Core Viewpoint - The Shanghai government is focused on enhancing the service capabilities and levels of the Lingang New Area, aiming to create a high-value advanced manufacturing base that is capital and technology-intensive [1][4]. Group 1: Government Initiatives - The Shanghai government is committed to deepening institutional innovation and increasing investment attraction in the Lingang New Area, achieving new progress and results in various sectors over the past year [2]. - The establishment of the Shanghai International Reinsurance Registration and Trading Center marks a significant step in developing national financial infrastructure within the Lingang New Area [2]. - The government emphasizes the importance of manufacturing development, advocating for a more specialized industrial park and improved service capabilities to enhance competitiveness [4]. Group 2: Innovation and Entrepreneurship - The Lingang New Area aims to attract young innovators and entrepreneurs by providing comprehensive support and favorable policies, aligning with the entrepreneurial aspirations of the younger generation [3][5]. - There is a focus on identifying key support areas and aggregating resources such as market, capital, technology, and talent to enhance innovation density and intensity [5]. - The government plans to optimize policies and services to address the pain points of innovation and entrepreneurship, ensuring that entrepreneurs experience convenience [5][6]. Group 3: Economic Development Strategy - The government aims to establish the Lingang New Area as a special economic zone and a comprehensive coastal city, striving to be at the forefront of national reform and opening up [6]. - The strategy includes enhancing the industrial level by focusing on key sectors such as smart vehicles, high-end equipment, integrated circuits, civil aviation, and the digital economy [6]. - There is a commitment to deepening institutional openness and exploring offshore finance and cross-border data flow to achieve significant and leading outcomes [6].

Core Points - China Reinsurance (01508) announced the resignation of Mr. He Chunlei as Chairman, Executive Director, and Chairman of the Board's Strategy and Sustainable Development Committee due to reaching the statutory retirement age, effective from September 18, 2025 [1] - Mr. Zhuang Qianzhi has been appointed as the Chairman of the fifth Board of Directors, pending approval of his qualifications by the National Financial Regulatory Administration, with a term lasting until the end of the fifth Board's term [1] - Mr. Zhuang Qianzhi will temporarily assume the roles of legal representative and Chairman of the company from September 18, 2025, until he officially takes office as Chairman [1] - Due to work arrangements, Mr. Zhuang Qianzhi will no longer serve as the company's President from September 18, 2025, but will act as the interim President until a new President is officially appointed [1] - The Board announced that Mr. He Chunlei will no longer serve as the company's authorized representative as per Listing Rule 3.05, with Mr. Zhuang Qianzhi appointed as the new authorized representative effective from September 18, 2025 [1]

Core Viewpoint - China Reinsurance has received approval from the National Financial Regulatory Administration for Mr. Jiang Yaohui's appointment as a director, effective from September 10, 2025 [2] Group 1: Appointment Details - Mr. Jiang Yaohui will serve as an independent non-executive director and a member of the Board Nomination and Remuneration Committee and the Related Party Transaction Control Committee [2] - His term will last until the end of the fifth board term, with the possibility of re-election [2] - Following Mr. Jiang's appointment, independent non-executive director Ms. Ye Mei will no longer serve as a member of the Board Nomination and Remuneration Committee [2]

姜耀辉先生担任公司独立非执行董事、董事会提名薪酬委员会委员及关联交易控制委员会委员的任期自 2025年9月10日起生效，至第五届董事会任期届满为止，任期届满可以连选连任。 同时，自姜耀辉先生正式履行公司董事职务之日起，公司独立非执行董事叶梅女士不再担任董事会提名 薪酬委员会委员。 智通财经APP讯，中国再保险(01508)发布公告，公司于2025年9月12日收到国家金融监督管理总局关于 姜耀辉先生任职资格的批复。根据该批复，国家金融监督管理总局核准姜耀辉先生担任公司董事的任职 资格。 ...

Core Viewpoint - The Hong Kong stock market is experiencing a slow bull market in 2025, with the Hang Seng Index rising over 30% year-to-date as of September 11, 2025, and various sectors like new consumption, innovative pharmaceuticals, and hard technology gaining investor attention [1][3]. Group 1: Financial Performance - China Reinsurance reported total premium income of 103.835 billion yuan in the first half of 2025, a year-on-year increase of 3.4%, and net profit attributable to shareholders of 6.244 billion yuan, up 9% [4]. - The company's net assets grew by 3.7% year-on-year, reaching 116.781 billion yuan [4]. - The property reinsurance business maintained profitability, with a comprehensive cost ratio of 95.83%, despite a 1.29 percentage point increase due to prior year losses [5]. Group 2: Business Structure Optimization - The company is focusing on "structural optimization, innovation-driven, and strategic focus," balancing short-term operational efficiency with long-term value creation [7]. - Emerging business areas, such as construction quality defect insurance and agricultural index insurance, generated premium income of 2.249 billion yuan, a 31.6% increase [8]. Group 3: Investment Performance - Total investment assets grew by 1.1% to 448.877 billion yuan, with total investment income of 9.584 billion yuan and net investment income increasing by 4.9% to 7.321 billion yuan [6]. - The company achieved a stock investment return that outperformed the market benchmark by over 900 basis points [6]. Group 4: Future Outlook - China Reinsurance is expected to continue releasing growth potential through product innovation and global expansion, alongside industry valuation recovery opportunities [13].

现场，登记交易中心的业务模式给记者留下了深刻印象。当境内外保险机构达成合作意向后，后续 流程都能通过登记交易中心搭建的国际再保险业务平台高效完成。这个平台就像一个功能强大的"智能 管家"，能实现标准化的在线合同双签、账单双签、赔付双签，还能进行账务清算和结算便利。 "再保险交易呈现彼此关联的国内国际网状交易结构，全球缺乏公认的标准。因此，公司间再保险 交易凭证、格式不一，面临手工操作易出错、账务清算成本高等普遍性难题，严重影响了交易效率，增 加了运营成本。"常明对记者表示，基于此，交易中心制定发布了相关业务规则，建立了统一的数据规 范、标准的合同和账单体系，数据和单证的标准化交互，成功解决了上述痛点，让机构实现互联互 通。"这就好比大家原本说着不同的'方言'，交流困难，现在有了统一的'普通话'，沟通顺畅多了。"常 明说。 买车要买交强险，买房可配家财险，生病住院有医保托底——这些生活中的"保险"大家都很熟悉， 但你是否知道，保险公司自己也会"买保险"。 这便是再保险业务。 9月8日，记者跟随"活力中国调研行"主题采访团来到了再保险业务的重要金融基础设施——上海国 际再保险登记交易中心（以下简称"登记交易中心" ...

Core Insights - The reinsurance industry is increasingly cautious due to rising climate risks, with major reinsurers significantly reducing their exposure to catastrophic insurance losses by over 50% in the past five years [1][2] - The industry has established substantial buffers to manage potential losses, with large reinsurers now capable of handling approximately $300 billion in insurance losses equivalent to three "Katrina" scale hurricanes within a year [2] - Natural disaster-related insurance losses are projected to exceed $150 billion this year, significantly higher than the average over the past decade [2] Reinsurance Industry Trends - Reinsurers are prioritizing profitability over growth, particularly in the U.S. property and casualty insurance sector, and are rejecting business that does not meet strict risk-return standards [3] - A survey by Moody's indicates that 75% of respondents expect property reinsurance prices to decline, with some anticipating a decrease of up to 7.5% next year [3] - The frequency of extreme weather events has increased dramatically, from about 50 events annually in the 1970s to nearly 200 in the past decade, posing significant long-term challenges for the reinsurance industry [3] Risk Management Strategies - Reinsurers are raising the payout trigger points to mitigate exposure to secondary risks, which are harder to model and price [4] - The industry has allocated a total budget of $21 billion to address disaster losses by 2025, but only half of this budget has been utilized so far [4] - In contrast, primary insurers in the U.S. have already used 80% of their disaster loss budgets, largely due to the impact of California wildfires [4]

Core Viewpoint - China Reinsurance (Group) Corporation reported a stable growth in its financial performance for the first half of 2025, emphasizing a commitment to high-quality development and effective risk management strategies [1][2]. Financial Performance - Total premium income reached 103.835 billion yuan, a year-on-year increase of 3.4% [2] - Insurance service income amounted to 51.056 billion yuan [2] - Net profit attributable to shareholders was 6.244 billion yuan, reflecting a 9.0% growth [2] - Annualized Return on Equity (ROE) stood at 11.75% [2] - Total investment income was 9.584 billion yuan, with net investment income of 7.321 billion yuan, up by 4.9% [2] - Total assets increased by 1.6% to 516.446 billion yuan, while total equity grew by 3.7% to 116.781 billion yuan [2]. Segment Performance - The property reinsurance segment generated a net profit of 2.338 billion yuan, with domestic and international combined cost ratios of 95.83% and 86.95%, respectively [2] - The life reinsurance segment achieved a net profit of 2.853 billion yuan, marking a 13.6% increase [2] - The direct property insurance segment reported a net profit of 1.008 billion yuan, a significant increase of 80.0% [2]. Solvency and Risk Management - The solvency ratios for various segments were robust, with China Re Property Insurance at 226%, China Re Life Insurance at 208%, and China Dadi Insurance at 286% [3] - The company aims to enhance risk control and optimize business portfolios while ensuring profitability aligns with market standards [3]. Investment Strategy - As of June 30, 2025, total investment assets reached 448.877 billion yuan, with a stable net investment income [4] - Fixed income investments constituted 76.6% of the portfolio, while equity and fund investments made up 12.5% [4] - The investment strategy focuses on long-term, stable returns, with increased allocations in technology, innovative pharmaceuticals, and new consumption sectors [5][6]. Future Outlook - The company plans to enhance its asset allocation strategy by diversifying across various dimensions, including asset types and geographical regions [6] - Continued emphasis on long-term investments and identifying structural opportunities in the market is a priority for the second half of 2025 [5][7].

Core Viewpoint - China Reinsurance (Group) Corporation aims to build a world-class comprehensive reinsurance group, focusing on steady progress and value enhancement while maintaining a high-quality development approach [1][3]. Group Performance - For the first half of 2025, the group reported a total premium income of 103.835 billion yuan, a year-on-year increase of 3.4%, and a net profit attributable to shareholders of 6.224 billion yuan, up 9.0% [1]. - The annualized return on equity (ROE) stood at 11.75%, with total investment income of 9.584 billion yuan and net investment income of 7.321 billion yuan, reflecting a 4.9% increase [1]. Risk Management - The group maintained strong solvency ratios, with China Re Property Insurance at 226%, China Re Life Insurance at 208%, and Dadi Insurance at 286%, while the consolidated ratio was 194% [1]. Property Reinsurance Segment - The domestic property reinsurance segment reported a premium income of 21.430 billion yuan, a 1.1% increase, while the overseas segment saw a 7.4% increase in premium income to 47.343 billion yuan [2]. - The combined ratio for domestic non-auto insurance was 73.0%, reflecting a 1.7 percentage point increase year-on-year [2]. Life Reinsurance Segment - The life reinsurance segment generated a premium income of 36.128 billion yuan, with a net profit of 2.853 billion yuan, marking a 13.6% increase [2]. - The focus on health insurance and innovative product development contributed to effective growth in profitable segments [2]. Investment Strategy - The group’s total investment assets reached 448.877 billion yuan, with total investment income remaining stable at 9.584 billion yuan [3]. - The company plans to continue its strategy of steady progress and value enhancement, aiming for high-quality development and digital transformation [3].

Core Viewpoint - China Reinsurance has announced leadership changes with He Chunlei retiring in August 2025 and Zhuang Qianzhi taking over as the new Party Secretary, aiming to continue the company's high-quality development strategy [1][2]. Group 1: Company Performance - In the first half of 2025, China Reinsurance reported total premium income of 103.835 billion yuan, a year-on-year increase of 3.4% [1]. - The insurance service revenue reached 51.056 billion yuan, while the net profit attributable to shareholders was 6.244 billion yuan, reflecting a 9.0% year-on-year growth [1]. - The annualized return on equity (ROE) stood at 11.75%, with total investment income of 9.584 billion yuan and net investment income of 7.321 billion yuan, both showing a 4.9% increase [1]. Group 2: Strategic Goals - China Reinsurance has set a strategic goal to build a "world-class comprehensive reinsurance group," implementing a three-phase strategy: accumulation phase, breakthrough phase, and leapfrogging phase [1][2]. - The company has maintained a focus on "stability while seeking progress and value enhancement," achieving premium income growth that exceeds market levels over the past three years [2]. Group 3: Leadership Background - He Chunlei has been with China Reinsurance since 1999, holding various leadership roles and contributing to the company's growth and strategic direction [2]. - Zhuang Qianzhi, with a PhD in finance from Peking University, has extensive experience in the financial sector, having worked in banking, securities, insurance, and investment [3].