Core Viewpoint - The National Financial Supervision Administration of Jinhua has approved the relocation of China Life Insurance Company's Yongkang Branch's marketing service department to a new address in Jinhua City, Zhejiang Province [1] Group 1 - The new business location for the marketing service department is set to be at No. 90, Ground Floor, Hongxing New District, Longshan Town, Yongkang City, Jinhua, Zhejiang Province [1] - China Life Insurance Company is required to handle the change and obtain the necessary permits in accordance with relevant regulations [1]

Group 1 - The Jinzhou Financial Regulatory Bureau approved the request from China Life Insurance Company Limited Liaoning Branch to revoke the marketing service department in Qingduizi Town, Beizhen City [1] - Following the approval, the marketing service department must cease all business activities immediately and return the license to the Jinzhou Financial Regulatory Bureau within 15 working days [1] - The company is required to handle related procedures in accordance with relevant laws and regulations [1]

Core Viewpoint - The "Financial Education Promotion Week" launched by regulatory authorities aims to enhance financial literacy among consumers and protect their rights in financial transactions [1][2] Group 1: Event Overview - The event is themed "Protecting Financial Rights, Supporting a Better Life" and lasts for one week, focusing on educating the public about financial products and risks [1] - China Life Insurance Company actively participates by implementing a comprehensive "online + offline" promotional model, including various themed activities to educate consumers about financial risks [1] Group 2: Activities and Initiatives - China Life has established "Consumer Protection Energy Stations" at service centers, offering interactive games to teach financial knowledge and enhance risk awareness [1][2] - The company is expanding its outreach through community engagement, organizing teams to deliver financial knowledge directly to neighborhoods and various sectors [2] - A regular online knowledge Q&A session called "Tuesday Appointment" is part of the promotional strategy, creating a multi-channel approach to financial education [2] Group 3: Goals and Future Plans - The initiative aims to strengthen public trust in the financial system while providing practical services that cater to different demographics, including the elderly and disabled [2] - China Life plans to integrate consumer rights protection with practical services, focusing on creating accessible and memorable financial education content [2]

Core Viewpoint - The "Financial Education Promotion Week" initiated by financial regulatory authorities aims to enhance public financial literacy and protect consumer rights through various educational activities [1] Group 1: Financial Education Activities - The event features a theme of "Protecting Financial Rights and Supporting a Better Life" and lasts for one week, focusing on educating consumers about financial products and risks [1] - China Life Insurance Company actively participates by launching a "online + offline" promotional model, including four major themed activities to educate the public on financial risks [1][5] Group 2: Consumer Protection Initiatives - The "Consumer Protection Energy Station" is set up in service centers nationwide, offering interactive games to teach financial knowledge and enhance risk awareness [2] - The "Risk Tips Delivered to Your Door" initiative expands outreach by combining community management with tailored financial education programs for various settings [3] Group 3: Combating Illegal Practices - A campaign titled "Say NO to Illegal Intermediaries" is launched, featuring short videos that highlight the dangers of illegal financial practices and provide guidance on legal rights [4] - The company encourages consumers to use official channels for legal recourse, thereby promoting a safer financial environment [4] Group 4: Commitment to Public Service - China Life emphasizes its commitment to enhancing public trust in the financial system through education and practical services, focusing on supporting enterprises, the elderly, and disabled individuals [5] - The company aims to integrate consumer rights protection with practical services, ensuring that financial knowledge is accessible and understandable for the public [5][6]

Investment Rating - The industry investment rating is "Outperform the Market" [3][22]. Core Viewpoints - The report indicates that macro narratives, disappointing domestic economic data for July, the Federal Reserve's open stance on interest rate cuts, and abundant market liquidity are key factors driving market strength. The report anticipates that after fluctuations, non-bank financials, represented by brokerages, are likely to show an upward trend [1][9]. - The report emphasizes the importance of focusing on the strengthening trends in the brokerage and financial IT sectors, recommending specific stocks such as Guolian Minsheng and those with valuation expansion potential like Dongfang Securities and Huatai Securities [1][10]. Summary by Sections 1. Main Points - The report covers the performance of the CSI 300 index at 4522 points (up 1.38%), the insurance index at 1288.79 points (down 0.7%), and the brokerage index at 7251.34 points (up 0.66%) for the week of September 8-12, 2025 [7]. - The report notes that the U.S. CPI for August met expectations, but initial jobless claims data was unexpectedly poor, reinforcing expectations for three interest rate cuts by the Federal Reserve before the end of the year [7][8]. 2. Key Investment Portfolio 2.1 Insurance Sector - The insurance sector is viewed as having attractive valuation recovery potential, with specific recommendations for stocks such as China Ping An, China Pacific Insurance, and New China Life Insurance [12]. 2.2 Brokerage Sector - The report highlights the potential of mid-sized securities firms benefiting from innovation and market conditions, recommending stocks like Dongfang Wealth and Zhejiang Securities. It also suggests focusing on leading firms with diversified revenue structures such as Huatai Securities and China Galaxy Securities [13].

Core Points - The Jinzhou Financial Regulatory Bureau approved the request from China Life Insurance Company Limited Liaoning Branch to revoke the marketing service department of Beizhen City Branch in Luyang Town [1] Group 1 - The approval allows for the immediate cessation of all business activities by the marketing service department [1] - The department is required to return its license to the Jinzhou Financial Regulatory Bureau within 15 working days and complete relevant procedures as per legal regulations [1]

Group 1 - The Jinzhou Financial Regulatory Bureau approved the request from China Life Insurance Company Limited Liaoning Branch to revoke the marketing service department of Beizhen City Branch [1] - Following the approval, the marketing service department must cease all business activities immediately and return the license to the Jinzhou Financial Regulatory Bureau within 15 working days [1]

Group 1 - The National Financial Supervision Administration of Baoding approved the request for China Life Property Insurance Co., Ltd. to change the business location of its Fuping branch [1] - The new business location is set to be on the middle section of Huan Cheng Road, Fuping County, Baoding City, Hebei Province [1] - China Life Property Insurance Co., Ltd. is required to handle the change and obtain the new license in accordance with relevant regulations [1]

Core Viewpoint - The insurance asset management industry in China has shown significant growth in both revenue and net profit for the first half of the year, driven by improved investment returns, ongoing development in the insurance sector, and regulatory guidance that has expanded investment channels [1][2]. Revenue and Profit Summary - Five insurance asset management institutions reported a total revenue of 77.88 billion yuan, marking a year-on-year increase of 14.8%, and a net profit of 38.85 billion yuan, with a year-on-year growth of 30.7% [1][2]. - China Life Asset Management and Taikang Asset Management led the revenue figures, with revenues of 35.54 billion yuan and 30.08 billion yuan, respectively [2]. - Allianz Asset Management reported the highest revenue growth rate at 37%, reaching 1.46 billion yuan [2]. - The top three institutions in net profit were China Life Asset Management, Taikang Asset Management, and PICC Asset Management, with net profits of 20.76 billion yuan, 13.16 billion yuan, and 3.91 billion yuan, respectively, all showing over 20% growth compared to the previous year [2]. Industry Development Factors - Regulatory policies have broadened investment channels for insurance funds, allowing for a higher allocation to equity assets, which has enhanced the operational scope of insurance asset management institutions [3]. - The insurance sector has experienced steady growth in premium income, leading to an increase in available investment funds [3]. - The rise in stock indices, such as the CSI 300 and Hang Seng Index, has contributed to improved investment returns for insurance asset management firms [3]. Foreign Investment Trends - The maturity of China's insurance asset management industry has attracted increased foreign investment, with Prudential Insurance Asset Management recently receiving approval to commence operations [4]. - Two foreign insurance asset management institutions have also been approved for establishment, indicating a positive outlook on China's insurance market potential [4]. - The entry of foreign firms is expected to bring global allocation capabilities and experience in navigating market cycles, which can benefit domestic insurance institutions [5][6]. Competitive Strategies for Domestic Firms - Domestic insurance asset management institutions are encouraged to leverage their long-duration capital and strong risk resistance, particularly in higher-risk asset categories [6]. - There is a need for market-oriented reforms to enhance investment research capabilities, product design, and customer service [6]. - Expanding international business and preparing for global competition is essential for domestic firms to remain competitive in the evolving market landscape [6].

Investment Rating - The report maintains a positive outlook on the investment banking and brokerage industry [7] Core Insights - The recent implementation of the public fund fee reform in three phases is driving high-quality development in the industry. Brokerage firms continue to show high growth in their mid-year performance, and market enthusiasm remains high. The valuation still offers cost-effectiveness, suggesting a focus on leading companies and high-performing stocks in the sector. In the insurance sector, the overall trend supports the logic of deposit migration, increased equity allocation, and improved new policy costs, enhancing the certainty of long-term ROE improvement and accelerating valuation recovery [2][4] - From the perspective of profitability and dividend stability, the report continues to recommend Jiangsu Jinzu, which has stable profit growth and dividend rates, China Ping An, which maintains a high dividend yield, and China Pacific Insurance, which has clear advantages in business model and market position. Additionally, based on performance elasticity and valuation levels, the report recommends Xinhua Insurance, China Life, Hong Kong Stock Exchange, CITIC Securities, Dongfang Wealth, Tonghuashun, and Jiufang Zhitu Holdings [4] Summary by Sections Industry Overview - The non-bank financial index increased by 0.3% this week, with an excess return of -1.1% relative to the CSI 300, ranking 24th out of 31 industries. Year-to-date, the non-bank financial index is up 8.2%, with an excess return of -6.7%, also ranking 21st out of 31 [5] - Market enthusiasm has slightly declined, with an average daily trading volume of 23,264.15 billion yuan, down 10.63% week-on-week, and an average turnover rate of 2.45%, down 34.86 basis points [5] Key Industry News & Company Announcements - The China Securities Regulatory Commission released the "Classification Evaluation Regulations for Futures Companies" [6] - Company announcements include Guosen Securities completing the registration procedures for issuing new shares to acquire 96.08% of Wanhe Securities, and Xibu Securities completing the transfer of shares for the acquisition of Guorong Securities [6] Brokerage Data Tracking - The report highlights a slight recovery in margin financing, with a balance of 2.34 trillion yuan, up 2.67% week-on-week. The stock pledge market remains cautious, with expectations of continued contraction in stock pledge scale, but improved asset yield rates are anticipated to enhance income performance [45][49]