Core Viewpoint - Dehua An Guo Life Insurance celebrates its 12th anniversary, emphasizing its commitment to "German quality and state-owned credit" while focusing on sustainable development and innovation in the insurance sector [2][6]. Group 1: Company Development - Since its establishment, Dehua An Guo Life Insurance has maintained strategic determination and has become an important player in the national life insurance market [2]. - The company adheres to a business strategy of "staying true while innovating," focusing on "value transformation + digital drive" to navigate challenges and seize opportunities [2][6]. - Dehua An Guo Life Insurance aims to enhance its capabilities in health management, elderly care, and technology integration, responding to national strategies and market demands [2][6]. Group 2: Social Responsibility - The company integrates social responsibility into its development, believing that long-term stability is achieved through societal progress [4]. - Dehua An Guo Life Insurance has established an internship training base with Shandong University of Finance and Economics, promoting talent cultivation and theoretical innovation in the insurance industry [4]. - The company has engaged in various charitable activities, including financial education for the elderly and donations to support children with autism, demonstrating its commitment to social welfare [4][5]. Group 3: Industry Engagement - Dehua An Guo Life Insurance has actively participated in public awareness campaigns, significantly increasing its outreach and impact in the community [5]. - The company has organized and participated in environmental initiatives, promoting a green lifestyle and corporate social responsibility [5]. - The firm is committed to enhancing customer experience and developing long-term protection-oriented business models in a complex market environment [6].

小小路灯将变智慧城市"神经末梢" "花样"灯泡、"蘑菇"地灯、蜿蜒的悬吊灯罩……6月9日至12日，广州国际照明展览会（GILE）在广州 中国进出口商品交易会展馆A区及B区举行，各式各样的"照明空间"让观展者大开眼界。据了解，本届 展会与同期举办的广州国际建筑电气技术展览会（GEBT）强强联动，吸引了来自20个国家及地区的 3188家企业参展。 记者留意到，照明市场正在经历从"产品输出"到"价值创造"的转型，催生对细分领域、多元群体和丰富 场景的创新精准照明解决方案的需求。 "作为照明行业的开创性举措，'光场景实验室'下设6大主题实验室，聚焦探索光、空间与人三者间的动 态交互。"广州国际照明展览会组委会相关负责人表示。据悉，"光场景实验室"将在2025广州国际照明 展览会起航，在2025年至2026年，将辐射全国不同城市，举办不同活动。 记者还了解到，照明深刻影响着大众对世界的体验，不仅关乎舒适度，更与安全感息息相关。"人对空 间的感知和解读高度依赖于视觉，而视觉体验的重要影响因素正是光质。"业内资深人士透露，照明对 人们的影响渗透于意识、潜意识乃至生理层面。 各种大胆、前卫、多维度的跨界研讨会，也是本届展会备 ...

Core Viewpoint - The Guangzhou International Lighting Exhibition (GILE) showcases innovative lighting solutions and aims to create a comprehensive platform for trade, technology exchange, and trend release in the lighting industry [1] Group 1: Exhibition Overview - The exhibition features a variety of lighting designs, including "flower" bulbs and "mushroom" floor lamps, emphasizing technological innovation [1] - GILE is held in conjunction with the Guangzhou International Electrical Technology Exhibition (GEBT), covering a total area of 250,000 square meters and attracting 3,188 exhibitors from 20 countries and regions [1] Group 2: Innovation and Market Trends - The lighting market is transitioning from "product output" to "value creation," driven by consumer demand for higher quality and experiential upgrades [2] - The "Illuminnovation Lab" initiative includes six thematic laboratories focusing on the dynamic interaction between light, space, and people, aiming to foster collaboration across the lighting industry [2] Group 3: Impact of Lighting - Lighting significantly influences people's experiences and perceptions of space, affecting comfort and safety [3] - The interaction of light with human perception can be explored through six dimensions: psychological, physiological, safety, sustainability, aesthetics, and functional lighting [3] Group 4: Future Applications - Future lighting applications will undergo value transformation across various life scenarios, driven by technological innovation [4] - For instance, street lighting is expected to evolve from mere energy-consuming devices to smart city service nodes, integrating energy, data, and safety functions [4]

刚刚结束的2025年一季度，保险业加速转型步伐，逐步从"规模驱动"转向"价值驱动"，在服务国家战 略、民生保障及经济转型中持续释放潜力。 2025年，弘康人寿迎来第十三个发展年头，立足保障本源，在变革中求发展，弘康人寿积极面对外部环 境的变化，风险管理与稳健发展双轮驱动。 弘康人寿坚持"长期稳健、创新引领、科技驱动"的指导思想，践行"合规底线"思维，深化全面风险管 理，强化合规文化建设，促进公司稳健发展。目前，公司合规管理已经覆盖到各业务条线和中后台部门 职能中，贯穿于产品开发、产品宣传销售、承保理赔、费用管理、人员管理及资金运用等重要环节和流 程中。 初心如磐，奋楫笃行。未来，弘康人寿将始终秉持保险为民的初心，深化精益管理，激活内生增长动 能，坚定推进价值转型与合规经营，筑牢高质量发展的根基，为客户及社会创造长期价值。 在弘康人寿日前发布的2025年一季度偿付能力报告中，根据相关披露，一季度弘康人寿核心偿付能力充 足率129.85%，同比增长52.23%，综合偿付能力充足率166.50%，同比增长19.47%，偿付能力持续充 足，实现持续盈利，保持稳健中有增长的良好经营态势。 弘康人寿坚持"客户优先"的价值 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Insights - The company achieved a net profit of RMB 5.45 billion in 2024, representing a year-on-year increase of 45.8%. Total premium income reached RMB 128.38 billion, up 8.0% year-on-year, while insurance service income was RMB 64.0 billion, increasing by 6.9%. The embedded value (EV) stood at RMB 115.76 billion, reflecting an 11.2% year-on-year growth. The total investment yield and comprehensive investment yield were 4.3% and 6.5%, respectively, both showing improvements of 0.9 percentage points and 3.2 percentage points year-on-year [1][4] Summary by Sections Life Insurance Business - The life insurance new business value (NBV) reached RMB 5.15 billion, marking a significant year-on-year growth of 43.3%, driven by the company's focus on high-value premium business and a strategic shift towards value transformation. The total premium income for life insurance was RMB 80.45 billion, up 7.8% year-on-year, with new single premium income increasing by 12.6% to RMB 20.37 billion. The individual insurance channel saw a total premium income of RMB 22.87 billion, up 22.5%, while the bancassurance channel reported a total premium income of RMB 50.03 billion, a slight increase of 1.8% [2] Property Insurance Business - The property insurance segment reported a steady premium growth of 8.1%, with non-auto insurance driving this growth at 16.7%. The combined ratio (COR) increased, with the loss ratio and expense ratio at 68.4% and 31.3%, respectively, leading to a decline in underwriting profit to RMB 120 million, down 78.5% year-on-year. The auto insurance COR was 99.1%, maintaining underwriting profitability, while the non-auto insurance COR exceeded 100%, indicating overall underwriting losses [3] Investment Performance - The company saw a substantial increase in total investment income, reaching RMB 19.85 billion, a year-on-year rise of 35.8%. The comprehensive investment income surged by 111.6% to RMB 29.78 billion. The total investment asset scale reached RMB 548.58 billion, up 14.3%, with a significant allocation towards fixed income and equity investments, indicating a proactive management strategy [4]

Investment Rating - The report gives a "Buy" rating for the company, with target prices of 66.51 CNY for A-shares and 43.95 HKD for H-shares, based on a valuation of 0.72X PEV for A-shares and 0.44X PEV for H-shares [3]. Core Insights - The company is expected to see significant profit growth in Q1 2025 due to a rebound in the stock market and a low base effect, alongside strong performance in the "opening red" period [1]. - The company has implemented a new strategic transformation towards professional marketization, aligning its initiatives with other leading insurance companies [2]. - The asset side shows a high elasticity to equity markets, with a projected profit growth contribution of 39% if the equity market rises by 5% [2]. - The company’s new business value is forecasted to grow significantly, with projections of 64.8 billion CNY, 68.5 billion CNY, and 74.0 billion CNY for 2024, 2025, and 2026 respectively, indicating a year-on-year growth of 114%, 6%, and 8% [3]. Summary by Sections Company Overview - The company is a state-owned insurance firm controlled by the Central Huijin Investment, with a significant shareholding structure [10][11]. - The management team is composed of experienced individuals from the China Investment Corporation and internal promotions [12]. Financial Performance - The company has experienced significant fluctuations in net profit, primarily influenced by the asset side, with a compound annual growth rate of 12.8% from 2012 to 2022 [15]. - The new business value (NBV) has shown a recovery trend, with a projected increase in 2024 due to a low base and strong sales of savings insurance products [17][52]. Liability Side - The company has undergone two major strategic transformations from 2016 to 2022, focusing on health insurance and professional marketization [21]. - The new strategy emphasizes enhancing the productivity of agents, with a target of 10,000 CNY per agent per month by the first half of 2024 [2]. Asset Side - The company has a higher equity allocation compared to peers, with a 17.6% allocation to stocks and funds, which contributes to its high elasticity to market fluctuations [2]. - The net investment yield has been affected by the maturity of non-standard assets and a lower allocation to long-term bonds, leading to a decline in net investment yield [2]. Profit Forecast and Valuation - The forecast for net profit shows a significant increase in 2024, with estimates of 250.4 billion CNY, reflecting a year-on-year growth of 187% [3]. - The company’s internal value is currently trading at a significant discount, with a projected reasonable valuation of 0.89X PEV under a 3.5% investment return assumption for 2025 [3].