Investment Rating - The report maintains a "Positive" investment rating for the industry [7] Core Insights - Recent market activity remains high, with Q3 performance expected to continue the trend of significant growth, suggesting a focus on leading companies and high-performing stocks within the sector [2][4] - In the insurance sector, the report confirms the logic of deposit migration, increased equity allocation, and improved new policy costs, enhancing the certainty of long-term ROE improvement and potential valuation recovery [2][4] - Recommendations include Jiangsu Jinzhong for stable profit growth and dividend rates, China Ping An for stable dividends and high yield, and China Pacific Insurance for its strong business model and market position [2][4] Market Performance - The non-bank financial index decreased by 3.7% this week, with a year-to-date increase of 4.2%, ranking low in the industry [5] - The average daily trading volume in the market increased to 25,178.46 billion, up 8.23% week-on-week, indicating a recovery in market activity [5][37] Insurance Sector Overview - In July 2025, the cumulative insurance premium income reached 42,085 billion, a year-on-year increase of 6.75%, with life insurance contributing 31,153 billion and non-life insurance 10,933 billion [21][22] - The total assets of the insurance industry as of July 2025 were 39.59 trillion, with life insurance companies holding 34.69 trillion [26][27] Brokerage and Investment Business - The report highlights a recovery in trading activity, with the average daily turnover in the two markets showing an increase, and the margin financing balance rising to 2.40 trillion, up 2.65% [38][45] - The equity market remains volatile, with the CSI 300 index down 0.44% and the ChiNext index up 2.34% [42] Recommendations - The report recommends focusing on high-performing stocks such as New China Life, China Life, Hong Kong Exchanges, CITIC Securities, Dongfang Wealth, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation levels [2][4]

Core Insights - The "2025 China Service Industry Enterprises Top 500" list shows that the average revenue of the listed companies has surpassed 100 billion yuan, reaching 1022.24 billion yuan, marking a significant milestone in the service sector [1][2] - The total revenue of the top 500 service enterprises has exceeded 50 trillion yuan, amounting to 51.1 trillion yuan, with a growth rate of 3.82%, which is an increase of 1.9 percentage points compared to 2024 [2] - The number of companies entering the trillion-yuan club has reached 9, with JD Group recognized as the largest private service enterprise [2] Group 1: Revenue and Profitability - The entry threshold for the top 500 service enterprises has increased by 19.5 billion yuan, reaching 79.8 billion yuan, which is a growth of 10.71% [2] - The total assets of the top 500 service enterprises have surpassed 400 trillion yuan, reaching 404.9 trillion yuan, with a growth of 9.19% [2] - The net profit for the top 500 service enterprises in 2025 is projected to be 3.34 trillion yuan, reflecting a growth of 6.71% [2] Group 2: Composition and Trends - Among the top 500 service enterprises, 276 are state-owned and 224 are private, indicating a balanced representation in the service sector [3] - Traditional service sectors like real estate and retail have seen a decrease in the number of entrants, while modern services such as internet and IT services, finance, logistics, and business services have increased, with 184 companies from these sectors making the list, an increase of 12 from 2024 [3] - The income profit margin for the remaining 427 service enterprises, excluding commercial banks and residential real estate, has reached 4.04%, the highest since the start of the 14th Five-Year Plan [2]

Core Insights - The launch of the CSI A500 index in September 2024 has created a new investment landscape in the A-share market, attracting significant attention and participation from various institutional and individual investors [2][4][11] - The CSI A500 index has quickly become a core broad-based index in the A-share market, second only to the CSI 300, with a total scale of over 180 billion yuan as of September 19, 2024 [2][3] - The index's unique characteristics, including balanced industry weightings and a focus on industry leaders, have contributed to its strong performance compared to traditional broad-based indices [4][7] Investment Products and Strategies - A diverse product matrix has been established around the CSI A500 index, including ETFs, ETF-linked funds, and enhanced strategy ETFs, catering to various investor needs [1][9][10] - As of now, there are 32 CSI A500 ETFs with a total scale exceeding 180 billion yuan, indicating rapid growth and acceptance in the market [2][3] - The investment strategies associated with the CSI A500 index range from passive tracking to active quantitative enhancements, providing flexibility for different investor profiles [9][10] Institutional Participation - Institutional investors play a crucial role in the growth of the CSI A500 ETFs, with over 70% of holdings in several funds attributed to institutional accounts [5][6] - Insurance funds have been particularly significant, with major players like China Life and Ping An heavily investing in CSI A500 ETFs, reflecting the index's alignment with their long-term investment strategies [6][7] - The participation of various entities, including state-owned funds, foreign institutions, and private equity, has diversified the funding sources for the CSI A500 ETFs [7][8] Market Trends and Future Outlook - The CSI A500 index is expected to benefit from the ongoing economic transformation in China, as well as the shift of investor sentiment from traditional fixed-income investments to equity assets [8][11] - The index's design and performance characteristics are likely to attract more long-term capital, especially as policies encourage sustained investment in the stock market [11] - Future developments may include the introduction of derivative products based on the CSI A500 index, which could further enhance its investment ecosystem and strategy applications [10][11]

Core Viewpoint - The article emphasizes the importance of autumn grain production for national food security and highlights the proactive measures taken by China Life Property & Casualty Insurance in Shandong Province to ensure stable production and support farmers' income through comprehensive risk management and insurance services [1][5]. Group 1: Risk Management and Support Measures - China Life Property & Casualty Insurance has implemented a full-cycle risk management service for crops, including hiring agricultural experts for pest control and promoting high-standard farmland insurance [1][2]. - The company utilizes integrated satellite remote sensing technology to monitor the growth of 279,000 acres of corn and employs drone technology to expedite disaster assessment and claims processing [1][3]. - Collaboration with agricultural departments has led to the distribution of management guidelines and on-site expert guidance to reduce risks associated with crop lodging [2][3]. Group 2: Insurance Products and Coverage - In 2023, the company provided policy-based autumn grain insurance covering 674,500 acres, with a risk guarantee of 640 million yuan, addressing losses from natural disasters and pests [5][6]. - The introduction of supplementary insurance products, such as corn yield insurance and comprehensive meteorological index insurance, allows farmers to choose suitable commercial insurance to bridge the gap between policy insurance and actual income expectations [6][5]. - The shift from production insurance to income insurance has increased the coverage per acre from 950 yuan to 1,000 yuan, enhancing protection for farmers, especially large-scale grain producers [5][6]. Group 3: Technological Integration and Monitoring - The company has partnered with technology firms to conduct remote monitoring of corn growth and disaster conditions, creating monitoring reports to guide farmers in disaster prevention and field management [3][4]. - High-precision remote sensing mapping is being utilized to ensure accurate matching of insured plots with the crops planted, addressing issues of boundary ambiguity and information asymmetry [3][4]. - Continuous inspections of high-standard farmland and facilities are conducted to ensure effective irrigation and drainage during adverse weather conditions [4][3].

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, indicating an "Overweight" investment rating for the industry [2][3]. Core Insights - The brokerage sector has experienced a recent adjustment, with the Shenwan Brokerage II Index declining by 3.51%, underperforming the CSI 300 Index by 3.07 percentage points. However, the sector is expected to maintain double-digit year-on-year profit growth in Q3 2025, supported by ongoing capital inflows [3][6]. - The insurance sector has seen a decline of 4.76% in the Shenwan Insurance II Index, with significant movements such as Ping An Life increasing its stake in China Pacific Insurance to over 10%. This reflects a strong positive outlook from insurance capital towards the sector [3][8]. - The report highlights the upcoming National New Conference on September 22, which is anticipated to bring new policies that could positively impact market sentiment [3][15]. Summary by Sections Market Review - The CSI 300 Index closed at 4501.92 with a slight decline of 0.44%. The non-bank index reported a drop of 3.66%, with the brokerage, insurance, and diversified financial sectors showing declines of 3.51%, 4.76%, and 0.50% respectively [6][8]. Non-Bank Industry Key Data - As of September 19, 2025, the 10-year government bond yield was 1.88%, with a slight increase of 0.65 basis points. The average daily stock trading volume reached 25,181.36 billion yuan, reflecting an increase of 8.23% week-on-week [11][14]. Non-Bank Industry News and Key Announcements - The report notes that the property insurance sector achieved a record high in underwriting profits in the first half of 2025, with premium growth of 4.2% [16]. - Ping An Life's recent acquisition of shares in China Pacific Insurance is seen as a strong signal of confidence in the insurance sector's investment value [19]. - China Pacific Insurance announced the completion of a convertible bond issuance, which is expected to enhance its capital position [20]. Investment Recommendations - For brokerages, the report recommends focusing on leading firms benefiting from improved competitive dynamics, such as GF Securities, Guotai Junan, and CITIC Securities. It also suggests considering firms with strong international business capabilities like China Galaxy and CICC [3][8]. - In the insurance sector, the report recommends China Life, China Pacific, New China Life, and Ping An, among others, due to their favorable valuation and growth prospects [3][8].

Core Viewpoint - The article provides a comprehensive overview of recent developments in the insurance industry, highlighting regulatory changes, company dynamics, product innovations, and personnel movements. Regulatory Dynamics - Nine departments are accelerating the construction of a long-term care insurance system to expand coverage and enhance training for caregivers and service providers [7] - Eight departments encourage insurance institutions to optimize automotive export credit insurance services to mitigate risks associated with exchange rate fluctuations [8] - The Minister of Agriculture announced that comprehensive cost and income insurance for three major grain crops has achieved nationwide coverage [9] Company Dynamics - Ping An Life increased its stake in China Pacific Insurance H-shares to over 10%, triggering a mandatory disclosure [14] - China Ping An has been actively purchasing shares in three financial stocks, with significant investments in China Life and Postal Savings Bank [15] - China Pacific Insurance reported a 13.2% year-on-year increase in original insurance premium income for the first eight months, totaling RMB 217.05 billion [24] - New China Life's original insurance premium income for the same period reached RMB 158.086 billion, up 21% year-on-year [26] - China Export & Credit Insurance Corporation achieved an underwriting amount of USD 5,656 million in the first half of the year, a 13.5% increase [28] Personnel Changes - Wang Ying is proposed to be appointed as the chairman of China Merchants Jin Mao Life Insurance [29] - He Chunlei resigned as chairman of China Re, with the president, Zhuang Qianzhi, taking over [30] - Several key appointments were made across various insurance companies, including new roles at Ping An Life and China Pacific Insurance [34][36][37] Industry Dynamics - The 2025 Financial Education Promotion Week was launched in Beijing, featuring participation from various financial institutions [43] - Six insurance companies were listed in the 2025 Most Valuable Chinese Brands Top 100, with Ping An ranking in the top 10 [44] - Ten insurance companies made it to the 2025 China Enterprise 500 list, showing an upward trend in rankings compared to 2024 [46] - The number of insurance marketing personnel has decreased significantly, with a notable rise in new entrants to the field [47] Product and Service Innovations - Dajia Insurance launched the "City Heart Elderly Care Ecological Alliance," with its first community opening in Shanghai [60] - China Pacific Insurance introduced a new international engineering liability insurance product at the China International Service Trade Fair [61] - Agricultural cultural heritage protection insurance was launched by PICC, marking a significant step in safeguarding traditional agricultural practices [62] - Nanjing's medical insurance accounts can now be used to purchase supplementary medical insurance for family members [64]

Group 1: Event Overview - The 9th Hebei Provincial Tourism Industry Development Conference was held on September 16-17, featuring a "main and sub-venue linkage" model with Xingtai as the main venue and Shijiazhuang, Zhangjiakou, Baoding, and Handan as sub-venues [1] - The conference included various activities promoting the scenic beauty and diverse tourism offerings of the Taihang Mountains, aiming to attract more tourists [1][2] Group 2: Tourism Resources and Performance - Hebei is recognized for its diverse geographical features, including grasslands, beaches, deserts, lakes, plateaus, plains, mountains, and forests, making it a "national geographic reader" [2] - In 2023, Hebei's total tourism revenue exceeded 1 trillion yuan, reaching 1,011.62 billion yuan, with a projected revenue of 1,114.83 billion yuan in 2024 and 937 million visitors [2] - Despite strong performance metrics, Hebei struggles with public perception and recognition as a tourist destination compared to southern provinces, indicating a need for improvement in tourism development and service quality [2][3] Group 3: Future Plans and Goals - Hebei aims to achieve 1.03 billion tourists and 1.2 trillion yuan in tourism revenue by the end of this year, with long-term goals set for 2027 to reach 1.36 billion tourists and 1.6 trillion yuan in revenue, targeting an annual growth rate of at least 15% [4]

为保障德州陵城区医疗临床用血的安全、充足和有效供应,积极践行企业社会责任,展现保险从业者的担 当与奉献精神,9月15日,中国人寿陵城区支公司组织党员干部职工参加公益献血活动。 活动当天,党员及志愿者们早早来到现场,在医护人员指导下有序完成登记、体检、验血等环节。随着拳 头的一张一合,一股股承载着爱心的血液缓缓流入储血袋,场面温馨而庄重。一位青年员工表示:"虽然有 点紧张,但想到自己的血能救人,就特别自豪。"党员带头参与,青年员工积极响应,"无偿献血不过是举手之 劳,能为社会出份力,心里特别有成就感"成为现场共识。 本次活动不仅有效缓解了地方临床用血的压力,也展现了国寿职工的无私奉献精神,更体现了企业"成己为 人、成人达己"的文化理念。每一次挽袖,都是对生命的守护；每一袋热血,都是国寿人传递希望的见证。 未来,中国人寿系统单位将继续组织此类公益活动,传递爱心与温暖,持续为社会公益事业注入更多国寿力 量。 ...

长沙晚报掌上长沙9月19日讯（通讯员 刘敏）为持续推动公民金融素养提升，增强公众的风险防范意识，保障金 融消费者合法权益，中国人寿保险股份有限公司长沙市分公司（以下简称"长沙市分公司"）全面启动以"保障金融 权益 助力美好生活"为主题的宣传活动。此次活动旨在切实提升社会公众维护自身合法权益的意识和能力，结合 公司业务实际，通过形式多样、内容丰富的活动，彰显金融行业践行"以人民为中心"的价值取向。 活动期间，长沙市分公司还将金融教育宣传重心下沉至基层，广泛开展 "进社区、进企业、进校园、进乡村、进 商圈" 的 "五进入" 活动。其中，在社区服务场景中，公司与多个社区深度合作，共建 "金融消保驿站"，针对社区 居民尤其是老年群体，开展 "防范养老诈骗""远离非法集资" 等专项宣传。工作人员结合真实案例，详细讲解养老 理财骗局、虚假保险产品、电信网络诈骗的常见套路与识别方法，手把手教老年人辨别 "高收益""零风险" 等虚假 宣传话术，帮助老年群体筑牢风险防范意识，守护 "养老钱" 安全。 2025年金融教育宣传周活动仍在如火如荼地进行。中国人寿长沙市分公司将继续贯彻落实监管要求，聚焦金融消 费者的实际需求，不断创新 ...

一、同意中国人寿财产保险股份有限公司海盐县支公司将营业场所变更为：浙江省嘉兴市海盐县武原街 道兴业路189号温州大厦A座401-6室、401-7室、401-8室。 二、中国人寿财产保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 中国人寿 中国人寿 分时图 日K线 周K线 月K线 38.26 -0.44 -1.14% 1.68% 1.11% 0.57% 0.00% 0.57% 1.11% 1.68% 38.05 38.27 38.48 38.70 38.92 39.13 39.35 09:30 10:30 11:30/13:00 14:00 15:00 0 10万 20万 29万 2025年9月11日，国家金融监督管理总局嘉兴监管分局发布批复称，《关于变更中国人寿（601628）财 产保险股份有限公司海盐县支公司营业场所的请示》（国寿财险浙发〔2025〕129号）收悉。经审核， 现批复如下： ...