Core Insights - The partnership between Cainiao and China Life has been strengthened through the establishment of a logistics investment fund with total assets exceeding 1.7 billion RMB [1] - The fund will focus on high-standard warehousing and logistics infrastructure in key cities of the Yangtze River Delta and the middle reaches of the Yangtze River [1] - The initiative aims to create a modern logistics node network that is intelligent, green, and efficient [1] - A diverse range of quality institutional investors, including Shentong Express, AIA, Zhonghong Life, and Caixin Life, have participated in the fund [1]

Core Viewpoint - The strategic partnership between Cainiao and China Life has been deepened with the establishment of a logistics investment fund exceeding 1.7 billion RMB, focusing on high-standard logistics infrastructure in key cities of the Yangtze River Delta and Central Yangtze region [1][3]. Group 1: Fund Overview - The newly established fund aims to create a modern logistics node network that is intelligent, green, and efficient, attracting diverse institutional investors including Shentong Express and AIA Life [1][3]. - This fund marks the third collaboration between Cainiao and China Life in the logistics infrastructure sector, with previous asset management totaling over 15 billion RMB [3]. Group 2: Industry Context - The logistics and warehousing industry in China is at a critical stage of high-quality development, driven by the robust growth of the e-commerce sector and systematic government policy guidance [5]. - The government has outlined plans to reduce logistics costs through various reforms and initiatives, emphasizing the need for intelligent, green, and efficient logistics systems [5]. Group 3: Project Focus - The fund will invest in high-standard, modern logistics facilities, including intelligent transfer hubs that integrate automation and digital technologies for efficient cargo transfer [6]. - These transfer hubs are crucial for enhancing logistics efficiency and service levels, forming an integral part of a robust logistics network [6].

Group 1 - The core point of the article is the strategic cooperation between Cainiao and China Life to establish a logistics investment fund with a total asset scale exceeding 1.7 billion RMB [1] - The fund will focus on high-standard warehousing and logistics infrastructure in key cities of the Yangtze River Delta and the middle reaches of the Yangtze River [1] - The initiative aims to create a modern logistics node network that is intelligent, green, and efficient [1] Group 2 - The fund has attracted a diverse range of quality institutional investors, including Shentong Express, AIA, Zhonghong Life, and Caixin Life, in addition to Cainiao and China Life [1]

Core Insights - The partnership between Cainiao and China Life has been strengthened through the establishment of a logistics investment fund with total assets exceeding 1.7 billion RMB [1] - The fund will primarily focus on high-standard warehousing and logistics infrastructure in key cities of the Yangtze River Delta and the middle reaches of the Yangtze River [1] - The fund has attracted a diverse range of institutional investors, including Shentong Express, AIA, Zhonghong Life, and Caixin Life, in addition to Cainiao and China Life [1]

Group 1: Company Performance - Zijin Mining (02899.HK) reported a net profit of 4.653 billion yuan for Q3 2021, representing a year-on-year increase of 116.34% [1] - Zijin Mining's total revenue for the first three quarters of 2021 reached 168.976 billion yuan, up 29.55% year-on-year [1] - Shenzhen Expressway (00548.HK) expects a net profit of approximately 1.86 billion yuan for the first three quarters, a year-on-year increase of about 195% [4] - Haohai Biological Technology (06826.HK) anticipates a net profit increase of 166.32% to 192.95% for the first three quarters, estimating between 300 million to 330 million yuan [5] Group 2: Insurance and Premiums - China Life (02628.HK) reported original insurance premium income of approximately 553.4 billion yuan for the first three quarters, a year-on-year growth of 1.8% [3] - Zhong An Online (06060.HK) achieved premium income of 15.802 billion yuan for the first three quarters, reflecting a year-on-year increase of 41.75% [8] Group 3: Market Activity and Corporate Actions - Jingxi International (02788.HK) announced a privatization proposal at a premium of approximately 54.4% over the closing price on October 6, 2021 [2] - The company plans to cancel and remove shares, compensating shareholders at a cancellation price of 0.88 HKD per share [2]

Core Viewpoint - BOE (京东方) is actively engaging with institutional investors to discuss the supply-demand dynamics, pricing trends, technological strategies, and shareholder return plans in the LCD and OLED markets [1] LCD Market - The demand for TV products is expected to grow in 2025 due to national subsidies and export policies, with shipment volume and area anticipated to increase, although the trend towards larger sizes may slow down due to rising demand for smaller sizes in emerging markets [2] - IT products are benefiting from replacement demand, with a forecasted rapid growth in shipment volume for the year, while monitor (MNT) product shipments are expected to remain flat year-on-year [2] - The industry is characterized by "production on demand," with an overall increase in average utilization rates in Q3, but a forecasted decline to below 80% in Q4 [2] - Price differentiation is expected in LCD products, with a slight price adjustment for TV products in Q4 while IT product prices are projected to remain stable [2] - The replacement cycle and AI technology are expected to continue driving IT product demand, while major sporting events like the World Cup may boost TV product demand in Q1 [2] OLED Competition - Despite entering the traditional peak season in the second half of the year, the overall supply of OLED remains excessive, with a notable differentiation in product structure [3] - The shipment volume of foldable products is expected to decline, while the demand for overseas brand LTPO products is increasing, and low-end Ramless products are seeing rapid growth [3] - BOE's AMOLED technology is becoming a key choice for high-end IT products due to its high picture quality and lightweight characteristics [3] - The newly established 8.6-generation AMOLED production line will focus on high-end touch displays for laptops and tablets, aiming to capture the high-end market [3] - The company has chosen LTPO backplane technology, which has been validated in its sixth-generation line and is recognized by customers for high-demand applications [3] Technological Layout and Capital Planning - BOE anticipates 2025 to be a peak year for capital expenditures, primarily due to the investment in the Chengdu 8.6-generation OLED production line [4] - Expenditures in 2026 will focus on subsequent equipment procurement, while a significant decrease in capital expenditures is expected in 2027 as production stabilizes and no new production line investments are planned [4] - Depreciation is expected to peak in 2025, with gradual declines thereafter as three sixth-generation flexible OLED production lines have been fully converted to fixed assets [4] - The company plans to use cash flow primarily for minority shareholder equity buybacks, with a recent reduction in capital for the Wuhan 10.5-generation line [4] Shareholder Return Mechanism - BOE's shareholder return plan, announced in April 2025, stipulates that annual cash distributions will not be less than 35% of the net profit attributable to the parent company [5] - The total amount allocated for share buybacks each year will not be less than 1.5 billion yuan, with additional plans for other purposes [5] - The company aims to establish a continuous, stable, and predictable shareholder return mechanism, reflecting its commitment to sharing growth dividends with shareholders [5]

证券研究报告·行业跟踪周报·非银金融 非银金融行业跟踪周报 证券行业并购稳步推进；保险业总资产突破 40 万亿 增持（维持） 相关研究 [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：1）宏观经济不及预期；2）政策趋紧抑制行业创新；3）市场 竞争加剧风险。 2025 年 11 月 23 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 罗宇康 执业证书：S0600525090002 luoyk@dwzq.com.cn 行业走势 -14% -10% -6% -2% 2% 6% 10% 14% 18% 22% 2024/11/25 2025/3/25 2025/7/23 2025/11/20 非银金融 沪深300 《中金公司拟换股合并东兴证券、信 达证券，资产规模将破万亿元》 2025-11-20 《金融科技 2026 年投资策略-- 短期 看市场活跃的持续性，中期关注金融 IT》 2025-11-17 东吴证券研究所 1 / 15 请务必阅读正文之后的免责声明部分 ◼ 非银行金融子行业近期表现：最近 5 个交易日（2025 ...

Investment Rating - The report maintains a "Recommendation" rating for the insurance industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [21]. Core Insights - The insurance index fell by 3.06% this week, outperforming the broader market by 0.71 percentage points. Major insurance stocks experienced declines, with notable drops from Sunshine Insurance (-4.8%) and China Pacific Insurance (-4.57%) [1]. - The China Actuarial Society released the "Guidelines for Expense Allocation of Life Insurance Products," which aims to enhance the scientific management of expenses within insurance companies and supports the implementation of the "reporting and operation integration" policy [2][4]. - As of the end of 2024, 34 insurance asset management companies managed a total of CNY 33.30 trillion, reflecting a year-on-year growth of 10.60% [2]. - The report highlights that 172 insurance companies have disclosed their solvency data for Q3 2025, with 14 achieving an AAA risk rating, while 4 companies fell below solvency standards [2]. Summary by Sections Market Performance - The insurance sector's performance was characterized by a 3.06% decline in the insurance index, with individual stocks like China Life and Ping An also showing significant decreases [1]. Regulatory Developments - The newly released guidelines categorize life insurance business expenses into variable and fixed costs, specifying which expenses should not be allocated and providing methods for expense allocation [4]. Financial Data - The total market capitalization of the insurance sector is CNY 32,109.56 billion, with a circulating market value of CNY 22,103.29 billion [6]. Valuation Metrics - The report provides PEV valuations for major life insurance companies, with China Life at 0.83x and Ping An at 0.71x [5]. - For property insurance, the PB valuations are noted, with China Re at 0.58x and PICC at 1.2x [10]. Investment Recommendations - Short-term recommendations focus on companies with performance elasticity, suggesting investments in New China Life, China Property & Casualty, and China Life. Long-term recommendations include China Pacific Insurance and China Ping An based on fundamental and valuation considerations [10].

Investment Rating - The report maintains a positive outlook on the non-bank financial industry, indicating an "Overweight" rating for the sector [4]. Core Insights - The integration of brokerages under the Huijin system has commenced, with China International Capital Corporation (CICC) planning to merge with Dongxing Securities and Xinda Securities, potentially enhancing CICC's market position and asset base significantly [4]. - The insurance asset management sector has seen a year-on-year increase of 36% in stock allocation, with total managed funds reaching CNY 33.3 trillion, reflecting a robust growth trajectory [4]. - The report highlights three investment themes for brokerages: benefiting from improved competitive dynamics, focusing on firms with strong earnings elasticity, and targeting companies with strong international business capabilities [4]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4,453.61, down 3.77% for the week, while the non-bank index fell 4.44% [7]. - The brokerage sector index decreased by 4.89%, underperforming the broader market [7]. Non-Bank Industry Data - As of the end of 2024, the total assets managed by 34 insurance asset management companies increased by 10.6% year-on-year to CNY 33.3 trillion, with a notable rise in stock allocations [4]. - The average daily trading volume in the stock market for November 2025 was CNY 19,739.55 billion, reflecting a slight decrease from the previous month [20]. Key Announcements - CICC is undergoing a significant asset restructuring, which is expected to enhance its competitive position in the market [34]. - The China Banking and Insurance Regulatory Commission has announced the inclusion of electronic savings bonds in personal pension products, effective June 2026, which may influence investment strategies in the insurance sector [21].

| 序 | | | | 作出 | | --- | --- | --- | --- | --- | | 름 | 当事人名称 | 主要违法违规行为 | 行政处罚内容 | 决定 | | | | | | 机关 | | 2 | 中国人寿保险股份 有限公司奎屯市支 公司及相关责任人 | 利用保险业务为他人 牟取不正当利益、虚 构中介业务、财务数 | 对该支公司警告并罚 款28.5万元。对耿 毅、万宣麟、武模贺 | | | | | 据不真实 | 警告并罚款合计6万元 | 伊蓉寺 | | | | | | 融监管 | | | | | | 分局 | （责任编辑：田云绯） 以下为原文： 中国经济网北京11月23日讯 国家金融监督管理总局网站近日公布的伊犁金融监管分局行政处罚信 息公示列表显示，中国人寿保险股份有限公司奎屯市支公司及相关责任人利用保险业务为他人牟取不正 当利益、虚构中介业务、财务数据不真实。 伊犁金融监管分局对该支公司警告并罚款28.5万元；对耿毅、万宣麟、武模贺警告并罚款合计6万 元。 ...