n These materials are for information purposes only and do not constitute or form part of an offer or invitation to sell or issue or the solicitation of an offer or invitation to buy or subscribe for securities of China Pacific Insurance (Group) Co., Ltd. (the "Company") or any holding company or any of its subsidiaries in any jurisdiction. No part of these materials shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. n The information contained in these mater ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 24.84 [7][5]. Core Insights - The company has returned to positive revenue growth, with a year-on-year increase in net profit and operating income of +0.3% and +0.2% respectively for 2025, showing an improvement in growth rates compared to the first nine months of the year [1]. - The company is focusing on expanding its strategic areas, including technology finance, green finance, wealth banking, and investment banking, which are expected to enhance its operational characteristics [1]. - The company’s total assets have surpassed RMB 11 trillion, with steady growth in loans and deposits, although retail loan demand remains weak [2]. - Non-interest income has shown signs of recovery, with a year-on-year decrease of only -0.2% for 2025, and a significant increase in intermediary business income [3]. - The overall quality of loans remains stable, with a non-performing loan (NPL) ratio of 1.08% and a provision coverage ratio of 228% as of the end of 2025 [4]. Summary by Sections Revenue and Profitability - The company reported a year-on-year increase in net interest income of +0.4% for 2025, indicating a positive turnaround in growth [2]. - The forecast for net profit for 2026 is RMB 796.74 billion, with a projected growth rate of 2.9% [5]. Asset Quality - The NPL ratio remained stable at 1.08%, with a slight increase in the proportion of loans under special attention [4]. - The company has a robust capital adequacy ratio of 13.56% and a core Tier 1 capital ratio of 9.70% as of the end of 2025 [3]. Valuation Metrics - The target price corresponds to a price-to-book (PB) ratio of 0.60 for 2026, reflecting a premium valuation compared to peers [5]. - The company’s estimated book value per share (BVPS) for 2026 is projected at RMB 41.40, with a corresponding PB ratio of 0.43 [5].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to see a recovery in performance, moving out of a "smile curve" phase, driven by improved revenue and risk management [8] - The company reported a revenue of 212.7 billion yuan for 2025, a year-on-year increase of 0.2%, and a net profit attributable to shareholders of 77.5 billion yuan, up 0.3% year-on-year [6][8] - The report highlights a focus on enhancing shareholder returns through increased dividends, with a dividend payout ratio rising to 31% in 2025 [8] Financial Data and Profit Forecast - Revenue and profit forecasts for the upcoming years are as follows: - Total revenue (million yuan): 212,741 in 2025, projected to grow to 218,754 in 2026, 226,515 in 2027, and 235,034 in 2028 [7] - Net profit (million yuan): 77,469 in 2025, expected to increase to 79,277 in 2026, 82,601 in 2027, and 86,202 in 2028 [7] - Earnings per share (yuan/share): 3.44 in 2025, projected to rise to 3.54 in 2026, 3.70 in 2027, and 3.87 in 2028 [7] - The report indicates a stable non-performing loan (NPL) ratio of 1.08% and a provision coverage ratio of 228% as of the end of 2025 [6][8] Revenue Drivers - The recovery in revenue is attributed to three main drivers: 1. Stable growth in volume and price, with net interest income increasing by 0.4% year-on-year [8] 2. Growth in non-interest income, which rose by 7.4% year-on-year [8] 3. A reduction in the decline of other non-interest income, which fell by 4.8% year-on-year [8] Asset Quality and Risk Management - The company has maintained a stable asset quality, with a non-performing loan rate of 1.08% and a proactive approach to risk management in key sectors such as real estate and credit cards [8] - The report notes a decrease in new non-performing loans in the real estate, platform, and credit card sectors, indicating improved asset quality [8] Strategic Focus - The company is shifting its strategic focus towards specialized operations, emphasizing technology, green finance, wealth management, and investment banking as key areas for growth [8] - The report highlights significant growth in the company's client base, with corporate clients increasing by nearly 80% over the past five years [8]

Core Viewpoint - Bohai Bank has achieved steady growth in both revenue and net profit, demonstrating significant progress in high-quality development while adhering to its fundamental mission of serving the real economy [2][3][4]. Financial Performance - As of December 31, 2025, Bohai Bank reported total assets of RMB 1,934.41 billion, an increase of 4.91% year-on-year, and total liabilities of RMB 1,809.18 billion, up 4.35% [4][5]. - The bank's operating income reached RMB 25.97 billion, a year-on-year increase of RMB 0.49 billion, or 1.92%, while net profit was RMB 5.50 billion, up RMB 0.24 billion, or 4.61% [5]. - The non-performing loan balance decreased to RMB 15.92 billion, down RMB 0.56 billion, with a non-performing loan ratio of 1.66%, a decrease of 0.10 percentage points [5][6]. Strategic Focus - Bohai Bank emphasizes the importance of serving the real economy, with a focus on expanding its customer base and optimizing its business structure [4][6]. - The bank's strategic initiatives include the "Nine Five Three One" development strategy, which aims to enhance operational efficiency and support high-quality growth [2][7]. Sector-Specific Developments - In technology finance, the bank's loans to technology enterprises grew by 52.20%, while green loans increased by 36.77% [5][6]. - Bohai Bank issued RMB 5 billion in technology innovation bonds, marking a significant step in supporting technological advancements [9]. - The bank's green finance initiatives have earned it several awards, including recognition as a leading institution in green finance [10][11]. Retail and Corporate Banking - The corporate banking segment saw a 13.53% increase in total customers, with corporate deposits growing by 6.31% and loans by 8.81% [15]. - Retail banking also experienced growth, with retail deposits increasing to RMB 235.64 billion, and personal loans reaching RMB 204.01 billion [17]. Digital Transformation - Bohai Bank is advancing its digital finance capabilities, with significant improvements in mobile banking and remote banking services, achieving a 97% transaction replacement rate through online channels [12][17]. - The bank's digital initiatives are aimed at enhancing customer experience and operational efficiency [12][18]. Future Outlook - Looking ahead, Bohai Bank aims to deepen its reform strategies and continue focusing on high-quality development while reinforcing its commitment to serving the real economy [19].

Core Viewpoint - Bohai Bank's 2025 annual report highlights a coordinated development of scale, efficiency, and quality, with both operating income and net profit continuing to grow, while asset quality improves with a decrease in non-performing loans and rates [2][3]. Group 1: Financial Performance - In 2025, Bohai Bank achieved operating income of 25.97 billion yuan, a year-on-year increase of 1.92%, and net profit of 5.498 billion yuan, up 4.61% year-on-year [3]. - As of December 31, 2025, total assets reached 1.93441 trillion yuan, an increase of 4.91% from the previous year, indicating steady asset expansion [3]. - The bank's average deposit cost rate decreased by 0.41 percentage points, leading to a net interest margin of 1.37%, which stabilized with a 6 basis points increase from the previous year [3]. Group 2: Asset Quality - By the end of 2025, non-performing loans amounted to 15.921 billion yuan, a decrease of 5.59 billion yuan from the previous year, with the non-performing loan ratio dropping to 1.66%, down 10 basis points [4]. Group 3: Business Strategy - Bohai Bank's corporate banking strategy focuses on "industry banking, transaction banking, and light banking," with transaction banking becoming a core growth engine, achieving a total business volume of 11.3 trillion yuan, a 31% year-on-year increase [5]. - The bank's international settlement volume exceeded 100 billion USD, reflecting a nearly 50% year-on-year growth [5]. Group 4: Cross-Border and Domestic Services - The bank made significant strides in cross-border financial services, becoming a direct participant in the CIPS and launching a total branch model for free trade accounts, which contributed to over 50 billion yuan in corporate deposit growth [6]. - Bohai Bank's supply chain financing reached nearly 328 billion yuan, with the introduction of integrated services through the "Zhouyin E-chain" product series [7]. Group 5: Technological and Green Finance - In 2025, loans to technology enterprises surged by 52.2% to 71.683 billion yuan, and the bank issued 5 billion yuan in technology innovation bonds to support the sector [8]. - The bank's green loans increased by 36.77% to 59.335 billion yuan, reflecting its commitment to supporting clean energy and green industries [8]. Group 6: Future Outlook - As Bohai Bank celebrates its 20th anniversary, it aims to transition from experience-driven to mechanism-driven management, indicating a strategic shift for future growth [9].

Core Viewpoint - Bohai Bank has demonstrated steady growth in revenue and net profit while enhancing asset quality, marking a successful year in alignment with its strategic goals and commitment to serving the real economy [1][2]. Financial Performance - As of the end of 2025, Bohai Bank's total assets reached 1,934.41 billion yuan, an increase of 4.91% from the previous year; total liabilities were 1,809.18 billion yuan, up 4.35% [2]. - The bank achieved operating income of 25.97 billion yuan, a year-on-year increase of 1.92%, and net profit of 5.50 billion yuan, up 4.61% [2]. - The cost-to-income ratio improved by 1.00 percentage point to 38.01%, indicating effective cost management [2]. Asset and Liability Structure - The bank focused on supporting the real economy, with loans and advances reaching 949.75 billion yuan, a growth of 2.64% [3]. - Loans to technology enterprises, green loans, and manufacturing loans grew by 52.20%, 36.77%, and 12.16% respectively [3]. - The average interest rate on deposits decreased by 41 basis points, further reducing funding costs [3]. Asset Quality - Non-performing loans decreased by 5.59 billion yuan to 15.92 billion yuan, with a non-performing loan ratio of 1.66%, down 0.10 percentage points [3]. - The provision coverage ratio improved to 162.16%, up 6.97%, indicating strong risk mitigation capabilities [3]. Strategic Focus - In 2026, Bohai Bank aims to deepen reforms and enhance its strategic initiatives, focusing on integrating party leadership with business operations [4]. - The bank will continue to prioritize high-quality development and refine its management practices to ensure effective implementation of its strategic goals [4]. Sectoral Initiatives - Bohai Bank is committed to five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, to support the real economy [5][6]. - The bank issued 5 billion yuan in technology innovation bonds, with a coupon rate of 1.75%, to support technology innovation [6]. - Green loans reached 59.34 billion yuan, growing by 36.77%, and the bank received recognition for its performance in green finance [6]. Digital Transformation - The bank has made significant strides in digital finance, launching a new comprehensive fund management system and enhancing its mobile banking services [8]. - Remote banking services expanded, with 6.26 million customers served, reflecting an 18% year-on-year growth [8]. Business Segments - The corporate banking segment saw a 13.53% increase in total customers, with corporate deposits growing by 6.31% and loans by 8.81% [10]. - Retail banking also experienced growth, with retail deposits increasing to 235.64 billion yuan and personal loans reaching 204.01 billion yuan [11]. Market Positioning - Bohai Bank's bond business showed significant growth, with a 142% increase in total investment, and it received multiple awards for its performance in debt financing [12]. - The bank's international settlement volume exceeded 100 billion USD, marking a 48% increase, enhancing its market influence [10]. Future Outlook - As it enters the new phase of the 14th Five-Year Plan, Bohai Bank is set to reinforce its commitment to serving the real economy while pursuing high-quality development [13].

Core Viewpoint - Bohai Bank has reported a steady growth in both revenue and net profit for the year ending December 31, 2025, while enhancing its asset quality and maintaining a focus on serving the real economy, laying a solid foundation for future development [1][3]. Financial Performance - As of the end of 2025, Bohai Bank's total assets reached 19,344.10 billion yuan, an increase of 4.91% from the previous year; total liabilities were 18,091.83 billion yuan, up 4.35% [3]. - The bank achieved an operating income of 25.97 billion yuan, a year-on-year increase of 4.88 million yuan, representing a growth rate of 1.92%; net profit was 5.498 billion yuan, up 2.42 million yuan, with a growth rate of 4.61% [3]. - The cost-to-income ratio improved, decreasing by 1.00 percentage points to 38.01% [3]. Asset and Liability Structure - Bohai Bank focused on supporting the real economy, with loans and advances reaching 9,497.48 billion yuan, a growth of 2.64% year-on-year; loans to technology enterprises, green loans, and manufacturing loans grew by 52.20%, 36.77%, and 12.16% respectively [4]. - The average interest rate on deposits decreased by 41 basis points, following a previous reduction of 32 basis points [4]. Asset Quality - The bank's non-performing loan balance was 15.921 billion yuan, down by 5.59 billion yuan, with a non-performing loan ratio of 1.66%, a decrease of 0.10 percentage points [6]. - The provision coverage ratio improved to 162.16%, an increase of 6.97% [6]. Strategic Focus - Bohai Bank is committed to deepening reforms and transformation in 2026, emphasizing the integration of party leadership with business operations and focusing on high-quality development [6]. - The bank aims to enhance its financial services to the real economy, with a focus on technology finance, green finance, inclusive finance, pension finance, and digital finance [8][10]. Digital Transformation - The bank has made significant strides in digital transformation, launching a new generation of comprehensive fund management systems and enhancing its mobile banking services [12]. - Remote banking customer engagement reached 6.26 million, a year-on-year increase of 18%, with a high online transaction replacement rate of 97% [12][16]. Business Segmentation - The corporate banking segment saw a 13.53% increase in total customers, with corporate deposits growing by 6.31% to 6,967.84 billion yuan and loans increasing by 8.81% to 7,124.12 billion yuan [15]. - Retail banking also experienced growth, with retail deposits reaching 2,356.44 billion yuan, an increase of 233.69 billion yuan [16]. Market Positioning - Bohai Bank's bond business showed remarkable performance, with a 142% increase in total investment for the year [17]. - The bank received multiple awards for its innovative financial products and services, enhancing its market influence [15][17].

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分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。 中國太平洋保險（集團）股份有限公司 CHINA PACIFIC INSURANCE (GROUP) CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （股份代號：02601） 海外監管公告 本 公 告 乃 依 據《香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則》第13.10B條的披 露 義 務 而 作 出。 茲 載 列 該 公 告 如 下，僅 供 參 考。 承董事會命 中 國 太 平 洋 保 險（集 團）股 份 有 限 公 司 傅 帆 董事長 香 港，2026年3月27日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 傅 帆 先 生 和 趙 永 剛 先 生；非 執 行 董 事 為 黃 迪 南 先 生、路 巧 玲 女 士、王 他 竽 先 生、王 昱 華 女 士、陳 然 先 生、周 東 輝先生和J ...

Core Viewpoint - The article highlights the collaboration between Shenwan Hongyuan Public Welfare Foundation and Ant Forest Foundation to enhance green public welfare initiatives and promote rural revitalization [2]. Group 1: Collaboration and Initiatives - On March 18, Shenwan Hongyuan Public Welfare Foundation hosted a meeting with Ant Forest Foundation to discuss deepening green public welfare cooperation and rural revitalization [2]. - The meeting included a visit to the Shenwan Hongyuan Historical Museum, where the guests learned about the company's development alongside the capital market and its achievements in social responsibility [2]. - Both foundations have established a solid cooperation basis since 2021, particularly through the implementation of the Zhongtou Ecological Forest Project in Gansu Qian Ning [2]. Group 2: Future Plans and Strategies - The discussion focused on innovative financial support for ecological projects and carbon inclusive mechanisms, with both parties recognizing the broad scope for future collaboration [2]. - The foundations plan to enhance communication, refine cooperation details, and actively explore an innovative model of "Finance + Public Welfare + Ecology" to better serve the national "dual carbon" strategy and beautiful countryside construction [2][3]. Group 3: About Shenwan Hongyuan Public Welfare Foundation - Established in July 2022, Shenwan Hongyuan Public Welfare Foundation is a charitable organization initiated by Shenwan Hongyuan Securities Co., Ltd., Hongyuan Futures Co., Ltd., and Shenyi Wanguo Futures Co., Ltd., supervised by the Shanghai Civil Affairs Bureau [3]. - The foundation focuses on supporting underprivileged individuals and families, conducting assistance services, and engaging in other public welfare projects [3]. - It adheres to the core values of "pragmatism and innovation" and aims for sustainable social development while actively participating in rural revitalization [3].

Report Overview - The report is the "Guotai Junan Futures Commodity Research Morning Report - Green Finance and New Energy" dated March 26, 2026, covering nickel, stainless steel, lithium carbonate, industrial silicon, and polysilicon [1][2] 1. Nickel and Stainless Steel Core View - For nickel, there are contradictions and differences between the macro and the ore end, and the short - term long - short game has intensified; for stainless steel, it is suppressed by overseas macro factors while supported by the actual cost [2][4] Fundamental Data - **Futures Data**: The closing price of the Shanghai nickel main contract was 136,130, with a change of 2,650 compared to T - 1; the closing price of the stainless steel main contract was 14,490, with a change of 200 compared to T - 1. The trading volume of the Shanghai nickel main contract was 460,381, and that of the stainless steel main contract was 295,952 [4] - **Industrial Chain Data**: The price of 1 imported nickel was 134,700, the Russian nickel premium was - 250, and the nickel bean premium was 500. The price of 8 - 12% high - nickel pig iron (ex - factory price) was 1,083, and the nickel plate - high - nickel iron price difference was 264 [4] Macro and Industry News - Indonesia plans to revise the benchmark price formula for nickel ore products in early 2026, considering cobalt as an independent commodity and levying royalties [4] - Solway Investment Group plans to restart its nickel mine business in Guatemala in a few months due to the rebound in nickel prices and the lifting of restrictions [5] - The approved nickel ore production quota in Indonesia is between 260 million and 270 million tons, and PT Weda Bay Nickel's production and sales quota is reduced by 70% compared to 2025 [7][9] Trend Intensity - The trend intensity of nickel and stainless steel is 1, indicating a relatively strong trend [11] 2. Lithium Carbonate Core View - Attention should be paid to the actual demand [12] Fundamental Data - **Futures Data**: The closing price of the 2605 contract was 159,120, with a change of 6,180 compared to T - 1; the trading volume was 233,304, and the open interest was 251,957 [14] - **Industrial Chain Data**: The price of battery - grade lithium carbonate was 152,500, and the price of industrial - grade lithium carbonate was 149,500 [14] Macro and Industry News - The Ministry of Industry and Information Technology organized a seminar on the construction of the new - energy vehicle waste power battery recycling system [15] - Wengfu Group raised the ex - factory price of wet - process 85 phosphoric acid by 500 yuan/ton on March 25, 2026, with a cumulative increase of 1,200 yuan/ton in March [16] Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral trend [16] 3. Industrial Silicon and Polysilicon Core View - For industrial silicon, attention should be paid to the boost from news; polysilicon is in a state of bottom - seeking oscillation [17][18] Fundamental Data - **Futures Data**: The closing price of the Si2605 contract was 8,770, with a change of 165 compared to T - 1; the trading volume was 217,959, and the open interest was 232,078. The closing price of the PS2605 contract was 36,750, with a change of 1,020 compared to T - 1 [18] - **Industrial Chain Data**: The price of Xinjiang 99 - grade silicon was 8,550, the price of Yunnan Si4210 was 9,900, and the price of polysilicon N - type re - feed was 40,500 [18] Macro and Industry News - In February 2026, the wind power mechanism electricity price settlement reference price in Shandong Province decreased by 16.64% month - on - month, and the photovoltaic mechanism electricity price settlement reference price decreased by 64.83% month - on - month [19][20] Trend Intensity - The trend intensity of industrial silicon and polysilicon is 0, indicating a neutral trend [20]