中国太平洋保险（集团）股份有限公司 关于选举职工董事的公告 本公司于近期召开职工代表大会，选举周丽贇女士为本公司第十 届董事会职工董事，任期至第十届董事会届满。周丽贇女士的简历详 见本公告附件。周丽贇女士的董事任职自公司 2025 年第一次临时股 东大会审议通过的《中国太平洋保险（集团）股份有限公司章程》获 国家金融监督管理总局核准及其董事任职资格获国家金融监督管理 总局核准后生效。 特此公告。 中国太平洋保险（集团）股份有限公司董事会 证券代码：601601 证券简称：中国太保 公告编号：2025-063 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。 1 附件： 周丽贇女士简历 周丽贇女士，1974 年 9 月出生，现任本公司党委副书记、监事 会副主席、职工代表监事、工会主席、党校校长、直属党委书记。周 女士曾任上海市人事业务受理咨询中心副主任，上海市城市建设投资 开发总公司组织人事部（人力资源部）总经理，上海城投水务（集团） 有限公司副总经理，上海城投（集团）有限公司副总裁。周女士拥有 硕士学位、政工师职称。 ...

二、中国太平洋财产保险股份有限公司云南分公司应按照有关规定及时办理变更及许可证换领事宜。 一、同意中国太平洋财产保险股份有限公司曲靖中心支公司将营业场所变更为云南省曲靖市麒麟区南片 区银屯路西段和文笔路交叉口福邦酒店C区1层7-8号商铺、11层。 2025年11月18日，曲靖金融监管分局发布批复称，《中国太平洋财产保险股份有限公司云南分公司关于 中国太平洋财产保险股份有限公司曲靖中心支公司变更营业场所的请示》（云太保产〔2025〕64号）收 悉。经审核，现批复如下： ...

Core Viewpoint - Insurance companies are increasingly issuing perpetual bonds and capital supplementary bonds to enhance their capital and solvency, with a total issuance exceeding 15 billion yuan since November [1][2]. Group 1: Bond Issuance Trends - The total bond issuance by insurance companies has decreased compared to last year but remains at a high level, with a notable preference for perpetual bonds [1][2]. - In November, several insurance companies accelerated their bond issuance, including Zhongyou Life (1.27 billion yuan), Yingda Taihe Life (2.5 billion yuan), Zhongzheng Property Insurance (4 billion yuan), Ping An Property Insurance (6 billion yuan), and others [2]. - The primary purpose of these bond issuances is to supplement capital and enhance the companies' solvency to support sustainable business development [2]. Group 2: Factors Influencing Bond Issuance - The surge in bond issuance is attributed to multiple factors, including a favorable regulatory approval timeline and the need to address the impact of new accounting standards on solvency ratios [3]. - The relatively low financing costs have also encouraged insurance companies to issue bonds, with coupon rates ranging from 2.15% to 2.40%, significantly lower than the previous years' rates around 3.5% [3][4]. Group 3: Perpetual Bonds as a Financing Tool - Perpetual bonds have emerged as a new tool for capital supplementation, allowing insurance companies to meet regulatory capital requirements without a fixed maturity [5]. - The issuance of perpetual bonds has gained momentum since the regulatory framework was established in 2022, with major companies like Taikang Life leading the way [5][6]. - The total issuance of perpetual bonds in 2023 reached 35.77 billion yuan, with projections for 2024 indicating further growth [6]. Group 4: Long-term Capital Strategies - While bond issuance provides short-term capital relief, the long-term solution lies in enhancing the insurance companies' internal capital generation capabilities [7]. - Companies are encouraged to focus on high-quality development, optimize business structures, and improve operational efficiency to reduce reliance on external capital [7]. - Strengthening asset-liability management and leveraging technology for operational efficiency are essential for sustainable growth in the insurance sector [7].

Core Viewpoint - The 19th Shenzhen International Financial Expo and the 2025 China Financial Institutions Annual Conference highlighted the importance of asset-liability management in the insurance industry, emphasizing the need for long-term strategies in a low-interest-rate environment [1]. Group 1: Asset-Liability Management - Insurance funds are primarily driven by policy liabilities, with approximately 90% originating from these liabilities, necessitating long-term management of funds [1]. - The characteristics of liabilities include rigid cash flow and high cost stickiness, which require careful management of the asset side to ensure sustainable returns [1]. Group 2: Investment Strategies - In a low-interest-rate cycle, traditional investment strategies face pressure on both ends, leading to persistent reinvestment risks, thus necessitating the search for long-term investment logic [1]. - The asset allocation should focus on safety, profitability, and liquidity, adhering to the principles of asset-liability management [1]. Group 3: Cost Management - The liability side should focus on reducing costs, optimizing structure, and increasing flexibility, which includes measures such as actively lowering new policy preset interest rates to reduce rigid costs [1]. - Optimizing the interest source structure is essential to lower costs associated with liabilities [1].

Core Viewpoint - The traditional investment strategies face significant challenges in a low-interest-rate environment, necessitating a return to asset-liability management principles to navigate through interest rate cycles [1][2] Group 1: Asset-Liability Management Principles - The core of asset-liability management is to allocate long-term funds into assets that can withstand interest rate, credit, and liquidity shocks, ensuring financial goals, customer protection, and regulatory compliance are maintained [1] - The three principles of asset-liability management emphasized are safety, profitability, and liquidity, which should guide the investment strategies [2] Group 2: Challenges and Strategies - In a low-interest-rate cycle, traditional investment strategies are under pressure, with reinvestment risks persisting, highlighting the need for long-term logic that transcends cycles [2] - The liability side requires continuous efforts to reduce costs, optimize structure, and increase flexibility, including measures such as lowering new policy preset interest rates and optimizing interest source structures to mitigate potential risks from declining rates [2]

Core Insights - The insurance sector experienced a slight decline of 0.05% on November 20, with China Pacific Insurance leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Insurance Sector Performance - China Life Insurance (601628) closed at 44.40, up 0.23% with a trading volume of 132,300 shares and a transaction value of 589 million [1] - China Pacific Insurance (601601) closed at 35.54, down 0.81% with a trading volume of 256,300 shares and a transaction value of 918 million [1] - China Ping An (601318) closed at 60.20, down 0.28% with a trading volume of 394,500 shares and a transaction value of 2.387 billion [1] - New China Life Insurance (601336) closed at 67.80, down 0.59% with a trading volume of 127,800 shares and a transaction value of 870 million [1] - China Reinsurance (601319) closed at 8.83, up 0.46% with a trading volume of 849,600 shares and a transaction value of 7.551 billion [1] Capital Flow Analysis - The insurance sector saw a net inflow of 154 million from institutional investors, while retail investors experienced a net outflow of 31.98 million [1] - China Life Insurance had a net inflow of 58.50 million from institutional investors, while retail investors had a net outflow of 30.28 million [2] - China Pacific Insurance experienced a net outflow of 32.81 million from institutional investors, but a net inflow of 70.61 million from retail investors [2]

Core Insights - The average car insurance premium among 67 companies for the first three quarters is 2079 yuan, with a median of 1836.89 yuan, indicating significant structural differentiation in pricing strategies across different insurers [2][4] - The highest car insurance premium reported is 5700 yuan by Modern Insurance, while the lowest is 850 yuan by Dubang Insurance, reflecting a competitive market with a concentration of premiums between 1000 yuan and 3000 yuan, accounting for 74.7% of the total [1][2] - The future pricing trends in the car insurance market are expected to be influenced significantly by the development of new energy vehicle (NEV) insurance, as the market adapts to changing costs and risk management technologies [1][4] Premium Distribution - Among the 67 insurers, 28 have premiums above the industry average, with 12 companies, including Modern Insurance and BYD Insurance, having premiums of 3000 yuan or more [2] - A total of 6 companies reported premiums below 1000 yuan, with Dubang Insurance having the lowest at 850 yuan [2] - Year-on-year comparisons show that 25 companies experienced premium growth, while 36 saw declines, indicating varied performance across the sector [2] New Energy Vehicle Insurance - NEV insurance is becoming a core business for leading insurers, with premiums significantly higher than the industry average, such as 5700 yuan for Modern Insurance and 4046.58 yuan for BYD Insurance [4] - The rapid increase in NEV ownership, reaching 36.89 million vehicles by mid-2025, is driving demand for NEV insurance, although high repair costs and accident rates are pushing premiums up [4][6] - The insurance industry is currently facing challenges with NEV insurance profitability, as evidenced by a reported underwriting loss of 5.7 billion yuan in 2024, necessitating higher premiums to cover costs [4][6] Regulatory and Market Developments - Recent regulatory changes aim to enhance the quality and efficiency of NEV insurance, promoting collaboration between car manufacturers and insurers to improve risk pricing [5][6] - Leading insurers have begun to report profitability in NEV insurance, with significant growth in the number of insured vehicles and premium income, indicating a potential turning point for the sector [6] - The ongoing evolution in technology, data accumulation, and changes in consumer behavior are expected to improve the profitability of NEV insurance in the future [6]

Group 1 - The China Securities and Insurance Index (399966) increased by 0.97% as of November 20, 2025, with notable gains from stocks such as First Capital Securities (up 5.61%) and Dongfang Securities (up 3.01%) [1] - Sunshine Life Insurance, a subsidiary of Sunshine Insurance, signed a fund contract with two companies and plans to expedite the filing process for the pilot fund [1] - Dongwu Securities highlighted that market demand remains strong, with a reduction in the preset interest rate and transformation of dividend insurance expected to optimize liability costs, alleviating pressure from interest margin losses [1] Group 2 - The Insurance Securities ETF closely tracks the China Securities and Insurance Index, which selects securities from the insurance sector based on the China Securities 800 Index, providing investors with diverse investment options [2] - As of October 31, 2025, the top ten weighted stocks in the China Securities and Insurance Index accounted for 62.44% of the index, including major companies like China Ping An and CITIC Securities [2]

Group 1: Central Bank Operations - The central bank conducted a 310.5 billion yuan 7-day reverse repurchase operation, with a bid amount and winning amount of 310.5 billion yuan, maintaining an operation rate of 1.40% [1] Group 2: Banking Sector Performance - A-shares in the banking sector experienced fluctuations but generally rose, with China Bank's stock price increasing over 2% to reach a new high, alongside significant gains from other banks such as Everbright Bank and CITIC Bank [2] - The rise in bank stock prices reflects positive market expectations for future growth in the financial industry, likely driven by economic recovery expectations and policy support [2] Group 3: Insurance Sector Performance - The insurance sector in A-shares continued to rise, with China Life and China Property & Casualty Insurance both increasing over 3%, along with other major insurers [3] - The notable growth in the insurance sector indicates investor optimism, potentially influenced by market perceptions of economic stability and increased risk management awareness among individuals [3] Group 4: Gold Market Trends - Spot gold prices reached 4,100 USD per ounce, reflecting a 0.85% increase during the day [4] - The rise in gold prices indicates a sustained preference for safe-haven assets, driven by increasing geopolitical risks and inflation pressures, showcasing gold's appeal as a traditional safe-haven investment [4]

Group 1: Market Overview - The A-share market experienced fluctuations with the Shanghai Composite Index closing up 0.18% at 3946.74 points, while the Shenzhen Component fell slightly to 13080.09 points, and the ChiNext Index rose 0.25% to 3076.85 points [2] - The total trading volume in the Shanghai and Shenzhen markets was approximately 17,428 billion yuan, consistent with the previous day's trading volume [2] Group 2: Sector Performance - The water sector saw a significant surge, with the water index rising by 9.52% by the end of the trading day [3] - Notable stocks in the water sector included Guolian Aquatic (涨停 20.09%), Zhanzi Island (涨停 10.10%), and Zhongshui Fishery (涨停 9.96%) [5][6] - The banking and insurance sectors also performed well, with China Bank rising nearly 4% and several insurance companies seeing gains of around 3% [7] Group 3: Lithium Battery Sector - The lithium battery sector experienced strong performance, with stocks like Jinyuan Co. and Rongjie Co. hitting the daily limit [8] - The price of lithium carbonate futures reached over 100,000 yuan per ton, driven by surging demand in the energy storage and electric vehicle markets [10] Group 4: Gold Sector - The gold sector saw a notable rise, with stocks like Shenhua A and Zhongjin Gold hitting the daily limit, and others like Chifeng Gold and Shandong Gold rising over 5% [11] - Analysts suggest that gold prices are supported by factors such as policy easing, de-dollarization, and ongoing demand for safe-haven assets [13]