Regulatory Dynamics - Nine departments encourage Chinese export credit insurance companies and other insurance institutions to increase support for service exports [8][9] - The central bank maintains the 1-year and 5-year LPR unchanged at 3.0% and 3.5% respectively [10] - The Ministry of Human Resources and Social Security reports that the basic pension insurance fund has achieved positive returns for eight consecutive years, with an average investment return rate of 5.15% [11] - The number of people covered by basic pension insurance in China reaches 1.072 billion, increasing by over 7.3 million since the end of the 13th Five-Year Plan [12] - Over 20 million new employment form workers are covered by occupational injury insurance [13] - The National Medical Insurance Bureau has included 42 rare diseases in the national medical insurance catalog [14] - The National Medical Insurance Bureau releases a long-term care insurance service catalog consisting of 20 life care and 16 medical care items [15] - The Financial Regulatory Administration holds a seminar with ASEAN and China-Japan-Korea financial regulatory agencies [16] - Financial Regulatory Administration head Li Yunzhe meets with Ray Dalio, founder of Bridgewater Associates [17] - The total assets of the banking and insurance industries exceed 500 trillion, with an average growth of nearly 9% over the past five years [18] Company Dynamics - China Ping An increases its stake in Agricultural Bank of China by 115 million HKD [29] - Sunshine Life increases its stake in China Ruyi by 113 million HKD [30] - Great Wall Life raises its stake in New Tian Green Energy to 5.00%, triggering a disclosure requirement [31] - Great Wall Life increases its stake in Qin Port shares by 1 million shares [32] - Ping An Life acquires a stake in Jingchang Logistics [33] - Ping An Overseas issues a 300 million USD 10-year senior unsecured bond with a coupon rate of 5% [34] - Fosun United receives approval for capital increase, with the International Finance Corporation and Asian Development Bank as new shareholders [35] - Ruizhong Life reduces its stake in Qinsong shares by over 9.55 million shares [36] - China Reinsurance receives approval for issuing capital supplement bonds [37] - Bank of China Samsung is approved to issue perpetual capital bonds [38] - China Life establishes a health management company in Nanjing [39] - Sunshine Insurance unveils Sunshine Hengyi Private Fund Management Co., Ltd. [41] - Bank of China Samsung establishes an equity investment partnership in Tianjin with a contribution of 1.1 billion [42] - Tianmao Group's cash option for delisting is executed, involving over 2.3 billion [43] - Huanghe Property Insurance's 125 million shares are up for auction with a starting price of 115 million [44] Industry Dynamics - Social insurance capital's A-share holdings exceed 2 trillion, reaching a historical high [55] - JPMorgan Chase invests approximately 135 billion HKD in China Pacific Insurance H-shares [56] - Mainland insurance companies attract record inflows in Hong Kong stocks [57] - Insurance capital's real estate investment scale significantly increases in the first half of 2025 [58] - The second batch of Sci-Tech Bond ETFs sees substantial institutional investment [59] - Goldman Sachs reports a surge of hedge funds into banking, insurance, and consumer finance sectors [60] - The first commercial insurance innovation drug catalog completes expert review, with five high-cost CAR-T drugs approved [61] - AI applications in the insurance industry are accelerating, with significant productivity potential [62][63] - The health insurance structure is changing, with medical insurance growth surpassing critical illness insurance [65]

Core Viewpoint - The insurance industry is increasingly adopting FVOCI accounting for high dividend stocks to stabilize profit reports and enhance long-term dividend income [2][5][10] Group 1: FVOCI Accounting Adoption - FVOCI accounting allows insurance companies to measure financial assets at fair value without impacting annual profit reports, thus stabilizing profit volatility [2][5] - As of June 2023, major insurance companies have significantly increased their FVOCI equity asset holdings, with Xinhua Insurance's FVOCI equity assets rising from 30.64 billion to 37.47 billion yuan and China Life's FVOCI stock holdings reaching 140.26 billion yuan, accounting for 22.6% of its total stock investments [2][3] - The implementation of new accounting standards in 2026 is expected to further drive the allocation of insurance capital into FVOCI stocks [2][4] Group 2: Investment Strategies - Insurance companies are focusing on high dividend stocks, particularly in sectors benefiting from policies aimed at reducing competition and improving cash flow amid inflation [3][6] - The strategy includes identifying stocks with improved cash flow and dividend potential through bottom-up research methods [3][6] - The shift towards FVOCI is also aimed at addressing the mismatch between asset and liability durations, with many companies experiencing a duration gap of 4-7 years [6][10] Group 3: Market Dynamics and Challenges - The rise of FVOCI has led to a "double-edged sword" effect, where significant unrealized gains from FVOCI assets do not appear on profit statements, potentially obscuring the true performance of insurance companies [9][10] - This shift in accounting practices allows for a more stable assessment of insurance companies' core business performance, enhancing investor confidence [10] - The focus on long-term dividend income is changing the investment logic of insurance companies, moving away from short-term capital gains to a more stable income approach [10]

Core Viewpoint - China Life Asset Management Co., Ltd. has established the Tianwan Fund in collaboration with China National Nuclear Corporation to invest in nuclear power projects, which is crucial for optimizing energy structure and achieving carbon neutrality goals [1][2] Group 1: Investment Details - The Tianwan Fund is a limited partnership fund initiated by China Life Asset as the sole financial LP, focusing on investments in China National Nuclear Corporation's projects [1] - The fund's first investment will support the construction of Units 7 and 8 of the Tianwan Nuclear Power Plant and the first phase of the Xuwei Nuclear Heating Project [1] - The investment period for the Tianwan Fund is set for 10 years, tailored to meet the capital needs of nuclear power project construction and operation [2] Group 2: Technological Significance - The Xuwei Phase I project is notable for being the world's first demonstration project combining a third-generation pressurized water reactor and a fourth-generation high-temperature gas-cooled reactor [1] - The "Hualong One" reactor is highlighted as a key model for China's nuclear power development and a symbol of its global nuclear presence [1] - The high-temperature gas-cooled reactor is recognized as part of a major national science and technology initiative [1] Group 3: Strategic Implications - The investment in the Tianwan Fund represents a practical step by China Life Asset to support green finance and the transition to a low-carbon economy [2] - The company aims to leverage its long-term capital advantages to innovate equity investment methodologies and explore stable return opportunities in infrastructure sectors such as nuclear power, hydropower, and offshore wind [2] - Future plans include continuous exploration of innovative equity investment practices based on the Tianwan Fund's experience to enhance the effectiveness of insurance capital in serving the real economy [2]

Investment Rating - The report maintains an "Overweight" rating for the insurance industry [1] Core Insights - In August, the life insurance sector experienced a strong premium growth of 49.7% year-on-year, significantly up from July's growth rate [4] - The report anticipates a gradual decline in premium growth rates post-September, as the surge in August is attributed to the "stop炒" effect of old products amid a backdrop of lowered preset interest rates [4] - The health insurance sector's premium growth remained stable at 2.6% year-on-year in August, with a long-term growth potential identified through the integration of health management and insurance services [4] - The property insurance sector saw a modest premium growth of 0.9% in August, primarily impacted by a decline in non-auto insurance premiums [4] - The report highlights that leading insurance companies maintain robust growth and quality in their business, particularly in auto insurance, where lower loss ratios enhance profitability [4] - The valuation of the insurance sector remains at historical lows, with expected PEV ratios between 0.57-0.85 and PB ratios between 1.02-2.16 for 2025, indicating significant upside potential [4] Summary by Sections Life Insurance - August's life insurance premiums reached CNY 4,645 billion, marking a 49.7% year-on-year increase, with a cumulative premium of CNY 37,999 billion for the first eight months of 2025, up 11.3% year-on-year [4] - The report notes a shift towards dividend insurance products as a response to the changing interest rate environment [4] Health Insurance - Health insurance premiums in August grew by 2.6%, with a cumulative growth of 2.4% for the first eight months of 2025 [4] - The report emphasizes the potential for health insurance to expand through a comprehensive health ecosystem [4] Property Insurance - Property insurance premiums in August increased by 0.9%, with a cumulative growth of 4.7% for the first eight months of 2025 [4] - The report indicates that the growth in auto insurance premiums is supported by the rising penetration of new energy vehicles [4] Market Outlook - The report suggests that both liability and asset sides of the insurance companies are improving, with a favorable outlook for the industry as a whole [4] - The anticipated recovery in long-term interest rates could alleviate pressure on investment yields for insurance companies [4]

Group 1 - China Life Asset Management Company has established the Tianwan Nuclear Power Equity Investment Fund in collaboration with China National Nuclear Corporation, with the first investment completed [1] - The fund will invest in China Nuclear SuNeng Nuclear Power Co., Ltd., supporting the construction of Tianwan Nuclear Power Units 7 and 8, as well as the first phase of the Xuwei Nuclear Heating Project [1] - The Tianwan project is significant for optimizing China's energy structure and achieving carbon neutrality goals, featuring the world's first demonstration of a dual-coupled third and fourth generation nuclear power plant [1] Group 2 - The investment in the Tianwan Fund represents a practical measure of green finance supporting low-carbon transformation and the construction of a beautiful China [2] - China Life Asset Management is leveraging its long-term capital advantages to innovate equity investment methodologies tailored for the Tianwan Fund, with a 10-year investment period [2] - Future plans include exploring equity investment opportunities in stable-return infrastructure sectors such as nuclear power, hydropower, offshore wind, logistics, transportation, and data centers [2]

Group 1 - The National Financial Supervision Administration approved the request for the cancellation of the marketing service department of China Life Insurance Co., Ltd. in Guichi [1] - China Life Insurance Co., Ltd. is required to manage personnel arrangements, document custody, and customer service after the cancellation of the department [1] - The insurance license of the Guichi branch's marketing service department will automatically become invalid upon approval of the cancellation [1]

Core Insights - China Life Asset Management Co., Ltd. (referred to as "Guoshou Asset") has established the Tianwan Fund in collaboration with China National Nuclear Corporation (CNNC) as the sole financial institution LP [1] - The Tianwan Fund will invest in China Nuclear SuNeng Nuclear Power Co., Ltd., specifically to support the construction of Units 7 and 8 of the Tianwan Nuclear Power Plant and the first phase of the Jiangsu Xuwei Nuclear Heating Project [1] - Guoshou Asset aims to leverage the advantages of insurance capital as long-term and patient capital, innovating equity investment methodologies tailored for the Tianwan Fund [1] - The investment period for the fund is set at 10 years, with transaction arrangements designed to align with the actual construction and operational needs of nuclear power projects [1]

原标题：向"新"而行！为美好"疆"来贡献国寿力量 天山南北、大漠长风，新疆自古以来就是中华文明向西开放的门户。2025年是新疆维吾尔自治区成立70 周年，七十年来，新疆各项事业发生历史性变革，经济社会发展和民生改善取得了前所未有的成就，中 国式现代化新疆实践迈出坚实步伐。 作为国有大型金融机构，中国人寿充分发挥保险、投资、银行三大板块协同优势，不断加强对新疆地区 重大战略、重点领域和薄弱环节的金融支持力度，集团统筹各成员单位及驻疆400余家分支机构积极响 应各族群众美好生活的金融服务需求，滋润新疆经济社会发展"一树繁花"，持续为新疆高质量发展注入 金融活水、澎湃动力。 织密社会保障网 助"石榴花开"谱写"新疆情" "中国人的饭碗应该主要装中国粮。"2024年，新疆粮食总产466亿斤、全国排名上升到第13位，粮食单 产1050斤、首次跃居全国第一。新疆粮食持续高产丰收的底气从何而来？答案来自一望无际的原野上， 政策护航、科技赋能……各方汇聚合力，精耕细作结出硕果。其中，就有中国人寿发挥保险优势提供全 方位的保障。 针对新疆"三山夹两盆"的独特地形特征，中国人寿集团旗下财险公司开发了130余款农险产品，有力覆 盖 ...

Core Viewpoint - Insurance capital institutions are increasingly active in the capital market, adopting a long-term investment perspective and focusing on major national strategies and new productivity frontiers [1][2] Group 1: Investment Scale and Strategy - China Life Asset Management has over 6.5 trillion yuan in total managed assets, with nearly 4 trillion yuan serving the real economy [1] - The company aims to be a leader in capital market reform, a long-term investor, and a contributor to market stability [1] Group 2: Long-term Investment Initiatives - The launch and expansion of the insurance capital long-term investment reform pilot is a significant reform measure in the insurance sector [2] - China Life Asset has initiated the Honghu Fund, creating a new model for stable long-term investment in stocks, with three phases already established [2] - The fund focuses on high-quality, stable dividend blue-chip stocks to reduce short-term price volatility and promote sustainable investment returns [2] Group 3: Focus on Technological Innovation - China Life Asset has been actively investing in technology innovation, establishing various investment plans to support major national strategies [3] - The company has initiated projects like the "China Life-Hu Fa No. 1 Equity Investment Plan" to explore the synergy between insurance funds and government funds [3] Group 4: Investment Methodology - The company has developed a unique investment methodology that emphasizes research-driven investment and a comprehensive research team [4][5] - The "dual-line allocation" investment methodology integrates asset-liability management and aligns with national strategic needs [5] Group 5: Digital Transformation - China Life Asset has initiated a digital transformation strategy since 2018, focusing on building the CLIMB platform to enhance investment management efficiency [7][8] - The platform utilizes advanced technologies like cloud computing and AI, achieving significant operational efficiencies and supporting daily transactions exceeding 30 billion yuan [8]

Group 1 - The insurance sector increased by 0.91% on September 26, with Xinhua Insurance leading the gains [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] - Key individual stock performances in the insurance sector included Xinhua Insurance at 60.37 (+1.92%), China Life at 38.48 (+1.26%), and China Pacific Insurance at 35.20 (+1.24%) [1] Group 2 - The net inflow of main funds in the insurance sector was 82.33 million yuan, while retail investors saw a net outflow of 209 million yuan [1] - Xinhua Insurance had a main fund net inflow of 140 million yuan, but a retail net outflow of 76.98 million yuan [2] - China Life experienced a net inflow of 59.89 million yuan from main funds, but also a retail net outflow of 39.32 million yuan [2]