Zhi Tong Cai Jing·2025-09-05 09:20Group 1 - The core viewpoint of the report is that China Taiping (00966) maintains a "buy" rating due to strong performance in the liability side and significant progress in transforming towards dividend insurance [1] - The new business value's sensitivity to interest rate changes has significantly decreased, indicating improved stability in earnings [1] - The target price for China Taiping has been raised from HKD 15 to HKD 20 based on a price-to-book ratio of 0.8, reflecting a positive outlook for the stock market [1] Group 2 - China Taiping's net profit for the first half of the year increased by 12.2% year-on-year, primarily driven by the performance of its insurance services [1] - The insurance service performance grew by 9.5% year-on-year, with balanced contributions from new business value growth channels [1] - The transition towards dividend insurance has shown significant results, and the improvement in the combined ratio (COR) for property and casualty insurance aligns with industry trends [1]