Zhong Zheng Wang·2025-12-11 14:25Core Viewpoint - China Pacific Insurance (601601) is addressing the long-term challenge of low interest rates in the insurance industry, emphasizing the need for a diversified fixed-income investment strategy to adapt to the current market conditions [1][2] Group 1: Investment Strategy - The company aims to balance safety, profitability, and liquidity in its asset-liability management, focusing on matching yield costs, term structures, and liquidity [1] - In equity investments, China Pacific Insurance follows a "core plus satellite" strategy, with a core focus on dividend value [1] - The company seeks to achieve a competitive comprehensive investment return by maintaining a reasonable equity allocation while managing volatility risks to provide attractive long-term returns for policyholders and stable dividends for shareholders [1] Group 2: Asset-Liability Management - Asset-liability management is crucial for insurance companies to maintain stable operations and sustainable development, with significant room for improvement in China's insurance industry [2] - Companies must maintain a reasonable asset-liability gap, which can create better long-term risk-return profiles [2] - Different types of insurance products, such as traditional, participating, and universal insurance, require differentiated duration control strategies [2]