Zhong Guo Zheng Quan Bao·2025-08-28 23:28Core Viewpoint - China Pacific Insurance (601319) is optimistic about the growth potential of its overseas auto insurance business, particularly in the new energy vehicle (NEV) sector, which is expected to become a new growth highlight for the company [1][4]. Investment Strategy - The company has increased its investment in A-shares, with A-share investment assets growing by 26.1% year-to-date, and the proportion of A-shares in total investment assets rising by 1.2 percentage points [2]. - The company aims to build an equity investment portfolio that balances stable investment returns with opportunities for excess market returns [2]. - The investment in OCI (Other Comprehensive Income) high-dividend stocks has increased by 60.7% year-to-date, outperforming the CSI 300 Dividend Index by 7.8 percentage points [2]. Future Outlook - The company plans to continue enriching its equity investment model and strengthen research reserves for high-quality targets, focusing on investments that align with national strategic directions and have strong growth potential [3]. Overseas Expansion - The NEV auto insurance project is a key part of the company's international strategy, with expectations for significant growth in overseas auto insurance business [4]. - The company has successfully launched its first NEV auto insurance policy in Hong Kong and has insured over a thousand Chinese brand NEV vehicles in the region, with a current claims ratio of approximately 50% [4]. Stock Performance - In the first half of the year, the company's A-shares reached a six-year high, while its H-shares achieved a 13-year high, and China Pacific Insurance's H-shares reached a 22-year high [5]. - The increase in stock price is attributed to multiple factors, including high-quality economic development in China, improving development environment, and the company's strong fundamentals [5]. - The company emphasizes the importance of market communication and shareholder return capabilities in its ongoing market value management efforts [5].