Di Yi Cai Jing·2025-08-29 15:41Core Viewpoint - China Pacific Insurance (601601.SH; 02601.HK) reported a year-on-year increase of 11.0% in net profit attributable to shareholders for the first half of the year, with operating profit rising by 7.1% [1][2] Financial Performance - The net profit attributable to shareholders turned positive with an 11% increase in the first half, contrasting with an 18.1% decline in the first quarter [2] - The total investment return rate for China Pacific Insurance was 2.3%, and the comprehensive investment return rate was 2.4%, both showing a year-on-year decline of 0.4 and 0.6 percentage points respectively [5] Strategic Insights - The company emphasized a "steady growth" approach amidst a low-interest-rate environment, with management using the term "steady" at least 14 times during the earnings release [1][4] - The management outlined strategies to achieve steady growth, including diversifying investment channels and leveraging opportunities in the Hong Kong stock market [4] Investment Strategy - The investment strategy focuses on "stability" and "long-term" adjustments to maintain a solid return base, with five main approaches to asset allocation [5][6] - The company aims to stabilize net investment returns through various measures, including extending bond durations and increasing allocations to high-dividend equities [6][7] Future Outlook - The company anticipates continued steady growth in operating profit for the full year, despite facing new challenges in the second half, such as pricing adjustments in life insurance and uncertainties in property insurance [4][2]