2025年中期報告 Interim Report 2025 目錄 CONTENTS | 經營業績 | | | --- | --- | | 會計數據和業務數據摘要 | P15 | | 經營業績回顧與分析 | P17 | | 內含價值 | P39 | 46 | 重要提示 | P2 | | --- | --- | | 公司簡介及釋義 | P3 | | 經營概覽 | P5 | | 董事長致辭 | P9 | 14 | 董事會報告和重要事項 | P47 | | --- | --- | | 股份變動及股東情況 | P57 | | 董事、監事和高級管理人員情況 | P61 | | 企業管治情況 | P65 | | 環境和社會責任 | P69 | | 其他信息 | | --- | 備查文件目錄 P75 78 財務報告 審閱報告 中期財務報表 提示申明： 本報告中所涉及的未來計劃、發展戰略等前瞻性描述不構成公 司對投資者的實質承諾，投資者及相關人士均應當對此保持足 夠的風險認識，並且應當理解計劃、預測與承諾之間的差異。 特提請注意 2025 年中期報告 1 公司治理 74 重要提示 聯繫我們 重要提示 中國太平洋保險（集團）股份 ...

证券之星消息，9月22日保险板块较上一交易日下跌0.31%，中国人寿领跌。当日上证指数报收于 3828.58，上涨0.22%。深证成指报收于13157.97，上涨0.67%。保险板块个股涨跌见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601336 新华保险 | | - 1475.28万 | 2.03% | -4492.69万 | -6.18% | 3017.41万 | 4.15% | | 601318 中国平安 | | -743.10万 | -0.36% | -5965.95万 | -2.88% | 6709.05万 | 3.24% | | 601601 中国太保 | | -1481.75万 | -1.49% | -6888.60万 | -6.94% | 8370.36万 | 8.43% | | 601319 中国人保 | | -2488.04万 | -6.65% | 1474.79万 | 3.94 ...

Investment Rating - Investment rating: Positive (maintained) [1] Core Viewpoints - The insurance industry is experiencing overall growth in both performance and embedded value (EV), driven primarily by property insurance and investment services [15][34] - The performance of listed insurance companies shows a divergence, with property insurance and equity investment returns being the main contributors to profit growth [15][34] - Future outlook indicates a continuation of high-quality growth in liabilities and an ongoing trend of increasing equity asset allocation [8][34] Summary by Sections Overall Situation - The overall performance of listed insurance companies improved in 2025H1, with a notable contribution from property insurance and investment returns [15][34] - The net profit of listed insurance companies for 2025H1 was as follows: China Ping An at 68 billion, China Life at 40.9 billion, China Pacific at 27.9 billion, China Re at 26.5 billion, and New China Life at 14.8 billion, showing a year-on-year increase for all except Ping An [15][17] Business Situation - Life insurance channels and product transformations are progressing, with significant growth in the bancassurance channel while the individual insurance channel faces challenges [6][34] - Property insurance companies have improved their combined operating ratio (COR), leading to substantial increases in underwriting profits [6][34] - Investment assets of insurance companies increased year-on-year, with a shift towards equity assets due to market conditions [6][34] Future Outlook - Regulatory bodies are continuously optimizing the insurance industry's development through various measures, which is expected to benefit leading insurance companies [8][34] - The demand for retirement products is strong, and the transformation of participating insurance products is anticipated to enhance the attractiveness of these offerings [8][34] Investment Recommendations - The report recommends focusing on leading insurance companies with strong liability-side advantages and undervalued valuations, specifically China Pacific and China Ping An [8][34]

在本次活动上，就投资者关于 中国太保 （601601）分红险转型成效有关提问，公司方面直言：2025年 上半年，公司以客户需求为导向，坚持推动分红险转型。从产品结构来看，上半年分红期缴规模101.28 亿元，同比实现大幅增长；新保期缴分红险占比达到42.5%，二季度以来分红险占比明显提高。 9月19日，"2025年上海辖区上市公司集体接待日暨中报业绩说明会"活动成功举办。 ...

Core Viewpoint - China Pacific Insurance (601601.SH, 02601.HK) has successfully issued zero-coupon H-share convertible bonds amounting to HKD 15.556 billion, marking the largest scale of such bonds in history and the second issuance by a listed insurance company in 2025 [1][2]. Group 1: Convertible Bond Issuance - The zero-coupon convertible bonds were issued on September 18, 2025, and began trading on the Hong Kong Stock Exchange on September 19, 2025 [2]. - This issuance is notable for being the first overseas convertible bond by a state-owned financial enterprise listed both domestically and internationally, as well as the largest zero-coupon convertible bond in Hong Kong history [2][4]. - The initial conversion price for the bonds is set at HKD 39.04 per share, with a conversion potential of approximately 398 million shares, representing about 14.36% of the existing H-share capital [3][4]. Group 2: Financial Performance and Strategy - The funds raised will primarily support the core insurance business and the implementation of three strategic initiatives: "Great Health", "Artificial Intelligence+", and "Internationalization" [1][6]. - As of June 30, 2025, the company reported a solvency ratio of 264% and a core solvency ratio of 190%, both showing an increase of 8 percentage points from the end of 2024 [1][7]. - For the first half of 2025, the company achieved a revenue of CNY 200.5 billion, a year-on-year increase of 3%, with a net profit of CNY 27.9 billion, reflecting an 11% growth [6][7]. Group 3: Market Interest and Investor Activity - The issuance has attracted significant interest from foreign investors and peers, with Ping An Life increasing its stake in China Pacific Insurance to 10% and JPMorgan Chase acquiring over HKD 13.489 billion worth of shares [1][8]. - The convertible bonds were oversubscribed, with long-term investors accounting for over 70% of the subscriptions, indicating strong market confidence [4][6].

Core Insights - The Chinese auto insurance market is projected to exceed 913 billion yuan in premiums by 2024, accounting for over 54% of total non-life insurance premiums [1] - The industry is focused on improving operational capabilities to provide fair pricing and comprehensive risk coverage for consumers [1] - The auto insurance sector is also expected to drive improvements in vehicle safety and performance standards among manufacturers, supporting the international expansion of Chinese automotive brands [1] Group 1: Market Performance - By the end of 2024, the comprehensive expense ratio for auto insurance is expected to be 23.8%, a decrease of 4.1 percentage points year-on-year, marking the lowest level in nearly 18 years [2] - The comprehensive claims ratio for auto insurance is projected to rise to 74.1%, an increase of 3.1 percentage points year-on-year [2] - The average premium paid by consumers has decreased by 21% compared to pre-reform levels in 2020 [2] Group 2: Industry Reforms - The commercial auto insurance sector has undergone multiple rounds of reforms over the past decade, addressing issues from earlier development phases by lowering rates, reducing commissions, and expanding coverage [2] - The implementation of the "reporting and operation in unison" policy has effectively regulated the auto insurance market, with a reported comprehensive cost ratio of 94.2% for a major insurer, down 2.2 percentage points year-on-year [2] Group 3: Emerging Risks and Opportunities - Natural disasters are increasingly impacting the auto insurance sector, with losses from significant events potentially reaching nearly 1% of market premium volume [2] - The auto insurance market is facing challenges from high claims costs associated with new energy vehicles, which have an average comprehensive cost ratio exceeding 100% and incurred losses of 5.7 billion yuan [4] Group 4: New Energy Vehicle Insurance - In 2024, premiums for new energy vehicle insurance are expected to reach 140.9 billion yuan, representing 15.4% of total auto insurance premiums [4] - The average risk cost for new energy vehicles is 2.2 times that of traditional fuel vehicles, contributing to high claims rates [4] - The high claims rates are attributed to specific physical characteristics of new energy vehicles and differences in driving behavior compared to traditional vehicles [4] Group 5: Regulatory Support and Innovations - Regulatory bodies have issued guidelines to promote high-quality development in new energy vehicle insurance, focusing on reducing maintenance costs and innovating insurance offerings [5] - A new platform has been launched to facilitate insurance for new energy vehicles, ensuring that insurers cannot refuse coverage [5] Group 6: International Expansion - Chinese insurers are beginning to expand new energy vehicle insurance services internationally, with a focus on markets like Hong Kong and Thailand [6][9] - The first overseas new energy vehicle insurance policy was successfully issued in Hong Kong, with plans to further expand into Southeast Asia and beyond [6][9] - Strategic partnerships with local insurers are being formed to provide comprehensive risk management solutions for Chinese automotive brands operating abroad [7][8]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The non-bank financial sector is expected to benefit from a strategic allocation opportunity as the market remains active, with a trend of institutional and retail funds entering the market under a low interest rate environment [5] - The brokerage sector is experiencing high profitability and favorable valuation, indicating a high probability of success and returns [5] - The report highlights the potential for further expansion in the growth rate of brokerage firms' Q3 reports, driven by increased trading activity and margin financing [6] Summary by Sections Industry Overview - The non-bank financial sector has shown a positive trend, with the Shanghai and Shenzhen 300 index reflecting a steady increase [2] Brokerage Sector Insights - Daily average stock fund transaction volume reached 2.99 trillion, up 8% month-on-month, with a cumulative daily average of 1.90 trillion for 2025, representing a 108% year-on-year increase [6] - Margin financing balance increased to 2.39 trillion, a 30% growth since the beginning of the year, accounting for 2.54% of the A-share market capitalization [6] - The report anticipates further improvement in investment banking, derivatives, and public fund businesses, with leading brokerages' return on equity (ROE) expected to expand [6] Insurance Sector Insights - China Ping An has increased its stake in China Pacific Insurance H shares, indicating strong investment strategies in high-dividend assets [7] - The insurance sector is expected to see improvements in ROE due to stable long-term interest rates and reduced liability costs, enhancing the attractiveness of H shares [7] Recommended and Beneficiary Stocks - Recommended stocks include Huatai Securities, Guosen Securities, Oriental Securities H, GF Securities, and China Pacific Insurance [8] - Beneficiary stocks include Tonghuashun, Jiufang Zhitu Holdings, and Xinhua Insurance [8]

Investment Rating - The report maintains a positive investment rating for the insurance and securities sectors, highlighting the favorable current interest rate environment and supportive policies [5][38]. Core Insights - The issuance of zero-coupon convertible bonds by China Pacific Insurance is expected to significantly reduce financial burdens and enhance capital strength, supporting long-term development [1]. - The Hong Kong government's policy report emphasizes the consolidation of its status as an international financial center, with initiatives to strengthen the stock market and develop a leading bond market [2][3]. - The report suggests that the ongoing optimization of Hong Kong's stock and bond market regulations will expand investment opportunities for non-bank institutions from the mainland [4][38]. Summary by Sections Market Review - Major indices showed mixed performance, with the Shenzhen Component Index and ChiNext Index rising, while the Shanghai Composite Index fell by 1.30% [8]. - The non-bank financial sector experienced a decline, with the insurance index showing relative resilience [8]. Securities Sector - The report notes a significant increase in trading activity, with a total transaction volume of 12.45 trillion yuan in the A-share market, reflecting a year-on-year increase of 344.52% [15]. - The report highlights a robust performance in the underwriting of IPOs and refinancing, with cumulative IPO underwriting reaching 630.28 billion yuan [15]. Insurance Sector - The report indicates a positive trend in insurance premium growth, with China Pacific Insurance reporting a 13.2% year-on-year increase in premium income [36]. - The report suggests a focus on key insurance companies such as Sunshine Insurance, China Pacific Insurance, and China Life Insurance for potential investment opportunities [39]. Liquidity Tracking - The report details the central bank's operations, including a net injection of 5,923 billion yuan into the market, indicating a supportive liquidity environment [27]. Industry News and Company Announcements - The report includes significant announcements from various companies, such as the completion of bond issuances by several securities firms, indicating active capital market participation [36].

Investment Rating - The report maintains a positive outlook on the investment value of the non-bank financial sector, particularly in the brokerage and insurance segments, suggesting a favorable investment environment moving forward [4][5]. Core Insights - The brokerage sector has shown resilience despite recent adjustments, with a projected double-digit year-on-year profit growth for Q3 2025. The report highlights that the fundamentals of the brokerage sector remain strong, with continued capital inflow and a significant increase in trading volumes [4][7]. - The insurance sector is experiencing a temporary decline, attributed to previous overperformance and a lack of internal catalysts. However, the report emphasizes the long-term investment potential, especially with the recent capital movements and the ongoing trend of insurance capital entering the A-share market [4][9]. - The report anticipates new policy measures from the upcoming State Council meeting on September 22, which could provide additional support to market confidence and stability [4][16]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4501.92 with a slight decline of 0.44%. The non-bank index fell by 3.66%, with the brokerage and insurance sectors reporting declines of 3.51% and 4.76%, respectively [7][9]. Non-Bank Sector Data - As of September 19, 2025, the average daily trading volume in the stock market was approximately 25,181.36 billion yuan, reflecting an increase of 8.23% week-on-week. The margin trading balance reached 24,024.65 billion yuan, up 28.8% from the end of 2024 [15][32]. Key Announcements - Ping An Life has increased its stake in China Pacific Insurance (H) to over 10%, indicating strong confidence in the insurance sector's investment value. The report suggests that this move reflects a broader positive outlook among insurance companies regarding their peers [4][20]. - China Pacific Insurance announced the completion of its convertible bond issuance, which is expected to enhance its capital structure and support future growth [4][20]. Investment Recommendations - The report recommends focusing on three main investment lines within the brokerage sector: top-tier institutions benefiting from improved competitive dynamics, firms with significant earnings elasticity, and those with strong international business capabilities [4][9]. - In the insurance sector, the report suggests maintaining positions in major players like China Life, China Pacific, and Ping An, given their current undervaluation and potential for recovery [4][9].

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, indicating an "Overweight" investment rating for the industry [2][3]. Core Insights - The brokerage sector has experienced a recent adjustment, with the Shenwan Brokerage II Index declining by 3.51%, underperforming the CSI 300 Index by 3.07 percentage points. However, the sector is expected to maintain double-digit year-on-year profit growth in Q3 2025, supported by ongoing capital inflows [3][6]. - The insurance sector has seen a decline of 4.76% in the Shenwan Insurance II Index, with significant movements such as Ping An Life increasing its stake in China Pacific Insurance to over 10%. This reflects a strong positive outlook from insurance capital towards the sector [3][8]. - The report highlights the upcoming National New Conference on September 22, which is anticipated to bring new policies that could positively impact market sentiment [3][15]. Summary by Sections Market Review - The CSI 300 Index closed at 4501.92 with a slight decline of 0.44%. The non-bank index reported a drop of 3.66%, with the brokerage, insurance, and diversified financial sectors showing declines of 3.51%, 4.76%, and 0.50% respectively [6][8]. Non-Bank Industry Key Data - As of September 19, 2025, the 10-year government bond yield was 1.88%, with a slight increase of 0.65 basis points. The average daily stock trading volume reached 25,181.36 billion yuan, reflecting an increase of 8.23% week-on-week [11][14]. Non-Bank Industry News and Key Announcements - The report notes that the property insurance sector achieved a record high in underwriting profits in the first half of 2025, with premium growth of 4.2% [16]. - Ping An Life's recent acquisition of shares in China Pacific Insurance is seen as a strong signal of confidence in the insurance sector's investment value [19]. - China Pacific Insurance announced the completion of a convertible bond issuance, which is expected to enhance its capital position [20]. Investment Recommendations - For brokerages, the report recommends focusing on leading firms benefiting from improved competitive dynamics, such as GF Securities, Guotai Junan, and CITIC Securities. It also suggests considering firms with strong international business capabilities like China Galaxy and CICC [3][8]. - In the insurance sector, the report recommends China Life, China Pacific, New China Life, and Ping An, among others, due to their favorable valuation and growth prospects [3][8].