, public funds, and wealth management funds, collectively supporting market stability [2][3]. Brokerage Firms - Digital asset trading licenses allow brokerages to expand their business and potentially create new revenue streams, enhancing their competitiveness in international markets [1][5]. - Traditional brokerage business models are facing challenges as reliance on commission-based income diminishes; firms are shifting towards proprietary trading and capital intermediary services to improve return on equity (ROE) [9][10]. - Hong Kong brokerages are viewed as more attractive investments due to lower valuations and higher dividend yields compared to their A-share counterparts [10][11]. Insurance Industry - The insurance sector has seen a recovery in premium growth since April, with a shift towards high-dividend stock investments and increased equity asset allocation [1][6]. - New insurance products and the adjustment of preset interest rates are expected to drive short-term premium income growth, providing flexibility in asset allocation and reducing incremental liability costs [3][18]. - The insurance industry is adapting to a low-interest-rate environment, with a focus on long-term investments and the introduction of market-driven mechanisms for adjusting preset rates [14][15][19]. Public Funds and Wealth Management - Public funds are experiencing a bifurcation in performance; while active equity funds are shrinking, fixed-income products are seeing slight growth, indicating a shift in investor preferences [7]. - Wealth management products are gradually considering equity asset allocations, reflecting a broader trend of seeking higher yields in a low-rate environment [8]. Additional Important Insights - The insurance sector is expected to benefit from improved risk appetite in the market, particularly for life insurance products that exhibit strong leverage effects [16][20]. - The valuation of Hong Kong insurance stocks is relatively low compared to A-shares, with a focus on companies that can quickly adapt to market changes and regulatory adjustments [21]. - The ongoing transition in the insurance industry towards new products and preset rate adjustments is anticipated to enhance overall market performance and investor confidence [18][20]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the current state and future outlook of the non-bank financial sector, particularly focusing on brokerage firms and the insurance industry.

Market Overview - The FTSE China A50 Index component stocks showed a mixed performance with bank stocks rising in the afternoon while insurance stocks continued to decline [1][5]. Banking Sector - Bank stocks generally performed well, contributing to the positive movement in the FTSE China A50 Index [1]. Insurance Sector - Major insurance companies such as China Pacific Insurance, China Life Insurance, and Ping An Insurance experienced declines in their stock prices, with China Pacific Insurance down by 1.05%, China Life down by 0.52%, and Ping An down by 1.42% [3]. Alcohol Industry - In the alcohol sector, Kweichow Moutai saw a slight increase of 0.48%, while Shanxi Fenjiu and Wuliangye experienced declines of 0.37% and 0.83% respectively [3]. Semiconductor Industry - The semiconductor companies showed varied results, with North Huachuang increasing by 2.72%, while Cambrian and Haiguang Information saw minor declines [3]. Automotive Sector - In the automotive sector, BYD's stock fell by 3.39%, while Great Wall Motors and China Railway High-speed experienced minor declines and increases respectively [3]. Shipping and Oil Industry - China COSCO Shipping saw a slight increase of 0.53%, while Sinopec and PetroChina experienced minor declines [3]. Coal and Battery Industry - China Shenhua's stock decreased by 0.27%, while Ningde Times (CATL) saw a decline of 0.83% [3]. Power and Financial Sector - Longyuan Power and China Nuclear Power had mixed results, with Longyuan Power increasing by 0.74% and China Nuclear Power declining by 3.63% [4]. Food and Beverage Sector - The food and beverage sector showed declines, with companies like Haitian Flavor Industry and Zhongtai Securities experiencing notable decreases [4]. Consumer Electronics and Pharmaceutical Sector - The consumer electronics sector saw a slight increase in stocks like Luxshare Precision, while pharmaceutical companies like Hengrui Medicine experienced a decline [4]. Logistics and Medical Equipment - The logistics sector, represented by SF Holding, saw a minor decline, while medical equipment company Mindray Medical also experienced a decrease [4]. Non-ferrous Metals and Communication Services - Zijin Mining and China Communications Construction had mixed performances, with Zijin Mining showing a slight decline [4].

Core Viewpoint - The insurance sector in A-shares and Hong Kong stocks has shown significant growth, with major companies experiencing substantial stock price increases, driven by a shift towards participating insurance products and regulatory guidance aimed at stabilizing the market [1][2][3]. Group 1: Market Performance - On June 25, A-shares saw all three major indices rise, with the Shanghai Composite Index increasing by 1.04%, reaching a new high for the year [1]. - The insurance sector led the gains, with companies like New China Life and China Pacific Insurance rising over 3%, and China Life increasing by more than 2% [1]. - In Hong Kong, insurance stocks also performed well, with China Pacific Insurance rising over 5% and New China Life and China Taiping both increasing by over 4% [1]. Group 2: Regulatory Environment - The China Banking and Insurance Regulatory Commission issued guidelines to life insurance companies, emphasizing prudent management and discouraging excessive competition in dividend levels [1][2]. - The guidelines aim to stabilize the market by ensuring that companies do not artificially inflate dividend levels, which could disrupt the insurance market [1][2]. Group 3: Industry Trends - The transition towards participating insurance products is expected to begin in 2025, with a focus on floating yield products [2]. - Analysts predict that the adjustment of preset interest rates and the integration of individual insurance reporting will impact premium growth rates, with a potential increase in the attractiveness of participating insurance [2]. - The regulatory measures are seen as beneficial for controlling the floating cost levels of participating insurance, thereby reducing long-term risks associated with interest rate differentials [2]. Group 4: Future Outlook - Analysts expect that the new business value (NBV) growth rate will decline compared to 2024, but the quality of operations is anticipated to improve [3]. - The insurance sector is viewed as having long-term investment potential, with the ability to withstand market fluctuations and support capital market development [3]. - The target demographic for insurance products is shifting towards wealthier individuals from the 60s and 70s, with participating insurance products likely to become central in wealth management [3].

Investment Rating - The report maintains an "Outperform" rating for the insurance industry [5][6]. Core Insights - The insurance industry is experiencing a structural shift due to declining liability costs and improved asset returns, leading to a narrowing of interest spread risks [4][6]. - Regulatory guidance has prompted insurance companies to lower the preset interest rates for new products, transitioning from high guaranteed return products to lower guaranteed and floating return products [2][4]. - The focus on dividend insurance is increasing as companies adapt to lower interest rates and seek to enhance their investment returns through equity investments [3][4]. Summary by Sections Liability Side - Regulatory measures have led to a continuous reduction in preset interest rates for various insurance products, dynamically lowering the risk of interest spread losses [2][20]. - The average liability cost for 2024 is projected to be 2.56%, with further declines expected in the following years [2][32]. Asset Side - Insurance companies are increasing their allocation to equity investments to stabilize returns amid low long-term interest rates and declining fixed-income asset yields [3][42]. - The expected comprehensive investment returns for the life insurance sector from 2025 to 2027 are projected at 4.06%, 3.93%, and 3.92% respectively [3][39]. Investment Recommendations - The report suggests focusing on companies with a high proportion of life insurance business and relatively flexible asset sides, such as China Life and New China Life, as well as companies with strong sales foundations like Ping An and China Pacific Insurance [4][5]. Key Company Profit Forecasts - The report provides profit forecasts and investment ratings for key companies, all rated as "Outperform" [5]. - For instance, China Life is expected to have an EPS of 3.83 in 2025, with a P/EV of 0.69 [5].