2025.12. 19 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com 来源 | 中国新闻网 经上海与台北两市有关方面商定，"2025上海台北城市论坛"将于12月28日在上海举行。岛内舆论关注 到，这也将是蒋万安第二次以台北市长身份率团赴上海交流。 据了解，此次论坛以"科技改变生活"为主题，将通过交流研讨，推动两市在科技医疗、轨道交通、健康 养老等方面的经验分享和互动交流。论坛期间，两市将签署有关交流合作备忘录，进一步深化上海与台 北两市各领域的交流与合作。 微信编辑 | 小羊 多家岛内媒体19日引述中国国民党籍台北市议员曾献莹的消息，公布了蒋万安在上海两天一夜的交流 行程。 此次随行的台北市议员共有12位，其中中国国民党籍10位、台湾民众党籍2位。除参加论坛 外，蒋万安一行还将参访中山医院、上海动物园，前往徐汇滨江区、南京路步行街体验上海夜经济，并 与台商交流。 （注：我们会对线索进行核实。您的隐私将严格保密。） 推荐阅读 ...

Core Insights - The current consumer market is undergoing profound structural changes, with traditional consumption models giving way to new consumption forms that align with demographic shifts [1][3] - The contribution of consumption to GDP is expected to continue increasing, driven by changes in population structure and rising public fiscal spending on social security [3] Group 1: Structural Changes in Consumption - Traditional consumption in sectors like food and clothing has seen per capita consumption in China surpass that of the West [3] - The consumption volume of traditional industries, such as liquor, has significantly decreased from 15 million tons to 4 million tons over the past decade, indicating that relying solely on traditional consumption for growth is no longer viable [3] Group 2: Future Growth Drivers - Future consumption growth will be more aligned with the acceleration of population aging and the consumption habits of the new generation [3] - The proportion of public fiscal spending used to fill social security gaps has increased from 5.3% in 2013 to 8.8% in 2023, and is projected to reach 12% by 2030, amounting to approximately 4 trillion yuan [3] Group 3: Investment Opportunities - The deep transformation in consumption structure presents new challenges for investors, particularly in emerging sectors such as the silver economy, health and elderly care, and smart living [4] - Identifying which specific segments within these new consumption areas will yield the greatest growth potential and investment opportunities will be a key focus during the 14th Five-Year Plan period [4]

Group 1 - The public's interest in housing prices has diminished, shifting focus towards personal living conditions and quality of life [5][6][13] - The real estate market has stabilized due to years of regulatory measures, leading homeowners to prioritize living quality over speculation [5][6] - Young individuals are increasingly focusing on skill enhancement and income generation rather than worrying about unattainable housing prices [6][8] Group 2 - The complexity of international affairs has led to a sense of helplessness among the public, causing them to prioritize local issues over global events [8][13] - Employment and income stability have become primary concerns for individuals amid economic restructuring and technological advancements [8][10] - Health, aging, and education are emerging as significant areas of focus for families, reflecting a shift towards practical life needs [10][11][13]

Financial Performance - The Group's revenue reached RMB 500.1 billion, a 1.0% year-over-year increase[11] - OPAT (Operating Profit After Tax) grew by 3.7% year-over-year to RMB 77.7 billion[13] - Shareholders' equity increased by 1.7% YTD (Year-to-Date) after dividend distribution, reaching RMB 944 billion[13] - Interim dividend per share (DPS) increased by 2.2% year-over-year to RMB 0.95[13] - NBV (New Business Value) for Life & Health (L&H) grew significantly by 39.8% year-over-year[15] Business Segments - P&C (Property & Casualty) premium income increased by 7.1% year-over-year to RMB 171.9 billion[15] - P&C insurance revenue grew by 2.3% year-over-year to RMB 165.7 billion[15] - The P&C Combined Operating Ratio (COR) improved by 2.6 percentage points year-over-year to 95.2%[15] - Bank net profit amounted to RMB 24.9 billion with a NPL ratio of 1.05%[16] Customer Engagement - Retail customers increased by 1.8% YTD to 247 million[13] - 26.6% of retail customers hold 4+ contracts, with a 97.8% retention rate[13] Investment - Unannualized comprehensive investment yield was 3.1%, up 0.3 percentage points year-over-year[16] - Insurance funds grew 8.2% YTD to RMB 6.2 trillion[25]

2025 Interim Results —Resilience and Innovation August 2025 Cautionary Statements Regarding Forward-Looking Statements To the extent any statements made in this Report contain information that is not historical, these statements are essentially forward-looking. These forward-looking statements include but are not limited to projections, targets, estimates and business plans that the Company expects or anticipates may or may not occur in the future. Words such as "potential", "estimates", "expects", "anticip ...

Group 1 - A new company named Shijiazhuang Yian Intelligent Technology Co., Ltd. has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Niu Jiangang [1] - The company's business scope includes various services related to artificial intelligence, computer hardware and software, health management, and medical devices [1] Group 2 - The company is involved in the development of AI application software and system integration services [1] - It also provides services in IoT technology, health consulting, and elderly care [1] - The company is authorized to produce and sell first and second-class medical devices, subject to regulatory approval [1]

Group 1 - The company currently has no plans to expand investments in the health and elderly care sector [1] - The company places significant importance on shareholder returns and has consistently maintained a dividend ratio above the market average [1] - Since its listing in 2015, the total cash dividends paid by the company have reached 268.68 million yuan, with an average dividend rate of 39% [1] Group 2 - The dividend rate for 2024 is projected to reach 43.52% [1]

Group 1 - The core theme of the Lujiazui Forum emphasizes China's commitment to financial reform, opening up, and high-quality development amidst global economic changes [1] - The CEO of AXA Tianping highlighted the company's focus on reinsurance and fintech, aiming to enhance cooperation with the Lingang New Area and accelerate the development of reinsurance business [1][4] - AXA Tianping's Shanghai Reinsurance Operations Center successfully completed its first international reinsurance contract and cross-border fund settlement, showcasing global recognition of China's financial market [1][4] Group 2 - The establishment of the Shanghai International Reinsurance Registration and Trading Center is seen as a transformative step for the industry, with AXA Tianping contributing to cost reduction and efficiency improvements [4] - AXA Tianping's initiatives in green finance and health insurance are expected to drive significant growth in the insurance sector, with a notable increase in the share of new energy vehicle insurance to 10% in 2023 [6][7] - The company is actively involved in the Shanghai meteorological catastrophe risk working group, sharing global expertise to support the development of green insurance in China [7] Group 3 - AXA Tianping is committed to digital transformation in reinsurance, leveraging technology to enhance operational efficiency and reduce costs [6][8] - The company aims to provide tailored health insurance products to meet the needs of various demographics, including the elderly and those with chronic conditions [7] - The CEO expressed confidence in the potential of the health insurance market, particularly in the context of China's aging population and increasing health awareness [7] Group 4 - The Lujiazui Forum serves as a significant platform for promoting financial reform and international cooperation, with AXA Tianping pledging to contribute to the development of the Shanghai International Financial Center [9] - The company emphasizes its long-term commitment to the Chinese market, leveraging global resources to enhance local insurance services [8][9]