香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責 ， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明 ， 並 明 確 表 示 ， 概 不 對 因 本 公 告 全 部 或 任 何 部 份 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 (在中華人民共和國註冊成立之股份有限公司) (股份代號: 2328) 四、其他說明事項 2025 年前三季度業績預增公告 本公告乃中國人民財產保險股份有限公司（「本公司」）根據證券及期貨條例（香港法 例第 571 章）第 XIVA 部之內幕消息條文（定義見上市規則）及香港聯合交易所有限公 司證券上市規則（「上市規則」）第 13.09 條而發出。 一、本期業績預告情況 （一）業績預告期間：2025 年 1 月 1 日至 2025 年 9 月 30 日。 （二）業績預告情況：根據本公司初步測算，預計本公司 2025 年前三季度淨利潤與 2024 年同期相比將增加約 40%到 60%。 （三）本期業績預告未經本公司審計師審計或審閱。 二、上年同期業績情況 2024 年 ...

智通财经APP获悉，国泰海通发布研报称，25Q3权益市场整体向好，叠加保险公司优化资产结构提升 权益资产配置，预计投资收益显著提振，预测25年前三季度上市险企净利润在2024年同期高增长基础上 继续同比大幅增长，且较25年半年度的利润增长进一步提速。25年1-8月寿险保费增长景气，预计得益 于上市险企把握定价利率下调前窗口期推动新单集中销售，银保渠道日益成为价值增长的重要贡献来 源。财险方面，预计车险综改持续深化以及非车险"报行合一"导向下行业保费增长逐步由追求规模、速 度向追求质量、效益转变。 国泰海通主要观点如下： 预计财险保费缓慢增长，巨灾赔付提升不改COR改善趋势 预计车险综改持续深化以及非车险"报行合一"导向下行业保费增长逐步由追求规模、速度向追求质量、 效益转变。受制于25Q3台风等自然灾害仍然频发，预计赔付率仍有一定压力，得益于风险减量持续显 效预计对COR负面影响相对有限；另一方面，得益于上市险企严格落实监管"报行合一"强化费用管控， 预计费用率持续改善。预计25年前三季度上市险企COR延续改善态势，分别为：中国财险(96.1%，同 比-2.1pt)、平安财险(96.6%，同比-1.2pt)、 ...

Core Viewpoint - The insurance sector in A-shares is expected to see a significant increase in net profit for Q3 2025, driven by strong performance in the equity market, with a projected year-on-year growth of 26.7% to 186.49 billion yuan [1] Group 1: Profit Forecasts - For the first three quarters of 2025, the total net profit of A-share listed insurance companies is expected to grow by 14.3% year-on-year to 364.68 billion yuan, with Q3 alone showing a remarkable growth of 26.7% [1] - New China Life Insurance is projected to have a net profit growth of 54.2% year-on-year, while China Life and China Pacific Insurance are expected to grow by 18.1% and 14.1%, respectively [1] Group 2: New Business Value (NBV) Insights - The expected decline in preset interest rates is anticipated to boost the NBV of listed insurance companies, with New China Life projected to grow by 49.7% year-on-year [2] - The preset interest rate for ordinary life insurance products has been lowered, which is expected to lead to a surge in product demand and support NBV growth [2] Group 3: Property and Casualty Insurance Performance - The property and casualty insurance sector is expected to show continued improvement in the combined ratio (COR) due to a low base effect, with a projected COR of 96.4% for China Property Insurance [3] - The total premium income for property and casualty insurance companies reached 1.22 trillion yuan, reflecting a year-on-year growth of 4.7% [3] Group 4: Investment Environment - The equity market has shown strong performance, with the CSI 300 index increasing by 17.9% in Q3 2025, which is expected to benefit insurance companies that are well-positioned to capitalize on growth opportunities [4] - The long-term interest rates have seen a slight increase, which may exert pressure on certain bond classifications but is overall favorable for the insurance service sector [4] Group 5: Investment Recommendations - The insurance sector is viewed positively, particularly for undervalued companies with strong Q3 performance catalysts, including China Life, New China Life, and China Pacific Insurance [5] - The recommendation emphasizes focusing on low-valuation and high-elasticity stocks within the insurance sector [5]

Core Viewpoint - Citigroup has initiated a positive catalyst observation for China Pacific Insurance's Q3 2025 performance, anticipating that the company's results will exceed market expectations due to frequent typhoons and high investment returns [1] Financial Performance - Citigroup expects China Pacific Insurance's combined ratio (CoR) for the first nine months of FY2025 to improve significantly by 2 percentage points year-on-year to 96.2%, which is the best performance among listed peers, with a greater improvement than the 1.5 percentage points increase seen in the first half of FY2025 [1] - The company is projected to benefit from an increased allocation in growth stocks and a strong rally in the A-share market in Q3 FY2025, leading to a forecasted net profit growth of 45% year-on-year, reaching 38.8 billion yuan, close to the market consensus estimate of 39.9 billion yuan for FY2025 [1] Investment Rating - Citigroup has assigned a "Buy" rating to China Pacific Insurance with a target price of 21.2 HKD, highlighting its best-in-class industry performance and favorable positioning in the ongoing auto insurance reform [1]

Core Viewpoint - The insurance industry in Heze is actively responding to the challenges posed by continuous rain during the autumn harvest season, implementing various measures to ensure the safety of autumn grain production and support farmers in need [3][4][11]. Policy Guidance - The Heze Financial Regulatory Bureau has established a "daily scheduling, weekly reporting" mechanism to monitor the claims process and ensure timely support for farmers [4][5]. - A special working group has been formed to expedite claims services, with a 24-hour hotline for autumn grain claims [5][6]. On-Site Service - Insurance adjusters are providing on-site services to farmers, ensuring that claims are processed quickly and efficiently, with a new standard of "10-minute response, 2-hour arrival" for claims [6][7]. - Collaboration with local communities has been enhanced to ensure that all affected farmers report their claims without delay [6][7]. Technological Empowerment - The insurance sector has adopted a "sky, ground, and air" integrated inspection system, significantly increasing the efficiency of damage assessment, with drone technology reducing the time needed for inspections by nearly three times [7][8]. - Digital tools and apps are being utilized to streamline the claims process and provide timely weather alerts to farmers [7][8]. Pre-Compensation Measures - Several insurance companies have initiated a "pre-compensation" mechanism, ensuring that farmers receive advance payments quickly to alleviate financial pressure [8][9]. - As of October 10, over 1 million yuan in pre-compensation has been disbursed to support farmers [8][9]. Risk Reduction - The insurance industry is focusing on proactive measures to reduce risks, including providing technical guidance and assistance to farmers during adverse weather conditions [9][10]. - Initiatives include the donation of equipment for drainage and the organization of teams to assist in crop harvesting and drying to prevent further losses [10][11].

Investment Rating - The report indicates a stable growth trend in the property insurance industry, with a focus on diversified product strategies to explore new development spaces [3][4]. Core Insights - The property insurance companies have maintained growth in insurance business revenue, with auto insurance being the primary business line, although its revenue share is declining [3][4]. - The overall insurance business revenue for property insurance companies reached 964.5 billion yuan in the first half of 2025, reflecting a year-on-year growth of 5.11% [3]. - The health insurance segment has shown significant growth, with revenue increasing by 16.68% to 160.9 billion yuan in the same period [3]. - The market concentration remains high, with the top three property insurance companies holding over 60% of the market share [4]. - The net profit of property insurance companies significantly improved, with a total of 53.7 billion yuan in net profit for the first half of 2025, a year-on-year increase of 35.65% [8]. Summary by Sections Business Performance - The auto insurance business generated 450.5 billion yuan in revenue, growing by 4.50%, while the share of this segment continues to decline [3]. - Non-auto insurance segments, particularly health insurance, are gaining importance, with health insurance revenue reaching 160.9 billion yuan [3]. - The overall premium income for property insurance companies was 964.5 billion yuan, with a notable increase in health insurance and a slight decline in agricultural and liability insurance growth rates [3][8]. Market Dynamics - The competitive landscape of the property insurance market has remained stable, with high market concentration and significant advantages for leading companies [4]. - Internet insurance has shown robust growth, with a premium scale of 494.9 billion yuan in 2023, reflecting a compound annual growth rate of 32.8% over the past decade [5]. Investment and Financial Health - The investment income of property insurance companies has improved, with an annualized financial investment return of 3.05% and a comprehensive investment return of 5.51% in 2024 [6]. - As of June 2025, the total investment balance of property insurance companies reached 2.35 trillion yuan, with a significant portion allocated to bonds [6][10]. - The solvency ratios of property insurance companies have improved, with core solvency ratios at 211.2% and comprehensive solvency ratios at 240.6% as of June 2025 [10]. Regulatory Environment - Regulatory bodies are maintaining a cautious approach, focusing on risk prevention and promoting high-quality development within the insurance industry [11]. - Recent regulatory changes aim to enhance the stability and governance of insurance companies, ensuring a more robust operational framework [11].

扭秧歌、跑马拉松、参加运动会……今年以来，人形机器人以各种形式出现在公众视野，让人们看到了 具身智能赛道新业态的发展潜力。但产业蓬勃发展的同时，技术复杂度高、应用场景新所带来的"不敢 用、怕用坏、赔不起"等市场顾虑也愈发突出，成为产业规模化发展的现实瓶颈。 7月初，人保财险宁波鄞州中心支公司为当地一家生产人形机器人关键零部件企业定制专属方案，提供 涵盖产品责任险与产品质量险的综合保障，总保额达400万元。 7月底，在2025世界人工智能大会现场，大家 保险 宣布，为国内消费级外骨骼公司上海傲鲨智能科技有 限公司发布的首款量产型消费级外骨骼机器人VIATRIX提供承保服务；其旗下养老社区为傲鲨智能提供 可落地的养老应用实验与实践场景。 先是政策层面支持举措密集出台。8月，国务院正式印发《关于深入实施"人工智能+"行动的意见》，进 一步作出系统部署，标志着我国人工智能产业正式进入国家战略加速期。与此同时，北京、上海、广 东、成都等地也积极响应。 在政策引导下，产业快速发展，保险业也不断加大支持力度，相关创新产品密集出台。 据了解，该产品在设计上具有三大核心创新：一是场景全覆盖，首创贯通"产、销、租、用"全链条的风 ...

Market Performance - The Hang Seng High Dividend Yield Index increased by 0.30% as of October 15, 2025, with notable gains from Wan Zhou International (up 2.72%) and China Ping An (up 2.64%) [3] - The Hong Kong Dividend ETF (博时, 513690) rose by 0.19%, reaching a latest price of 1.08 CNY, with a cumulative increase of 1.13% over the past week [3] - The CSI Dividend Index experienced a slight decline of 0.01%, with mixed performance among constituent stocks [5] - The Large Cap Growth ETF (159203) decreased by 0.39%, with a latest price of 1.29 CNY, but showed a cumulative increase of 2.54% over the past month [5] Liquidity and Trading Volume - The Hong Kong Dividend ETF had a turnover of 2.01% and a transaction volume of 1.09 billion CNY, with an average daily transaction volume of 2.66 billion CNY over the past week [3] - The Large Cap Growth ETF recorded a turnover of 4.49% and a transaction volume of 679,800 CNY, with an average daily transaction volume of 802.88 million CNY over the past year [7] Economic Insights - A recent meeting emphasized the need to expand domestic demand and strengthen the domestic circulation to create new growth points [8] - The upcoming important meeting in late October is a critical time for the 14th Five-Year Plan, focusing on self-sufficiency and expanding domestic consumption [9] Market Sentiment and Trading Logic - On Monday, the market opened lower but closed higher, driven by optimistic expectations regarding trade negotiations, contrasting with the more cautious sentiment observed on Tuesday [10][11] - The trading logic on Tuesday reflected a recognition of the complexities and potential duration of current trade conflicts, suggesting a more cautious approach to investment strategies [11] Fund Performance and Composition - The Hong Kong Dividend ETF (博时, 513690) has a latest scale of 5.362 billion CNY and a record high of 5.008 billion shares [13][14] - The ETF closely tracks the Hang Seng High Dividend Yield Index, which includes high dividend-paying stocks, with the top ten stocks accounting for 28.98% of the index [15] - The Large Cap Growth ETF tracks the National Large Cap Growth Index, with its top ten stocks representing 48.85% of the index [16]

在庄严肃穆的气氛中，全体党员肃穆而立，向为革命事业英勇献身的烈士们静默致哀，追忆先烈事迹， 感悟革命先辈们舍生取义、无私奉献的崇高精神。此次主题党日活动，是一次深刻的党性教育和精神补 钙，不仅让党员们接受了深刻的红色教育，更凝聚了支部力量、强化了党性修养，为后续工作的开展注 入了强大的精神动力。 江南时报讯 近日，人保财险南京线上服务业务部党支部组织全体党员前往游子山烈士陵园，开展 "缅怀革命先烈、传承红色基因"主题党日活动，在庄严肃穆的氛围中接受红色精神洗礼。 ...

Core Viewpoint - The insurance industry in Xinjiang has significantly contributed to the region's economic and social development over the past 70 years, providing essential support for people's livelihoods and stability [2] Group 1: Social Responsibility and Insurance Coverage - The insurance sector in Xinjiang plays a crucial role in risk management, particularly in a region characterized by vast geography and diverse ethnic groups [3] - The "Hongshan Huimin Bao" program, underwritten by China Life, has provided substantial financial relief to individuals facing high medical expenses, with total claims exceeding 10.57 million yuan by June 2025 [3] - China Life has managed 15 major illness insurance projects in Xinjiang, covering over 51.18 million people and paying out more than 2.8 billion yuan in claims [3] - The People's Insurance Company of China (PICC) has provided urban and rural residents with major illness insurance, covering 9.27 million people and paying out 721 million yuan in claims [4] Group 2: Employment and Economic Stability - Sunshine Insurance has focused on providing job security for vulnerable groups, including veterans and the unemployed, by offering tailored insurance products [5] - The company has insured 9,823 projects, providing coverage of 125 billion yuan and paying out 29.36 million yuan, benefiting thousands of construction workers and migrant laborers [5] Group 3: Agricultural Insurance and Support - The agricultural insurance sector has been pivotal in stabilizing food production in Xinjiang, with PICC providing 6.89 billion yuan in risk coverage for key crops and paying out 116 million yuan in claims [7] - China Life has developed over 130 agricultural insurance products, covering various agricultural sectors and providing essential risk management for farmers [9] - The introduction of specialized insurance products for local crops, such as new varieties of fruits, has significantly supported farmers' incomes and production stability [8] Group 4: Service Expansion and Community Engagement - The insurance industry has expanded its service network in rural areas, with China Life establishing numerous service points to enhance accessibility for farmers and herders [10] - PICC has engaged in community support initiatives, contributing 490 million yuan to various projects and promoting local agricultural products through its consumption assistance platform [11] - The insurance sector's efforts in community engagement and service delivery are integral to supporting Xinjiang's rural revitalization and economic growth [11]