中信证券研报称，2025年上半年A股和港股的医药行情明显回暖，在医保政策迎来大幅度优化、院内内 需恢复确定性强、创新迎来回报等政策和产业趋势背景下，医药板块的业绩改善在上半年并没有在估值 中得到完全反映，因此虽然板块整体上涨后处于72%的5年内估值分位数，但是结合未来从产业支持端 到保险支付端的重大变革，A股和港股医药板块的走势还远没有结束，上涨主升浪还有望中长期持续。 延续此前投资观点，建议横向维度上，下半年继续围绕创新驱动和国际化+自主可控+院外营销模式改 革三个领域进行布局，尤其关注业绩可以兑现的内需确定性强的板块龙头。 ...

Core Viewpoint - China Pacific Insurance (02601.HK) has announced a subscription agreement for the issuance of HKD 15.556 billion zero-coupon convertible bonds due in 2030, which will be convertible into H-shares at an initial conversion price of HKD 39.04 per share [1] Group 1 - The total principal amount of the bonds to be issued is HKD 15.556 billion, which can be converted into approximately 398 million shares, representing about 14.36% of the existing issued H-shares and 4.14% of the total issued share capital as of the announcement date [1] - The company plans to use the net proceeds from the bond issuance to support its core insurance business, implement three major strategies: "Great Health, AI+, and Internationalization," and supplement working capital for general corporate purposes [1]

Core Viewpoint - China Pacific Insurance (601601) announced the issuance of zero-coupon convertible bonds totaling HKD 15.556 billion, maturing in 2030, with an initial conversion price of HKD 39.04 per H-share [1] Group 1 - The company signed a subscription agreement on September 10, 2023, after trading hours [1] - The net proceeds from the bond issuance will be used to support the insurance core business and the implementation of three major strategies: "Great Health and Elderly Care," "Artificial Intelligence +," and "Internationalization" [1] - The funds will also be allocated for general corporate purposes, including replenishing working capital [1]

拟由公司发行的债券本金总额为155.56亿港元，可于条款及条件所载情形下转换为H股。初始转换价为 每股H股39.04港元(可予调整)。假设债券按每股H股39.04港元的初始转换价悉数转换且不再发行其他股 份，则债券将可转换为约3.98亿股转换股份，约占公司于本公告日期现有已发行H股数目的14.36%及现 有已发行股本的4.14%。 格隆汇9月11日丨中国太保(02601.HK)发布公告，2025年9月10日，公司与经办人签署认购协议。根据认 购协议，(其中包括)公司已同意向经办人发行或根据经办人指示发行，且经办人已单独(而非共同)同意 认购并支付或促使认购人认购并支付债券(即155.56亿港元于2030年到期的零息可转换债券)，惟须受认 购协议所载若干条件规限。经办人已开展入标定价，关于债券的条款(包括但不限于本金金额和初始转 换价)已在入标定价后确定。 待债券发行完成后，公司拟将发行债券所得款项净额用于(i)支持保险主业；(ii)支持"大康养、人工智能 +、国际化"三大战略实施；及(iii)补充营运资金等一般企业用途。 ...

Core Viewpoint - China Pacific Insurance (Group) Co., Ltd. has proposed to issue H-share convertible bonds and list them on the Hong Kong Stock Exchange, aiming to support its core insurance business and strategic initiatives [2][6]. Group 1: Board Meeting and Resolutions - The 17th meeting of the 10th Board of Directors was held on September 10, 2025, with all 13 attending directors agreeing to waive the notice period [1]. - The board unanimously approved the proposal for issuing H-share convertible bonds [3]. Group 2: Convertible Bonds Issuance - The company plans to issue convertible bonds exclusively to professional investors, in compliance with relevant regulations, and will not offer them to the general public or related parties [6]. - The pricing of the convertible bonds will be determined through a competitive bidding process, with specific terms yet to be finalized [6]. Group 3: Use of Proceeds - The net proceeds from the issuance of convertible bonds are intended to support the insurance core business, implement strategic initiatives related to "healthcare, artificial intelligence, and internationalization," and supplement working capital [8]. Group 4: Listing and Regulatory Compliance - The company will apply for approval from the Hong Kong Stock Exchange for the listing and trading of the convertible bonds and the H-shares issued upon conversion [9]. - As of the announcement date, no final agreement has been established regarding the issuance of the convertible bonds, and the issuance may not proceed [9].

Core Viewpoint - China Pacific Insurance (02601.HK) plans to issue convertible bonds exclusively to professional investors outside of the United States, aiming to support its core insurance business and strategic initiatives [1] Group 1: Convertible Bonds Issuance - The company intends to issue convertible bonds only to professional investors as defined by the Listing Rules and Securities and Futures Ordinance [1] - The offering will not be available to the general public in Hong Kong or any related parties of the company [1] Group 2: Use of Proceeds - The net proceeds from the convertible bonds will be utilized for: 1. Supporting the core insurance business 2. Implementing three major strategies: "Big Health", "Artificial Intelligence+", and "Internationalization" 3. Supplementing working capital and other general corporate purposes [1] Group 3: Listing and Trading - The company will apply to the Hong Kong Stock Exchange for the listing and trading of the convertible bonds issued to professional investors - Additionally, the company will seek approval for the listing and trading of H-shares upon the exercise of the conversion rights of the convertible bonds [1] - The listing of the convertible bonds on the Hong Kong Stock Exchange does not indicate the commercial value or credit quality of the company or the bonds [1]

Core Viewpoint - China Pacific Insurance (601601) (02601) announced the proposal to issue convertible bonds to professional investors, with the offering to be conducted solely outside the United States under the Securities Law S regulations [1] Group 1 - The company plans to use the net proceeds from the convertible bond issuance to support its core insurance business [1] - The funds will also be allocated to implement three major strategies: "Great Health and Elderly Care," "Artificial Intelligence +," and "Internationalization" [1] - Additionally, the proceeds will be used to supplement working capital and for general corporate purposes [1]

Core Viewpoint - China Pacific Insurance (02601) proposes to issue convertible bonds to professional investors, exclusively outside the United States, to support its core insurance business and strategic initiatives [1] Group 1: Convertible Bonds Issuance - The company plans to issue convertible bonds aimed at professional investors [1] - The issuance will be conducted in accordance with the Securities Law regulations, specifically for sales outside the United States [1] Group 2: Use of Proceeds - The net proceeds from the convertible bond issuance will be utilized to support the core insurance business [1] - Funds will also be allocated to implement three major strategies: "Great Health and Elderly Care," "Artificial Intelligence+," and "Internationalization" [1] - Additionally, the proceeds will be used to supplement working capital and for general corporate purposes [1]

格隆汇9月10日｜中国太保公告，公司建议向专业投资者发售可转换债券，并根据美国证券法S规例仅 在美国境外发售可转换债券。可转换债券将仅向香港联交所上市规则第三十七章及香港《证券及期货条 例》所定义的"专业投资者"发行，不会向香港公众人士发售，亦不会向任何香港联交所上市规则中定义 的本公司的关连人士配售。可转换债券的定价（包括发行价及初步转换价）将由联席全球协调人、联席 账簿管理人及联席牵头经办人以入标定价方式确定。本公司拟将可转换债券发行所得款项净额用于(一) 支持保险主业；(二)支持"大康养、人工智能+、国际化"三大战略实施；及(三)补充营运资金等一般企业 用途。 ...

Core Viewpoint - China Pacific Insurance (601601) announced plans to issue convertible bonds exclusively to professional investors outside the United States, in compliance with U.S. securities regulations [1] Group 1: Convertible Bonds Issuance - The company intends to issue convertible bonds only to professional investors as defined by the Hong Kong Stock Exchange Listing Rules and the Securities and Futures Ordinance [1] - The convertible bonds will not be offered to the general public in Hong Kong or to any related parties as defined by the Hong Kong Stock Exchange Listing Rules [1] Group 2: Use of Proceeds - The net proceeds from the issuance of convertible bonds will be utilized for several purposes: 1. Supporting the core insurance business 2. Supporting the implementation of three major strategies: "Big Health", "Artificial Intelligence+", and "Internationalization" 3. Supplementing working capital and other general corporate purposes [1]