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。 本 公 司 欣 然 宣 佈，本 公 司 近 日 收 到 國 家 金 融 監 督 管 理 總 局（「金融監管總 局」）《關 於 王 昱 華 中 國 太 平 洋 保 險（集 團）股 份 有 限 公 司 董 事 任 職 資 格 的 批 覆》（金 復[2025]687號）。金 融 監 管 總 局 已 核 准 了 王 昱 華 女 士 擔 任 本 公 司 董 事 的 任 職 資 格。王 昱 華 女 士 擔 任 本 公 司 非 執 行 董 事 的 任 期 自2025年12 月2日 起 生 效。 王 昱 華 女 士 的 履 歷，敬 請 參 見 該 通 函。 承董事會命 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 ...

Group 1 - China Pacific Insurance has received approval from the financial regulatory authority for Wang Yuhua to serve as a director [1] - Shanghai Bank announced that the regulatory authority has approved Chen Lei's qualification as vice president [2] - Shanghai HuGong has decided to terminate the "Aerospace Equipment Manufacturing Base" fundraising project due to significant changes in project feasibility [3] Group 2 - Dongwang Times plans to reduce its stake by up to 1.20% through share sales [4] - Zhinancun intends to increase its capital by 100 million yuan in its wholly-owned subsidiary, Maigao Securities [5] - Jinxinnong reported a sales revenue of 115 million yuan from pig sales in November [6] Group 3 - Tiantan Biological has completed the Phase III clinical trial of its human prothrombin complex, showing good efficacy and safety for hemophilia B patients [7] - Beijete's subsidiary has signed a framework agreement for equity acquisition to gain control of Yunnan Wenye Nonferrous Metals [8] - Zhongsheng Pharmaceutical's RAY1225 injection has received approval for a new clinical trial indication for treating metabolic-associated fatty liver disease [9] Group 4 - Enhua Pharmaceutical's hydrochloride sulpiride tablets have passed the consistency evaluation for generic drugs [10] - Shenkong Co. plans to invest 60 million yuan in a semiconductor industry fund [11] - Lianhuan Pharmaceutical's subsidiary has received approval for its drug to pass the consistency evaluation for generic drugs [12] Group 5 - Dazhong Transportation has received approval to issue debt financing tools totaling 4.5 billion yuan [13] - Jintian Titanium Industry plans to invest 50 million yuan in an industry merger and acquisition fund [14] - Changchun Gas has committed over 1.7 billion yuan to gas facility upgrades [15] Group 6 - Laimei Pharmaceutical's innovative anti-cancer drug "Nano Carbon Iron" has received approval for clinical trials [16] - Longquan Co. has signed supply contracts worth approximately 50.76 million yuan for nuclear power components [17] - Igor plans to distribute a cash dividend of 1 yuan per 10 shares [18] Group 7 - Xingfa Group's subsidiary has signed a processing agreement for 80,000 tons of lithium iron phosphate [20] - Yunjigroup's director Wang Wanfeng has resigned for personal reasons [21] - Saiseng Pharmaceutical's application for the listing of a new drug has been accepted by the regulatory authority [22] Group 8 - Xinhua Medical has obtained registration certificates for two new medical devices [23] - Chaoying Electronics plans to invest 100 million USD in its Thai subsidiary for an AI circuit board expansion project [24] - Suzhou Planning's application to acquire 100% of Dongjin Aviation has been accepted by the Shenzhen Stock Exchange [25]

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 关于董事任职资格获核准的公告 证券代码：601601 证券简称：中国太保 公告编号：2025-064 特此公告。 中国太平洋保险（集团）股份有限公司董事会 2025 年 12 月 5 日 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"）《关于王昱华中国太平洋保险（集团）股份有限公司董事任职 资格的批复》（金复〔2025〕687 号）。金融监管总局已核准了王昱 华女士担任本公司董事的任职资格。 ...

中国太保公告，公司近日收到国家金融监督管理总局《关于王昱华中国太平洋保险（集团）股份有限公 司董事任职资格的批复》。金融监管总局已核准了王昱华女士担任本公司董事的任职资格。 ...

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Core Insights - The Financial Regulatory Bureau released an action plan to promote high-quality development in the property insurance industry, focusing on business transformation and upgrades [1] - The action plan has led to significant reforms in the auto insurance sector, particularly addressing challenges in insuring new energy vehicles [1][3] Group 1: Policy and Regulatory Developments - The action plan aims to enrich new energy vehicle insurance products and optimize market pricing mechanisms [1] - A joint guidance opinion was issued to enhance the quality of new energy vehicle insurance through data sharing, repair standards, and rate determination [1][2] Group 2: Industry Innovations and Solutions - A risk-sharing mechanism was established to address the "difficult to insure" issue for high-risk models, with the launch of the "Car Insurance Good to Insure" platform [2] - The platform has onboarded 37 property insurance companies, facilitating insurance for over 1.1 million vehicles, providing coverage exceeding 1.1 trillion yuan [2] Group 3: Financial Performance and Growth - Major insurers like China Ping An and China Pacific Insurance reported that new energy vehicle insurance has entered a profitable stage, with a projected premium of around 200 billion yuan and a growth rate exceeding 30% [3] - The industry is expected to see further profitability as technology upgrades and data accumulation continue [3] Group 4: Challenges and Future Outlook - The property insurance industry still faces challenges such as the division of liability in smart driving and the need for improved data sharing and security [4] - However, there is a general consensus that ongoing reforms will enable the industry to better serve the real economy and meet public needs [4]

Core Insights - The long-term investment return assumption is a crucial parameter affecting the intrinsic value of life insurance companies, reflecting their expectations regarding capital market conditions and investment strategies. In 2024, most life insurance companies have lowered their long-term investment return assumption from 4.5% to 4.0% [9][11]. Investment Returns Analysis - From 2010 to 2024, listed life insurance companies had a total investment return that exceeded the long-term investment return assumption in only 5 out of 15 years, with the remaining 10 years showing negative deviations. The cumulative total investment return deviation for the industry is -0.38% [3][6][37]. - As of the first three quarters of 2025, the total investment return for the year is approximately 3.5%, slightly below the long-term investment return assumption of 4.0%. A strong performance in the fourth quarter could make 2025 the first year since 2020 to exceed the long-term investment return assumption [3][13]. Company-Specific Performance - In 2024, China Life's total investment return was 4.02%, while its comprehensive investment return was 5.94%, both exceeding the long-term investment return assumption of 4.0% [17][18]. - Ping An Life's total investment return for 2024 was 3.32%, with a comprehensive investment return of 7.25%, also above the long-term assumption [19][21]. - For 2024, Taikang Life's total investment return was 3.03%, while its comprehensive investment return was 7.33%, surpassing the long-term assumption [22][23]. - New China Life reported a total investment return of 3.56% and a comprehensive investment return of 6.84% for 2024, both exceeding the long-term assumption [24][25]. - PICC Life's total investment return was 3.70%, with a comprehensive investment return of 14.1%, significantly above the long-term assumption [28][29]. - AIA's estimated long-term investment return assumption for 2024 is 3.4%, which is below the 4.0% threshold, indicating a cautious outlook [30][33]. Summary of Deviations - The average deviation of total investment returns from long-term assumptions for the industry is -0.38%, while the average deviation for comprehensive investment returns is 0.66%. Companies like PICC Life and AIA show better performance with positive deviations [37][38].

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [26]. Core Insights - The insurance industry has experienced a decline in both property and life insurance premiums, with total original premium income reaching 54,833 billion yuan from January to October 2025, reflecting a year-on-year growth of 8% but a month-on-month decrease of 0.8 percentage points [8][6]. - Life insurance premiums totaled 32,748 billion yuan, with a year-on-year increase of 12% but a month-on-month decline of 0.7 percentage points [8]. - The report highlights that the sales of participating insurance and universal insurance products are expected to perform well due to favorable market conditions [8]. - The total assets of the insurance industry reached 40.6 trillion yuan by the end of October 2025, representing a year-on-year increase of 13% [8]. - The report anticipates that participating insurance will become a key product for the upcoming sales season, driven by the attractiveness of "call options" in the current market environment [8]. Summary by Sections Key Company Profit Forecasts, Valuation, and Investment Ratings - China Pacific Insurance (601601.SH) is rated "Recommended" with an expected EPS of 5.68 yuan for 2025 and a PE ratio of 6.20 [4]. - China Life Insurance (601628.SH) is also rated "Recommended" with an expected EPS of 6.34 yuan for 2025 and a PE ratio of 6.89 [4]. - China Property & Casualty Insurance (02328.HK) is rated "Recommended" with an expected EPS of 2.07 yuan for 2025 and a PE ratio of 7.54 [4]. - China Taiping Insurance (00966.HK) is rated "Recommended" with an expected EPS of 3.00 yuan for 2025 and a PE ratio of 5.28 [4]. Industry Overview - The report indicates that the cumulative premium growth rates for both property and life insurance have declined, with life insurance premiums showing a year-on-year increase of 12% but a month-on-month decrease of 5.2% in October [8]. - The report notes that the health and accident insurance segments have seen growth, but their growth rates have also decreased month-on-month [8]. - The report emphasizes that the market's favorable conditions are expected to enhance the sales of participating insurance products [8]. Asset Changes - By the end of October 2025, the insurance industry had total assets of 40.6 trillion yuan, with life insurance companies holding 35.68 trillion yuan and property insurance companies holding 3.15 trillion yuan [8]. - The net assets of the insurance industry reached 3.81 trillion yuan, reflecting a year-on-year increase of 14.7% [8].

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [22]. Core Insights - The insurance index rose by 0.21% this week, underperforming the market by 1.43 percentage points. Individual stock performances varied, with AIA up by 4.95% and China Pacific down by 3.5% [2]. - The report highlights that the risk associated with real estate investments by insurance companies is expected to be manageable, with a focus on the debt extension of Vanke [2][5]. - The report anticipates that while performance may fluctuate in the short term due to equity market trends, a growth trend is expected to continue into 2025, although 2026 may see performance pressure from investment factors [5]. Summary by Sections Market Performance - The insurance index's absolute performance over the last month is 0.8%, with a 6-month performance of 13.7% and a 12-month performance of 12.8% [8]. - The relative performance against the benchmark shows a 2.2% outperformance over one month, but underperformance of -5.5% over six months and -3.2% over twelve months [8]. Company Analysis - The report provides earnings per share (EPS) estimates for key companies, with China Life at 6.34 CNY for 2025E and China Pacific at 5.68 CNY for the same year. The price-to-earnings (PE) ratios for these companies are also provided, with China Life at 6.89x and China Pacific at 6.20x [11]. - The price-to-book (PB) ratios indicate that China Life has a PB of 1.97, while China Pacific has a PB of 1.12, both rated as "Recommended" [11]. Real Estate Investment Risk - The report analyzes the exposure of listed insurance companies to real estate investments, noting that the overall exposure remains relatively small compared to total investment assets. For instance, Ping An's real estate investment exposure is 3.5%, a decrease of 0.3 percentage points from the previous year [5]. - The report indicates that the increase in real estate investment exposure for China Pacific is primarily due to a rise in investment properties [5]. Long-term Outlook - The long-term outlook suggests that improvements in life insurance costs may drive valuation recovery, with a shift towards dividend insurance and easing solvency requirements expected to enhance long-term investment returns [5].

云南金融监管部门重拳整治保险乱象。 2025年11月28日，云南金融监管局公开的《行政处罚信息公示列表》显示，云南3家金融机构及其相关 责任人员，因涉及违法违规行为被处罚。 年安保险销售服务有限公司及相关责任人，涉及"编制虚假财务资料、向未进行执业登记的业务人员支 付手续费"的主要违法违规行为，云南金融监管局作出以下行政处罚决定： 对年安保险销售服务有限公司警告并处罚款51万元； 撰文 | 金融研究员 今天我们一起来看金融监管部门的公开信息。 对年安保险销售服务有限公司云南省分公司责令在昆明五华区、盘龙区停止接受车险新业务3个月； 对吕瑾、王丽琼、李艳丰警告并罚款合计12万元； 对周世秀撤销任职资格。 中国太平洋财产保险股份有限公司昆明中心支公司、安宁支公司及相关责任人，涉及"编制虚假财务资 料、利用保险代理人虚构保险中介业务套取费用"的主要违法违规行为，云南金融监管局作出以下行政 处罚决定： 对中国太平洋财产保险股份有限公司昆明中心支公司及安宁支公司罚款49万元； 对范利坤、朱一凡、矣超警告并处罚款共计12万元。 诚泰财产保险股份有限公司及相关责任人，涉及"员工故意编造未曾发生的保险事故进行虚假理赔骗取 保 ...