Core Viewpoint - The construction of the Shanghai International Reinsurance Center is crucial for the development of Shanghai as an international financial hub, with China Re's subsidiary, China Property Reinsurance Co., actively participating in this initiative [3][4]. Group 1: Contribution to Shanghai International Reinsurance Center - China Property Reinsurance Co. aims to leverage its long-term operational expertise in the reinsurance market to enhance transaction processes and business management models, contributing "China Re wisdom" to the Shanghai International Reinsurance Center [3][4]. - The company is involved in establishing transaction standards for reinsurance, focusing on operational processes, data exchange, and accounting settlement, thereby accelerating the standardization of the reinsurance market [4]. - The Shanghai Reinsurance Operations Center was established in July 2024, enhancing business transactions and system integration to support the center's development [4]. Group 2: Collaboration and Transactions - In May, China Property Reinsurance Co. signed on-site transaction agreements with Taiping Property Insurance and Dadi Insurance, with a total transaction amount exceeding 5 billion [5]. - The company plans to strengthen collaboration between its international business platforms in Beijing, Singapore, and London with the Shanghai Reinsurance Operations Center to promote domestic and international reinsurance transactions [5]. Group 3: Market Challenges and Opportunities - The global reinsurance industry faces challenges from climate change, geopolitical conflicts, and economic tensions, necessitating a search for new development opportunities [6]. - Key trends in the global reinsurance market include increasing risk complexity, technological empowerment, and market differentiation, with opportunities arising from regional development and the export of technical services [6]. - The demand for disaster protection, infrastructure investment, and economic transformation presents growth opportunities in certain regional markets [6]. Group 4: Impact of Technology - The application of artificial intelligence and automation in the reinsurance industry is expected to enhance service capabilities and operational efficiency, becoming a consensus among global reinsurers [7]. - New technologies will improve risk pricing, customer response times, and settlement cycles, while also introducing new operational risks related to cybersecurity [8]. Group 5: International Expansion in New Energy Vehicle Insurance - In the first nine months, China's new energy vehicle exports reached 1.758 million units, a year-on-year increase of 89.4%, prompting leading insurance companies to explore overseas markets [9]. - The competitive domestic car insurance market drives insurers to seek growth in overseas markets, particularly in developing countries [9][10]. - China Property Reinsurance Co. aims to empower insurers' international strategies by building a data platform, sharing global networks, innovating reinsurance solutions, and promoting standard outputs [10].

◎记者 何奎 金秋十月的滴水湖畔，全球再保险行业众智激荡——10月21日至24日，以"同频同行，对话全球"为主题 的2025上海国际再保险会议在临港新片区举行。 2025上海国际再保险会议现场 ■聚焦2025上海国际再保险会议 寻觅科技与"出海"新机 全球再保险行业"再"聚上海 在10月22日举行的2025上海国际再保险会议主论坛上，围绕再保险如何进一步发挥对巨灾风险、新兴风 险、超额风险等的保障和支持力度等话题，与会嘉宾进行了深入探讨。 "再"聚上海 上海国际再保险会议是全球再保险业一年一度的盛会，今年有来自28个国家和地区的400余家全球再保 险机构和监管机构参会。会场内，参会者交换名片、洽谈业务，这正是上海国际再保险中心打造全 球"磁吸力"的生动剪影。 响应全球对上海国际再保险中心建设的更高期待，金融监管总局财险司（再保险司）司长尹江鳌在会上 表示，上海国际再保险登记交易中心和各机构，要积极推动国内外风险建模、核保核赔等技术交流，发 挥保险中介作用，通过高水平开放提升我国保险业专业水平。"希望上海持续优化营商环境，与各参与 机构形成协同合力，积极推动再保险中心建设。"尹江鳌说。 上海金融监管局局长綦相介 ...

一是要强化研究引领。再保险业是典型的研究驱动、创新驱动型金融领域。再保险业具有数据聚合和跨 行业分析的优势，具有全球范围的交流互动机制，能够牵头进行基础性、前沿性研究。再保险机构要进 一步增强对巨灾风险、新兴风险和复杂风险的认识，攻克风险定价难题，制定综合解决方案，为经济社 会发展提供风险保障。 二是要强化科技赋能。传统的精算方法难以有效评估新的风险挑战，而科技创新不仅优化了再保险业的 业务流程，更拓宽了服务边界，可以赋能再保险业更准确地预测特定区域的各类风险，实现差异化精准 定价。未来，领先的再保险公司将不再是单纯的资本提供者，更是科技赋能型风险价值创造者。 三是要强化行业协同。再保险机构具有平台型公司的典型特征，是推动行业建立健全风险共担机制、发 挥共同体作用的重要力量。在风险格局日益复杂的当下，全行业通过深度协同合作，可以更好地发 挥"社会稳定器"和"经济减震器"功能作用。未来，再保险应利用业务中立性特点，积极推动行业协同， 不仅要实现承保能力整合，更要积极制定行业标准、共享风险数据，进而提升整个金融体系的韧性。 10月22日，中国再保党委书记庄乾志在2025上海国际再保险会议上表示，未来十年是中国再保 ...

Core Viewpoint - The Shanghai International Reinsurance Center aims to achieve long-term goals while focusing on immediate actions and processes, emphasizing the need for growth, sustainability, and controllability in the reinsurance market [1][2]. Group 1: Growth - The trading volume at the Shanghai International Reinsurance Registration and Trading Center reached 4.5 billion yuan by the end of September, marking a historic high, but still represents a small fraction of the national reinsurance market, which has a trading volume in the hundreds of billions [1]. - Future efforts will focus on consolidating domestic business, encouraging leading institutions to leverage their influence, and optimizing cross-border business to enhance underwriting capabilities [1]. Group 2: Sustainability - The development of a "reinsurance + intermediary" market ecosystem is crucial, with plans to promote both business and personnel entry into the market [1]. - The establishment of licensed reinsurance operating centers will ensure responsibilities and capabilities are in place, alongside the introduction of professional intermediary institutions to support leading reinsurance brokerage firms [1]. Group 3: Controllability - The goal is to create a self-controlled risk management center, which will involve comprehensive registration and the development of risk monitoring tools, including country risk maps and institutional risk profiles [2]. - Innovations in risk transfer tools will be accelerated to address gaps in catastrophe risk and insurance for new fields and business models, thereby broadening capital sources and risk diversification channels [2].

Core Viewpoint - The establishment of the Shanghai International Reinsurance Registration and Trading Center is a strategic initiative aimed at promoting high-level openness and high-quality development in the insurance industry, aligning with national goals [1][2] Group 1: Shanghai International Reinsurance Center Development - The Shanghai International Reinsurance Center aims to meet international standards and best practices while serving the needs of domestic and foreign institutions [1] - Key areas of focus include differentiated solvency system construction, credit evaluation, guarantee mechanisms, introduction of mature international products, and facilitation of cross-border business income investment [1] - The center is expected to create a regulatory system and business environment policy framework that supports high-level openness in China's financial industry [1] Group 2: Role of Technology and Digitalization - The development of a modern international reinsurance market relies on technological support, with a focus on digital platforms and standardized industry practices [1] - The Shanghai International Reinsurance Registration and Trading Center will provide services such as centralized clearing and information registration, promoting digital and standardized transformation among domestic institutions [1] - This initiative aims to offer a "Chinese solution" for global reinsurance risk management [1] Group 3: Regulatory and Collaborative Efforts - The Shanghai Financial Regulatory Bureau will enhance risk monitoring and ensure the stable development of businesses [2] - Collaboration will be emphasized to accelerate mechanism construction and support the auxiliary regulatory functions of the Shanghai International Reinsurance Registration and Trading Center [2] - Efforts will be made to optimize the business environment, strengthen communication with local government, and enhance talent attraction and cross-border transaction facilitation [2]

Group 1 - The core viewpoint emphasizes the need to accelerate the construction of the Shanghai International Reinsurance Center by focusing on marketization, internationalization, and digitalization [1] - The establishment of the Shanghai International Reinsurance Registration and Trading Center in the Lingang New Area is part of a national strategic deployment aimed at promoting high-level opening and high-quality development of the insurance industry [1] - The reinsurance sector should enhance its support for catastrophic risks, emerging risks, and excess risks, thereby improving risk protection and coverage [1] Group 2 - The construction of the Shanghai International Reinsurance Center requires the development of a regulatory system and policy framework that aligns with the global nature of reinsurance operations [2] - It is essential to benchmark against international standards and best practices, focusing on the needs of both domestic and foreign institutions [2] - The regulatory framework should include differentiated solvency systems, credit evaluation and guarantee mechanisms, and the introduction of mature international products [2]

Group 1 - The stock of China Reinsurance (01508) was transferred from HSBC to CITIC Securities, with a market value of HKD 436 million, accounting for 4.18% of the total [2] - China Reinsurance's subsidiary, China Property Reinsurance Co., Ltd., received approval from regulatory authorities to publicly issue 10-year redeemable capital supplement bonds in the national interbank bond market, with a maximum issuance scale of RMB 4 billion [2]

Investment Rating - The report indicates a stable development trend in the domestic reinsurance industry, with a focus on the growth of direct insurance premiums and the impact of regulatory changes on reinsurance companies [5][10]. Core Insights - The direct insurance sector has shown robust growth, with total original insurance premium income reaching 56,963.1 billion yuan in 2024, a year-on-year increase of 11.15%. In the first half of 2025, this figure was 37,349.82 billion yuan, reflecting a growth of 5.31% [4]. - The reinsurance market in China is characterized by high concentration, with the top five reinsurance companies holding approximately 75% of the market share. The two largest companies, China Life Reinsurance Co., Ltd. and China Property Reinsurance Co., Ltd., account for 48.52% of the market [6][8]. - Regulatory changes, particularly the financial reinsurance new regulations, have impacted the premium income of reinsurance companies, leading to a slight decline in revenue in 2024 and the first half of 2025 [5][10]. - Investment income for reinsurance companies has been under pressure due to low bond market yields, with overall investment returns lower than those of direct insurance companies. The average annual comprehensive investment return for the reinsurance sector was 7.21% in 2024, compared to 3.43% for financial investments [7][8]. - The net profit of the reinsurance industry saw a significant increase in the first half of 2025, reaching 44.50 billion yuan, a rise of 99.42% year-on-year, driven by improved cost management and reduced claims pressure [9][10]. Summary by Sections Direct Insurance Growth - Direct insurance companies have experienced a strong growth trajectory, with premium income increasing significantly in both 2024 and the first half of 2025 [4][5]. Reinsurance Market Dynamics - The reinsurance market remains stable despite regulatory challenges, with a high concentration of market share among leading companies [5][6]. Investment Performance - Reinsurance companies face challenges in investment returns due to a conservative investment strategy and low interest rates, impacting overall profitability [7][8]. Profitability Trends - The reinsurance sector's profitability has improved significantly, with major companies dominating the profit landscape [8][9]. Regulatory Environment - Ongoing regulatory developments are expected to shape the future of the reinsurance market, with a focus on enhancing the industry's stability and growth potential [11][12].

Core Viewpoint - China Reinsurance (01508) has seen a significant shareholder transfer, indicating potential shifts in investor sentiment and market positioning [1] Group 1: Shareholder Activity - On October 14, China Reinsurance's shares were transferred from HSBC to CITIC Lyon Securities, with a market value of HKD 436 million, representing 4.18% of the total shares [1] Group 2: Regulatory Approval and Bond Issuance - China Reinsurance's subsidiary, China Property Reinsurance Co., has received regulatory approval to publicly issue 10-year redeemable capital supplementary bonds in the national interbank bond market, with a maximum issuance size of RMB 4 billion [1]

Group 1 - The stock of China Reinsurance (01508) was transferred from CITIC Lyon Securities to HSBC on October 9, with a market value of HKD 405 million, accounting for 3.84% of the total [2] - China Reinsurance's subsidiary, China Property Reinsurance Co., Ltd. (China Re P&C), received approval from regulatory authorities to issue 10-year redeemable capital supplementary bonds in the interbank bond market, with a maximum issuance scale of RMB 4 billion [2] - The issuance of capital supplementary bonds is expected to enhance the solvency of China Re P&C and support its stable and healthy business development [2]