Zhi Tong Cai Jing·2025-09-11 03:33Core Viewpoint - Goldman Sachs reports that China Pacific Insurance (601601)(02601) has announced the issuance of zero-coupon convertible bonds maturing in 2030, totaling 15.556 billion yuan, indicating the company's strategy to leverage the stock price increase and low-cost financing over the past 12 months [1] Group 1 - The issuance of bonds is seen as a stock fundraising opportunity for the company [1] - Goldman Sachs maintains a "Neutral" rating for the company with a target price of 30.5 HKD for H-shares [1] - The core solvency ratios for the company's main insurance subsidiaries, Taiping Life Insurance and Taiping Property Insurance, are reported at 136% and 196% respectively for the first half of the year, suggesting no immediate capital needs [1] Group 2 - The additional capital from the bond issuance is expected to provide the company with greater flexibility in capital management, especially given the uncertainty in long-term bond yields [1]