经与会董事审议并现场表决，形成以下会议决议： 证券代码：601601 证券简称：中国太保 公告编号：2025-048 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 第十届董事会第十七次会议决议公告 本公司第十届董事会第十七次会议通知于 2025 年 9 月 10 日以书面方式发出， 并于 2025 年 9 月 10 日在上海召开。全体董事同意豁免本次会议的通知期限。会 议由傅帆董事长主持。应出席会议的董事 13 人，亲自出席会议的董事 13 人。本 公司监事、部分高级管理人员和董事会秘书列席了会议。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》及《公司章程》的有关规定。 一、审议并通过了《关于中国太平洋保险（集团）股份有限公司发行 H 股 可转换债券并在香港联合交易所上市的议案》 详见本公司同日于上海证券交易所网站（www.sse.com.cn）披露的《中国太 平洋保险（集团）股份有限公司关于建议发行港元计值 H 股可转换债券的公告》。 表决结果：赞成 13 票 ...

Core Viewpoint - China Pacific Insurance (601601) announced plans to issue convertible bonds exclusively to professional investors outside the United States, in compliance with U.S. securities regulations [1] Group 1: Convertible Bonds Issuance - The company intends to issue convertible bonds only to professional investors as defined by the Hong Kong Stock Exchange Listing Rules and the Securities and Futures Ordinance [1] - The convertible bonds will not be offered to the general public in Hong Kong or to any related parties as defined by the Hong Kong Stock Exchange Listing Rules [1] Group 2: Use of Proceeds - The net proceeds from the issuance of convertible bonds will be utilized for several purposes: 1. Supporting the core insurance business 2. Supporting the implementation of three major strategies: "Big Health", "Artificial Intelligence+", and "Internationalization" 3. Supplementing working capital and other general corporate purposes [1]

Core Viewpoint - China Pacific Insurance (601601.SH) announced plans to issue convertible bonds exclusively to professional investors outside the United States, in compliance with U.S. securities regulations [1] Group 1: Convertible Bonds Issuance - The company intends to issue convertible bonds only to professional investors as defined by the Hong Kong Stock Exchange Listing Rules and the Securities and Futures Ordinance [1] - The offering will not be made to the general public in Hong Kong or to any connected persons as defined by the Hong Kong Stock Exchange Listing Rules [1] Group 2: Use of Proceeds - The net proceeds from the issuance of convertible bonds will be utilized for several purposes: 1. Supporting the core insurance business 2. Implementing three major strategies: "Health and Wellness," "Artificial Intelligence +," and "Internationalization" 3. Supplementing working capital and other general corporate purposes [1]

中国太保9月10日公告称，本公司建议向专业投资者发售可转换债券，并根据美国证券法S规例仅在美 国境外发售可转换债券。建议可转换债券发行的金额、条款和条件尚未确定。本公司拟将可转换债券发 行所得款项净额用于（一）支持保险主业；（二）支持"大康养、人工智能+、国际化"三大战略实施； 及（三）补充营运资金等一般企业用途。 ...

Core Viewpoint - The live broadcast focused on the theme "Clean Finance to Safeguard the New Future of Insurance," emphasizing the importance of clean financial culture in the insurance industry, particularly in Henan Province [1][3]. Group 1: Importance of Clean Financial Culture - Clean financial culture is seen as a crucial measure for promoting integrity and compliance within the insurance industry, significantly enhancing customer satisfaction and operational conduct [3][4]. - The insurance sector's response to disasters, such as the 2021 heavy rainfall, showcases the strength of clean culture in driving the industry back to its core mission of serving the real economy [3]. - Clean financial culture is essential for ensuring that insurance resources are directed towards ordinary consumers and farmers, thereby preventing corruption and ensuring risk protection [3][4]. Group 2: Implementation Practices - Various insurance companies shared their unique practices for embedding clean principles into their operations, such as the "Clean Finance Code" initiative by PICC Henan, which has engaged over 760,000 participants [5][6]. - Yong'an Insurance has implemented a self-underwriting system that reduces human intervention to over 90%, enhancing the integrity of the underwriting process [5][6]. - China Pacific Life Insurance has introduced educational initiatives and compliance mechanisms to ensure transparent operations and risk management [6]. Group 3: Challenges and Solutions - The industry faces challenges in forming a consensus on clean culture, with calls for stronger regulatory oversight and collaborative efforts among institutions [7]. - Key challenges include insufficient recognition of clean culture, incomplete execution of regulations, and a lack of cultural acceptance [7]. - Suggestions for improvement include enhancing party leadership, strengthening institutional execution, and fostering a shared understanding of clean practices across the industry [7]. Group 4: Future Trends - The integration of technology and the involvement of younger professionals are anticipated to drive the evolution of clean financial culture in the next 3 to 5 years [8]. - AI and blockchain technologies are expected to enhance risk management and transparency in transactions, while younger employees will promote innovative and engaging methods of clean culture communication [8]. - The vision for the future includes a collaborative approach combining technology, governance, and cultural resonance to foster a robust clean financial environment [8].

Core Insights - The report emphasizes that investment remains the main logic for performance differentiation in the insurance industry, with a focus on the transformation of dividend insurance and changes in liability costs expected to gain importance over time [8][9][10] Group 1: Performance Overview - In H1 2025, the net profit growth rates for major listed insurance companies varied significantly, with China Life at 6.9%, China Pacific at -8.8%, and New China Life at 33.5% [14] - The average new business value (NBV) for major life insurance companies showed a strong growth trend, with China Life at 20.3% and New China Life at 58.4% [14] - The overall premium growth for property insurance was 5.1%, with notable differences in growth rates among companies, particularly in non-auto insurance [10][14] Group 2: Investment Strategies - Listed insurance companies have increased their allocation to equities, with a notable rise in stock proportions across most firms, while bond allocations have shown a mixed trend [19][20] - The net investment yield for major insurers has declined year-on-year, primarily due to the downward trend in long-term interest rates, with China Life at 2.8% and China Pacific at 1.7% [15][16] - The total investment yield for New China Life reached 5.9%, reflecting a 1.1 percentage point increase year-on-year, while China Life's total investment yield decreased by 0.3 percentage points to 3.3% [16] Group 3: Liability and Cost Management - The average new business cost for life insurance companies decreased by 65 basis points year-on-year, indicating improved cost efficiency [10][9] - The transformation of dividend insurance is beginning to show results, with a significant increase in the proportion of dividend insurance in new business for several major insurers [9][10] - The report suggests that the liability cost is expected to continue declining due to regulatory benefits and dynamic adjustments in preset interest rates [9][10] Group 4: Company Recommendations - The report recommends focusing on China Pacific, China Life, and China Insurance for investment, with specific suggestions for New China Life if the equity market continues to outperform expectations [2][3] - The report highlights that the performance of listed insurance companies is closely tied to the trends in the equity market, with a significant impact on net profits from fluctuations in equity asset values [9][10]

Group 1 - A total of 103 stocks experienced block trading on the A-share market today, with a total transaction value of 3.529 billion yuan [1] - The top three stocks by transaction value were Zijin Mining at 288 million yuan, Guangqi Technology at 173 million yuan, and Yahui Long at 145 million yuan [1] - Among the stocks, 18 were traded at par, 20 at a premium, and 65 at a discount; the highest premium rates were for Dingjia Precision at 11.02%, Zhejiang Meida at 9.17%, and Chongqing Steel at 4.17% [1] Group 2 - The ranking of institutional buy amounts was led by Zijin Mining at 288 million yuan, followed by CITIC Securities at 141 million yuan and BOE Technology at 134 million yuan [2] - Other notable institutional purchases included Ningde Times at 99.2 million yuan, Northern Huachuang at 98.5 million yuan, and Muyuan Foods at 92.1 million yuan [2] - The total buy amounts for the top 30 stocks reflect significant institutional interest in these companies [2] Group 3 - The ranking of institutional sell amounts was also led by Zijin Mining at 288 million yuan, with CITIC Securities at 141 million yuan and BOE Technology at 134 million yuan [3] - Other significant sell amounts included Ningde Times at 121 million yuan, Northern Huachuang at 98.5 million yuan, and Muyuan Foods at 92.1 million yuan [3] - The data indicates a consistent pattern of institutional trading activity in these key stocks [3]

9月10日，中国太保大宗交易成交39.08万股，成交额1463.55万元，占当日总成交额的1.88%，成交价37.45元，较市场收盘价37.44元溢价0.03%。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 1463.55 | 39.08 | 机构专用 | 机构专用 | | | 2025-09-10 | 中国太保 | 601601 | 37.45 | | | | | ...

文件：中国太保寻求发行2030年到期、至多156亿港元的可转换债券。 ...

中国太保将发行至多20亿美元的可转换债券。 ...