深入开展，强化合规意识。通过此次线上答题活动，员工们对保险行业合规知识有了更系统、更深入的 理解，合规操作能力和风险防范意识得到有效提升。此外，活动的开展也为公司合规管理工作提供了新 思路和新方法，进一步完善合规培训与考核机制，促进合规文化在公司内部的传播与落地。 持续推进，巩固活动成果。下一步，中国人寿故城支公司将以此次线上答题活动为契机，持续深化"合 规管理提升年"各项工作。（王文聪） 编辑：赵鼎 精心筹备，营造浓厚氛围。活动前期，公司相关领导高度重视，亲自部署本次活动安排。通过公司内勤 会议、微信群等渠道，广泛宣传活动的目的、意义及参与方式，充分调动员工积极性。同时，结合日常 业务实际，整理涵盖保险法律法规、合规操作流程、销售行为规范等多方面的题库，确保题目内容贴合 工作实际，具有针对性和实用性，为活动顺利开展奠定坚实基础。 积极参与，掀起学习热潮。线上答题平台自开放之日起，便吸引了全体员工的踊跃参与。活动过程中， 员工们相互交流答题经验、分享学习心得，形成了"比、学、赶、帮、超"的良好学习氛围。部分员工还 主动查阅相关资料，深入学习合规知识，进一步巩固答题成果。 转自：新华财经 为深入贯彻落实"合规管 ...

凤凰网财经讯 8月8日，据国家金融监管总局官网消息显示，中国人寿喀什地区中心支公司因套取费 用，被罚款12万元。 相关责任人周保中被警告并罚款2万元。 | 序 | 当事人名称 | 主要违法违规 | 行政处罚内容 | 作出决定 | | --- | --- | --- | --- | --- | | 릉 | | 行为 | | 机关 | | 1 | 中国人寿财产保险 股份有限公司喀什 地区中心支公司及 相关责任人 | 套取费用 | 对该中心支公司罚 款12万元。对周保 中警告并罚款2万元 | 喀什金融 监管分局 | ...

一、同意中国人寿保险股份有限公司德清县支公司禹越镇营销服务部的营业场所变更为：浙江省湖州市 德清县禹越镇商益街35号第一层。 2025年8月4日，国家金融监督管理总局湖州监管分局发布批复称，《中国人寿（601628）保险股份有限 公司浙江省分公司关于变更中国人寿保险股份有限公司德清县支公司禹越镇营销服务部营业场所的请 示》（国寿人险浙发〔2025〕256号）收悉。经审核，现批复如下： 二、中国人寿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。 ...

2025年8月7日，国家金融监督管理总局温州监管分局发布批复称，《关于变更中国人寿（601628）财产 保险股份有限公司温州中心支公司乐清市虹桥镇营销服务部营业场所的请示》（国寿财险浙发〔2025〕 114号）收悉。经审核，现批复如下： 一、同意中国人寿财产保险股份有限公司温州中心支公司乐清市虹桥镇营销服务部的营业场所变更为： 浙江省温州市乐清市虹桥镇城南大道1031—1081号1号楼10层1005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。 ...

一、同意中国人寿财产保险股份有限公司温岭市支公司松门镇营销服务部营业场所变更为：浙江省台州 市温岭市松门镇政民路154号。 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。 2025年8月5日，国家金融监督管理总局台州监管分局发布批复称，《中国人寿（601628）财产保险股份 有限公司浙江省分公司关于变更中国人寿财产保险股份有限公司温岭市支公司松门镇营销服务部营业场 所的请示》（国寿财险浙发〔2025〕104号）及说明解释材料收悉。经审核，现批复如下： ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the Chinese insurance industry, particularly life and property & casualty (P&C) insurance sectors, with insights into the expected performance for the first half of 2025 (1H25E) [1][2][3]. Core Insights and Arguments Life Insurance Sector - **Robust NBV Growth**: Life insurers in China are expected to report a robust new business value (NBV) growth of 18% to 43% year-over-year (yoy) in 1H25E, primarily driven by: - Strong momentum in the bancassurance channel as banks seek enhanced returns on maturing deposits [2][8]. - Margin expansion due to a pricing rate cap cut in Q3 2024 and expense rationalization across the agency channel [2][8]. - **Leading Companies**: - PICC Life is projected to lead with a 43% yoy NBV growth, followed by Ping An Life and New China Life at 39% each, and CPIC Life at 31% [2][8]. - Taiping Life and China Life are expected to have softer growth at 26% and 18% yoy, respectively, due to a focus on shifting towards par products [2][8]. Property & Casualty (P&C) Insurance Sector - **Improvement in CoR**: Traditional P&C insurers are anticipated to see a year-over-year improvement in the combined ratio (CoR) by 0.9 to 2.0 percentage points (ppt) in 1H25E, attributed to normalized natural catastrophe (NAT CAT) trends, with economic losses from catastrophes declining by 46% yoy to RMB 54 billion [3][9]. - **Top Players' Performance**: - The top three players, PICC P&C, Ping An P&C, and CPIC P&C, are expected to see CoR enhancements to 95.3%, 95.8%, and 96.1%, respectively [3][9]. Earnings Trends - **Diverging Earnings Growth**: Earnings trends are expected to diverge between life and P&C insurers in 1H25E: - P&C-focused players are forecasted to enjoy higher earnings growth, with PICC P&C and PICC Group expected to see net profit growth of 29% and 20% yoy, respectively [4][10]. - Life insurers are expected to have varied growth, with NCI leading at 25% yoy, followed by CTIH at 15%, while Ping An is projected to decline by 8% yoy [4][10]. Additional Important Insights - **Market Reactions and Ratings**: - China Life Insurance has been placed under a negative catalyst watch due to concerns that its 1H25E earnings growth may fall below expectations, with a forecasted modest growth of 5% yoy [25][26]. - Conversely, China Pacific Insurance and Ping An Insurance are under positive catalyst watches, with expectations of decent NBV growth and CoR improvements [27][29]. - **Investment Strategies**: - Analysts maintain a "Buy" rating for several companies, including China Life and China Pacific, citing strong brand recognition and growth potential from ongoing reforms in the life insurance sector [83][92]. Conclusion - The Chinese insurance industry is poised for significant growth in both life and P&C sectors in 1H25E, driven by strategic shifts in sales channels and improved operational efficiencies. However, earnings performance may vary significantly across different companies, highlighting the importance of careful stock selection in this sector.

Institutional Movements - The demand for "equity" products is increasing, with institutions raising their equity positions and optimistic about the market outlook [1] - "Fixed income +" products are experiencing a surge in popularity, with significant inflows and a notable increase in total scale from 13,807.34 billion to 14,815.72 billion [2][3] Fund Performance - The "fixed income +" fund's core strategy involves using fixed income assets as a base while enhancing returns through equity assets, leading to a shift in investor behavior towards seeking controlled-risk returns [3] - The median returns for short-term and medium-term pure bond funds were 0.85% and 0.77% respectively, indicating a compression in yield potential for traditional savings products [3] Equity Asset Focus - The issuance of equity funds remains robust, with over 10 equity funds exceeding 1 billion in issuance since July, reflecting a market recovery [4] - Insurance institutions are increasingly promoting equity funds, with several funds recently appointing insurance companies as distribution channels [4] Market Outlook - Multiple institutions are signaling intentions to increase equity asset allocations, with expectations of further strengthening in the A-share market [5] - The market is perceived to have significant upside potential due to economic resilience, policy support, and ongoing shifts in resident asset allocation [6]

Core Insights - The approval of Taiping Private Securities Fund marks a significant step in the long-term investment pilot program for insurance funds in China [1][2][3] - The pilot program aims to allow insurance companies to establish private securities funds primarily targeting the secondary market for stocks, with a focus on long-term holdings [2][3] - As of now, a total of six insurance-related private securities investment funds have been approved and are operational [4][6] Group 1: Approval and Establishment - Taiping Asset has received approval from the National Financial Regulatory Administration to establish Taiping (Shenzhen) Private Securities Investment Fund Management Co., marking it as one of the pilot cases for long-term investment by insurance funds [1][2] - The long-term investment pilot program has seen three batches of approvals, with the first batch in October 2023 involving China Life and Xinhua Insurance, each contributing 25 billion yuan to establish a 50 billion yuan fund [2][4] Group 2: Fund Operations and Management - Currently, there are six operational insurance-related private securities investment funds, including those managed by Guofeng Xinghua, Taikang, and Taibao [4][6] - The first pilot fund, Honghu Zhi Yuan, managed by Guofeng Xinghua, began investing in March 2024 with a total scale of 50 billion yuan fully deployed [4][6] - The second phase of the Honghu fund series was established in May 2024 with a total scale of 20 billion yuan, equally subscribed by Xinhua Insurance and China Life [5][6] Group 3: Strategic Goals and Market Impact - Taiping Asset aims to enhance the investment of long-term capital in the capital market, responding to the long-term investment reform pilot [3][4] - The initiative is expected to improve the asset-liability matching of insurance funds under new accounting standards and increase the efficiency of fund utilization [6]

Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [9] Core Insights - The brokerage sector is experiencing high trading activity, with several firms reporting strong interim results, indicating continued high growth in mid-year performance and an overall increase in valuation [2][6] - In the insurance sector, the expected increase in value rates is driving significant growth in new business value, supported by a rising equity market and favorable investment returns [6] - The report recommends companies with stable profit growth and dividend rates, including Jiangsu Jinzu, China Ping An, and China Pacific Insurance, as well as others like New China Life, China Life, Hong Kong Stock Exchange, CITIC Securities, Dongfang Wealth, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation levels [2][6] Summary by Sections Market Performance - The non-bank financial index increased by 0.6% this week, with a year-to-date increase of 4.6%, although it ranks lower compared to the broader market [7] - The average daily trading volume in the market decreased by 6.26% to 16,964.10 billion yuan, with a daily turnover rate of 1.94% [7] Brokerage Sector - The brokerage sector shows a rebound in trading activity, with the average daily trading volume exceeding the 2024 average, indicating a gradual recovery in profitability [37][41] - Margin financing balances increased by 1.43% to 2.01 trillion yuan, suggesting a positive trend in credit business [43] Investment Business - The equity market is recovering, with the CSI 300 index rising by 1.23% and the ChiNext index by 0.49% [41] - The report highlights the importance of monitoring the performance of equity and bond markets for brokerage self-operated income [41] Insurance Sector - The insurance industry reported a cumulative premium income of 37,350 billion yuan in June 2025, reflecting a year-on-year growth of 5.31% [21][25] - The total assets of the insurance sector reached 39.22 trillion yuan, with a quarter-on-quarter increase of 2.08% [25] Company Announcements - Guosen Securities announced a major asset restructuring plan to acquire 96.08% of Wanhe Securities, which has been approved by the Shenzhen Stock Exchange [8] - China Ping An announced a cash dividend distribution of 0.37 yuan per share, totaling 33.40 billion yuan [8]

Core Viewpoint - The article discusses the recent approval of Taiping Asset's establishment of a private equity securities investment fund management company, marking a significant step in the long-term investment pilot program for insurance funds in China [2][4]. Group 1: Approval and Establishment - Taiping Asset, a subsidiary of China Taiping, has received approval from the National Financial Regulatory Administration to establish Taiping (Shenzhen) Private Securities Investment Fund Management Co., Ltd. [2][3] - This approval adds to the growing number of insurance-related private equity securities fund companies, with a total of six now approved [2][7]. Group 2: Long-term Investment Pilot Program - The long-term investment pilot program for insurance funds allows insurance companies to establish private equity securities funds primarily targeting the secondary market for stocks, with a focus on long-term holding [4]. - The pilot program has seen three batches of approvals, with the first batch in October 2023 involving China Life and Xinhua Insurance, each contributing 25 billion yuan to a total fund size of 50 billion yuan [4]. - The second batch included eight insurance companies with a total scale of 112 billion yuan, while the third batch amounted to 60 billion yuan [4]. Group 3: Impact on Capital Markets - The establishment of Taiping's private equity securities fund is expected to enhance the investment capacity of long-term funds in the capital market, with Taiping Asset managing over 1.5 trillion yuan in assets by the end of 2024 [5]. - The initiative aims to align with national strategies and support the real economy, reinforcing the role of insurance funds as stabilizers in the market [5]. Group 4: Current Fund Operations - Currently, six insurance-related private equity securities investment funds are operational, including various funds managed by Guofeng Xinghua, Taikang, and Taibao [8][9]. - The first pilot fund, managed by Guofeng Xinghua, began investing in March 2024, with a total scale of 50 billion yuan fully deployed by March of the same year [8]. - The ongoing pilot program is designed to optimize the asset-liability matching of insurance funds under new accounting standards, thereby improving capital efficiency [9].