中国太平为何踏空“牛市”？

Core Viewpoint - The article highlights that China Taiping (0966.HK) has underperformed in the equity market during a bullish phase, leading to a significant drop in its stock price after the release of its mid-year financial report, which revealed disappointing investment returns [4][9]. Investment Performance - In the first half of 2025, China Taiping's annualized total investment return was only 2.68%, a decrease of 2.59 percentage points year-on-year, placing it in a historically low range [5][6]. - The net investment return rate was approximately 3.11%, ranking at the bottom among listed insurance companies [5][6]. - In contrast, China Ping An (601318.SH) reported an annualized comprehensive investment return rate close to 6.2%, nearly double that of Taiping, while Xinhua Insurance (601336.SH) achieved 5.9% [7]. Asset Management and Strategy - China Taiping's total investment income for the first half of 2025 was 21.75 billion, down 41.6% from the previous year [6]. - The company emphasized a "high dividend + high growth" strategy but failed to capitalize on high-dividend opportunities in the banking sector, which was a significant source of returns for its peers [9][12]. - The asset management scale showed a decline, with third-party entrusted management assets decreasing by 5.3% due to a focus on improving quality and reducing low-fee management businesses [9][10]. Market Position and Decision-Making - As of June 30, 2025, equity assets accounted for only 12.6% of Taiping's portfolio, a slight decrease from 13.0% at the end of the previous year, indicating a conservative approach compared to competitors [10][12]. - The article suggests that Taiping's management made erroneous decisions during market volatility, leading to missed opportunities for gains [10][12]. Management Changes and Challenges - Frequent changes in the management team since late last year have posed challenges in decision-making and execution, impacting the company's investment strategy [15][18]. - The total compensation for Taiping Asset Management has seen a significant decline over the past three years, which may affect talent retention and overall team stability [16][18]. Conclusion - The combination of poor investment performance, management instability, and a conservative approach to market opportunities has raised concerns about China Taiping's ability to compete effectively in the insurance sector [14][18].