2005年夏，浙江安吉余村，一句"绿水青山就是金山银山"（以下简称"两山"理念）掷地有声。二十载光 阴流转，这句承载着发展智慧与生态哲思的"两山"理念，已然刻入时代的年轮，成为驱动中华大地绿色 转型的澎湃动力。 值"两山"理念诞生二十周年之际，回望征程，金融作为经济社会的命脉，如何将无形的生态价值转化为 驱动高质量发展的磅礴动能？ 作为寿险行业"头雁"，中国人寿保险股份有限公司（以下简称"中国人寿"，股票代码：601628.SH， 2628.HK）以先行者的担当，将"两山"理念内化为企业基因，在"产品－投资－运营"的全链条上，精心 绘制了一幅金融"活水"滋养绿水青山的生动图景，在时代画卷上挥洒浓墨重彩的国寿绿意。 2024年，中国人寿在明晟（MSCI）ESG评级跃升至A级；总资产、投资资产均突破6.6万亿元，总保费 超6714亿元，内含价值超1.4万亿元，兼顾发展质量与规模增长。中国人寿通过绿色保险供给、保险资 金绿色投资、数字化驱动低碳运营与绿色建筑实践，正在把生态价值转化为切实的金融行动与社会效 益。 "两山"理念制度化 在"两山"理念诞生后的二十年里，可持续发展成为全球共识，中国金融业也经历一场深刻的绿 ...

Summary of Key Points from Conference Call Records Industry Overview - The insurance industry, particularly life insurance, is characterized as a long-term risk management tool significantly influenced by interest rate risks, contrasting with the short-term risk management of property insurance [1][6][17] - The Chinese critical illness insurance market experienced rapid growth due to inadequate healthcare systems and public health risk concerns, but the emergence of inclusive commercial insurance has led to a decline in market share [1][13] Core Insights and Arguments - Chinese insurance companies are currently facing pressure from interest rate spreads due to a shift in product structure from critical illness insurance to savings-type policies, resulting in increased liability costs and exacerbated issues from declining market interest rates [1][14][15] - To counteract the pressure from interest rate spreads, Chinese insurance companies are compelled to increase their allocation to equity assets to enhance investment returns, which can stabilize operations in a low valuation environment [1][15][17] - The design of life insurance products follows a cost-plus logic, where companies use actuarial techniques to assess mortality rates, expense ratios, and interest rates, incorporating a profit margin into the cost structure [1][7] Market Dynamics - In China, the number of agents is positively correlated with premium growth, especially during the rapid growth of critical illness insurance, indicating a heavy reliance on agents for selling protection products [1][9] - From a fundamental and valuation recovery perspective, Hong Kong stocks are preferred over A-shares, and insurance stocks are favored over brokerage firms due to significant valuation discounts and recovery potential [1][16] Investment Opportunities - Investment opportunities in the non-bank financial sector for 2025 are primarily focused on undervalued debt-like financial stocks, particularly insurance stocks, with a shift in focus from liability growth to investment changes [2][18] - Recommendations for future investments in the Chinese insurance sector include focusing on valuation recovery opportunities in Hong Kong stocks and selecting A-share stocks based on their elasticity [18] Additional Important Insights - The U.S. life insurance industry historically evolved by selling the underlying value concepts rather than just the products, which played a crucial role in its development [4][8] - The rapid growth of China's critical illness insurance market before 2012 was driven by insufficient major illness coverage in the healthcare system and increased public concern over health risks, particularly during periods of severe environmental pollution [12] - The decline in the critical illness insurance market post-2020 is attributed to the introduction of inclusive commercial insurance products that effectively replaced traditional critical illness insurance [13] This summary encapsulates the essential insights and dynamics of the life insurance industry as discussed in the conference call records, highlighting the challenges, market trends, and investment opportunities.

Non-Banking Financial Sector - The average net investment return rate of six major listed insurance groups (China Life, Ping An, Taikang, Xinhua, PICC, and Taiping) decreased from 4.7% in 2020 to 3.6% in 2024, raising concerns about interest spread risk in a low-interest-rate environment [2][7] - Under pressure testing, the net asset decline for Taikang and China Life was 7% and 13.6% respectively when interest rates fell by 50 basis points, indicating that the risk is manageable [8][9] - The cost of new policies has effectively decreased, with the cost of liabilities for major companies like China Life and Taikang dropping approximately 50 basis points to 2.4-2.5% in 2024 [9][10] - The cost of existing policies may reach a turning point, with companies like Xinhua increasing equity ratios to hedge against interest rate declines [10][11] Agriculture, Forestry, Animal Husbandry, and Fishery - The latest pig price is 13.72 RMB/kg, with a slight decrease in average weight to 127.8 kg, indicating a short-term decline possibly due to policy-driven weight reduction [12][13] - The Ministry of Agriculture emphasizes high-quality development in the pig industry, focusing on reducing breeding stock and controlling new capacity [12][13] - The chicken industry faces a "high capacity, weak consumption" contradiction, with leading companies likely to increase market share [14][15] Machinery and Building Materials - The new Tibet Railway project marks the beginning of a significant engineering era, with expectations that cement companies in Xinjiang will benefit [22][23] - AI is driving increased demand for high-end electronic fabrics, with Low-CTE materials being particularly undervalued in the current market [23][24] - The report suggests a long-term growth potential for high-end electronic fabrics, recommending companies like Honghe Technology and Zhongcai Technology for investment [23][25] New Consumption - Huayi Group is expected to achieve a revenue of 12.661 billion RMB in H1 2025, reflecting a growth of 10.36% year-on-year, despite external macroeconomic challenges [26][27] - The company plans to distribute a cash dividend of 10 RMB per 10 shares, indicating strong dividend intentions [26][27] - The growth in orders is driven by the development of the sports industry and increased demand from strong brand orders [27][28] Transportation - Zhongyuan Expressway reported a revenue of approximately 3.105 billion RMB in H1 2025, a year-on-year increase of 13.17%, despite a decline in toll revenue in Q2 [30][31] - The company is optimizing its debt structure, which has significantly improved its expense ratio [31][32] - COSCO Shipping Specialized Carriers is expanding its fleet, with 27 new vessels expected to be delivered by 2026, supporting performance growth [34][35]

【 导读】 毕盛投资王康宁 ： 通过"四种视角"挖掘"四类阿尔法"，中国资产风险溢价具备吸 引力 中国基金报记者 吴君 "全球AI的发展重心逐步从硬件基础设施转向软件应用，中国正处于一个极具优势的位置，以 低成本、开源友好的AI服务 在全球 展现吸引力 。 中国在AI标准制定中 有望 掌握更大话语 权。"毕盛投资基金经理王康宁 说 。 王康宁是上海交通大学工学学士、新加坡国立大学工学硕士，拥有超过22年的证券从业经 验。他早年在辉立证券担任分析师，2004年加入毕盛投资 （ APS） ，现任公司首席投资 官。 他 认为 中国资产风险溢价仍具吸引力，尤其看好港股。具体来看，王康宁关注AI应用端、互 联网平台、具备国际竞争力的创新药和医疗器械、品牌消费龙头，高壁垒电气设备、全球领 先的周期性子行业龙头，以及泛金融等。 "四类阿尔法"和"四顶帽子"的投研框架 毕盛投资建立了"4 Alpha-Hats"的投研框架。王康宁表示， 这套框架 将超额收益来源分为 成长型、价值型、周期型、机会型"四种阿尔法" 。 投资时，需 思考驱动企业跑赢市场的核 心因素是什么。 所谓"四顶帽子"，一是本杰明·格雷厄姆的 " 帽子 " ， ...

值得注意的是,这11家净利润超过5亿元的人身险公司中超过一半都是银保系公司,除中邮人寿外还有工银 安盛、中信保诚、农银人寿、交银人寿、建信人寿。 截至目前,已有59家非上市人身险公司公布了今年上半年利润情况,净利润合计293亿元,整体净利润同比 大幅增加了206亿元。其中,38家公司盈利21家公司亏损,14家公司扭亏为盈。 从21家上半年亏损的人身险公司来看,2家亏损超5亿元,其中,横琴人寿亏损8.4亿元,中银三星人寿亏损5.4 亿元,另有10家亏损在1-5亿元之间,包括爱心人寿、北大方正人寿、国联人寿等,8家公司亏损在1亿元以 内。 在今年上半年盈利的人身险公司中,共有11家净利润超过5亿元,合计286亿元,在总利润中占比超97%。其 中,泰康人寿蝉联榜首,上半年净利润160亿元同比增长近100亿元。报告显示,这得益于上半年投资收益率 上升以及启用新会计准则。中邮人寿利润超50亿元,上半年保费增速超12%。 ...

Core Viewpoint - The investment yield of non-listed life insurance companies in Q2 2025 shows signs of stabilization, with a weighted average total investment yield of 1.98%, an increase of 0.06 percentage points year-on-year, despite the declining trend of the 10-year government bond yield [2][14]. Group 1: Investment Yield Overview - The comprehensive investment yield for non-listed life insurance companies in Q2 2025 is 2.67%, a decrease of 2.14 percentage points year-on-year, while the Shanghai Composite Index yield is 2.76% [4][14]. - The simple average total investment yield for non-listed life insurance companies in Q2 2025 is 2.14%, with a weighted average of 1.98% and a median of 2.04%. Six companies have total investment yields exceeding 3% [4][24]. - The simple average comprehensive investment yield is 2.54%, with a weighted average of 2.67% and a median of 2.29%. Thirteen companies have comprehensive investment yields exceeding 3% [6][30]. Group 2: Investment Yield Formula Breakdown - The total investment yield for the life insurance industry can be simplified into a weighted average of fixed income, equity, and liquidity management asset yields, expressed as: rinv = fixedpro × fixedrinv + equitypro × (equityrinv + Risk) + cashpro × cashrinv [10][17]. - The asset allocation for listed insurance companies serves as an industry anchor, with fixed income assets accounting for 75%, equity assets for 20%, and liquidity management assets for 5% [18][19]. - The estimated risk premium for equity stock selection is 3.80%, and the total investment yield for the life insurance industry in H1 2025 is calculated to be 2.67% [11][19]. Group 3: Recent Trends and Changes - The stabilization of the total investment yield in Q2 2025 is primarily attributed to a significant recovery in equity asset returns, despite ongoing pressure on fixed income yields [19]. - The analysis of investment yield differences over the years indicates that the changes in equity asset investment yields are the main contributors to the variations in total investment yields [11][19]. - The classification of assets and the implementation of new accounting standards have influenced the reported yields, with companies transitioning from held-to-maturity (HTM) to available-for-sale (AFS) classifications [20][22]. Group 4: Rankings of Investment Yields - The top ten non-listed life insurance companies by total investment yield in Q2 2025 include: 1. Junlong Life Insurance: 4.67% 2. Beijing Life Insurance: 3.65% 3. Lianan Life Insurance: 3.22% 4. Xingfu Life Insurance: 3.08% 5. Guomin Pension: 3.01% 6. Caixin Life Insurance: 3.00% 7. Xiaokang Life Insurance: 2.96% 8. Hongkang Life Insurance: 2.95% 9. Huagui Life Insurance: 2.94% 10. Everbright Yongming: 2.89% [27][28]. - The top ten non-listed life insurance companies by comprehensive investment yield in Q2 2025 include: 1. Changcheng Life Insurance: 6.82% 2. Xiaokang Life Insurance: 5.53% 3. Everbright Yongming: 5.10% 4. Zhongying Life Insurance: 4.32% 5. Huagui Life Insurance: 4.23% 6. Junlong Life Insurance: 4.08% 7. Guomin Pension: 3.62% 8. Lujiazui Guotai: 3.36% 9. Guofu Life Insurance: 3.35% 10. Caixin Life Insurance: 3.34% [34][35].

Core Viewpoint - The article discusses the implementation of the second phase of the solvency regulatory framework in China's insurance industry, focusing on the concept of future policy surplus as a key indicator of a company's future profitability [1][2]. Group 1: Future Policy Surplus - The future policy surplus is introduced under the second phase of solvency regulations and is crucial for assessing a company's future profitability [1]. - The future policy surplus is defined as the difference between accounting reserves and solvency reserves, adjusted for potential tax provisions and cash value guarantees [2]. - As of 2024, the future policy surplus for 66 insurance companies is projected to be 2.26 trillion, accounting for 8.8% of total assets, a decrease of approximately 150 billion from the end of 2022 [14]. Group 2: Impact of Accounting Standards - Starting in 2023, insurance companies began implementing the new accounting standard IFRS 17, which affects how insurance reserves are reported [3]. - The article highlights the importance of consistency in reporting deferred tax liabilities (DTL) and actual capital across different accounting standards [7][8]. - Companies that do not maintain consistency in their reporting may face challenges in validating their solvency reports [9]. Group 3: Analysis of Companies - The article provides a detailed analysis of various insurance companies, noting that the future policy surplus varies significantly among them, with some companies like AIA Life exceeding 15% of total assets [14]. - The article identifies that companies with a high proportion of participating insurance products tend to have lower future policy surplus compared to traditional insurance products [16]. - The future policy surplus for major players like China Life and Ping An has shown a noticeable decline, attributed to their historical focus on participating insurance products [15]. Group 4: Factors Influencing Future Policy Surplus - The decline in future policy surplus can be attributed to several factors, including a high proportion of participating insurance, adjustments in risk premiums, and changes in actuarial assumptions [19]. - Conversely, an increase in future policy surplus may result from a lower proportion of participating insurance and the successful generation of new business [19][22]. - The article emphasizes that the future policy surplus is a critical indicator but does not fully reflect a company's overall asset-liability management (ALM) status [16].

Core Viewpoint - The non-listed life insurance companies in China experienced significant profit growth in the first half of 2025, with a total net profit of 29.34 billion, marking a year-on-year increase of approximately 236% [4][11][12]. Group 1: Profit Growth and Performance - In the first half of 2025, 59 non-listed life insurance companies reported a net profit of 29.34 billion, an increase of 20.6 billion compared to the same period last year [4][11]. - The leading company, Taikang Life, achieved a net profit of nearly 16 billion, setting a new record and reflecting a significant rise in investment returns [16][18]. - The number of loss-making companies decreased from 30 in 2024 to 21 in 2025, indicating improved overall profitability in the sector [11][12]. Group 2: Company-Specific Insights - Taikang Life's investment return rate rose to 1.8%, up by 0.42 percentage points year-on-year, contributing significantly to its profit increase [18][19]. - Zhongyou Life's new business value rate increased to 27.08%, although its net profit fell to 5.177 billion [20][21]. - Zhongxin Baosheng reported an investment return rate of 1.97%, up by 0.33 percentage points, indicating a positive trend in investment performance [22]. Group 3: Loss-Making Companies - Several companies, including Dingcheng Life, have reported continuous losses, with Dingcheng's net assets dropping to -264 million [25][26]. - The trend of losses is particularly pronounced among smaller insurance firms, which often struggle with investment stability and cost advantages compared to larger companies [29][30]. - The execution of old accounting standards has exacerbated the financial difficulties for some companies, leading to significant net asset declines [30].

Core Viewpoint - The article discusses the transformation and strategic adjustments of Hengqin Life Insurance, a representative small and medium-sized life insurance company in China, amidst the industry's shift towards high-quality development due to new regulations and market challenges [1][5]. Group 1: Key Performance Indicators - As of the end of 2024, Hengqin Life's net assets reached 1.181 billion yuan, a year-on-year increase of 328%, even excluding the contribution from capital increase [2]. - The comprehensive solvency adequacy ratio was 192% at the end of 2024, up 38 percentage points year-on-year, while the core solvency adequacy ratio increased by 40 percentage points to 160% [2]. - Despite a reported loss of 560 million yuan in 2024, the company reduced its losses by 208 million yuan compared to the previous year, indicating an improvement in profitability [2][3]. Group 2: Strategic Adjustments - In 2024, Hengqin Life adjusted its core management team and established a new operational philosophy focused on customer value creation, risk control, and sustainable development [5][6]. - The company initiated the "Five Ones" project, which includes building a strong insurance headquarters, developing a diverse product line, and establishing a technology platform to adapt to digital trends [5][6]. - Hengqin Life emphasized the importance of its headquarters and talent development, enhancing governance and optimizing its management team [6][7]. Group 3: Market Positioning and Challenges - Hengqin Life is addressing common challenges faced by small and medium-sized insurance companies, such as high leverage and insufficient capital, by optimizing its business structure and focusing on personal insurance [10][11]. - The company is also tackling the adverse effects of declining interest rates on its profitability and net assets by adjusting its investment strategies and product offerings [11][12]. - Hengqin Life's operational efficiency has improved, with a reduction in fixed costs and management expenses, achieving profitability in its fee differential for the first time [12]. Group 4: Future Development Strategy - The company aims to become a "specialized, refined, unique, and innovative" small giant in the life insurance industry, focusing on niche markets and differentiated products [15][16]. - Hengqin Life plans to leverage its unique position in the Hengqin-Macau cooperation zone to develop cross-border insurance products and enhance its service offerings [16][17]. - The chairman expressed confidence in the company's sustainable development and the exploration of high-quality growth for small and medium-sized insurance firms [17].

Core Viewpoint - The 2024 life insurance industry has seen a decline in employee compensation and a historical low in the salary-to-premium ratio, indicating potential challenges in operational efficiency and profitability [2][14]. Group 1: Salary and Premium Ratio Analysis - In 2024, the total employee compensation in the life insurance industry was 108.5 billion yuan, a decrease of 4.6% year-on-year, with a salary-to-premium ratio of 3.4%, down 0.5 percentage points, marking a 15-year low [2][14]. - The "TOP7+1" companies (including major players like China Life and Ping An) had a salary-to-premium ratio of 3.3%, which is significantly lower than that of small and medium-sized insurance companies, which stood at 3.7% [17][18]. - The average salary-to-premium ratio for 70 life insurance companies over the past five years was 4.0%, with a median of 4.9%, and 11 companies exceeding 10% [5][28]. Group 2: Impact on Return on Equity (ROE) - The salary-to-premium ratio has a significant negative impact on a company's ROE, with each 1 percentage point increase in the ratio leading to a 0.37 percentage point decrease in ROE [24][25]. - The empirical model constructed to analyze this relationship included variables such as company size and channel type, confirming the negative correlation between salary-to-premium ratio and ROE [24][25]. Group 3: Historical Trends - The salary-to-premium ratio has shown a declining trend since 2018, with a notable acceleration in the decline for small and medium-sized insurance companies since 2019 [16][18]. - The ratio increased from 4.2% in 2010 to a peak of 5.3% in 2015, followed by a steady decline to the current levels [16][18]. Group 4: Employee Compensation Insights - The life insurance industry employed approximately 345,000 individuals in 2023, with an average compensation and benefits level of 330,000 yuan [10][22]. - The fluctuation in employee numbers has shown a slight decline, while average compensation has seen minor increases over recent years [10][22].