Core Viewpoint - The insurance sector is experiencing significant growth, with a 4.28% increase in the industry index, driven by major companies like Xinhua Insurance and China Life Insurance showing substantial stock price gains [1] Group 1: Market Performance - The insurance sector (Shenwan secondary industry classification) rose by 4.28%, leading industry sectors [1] - Xinhua Insurance increased by 9.66%, China Life Insurance by 4.73%, and China Ping An by 3.47% [1] Group 2: Investment Trends - Dongguan Securities notes that the rapid growth of insurance funds, combined with a "slow bull" market and long-term market entry policies, is leading to an increased proportion of equity investments [1] - Insurance capital is deepening its layout in the equity market to share in the economic transformation and market upturn [1] Group 3: Financial Drivers - High dividend assets are providing a foundation, while growth sectors enhance yield elasticity, making equity investment a core driver of asset-side revenue growth [1] - The insurance industry is currently in a phase of "β attribute-driven valuation repair + solidifying the foundation of the liability side transformation + enhancing returns through asset-side equity efforts" [1] Group 4: Outlook on Valuation - Guotai Haitong Securities indicates that the insurance industry's liability side is seeing stable premium growth, and the reduction in the preset interest rate is beneficial for improving interest spread losses [1] - With increased equity allocation and accelerated inflow of new funds, the outlook for insurance stock valuation recovery is positive [1]

Core Insights - The five major A-share listed insurance companies reported a total net profit attributable to shareholders of 178.19 billion yuan for the first half of 2025, representing a year-on-year increase of 3.7% [1] - The overall performance of A-share listed insurance companies showed a "four increases and one decrease" trend in net profit, with notable growth in new business value for life insurance [2] Group 1: Financial Performance - China Ping An achieved the largest net profit of 68.05 billion yuan, while China Life reported a net profit of 40.93 billion yuan, up 6.9% year-on-year [2] - China Pacific Insurance's net profit reached 27.88 billion yuan, growing by 11%, and China People's Insurance reported a net profit of 26.53 billion yuan, up 16.9% [2] - New China Life Insurance saw the highest growth rate in net profit at 14.8 billion yuan, with a year-on-year increase of 33.5% [2] Group 2: New Business Value - The new business value for life insurance across listed companies showed significant improvement, with China Life's new business value increasing by 20.3% year-on-year to 28.55 billion yuan [2] - China Ping An's new business value for life and health insurance grew by 39.8%, with a new business value rate increasing by 9.0 percentage points [2] - New China Life achieved a new business value of 6.18 billion yuan, up 58.4%, while China Pacific Insurance's new business value reached 9.54 billion yuan, growing by 32.3% [3] Group 3: Underwriting Business - The comprehensive cost ratio for property insurance among China People's Insurance, China Ping An, and China Pacific Insurance all showed a year-on-year decline, indicating improved underwriting profits [3][4] - China People's Insurance's property insurance comprehensive cost ratio was 95.3%, the best level in nearly a decade [4] - China Ping An's overall comprehensive cost ratio was 95.2%, down 2.6 percentage points, attributed to effective cost control and the use of technology [4] Group 4: Investment Strategies - Listed insurance companies increased their equity investment proportion, achieving better investment returns while supporting the recovery of the capital market [5] - China Life's equity investment scale increased by over 150 billion yuan compared to the beginning of the year, with a net investment yield of 2.78% and a total investment yield of 3.29% [6] - China People's Insurance reported a 26.1% growth in A-share investment assets, with an increase in the proportion of total investment assets [6]

Core Viewpoint - China Pacific Insurance (601319) is optimistic about the growth potential of its overseas auto insurance business, particularly in the new energy vehicle (NEV) sector, which is expected to become a new growth highlight for the company [1][4]. Investment Strategy - The company has increased its investment in A-shares, with A-share investment assets growing by 26.1% year-to-date, and the proportion of A-shares in total investment assets rising by 1.2 percentage points [2]. - The company aims to build an equity investment portfolio that balances stable investment returns with opportunities for excess market returns [2]. - The investment in OCI (Other Comprehensive Income) high-dividend stocks has increased by 60.7% year-to-date, outperforming the CSI 300 Dividend Index by 7.8 percentage points [2]. Future Outlook - The company plans to continue enriching its equity investment model and strengthen research reserves for high-quality targets, focusing on investments that align with national strategic directions and have strong growth potential [3]. Overseas Expansion - The NEV auto insurance project is a key part of the company's international strategy, with expectations for significant growth in overseas auto insurance business [4]. - The company has successfully launched its first NEV auto insurance policy in Hong Kong and has insured over a thousand Chinese brand NEV vehicles in the region, with a current claims ratio of approximately 50% [4]. Stock Performance - In the first half of the year, the company's A-shares reached a six-year high, while its H-shares achieved a 13-year high, and China Pacific Insurance's H-shares reached a 22-year high [5]. - The increase in stock price is attributed to multiple factors, including high-quality economic development in China, improving development environment, and the company's strong fundamentals [5]. - The company emphasizes the importance of market communication and shareholder return capabilities in its ongoing market value management efforts [5].

● 本报记者 陈露 此外，今年3月，人保寿险及人保资产获批100亿元参与保险资金长期投资改革试点。8月14日，金融监 管总局批复同意人保资产设立私募基金管理公司事项。才智伟表示，基金投资策略将以A股为主，重点 关注具有长期投资价值、稳定股息回报、较好成长潜力的优质标的，同时将关注投资风险管控，致力于 实现长期稳定的投资回报。 巩固提高市值管理能力 "结合在中国香港及泰国的落地经验，公司推动项目顺利落地的关键在于'创新合作模式，输出经营能 力'，主要包括三个方面：一是实现定价能力输出，二是推动管理能力输出，三是构建再保合作模 式。"于泽说。 于泽表示，未来，公司将以中国香港、泰国项目经验作为支点，深化全球保险合作，继续积极探索新能 源车险业务在其他东南亚国家保险市场，欧洲、南美洲主要保险市场落地，不断推动公司定价与管理能 力的国际化输出。 A股投资资产规模和占比稳步提升 上半年，中国人保加大资金入市力度，稳步提升A股投资资产规模和占比。展望未来，中国人保副总裁 才智伟表示，中国人保将持续丰富权益投资模式，加强对优质标的研究储备，对于符合国家战略导向、 长期经营业绩稳健、具备较强发展潜力的投资标的，适时通过定增、 ...

Core Insights - China Pacific Insurance (CPIC) reported strong financial results for the first half of 2025, with insurance service revenue reaching 280.25 billion yuan, a year-on-year increase of 7.1% [1] - The company achieved a net profit attributable to shareholders of 26.53 billion yuan, reflecting a 16.9% growth compared to the previous year [1] - Investment assets grew to over 1.7 trillion yuan, marking a 7.2% increase since the beginning of the year [1] Financial Performance - The comprehensive cost ratio for property insurance was 95.3%, the best level for the same period in nearly a decade [3] - New business value in life insurance reached 8.8 billion yuan, setting a historical high for the same period [3] - Total investment income was 41.5 billion yuan, also a record for the same period [3] - The combined net profit for the group was 35.9 billion yuan, achieving a historical peak [3] Stock Performance - CPIC's A-shares reached their highest price in nearly six years, while H-shares hit a record high since their listing 13 years ago [3] - The stock price increase is attributed to several factors, including China's high-quality economic development and improved operating environment [3] Strategic Focus - The company aims to build a world-class insurance financial group, focusing on enhancing protection functions, improving development quality, and deepening six key reforms [3] Regulatory Developments - The non-auto insurance "reporting and operation in one" policy is expected to be implemented in the fourth quarter, which will significantly improve the comprehensive cost ratio [5] - This policy aims to standardize non-auto insurance business and control premium collection risks [5] International Expansion - CPIC is actively pursuing internationalization, with a focus on the overseas market for new energy vehicle insurance [6] - The company has already insured over 1,000 Chinese brand new energy vehicles in Hong Kong, with a current claims ratio of 50% [5] Investment Strategy - Total investment income for the first half of 2025 was 41.478 billion yuan, a 42.7% increase year-on-year, with an annualized total investment return rate of 5.1% [8] - The company plans to enhance its investment strategy by focusing on high-dividend stocks and exploring opportunities for collaboration with invested companies [8][9]

Core Viewpoint - CITIC Bank's subsidiary, Xinyin Wealth Management, reported a 7% year-on-year growth in its asset management scale, reaching 2.13 trillion yuan by the end of the reporting period [1] Group 1: Financial Performance - The management scale of Xinyin Wealth Management, including entrusted management, was 2.13 trillion yuan, an increase of 7% compared to the end of the previous year [1] - The number of clients holding wealth management products reached 10.92 million, reflecting a growth of 9.42% from the end of the previous year [1] - The investment income generated for clients amounted to 21.974 billion yuan, representing a year-on-year increase of 20.22% [1] Group 2: Product Structure and Strategy - Xinyin Wealth Management has been enhancing its product structure by focusing on "grasping both ends, promoting the middle, and strengthening equity" [1] - The scale of wealth management products with a duration of one year or more was 729.903 billion yuan, which increased by 64.518 billion yuan, accounting for 34.64% of new products [1] - The scale of equity-linked products reached 207.08 billion yuan, with an increase of 18.579 billion yuan, and the proportion of new products rose from 9.68% at the beginning of the year to 9.83% [1] Group 3: Investment Strategy - Xinyin Wealth Management has strengthened its equity investment capabilities, promoting multi-asset and multi-strategy portfolio investments to reduce correlation and control extreme volatility [1] - The company aims to effectively enhance returns through its diversified investment strategies [1]

北京商报讯（记者 李秀梅）8月28日，在中国人保2025中期业绩发布会上，对于今年险资频频举牌，中 国人保副总裁才智伟表示，公司会不断丰富权益投资方式，会加大对于优质标的的研究储备，对于符合 国家战略、长期经营业绩稳健、具有发展潜力的优质标的，会适时通过举牌、战投等方式来加大投资力 度。 ...

Core Viewpoint - China Life Insurance Company reported strong performance in its 2025 interim results, with total assets and investment assets exceeding 7 trillion yuan, net profit of 40.9 billion yuan, and premium income of 525.088 billion yuan, indicating robust growth in a challenging market environment [2][3]. Group 1: Financial Performance - As of June 30, 2025, China Life's total assets and investment assets both surpassed 7 trillion yuan, achieving a net profit of 40.9 billion yuan, equivalent to approximately 2.3 billion yuan per day [2]. - The company collected 525.088 billion yuan in premiums, averaging about 14.38 billion yuan per day, with long-term insurance policies reaching 327 million, meaning one in four individuals holds a policy [2]. - The board proposed a mid-term cash dividend of 2.38 yuan per 10 shares, totaling 6.727 billion yuan in cash dividends [2]. Group 2: Premium Income and Growth Channels - In the first half of 2025, total premiums reached 525.088 billion yuan, marking a historical high for the same period, with a year-on-year growth of 7.3% [3]. - The individual agent channel generated 400.448 billion yuan, while the bank insurance channel achieved 72.444 billion yuan, with the latter growing by 45.7% year-on-year [3][4]. - New single premiums from the individual insurance channel fell by 24.16% to 64.252 billion yuan, while the bank insurance channel saw a significant increase of 111.1% in new single premiums, reaching 35.873 billion yuan [4]. Group 3: Investment Strategy and Market Outlook - China Life's investment assets reached 71.27153 trillion yuan, growing by 7.8% from the end of 2024, with net investment income of 96.067 billion yuan and a net investment yield of 2.78% [6]. - The company added over 150 billion yuan in equity investments in the first half of 2025, reflecting a positive outlook on the equity market [6][7]. - The company maintains a balanced and flexible asset allocation strategy, focusing on opportunities in technology innovation, consumer manufacturing, and new consumption sectors [7][8].

Core Viewpoint - China Life Insurance is focusing on enhancing the stability and long-term return potential of its equity investments while actively supporting capital market development and shareholder returns [1][3]. Group 1: Investment Performance - As of June 30, 2025, China Life's investment assets reached 71,271.53 billion yuan, a 7.8% increase from the end of 2024 [1]. - The company achieved a net investment income of 960.67 billion yuan, with a net investment yield of 2.78% [1]. - Total investment income was 1,275.06 billion yuan, reflecting a year-on-year growth of 4.2%, with a total investment yield of 3.29% [1]. Group 2: Asset Allocation Strategy - China Life is adjusting its asset allocation strategy across various sectors, maintaining a solid base in fixed income while increasing equity investments by over 150 billion yuan since the beginning of the year [2]. - The company has invested a total of 35 billion yuan in private equity funds and is focusing on high-dividend assets and new productivity sectors [2]. - The overall asset allocation remains stable with high asset quality [2]. Group 3: Shareholder Returns - China Life continues to emphasize quality and efficiency in shareholder returns, maintaining a biannual dividend distribution for two consecutive years [3]. - Since its listing, the company has distributed a total of approximately 2,277 billion yuan in dividends [3].

Core Viewpoint - China Life Insurance Company is optimistic about equity investment market opportunities and has increased its investment efforts significantly over the past year, adding over 150 billion yuan in equity asset allocation in the first half of the year [1] Group 1: Investment Strategy - The company has adopted a strategy of steady allocation and optimization of its equity investment structure based on its asset allocation needs [1] - The proportion of equity investments currently aligns with the company's asset allocation center [1] - Future equity allocations will focus more on high-dividend stocks [1]