Zhong Guo Jin Rong Xin Xi Wang·2025-08-27 11:33Core Viewpoint - Insurance capital, represented by China Ping An, has increased its market entry efforts this year, benefiting from a favorable policy environment and market valuations, which are conducive for long-term investments [1][4]. Investment Strategy - China Ping An's investment portfolio includes stocks and equity funds valued at 778.4 billion yuan, a 36% increase from the beginning of the year, with equity assets now accounting for 12.6% of the total [3]. - The company has achieved an equity investment return rate of 13.05% in the first half of the year, a significant increase of 672 basis points year-on-year [3]. - The focus for future investments will be on new productivity growth stocks and high-dividend value stocks, with a cautious approach to increasing holdings [4]. Market Outlook - The domestic policy benefits, technological industrialization, and reasonable stock market valuations suggest that there are structural opportunities in the capital market [4]. - Recent trends show an increase in trading volume in both A-shares and H-shares, indicating a recovery in market confidence [4]. Investment Collaboration - China Ping An collaborates with leading domestic investment institutions to enhance investment efficiency through a "capital + capability" model, covering sectors like renewable energy, AI, and biopharmaceuticals [5]. Life Insurance Business - The new business value from the bancassurance channel for China Ping An's life insurance segment saw a year-on-year increase of 168.6% in the first half of 2025, contributing 33.9% to the new business value [5][6]. - The company plans to further develop its bancassurance business by expanding its network, increasing personnel, optimizing products, and enhancing outlet productivity, expecting continued high growth in this channel [6].