Group 1 - Insurance capital has been actively investing in A-share companies, with 368 companies appearing in the top ten circulating shareholders list by the end of Q2 [1][3] - China Life Insurance increased its holdings in CITIC Bank and China Telecom by 259 million shares and 205 million shares respectively, and also added over 150 million shares in China State Construction [1][3] - The insurance sector's investment strategy focuses on long-term value, emphasizing factors such as long-term competitiveness, sustainable profitability, and shareholder return capabilities [3][4] Group 2 - The total stock balance of life and property insurance companies reached 3.07 trillion yuan by the end of Q2, with a net increase of 640.6 billion yuan in the first half of the year [4] - The net increase in Q2 alone was 251.3 billion yuan, marking a record high with an 8.8% increase [4] - The acceleration of insurance capital entering the market is driven by favorable policies and the internal demand for long-term investments amid low interest rates and an "asset shortage" environment [4]

香港联交所最新资料显示，8月26日，FMR LLC减持中国人寿（601628）(02628)854.7384万股，每股作 价24.78港元，总金额约为2.12亿港元。减持后最新持股数目约为4.39亿股，最新持股比例为5.89%。 中国人寿 中国人寿 分时图 日K线 周K线 月K线 42.08 0.61 1.47% 4.75% 3.16% 1.59% 0.00% 1.59% 3.16% 4.75% 39.50 40.16 40.81 41.47 42.13 42.78 43.44 09:30 10:30 11:30/13:00 14:00 15:00 0 74万 148万 223万 ...

Core Viewpoint - China Ping An Insurance has increased its stake in China Life Insurance's H-shares to 7.08% [1] Company Summary - China Ping An Insurance's ownership in China Life Insurance reflects a strategic investment move within the insurance sector [1] - The increase in stake may indicate confidence in China Life's future performance and potential growth opportunities [1] Industry Summary - The insurance industry in China is experiencing shifts in ownership structures, with major players like China Ping An actively adjusting their investment portfolios [1] - The rise in shareholding percentages among key insurers could signal competitive dynamics and market consolidation trends within the industry [1]

Core Viewpoint - The performance of the five major listed insurance companies in A-shares for the first half of the year was significantly influenced by investment returns, with a notable shift towards equity assets in response to a low interest rate environment [1][2]. Investment Performance - All five major insurance companies reported growth in investment assets ranging from 5.1% to 8.2% compared to the beginning of the year [2]. - Among these, A-share investments were a key component, with China Pacific Insurance reporting a 26.1% increase in A-share investment assets, raising its proportion in total investment assets by 1.2 percentage points [2]. - The net profit growth rates for the major insurers were as follows: New China Life Insurance at 33.53%, China Pacific Insurance at 10.95%, China Life Insurance at 6.93%, and China People’s Insurance at 16.94%, while China Ping An experienced a decline of 8.81% [1]. Asset Allocation Strategy - In response to the pressure on fixed-income asset yields, insurance companies are increasingly diversifying their asset allocations, focusing on high-dividend equity assets [1][3]. - China Pacific Insurance reported a total investment yield of 2.3% and a comprehensive investment yield of 2.4%, both down by 0.4 and 0.6 percentage points year-on-year, primarily due to declines in the fair value of fixed-income assets [2]. - Companies are actively exploring alternative assets, including convertible bonds, bond funds, and REITs, to mitigate reinvestment risks in a low-interest environment [3]. Focus on High-Dividend Stocks - Several insurance companies have increased their allocation to OCI (Other Comprehensive Income) stocks, with China People’s Insurance reporting a 60.7% increase in OCI stock investments, outperforming the CSI 300 Dividend Index by 7.8 percentage points [3]. - High-dividend stocks are viewed as a stabilizing factor for overall investment returns, especially in a declining interest rate environment [3]. Growth and Value Investment - The goal of constructing equity investment portfolios includes ensuring stable cash flows and capturing opportunities for excess returns through the identification of growth-oriented targets [4]. - Companies like China Life Insurance and China People’s Insurance are focusing on sectors such as technology innovation, advanced manufacturing, and new consumption for their equity investments [4].

Group 1 - The Chinese insurance market underwent significant changes in the first half of 2025, including a reduction in the life insurance preset interest rate, strict control of liability costs by regulators, and deepening integration of reporting and operations in the auto insurance market [1] - As of the end of August, listed insurance companies in A-shares and H-shares reported strong stability in premium income and profitability, with many companies showing robust growth in core financial indicators [1] - The total original insurance premium income for the insurance industry reached 3.74 trillion yuan, a year-on-year increase of 5.04%, with life insurance premium growth maintaining a high level, often exceeding 16% monthly [1] Group 2 - China Life accelerated its channel transformation and diversified its business structure, with dividend insurance becoming a significant support for new single premium income, accounting for over 50% of the first-year premium [2] - The property insurance sector saw total premium income of 964.46 billion yuan, a year-on-year increase of 4.2%, with major companies like PICC having the largest premium scale and Ping An Property & Casualty showing the fastest growth [4] - Non-auto insurance business, particularly in Sunshine Property Insurance, demonstrated remarkable performance with a 12.5% year-on-year growth in non-auto premium income, reaching a 50.6% share of total premiums [4] Group 3 - The positive market performance and financial data reflect the flexibility and resilience of listed insurance companies in responding to industry changes, indicating steady progress towards high-quality development in the Chinese insurance industry [5] - With the gradual effectiveness of economic stimulus policies and a rebound in insurance product demand, listed insurance companies are expected to maintain a steady growth trend in the second half of the year [5]

Group 1 - Dezhou is a significant grain-producing area in Shandong, being the first city in China to achieve "over 1 ton per mu and over 10 billion total production" [1] - China Life Property & Casualty Insurance in Dezhou has focused on three major grain crop insurance, covering 4.4167 million mu since the new agricultural insurance cycle began in 2024, leading the province in coverage [1] - The company has taken on risk responsibilities amounting to 4.311 billion yuan for 348,000 farming households, providing crucial financial support for post-disaster recovery [1] Group 2 - In Wucheng County, China Life Property & Casualty Insurance has insured 66,800 mu of corn, with 44,840 households participating in complete cost insurance [2] - Following heavy rainfall of 262.6 mm in August, the company initiated an emergency claims process, resulting in compensation of 7.04 million yuan for 15,740 mu of affected corn [2] - The insurance compensation helped farmers like Wang Wei recover costs and continue planting winter wheat [2] Group 3 - The company has insured 593,000 mu of wheat and corn, achieving a coverage rate of 93% and providing risk protection of 578 million yuan, making it the top county in the province for complete cost insurance [3] Group 4 - China Life Property & Casualty Insurance has developed commercial income loss protection plans alongside policy-based agricultural insurance, creating a multi-layered agricultural risk protection system [4] - The company offers commercial wheat meteorological index insurance and supplementary insurance, transitioning from "cost protection" to "income protection" [4] Group 5 - The "insurance + futures" model has been implemented in Yucheng City, providing risk protection of 222 million yuan over three years, with 21.54 million mu insured [5] - This model helps farmers hedge against price risks and ensures stable income [5] Group 6 - The company has established an "insurance + agricultural technology" service team to provide preemptive risk management and support for grain production [6] - Investment in risk reduction initiatives includes satellite monitoring technology for crop risk management and the establishment of smart agriculture service stations [6] - Future plans involve developing comprehensive protection schemes for the entire agricultural industry chain to ensure food security and high-quality agricultural development [6]

Group 1 - The overall performance of listed insurance companies in China for the first half of 2025 is strong, with significant growth in both premium income and profitability despite regulatory challenges [2][3] - The total original insurance premium income for the insurance industry reached 3.74 trillion yuan, a year-on-year increase of 5.04%, with life insurance premiums maintaining a high growth rate of 16% [2][3] - Major companies like China Life and New China Life reported notable net profit growth of 16.9% and 33.5% respectively, while China Ping An's operating profit increased by 3.7% despite an 8.8% decline in net profit [2][3] Group 2 - Sunshine Insurance, the shortest-listed traditional insurer, also performed well with total premium income of 80.81 billion yuan, a 5.7% year-on-year increase, and a net profit of 3.39 billion yuan, up 7.8% [3][4] - The shift towards dividend insurance has been significant, with some listed insurers reporting over 50% of new premium income from dividend products, contributing to high growth in traditional life insurance [3][4] - The new business value for major life insurers showed double-digit growth, with China Life achieving 28.55 billion yuan, a 20.3% increase, and Sunshine Insurance at 4.01 billion yuan, up 47.3% [3][4] Group 3 - In the property insurance sector, total premium income reached 964.46 billion yuan, a 4.2% increase, with PICC Property & Casualty leading at 323.28 billion yuan, up 3.6% [5][6] - The auto insurance segment outperformed, with premium income of 450.48 billion yuan, a 4.5% increase, driven by government subsidies and rising electric vehicle sales [6] - Non-auto insurance segments also saw rapid growth, with Sunshine Property & Casualty's non-auto premium income increasing by 12.5% to 12.78 billion yuan [6] Group 4 - Cost optimization was evident, with companies like China Ping An and Sunshine Insurance improving their comprehensive cost ratios, indicating better efficiency [7] - Investment performance varied among insurers, with China Life achieving total investment income of 127.51 billion yuan, a 4.2% increase, while Sunshine Insurance's investment income surged by 28.5% to 10.7 billion yuan [7] - The insurance industry is moving towards high-quality development, emphasizing the need for continuous breakthroughs in channel optimization, product innovation, and technology empowerment to gain long-term competitive advantages [8]

Core Viewpoint - Insurance funds have significantly increased their holdings in A-shares, focusing on long-term investments and high-dividend stocks to enhance portfolio returns and support the real economy [1][5][7]. Group 1: Investment Trends - As of the end of Q2, insurance funds appeared in the top ten shareholders of over 1,000 A-share companies, with a total holding of 926.7 billion shares valued at 1.57 trillion yuan [2][3]. - More than 270 stocks were increased in holdings by insurance funds during Q2, with notable increases in companies like CITIC Bank and China Telecom [2][4]. - Insurance companies are actively entering new positions, with 288 new entries in the top ten shareholders list of various A-share companies [2]. Group 2: Sector Focus - The sectors where insurance funds are increasing their investments include hardware equipment, electrical equipment, software services, pharmaceutical biology, and banking [3][6]. - High-dividend stocks are particularly favored due to their stable returns, especially in a declining interest rate environment [5][6]. Group 3: Strategic Insights - Insurance companies emphasize a strategy of long-term, stable, and value-oriented investments, dynamically adjusting their holdings based on risk and return profiles [5][7]. - The total investment in stocks by insurance funds reached 3.07 trillion yuan by the end of Q2, reflecting a net purchase of approximately 640 billion yuan in the first half of the year [5][6]. - Companies like China Life and PICC have significantly increased their equity investment allocations, with China Life's stock allocation rising from 12.18% to 13.60% [6][7].

分红险转型效果突出，银保新单显著增长 机构：开源证券 研究员：高超 季度负债端改善明显，投资端进一步增配权益 2025H1 公司归母净利润409.3 亿元，同比+6.9%，增速较1 季度有所回落, 主要受保险服务费用波动拖累 （VFA 法下保险合同负债受即期利率波动影响），加权平均净资产收益率7.83%，同比增加0.04pct。加 回分红后，2 季度末公司归母净资产较年初+5.2%。期末EV 1.48 万亿，较年初+5.5%（回溯口径）。公 司拟中期分红67.3 亿元，同比+19.0%，占2024 年全年分红的37%。我们预测2025-2027年NBV 分别同比 +15.0%/+10.0%/+10.0% ， 对应EV 同比分别为+9.3%/+9.3%/+9.2%。基于中报数据，我们下调2025 年、 上调2026 年和2027年归母净利润预测分别为1138/1304/1510 亿元（前值为1170/1290/1478 亿元），分别 同比+6.4%/+14.6%/+15.8%，对应EPS 分别为4.0/4.6/5.3 元。对应PEV 分别为0.77/0.70/0.64 倍，公司拟 中期分红67.3 亿元，同比+ ...

Core Viewpoint - The five major listed insurance companies in A-shares have all released their semi-annual performance reports, showing a significant impact from the investment side, particularly in the context of a low interest rate environment, which has pressured fixed-income asset returns and led to a strategic shift towards equity investments, especially high-dividend assets [1][2][4]. Investment Asset Growth - All five major insurance companies reported growth in investment assets compared to the beginning of the year, with increases ranging from 5.1% to 8.2%. A significant portion of this growth came from A-share investments, with China Pacific Insurance reporting a 26.1% increase in A-share investment assets [2][3]. Impact of Low Interest Rates - The pressure on fixed-income asset returns has accelerated the search for alternative assets among insurance companies. For instance, China Pacific Insurance reported a total investment yield of 2.3%, down 0.4 percentage points year-on-year, primarily due to declines in the fair value of fixed-income assets [3][4]. Diversification into Equity Assets - In response to the low interest rate environment, insurance companies are increasingly diversifying their asset allocations to include more equity assets, particularly high-dividend stocks, which are seen as stabilizing factors for overall investment returns [4][5]. Focus on Growth Stocks - The insurance companies are not only focusing on stable cash flows from their investments but are also looking to capture excess returns by identifying growth-oriented targets. This dual approach aims to balance stability and growth potential in their investment strategies [6][7]. Strategic Investment Areas - Companies like China Life and China Insurance are emphasizing the optimization of their equity allocation structures, focusing on sectors such as technology innovation, advanced manufacturing, and new consumption, which align with national strategic directions [7].