Core Viewpoint - China Taiping's subsidiary, Taiping Asset, has received approval from the National Financial Regulatory Administration to establish Taiping (Shenzhen) Private Securities Investment Fund Management Co., aiming to enhance long-term investment in the capital market [1] Group 1: Company Developments - Taiping Asset's total asset management scale is expected to exceed 1.5 trillion yuan by the end of 2024 [1] - The establishment of the private securities investment fund company is part of a response to the reform pilot for long-term investment of insurance funds [1] - Taiping Asset plans to implement strict fund operation management and establish a long-term assessment mechanism tailored to the characteristics of insurance capital [1] Group 2: Strategic Goals - The company aims to increase the investment of medium- and long-term funds in the capital market, reinforcing its role as a "stabilizer" and "ballast" for the economy [1] - China Taiping expresses confidence in the development prospects of the Chinese economy and capital market, committing to its responsibilities as a central enterprise [1] - The investment philosophy of "long-term investment, value investment, and prudent investment" will guide the company's efforts to support high-quality economic development [1]

Group 1 - The core viewpoint of the news is that China Taiping has received approval to establish a private securities investment fund management company, aiming to enhance long-term investment in the capital market and support the national economy [2][3]. - China Taiping's asset management subsidiary, established in 2006, has over 1.5 trillion yuan in assets under management as of the end of 2024, indicating a strong investment performance [2]. - The establishment of the private fund management company aligns with regulatory efforts to encourage insurance funds to increase equity investments through private securities funds, with a total scale of 222 billion yuan for long-term stock investment trials [3]. Group 2 - Industry experts believe that the establishment of private securities investment funds by insurance asset management companies will facilitate direct participation of insurance funds in the capital market, leveraging their long-term investment advantages [4]. - The diversification of alternative investments, such as private equity, venture capital, and real estate, is seen as beneficial for enhancing overall portfolio returns and mitigating risks in a low-interest-rate environment [5].

Core Insights - China Taiping reported a 3.5% year-on-year increase in insurance service revenue, reaching HKD 111.3 billion for the fiscal year ending December 31, 2024 [1] - The net profit surged by 36.2% to HKD 8.432 billion, with total assets exceeding HKD 1.7 trillion, marking a 14.9% growth compared to the end of 2023 [1] - The board proposed a final dividend of HKD 0.35 per share for the fiscal year [1] Life Insurance Segment - In the life insurance sector, insurance service revenue grew by 5.9%, and the performance of insurance services increased by 19.9% [1] - Domestic life insurance revenue rose by 4.6%, with a 23.5% increase in service performance, attributed to effective value transformation and improved operational efficiency [1] Property and Casualty Insurance Segment - The property and casualty insurance segment saw a 3.5% increase in insurance service revenue, with a combined cost ratio of 98.1% [1] - Motor insurance revenue grew by 2.8%, with a renewal rate improvement of 1.9 percentage points, while non-motor insurance revenue increased by 4.8%, indicating ongoing business structure optimization [1] Reinsurance Segment - Reinsurance service revenue declined by 8.4%, primarily due to the depreciation of the RMB against the HKD and business structure optimization [2] - The property insurance combined cost ratio stood at 92.7%, reflecting strong underwriting profitability and maintaining a leading position in the Hong Kong property insurance reinsurance market [2] Investment Performance - The investment assets of the group reached HKD 1.5621 trillion, a 15.8% increase from the previous year [2] - Net investment income rose by 12.0% to HKD 50.336 billion, driven by higher bond interest income compared to the previous year [2]

市政府党组成员徐本，市有关部门负责同志参加会见。 在简要介绍中国太平保险的业务发展情况及在苏州的布局后，朱捷表示，苏州经济活力充沛，发展 前景广阔，中国太平保险高度重视苏州市场。未来将立足苏州经济社会发展实际所需，加强各领域的创 新合作，不断优化金融产品和服务，助力苏州产业升级和科技创新，深化长护险等保险产品服务创新， 为苏州百姓提供更全面、更优质的保险保障。 昨天（8月5日），市委副书记、市长吴庆文会见了中国太平保险集团副总经理、太平财产保险有限 公司总经理朱捷一行。 吴庆文对客人一行的到访表示欢迎，对中国太平保险给予苏州发展的支持和帮助表示感谢。他说， 当前，苏州正牢牢把握高质量发展首要任务，大力推进"险资入苏"，加速集聚优质金融资源，全方位服 务新质生产力发展，致力在推进中国式现代化中走在前、做示范。希望中国太平保险充分发挥金融央企 的综合优势，积极参与苏州金融"五篇大文章"建设，特别是在科技金融、养老金融等领域加大创新和投 入，推出更多首创性、示范性合作成果，为苏州新质生产力发展提供有力的金融支撑。 ...

格隆汇8月4日丨中国太平(00966.HK)宣布，公司将于2025年8月28日（星期四）举行董事会会议，藉以 （其中包括）考虑及批准公司及其附属公司截至2025年6月30日止六个月的中期业绩，并处理任何其他 事项。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承 擔任何責任。 中國太平保險控股有限公司（「本公司」）宣佈，本公司將於2025年8月28日（星期四）舉行 董事會（「董事會」）會議， 藉以（其中包括）考慮及批准本公司及其附屬公司截至2025年6 月30日止六個月之中期業績，並處理任何其他事項。 承董事會命 中國太平保險控股有限公司 公司秘書 張若晗 中國香港，2025 年 8 月 4 日 於本公告日期，本公司董事會由 10 名董事組成，其中尹兆君先生及李可東先生為執行董事，郭兆旭先生、胡興 國先生、張翠女士及周梁剛先生為非執行董事，羅范椒芬女士、劉怡女士、邵善波先生及蔡洪平先生為獨立非 執行董事。 （於香港註冊成立之有限公司） （股份代號：966） 董事會會議日期 ...

Core Insights - China Taiping Insurance Group held its mid-year work meeting for 2025, emphasizing the implementation of central policies and the advancement of high-quality development [1] Group 1: Business Performance - In the first half of the year, China Taiping achieved a premium income growth of 2.6%, totaling 155.67 billion yuan [1] - The premium income from technology insurance increased by 7.3%, with existing investments in the technology sector reaching 69.88 billion yuan [1] - Green insurance premiums grew by 17.4%, with existing investments in the green sector amounting to 58.36 billion yuan [1] - Agricultural insurance premiums surged by 33.9%, providing risk protection exceeding 1.1 trillion yuan for small and micro enterprises [1] - The total assets of China Taiping Group reached 1.7 trillion yuan, reflecting a 6.4% increase since the beginning of the year [1] - Managed investment assets grew to 2.5 trillion yuan, marking a 0.4% increase from the start of the year [1] Group 2: Strategic Focus - The meeting outlined five key areas of focus for the second half of the year, including strengthening party leadership and enhancing risk compliance [2] - There is a commitment to accelerate the transformation of key businesses and promote high-quality development [2] - The company aims to deepen reforms while focusing on its core responsibilities and enhancing group management capabilities [2] - Six operational management tasks will be prioritized to improve service quality and efficiency in alignment with national objectives [2]

中国 证券研究 2025 年 6 月 22 日 证券研究报告 保险 证券分析师: 王丹 AC (86-21) 6106-6349 dan.wang@jpmorgan.com 登记编号: S1730524080001 摩根大通证券（中国）有限公司 风格敞口 | | 当前接名 | | 历史摘名,百分位(1表示排名第1) | | | | --- | --- | --- | --- | --- | --- | | 量化因子 | (百分位) | 6个月 | 1年 | 34 | 5年 | | 价值 | 2 | 2 | 1 | 2 | 2 | | 成长 | 52 | 56 | 72 | 68 | 70 | | 动者 | 18 | 2 | 22 | 76 | 85 | | 质量 | 60 | 61 | 70 | 54 | 52 | | 低波动性 | 77 | 74 | 67 | 60 | 72 | | ESG量化得分 | 97 | 97 | 96 | 9 | 91 | 中国太平 - H 集中风险较高的保险公司，股息吸引力欠佳；首次覆 盖，给予"减持"评级 中国太平是运营历史最悠久的国有保险公司，在服务国家需求方面有着 出色往 ...

Core Viewpoint - The launch of the first regular drone delivery route under Hong Kong's low-altitude economy regulatory sandbox marks a significant advancement in delivery efficiency, achieving nearly a 7-fold improvement compared to traditional cycling methods [1]. Group 1: Industry Development - The low-altitude economy in China is experiencing rapid growth driven by policy support and technological empowerment [2]. - China Taiping Insurance Group is actively participating in the low-altitude economy industry chain, developing innovative insurance services to support its growth [2]. Group 2: Company Initiatives - China Taiping Hong Kong has developed the "Smart Flight Drone Insurance" product and provided insurance coverage for various sandbox projects, including public liability insurance for drone takeoff and landing sites and insurance for emergency medical deliveries [2]. - Taiping Property & Casualty Insurance has offered comprehensive insurance solutions for drones used in fields such as remote sensing, power inspection, emergency rescue, and security monitoring, covering multiple risk dimensions [2]. - Since the beginning of 2024, Taiping Property & Casualty Insurance has provided risk coverage of approximately 900 million yuan for 469 clients nationwide [2]. Group 3: Industry Collaboration - China Taiping Hong Kong organized a seminar on the development trends of the low-altitude economy and the innovative capabilities of China Mobile in this sector, facilitating in-depth discussions among participants [2]. - In May 2025, Taiping Reinsurance held a client seminar in Guangzhou, where over 20 insurance companies discussed the insurance needs and product innovations related to the low-altitude economy [2]. Group 4: Future Outlook - China Taiping plans to continue leveraging its core advantages, optimizing insurance services, and expanding collaborative ecosystems to support the development of the low-altitude economy [3].

Group 1 - The Hong Kong stock market closed with the Hang Seng Index rising by 2.3% and the Tech Index increasing by 2.13% [1] - The film and entertainment sector led the gains, with notable performances from companies such as Lehua Entertainment (02306.HK) which surged over 30% [1] - Tencent Music (01698.HK) saw a significant increase of 12.8%, while China Taiping (00966.HK) rose by 8.3% [1]