10月9日，国际权威指数机构摩根士丹利资本国际公司（明晟、MSCI）更新2025年度环境、社会及治理 ( ESG)评级信息，平安银行凭借在ESG方面的优异表现，最新评级上调至AA级，在五年内实现了从BB 级到AA级的三级跃升。 在科技金融战略引领下，平安银行积极构建"客群+产品+政策+生态"的科技金融经营体系，推出"科创 贷""创投贷""上市贷"等专属产品，为科技企业提供接力式、多元化金融服务。截至2025年6月末，科技 企业客户数29,270户，科技企业贷款余额1,934.36亿元。 平安银行ESG负责人介绍，可持续发展是平安银行长期坚持的发展战略，也是确保公司追求长期价值最 大化的坚实基础。平安银行贯彻新发展理念，坚持金融工作的政治性和人民性，积极把握市场机遇，应 对挑战，做好金融"五篇大文章"，在全面服务经济、社会、环境可持续发展中不断提升发展质量。 强化绿色金融布局，践行"双碳"战略目标 平安银行坚定贯彻党的二十大提出的绿色发展要求，认真落实国家碳中和战略，深入布局绿色金融产业 化发展。构建涵盖绿色信贷、绿色债券、碳金融等多元化产品体系，重点支持节能降碳、环境保护、资 源循环利用、能源绿色低碳转型、生 ...

Core Viewpoint - The China Securities Association has recently communicated the evaluation results of securities companies for the 2025 financial "Five Major Articles" initiative, with CITIC Securities ranking first in seven quantitative evaluations [2][3]. Group 1: Evaluation Results - The evaluation period covers the previous year from January 1 to December 31, with 107 participating securities firms submitting data for review [3]. - CITIC Securities led in the underwriting of technology innovation bonds, with an amount of 128.19 billion, followed by CITIC Jiantou, Guotai Junan, CICC, and Huatai Securities [3]. - In terms of financing for technology enterprises, CITIC Securities also ranked first with a financing amount of 27.04 billion, followed by CITIC Jiantou, CICC, Guotai Junan, and Huatai Securities [4]. Group 2: Market Participation - Several firms, including CITIC Securities, CITIC Jiantou, Guotai Junan, and others, have served over 20 technology enterprises, indicating a broad market participation [5]. - For major asset restructuring transactions involving technology enterprises, CITIC Securities again ranked first with a transaction amount of 32.07 billion [5]. Group 3: Green and Private Enterprise Bonds - In the underwriting of green and low-carbon transition bonds, CITIC Securities led with an amount of 16.54 billion, followed by CITIC Jiantou and Guotai Junan [5]. - For private enterprise bonds, the top five underwriters included招商证券, 广发证券, 平安证券, CICC, and Huatai Securities, with amounts ranging from 38.15 billion to 12.57 billion [5]. Group 4: Pension Products - The top five firms in the distribution of personal pension products included 广发证券, 招商证券, 国信证券, 中国银河, and 兴业证券, with amounts ranging from 17.18 million to 11.42 million [6]. Group 5: Evaluation Framework - The evaluation results will be incorporated into the 2025 classification system for securities firms, with a scoring system that emphasizes quantitative indicators [7]. - The evaluation framework includes 14 representative indicators, focusing on contributions and service capabilities in key areas, with technology finance receiving the highest weight [8].

● 本报记者 赵中昊 中国证券报记者日前从业内获悉，中国证券业协会已于近日向各券商一对一通报了2025年度证券公司做 好金融"五篇大文章"专项评价结果及各券商加分分值，并将核心定量指标排名情况在业内进行了公示。 其中，中信证券在七项定量评价中位居榜首。评价结果将直接纳入券商2025年分类评价体系。 多项定量指标排名清晰 头部券商优势明显 记者在采访中了解到，为提高评价工作质效，中证协前期在起草《证券公司做好金融"五篇大文章"专项 评价办法（试行）》时同步启动了试评价工作，组织完成了107家参评券商评价数据的填报与复核，并 已通过数据报送系统向各券商一对一反馈确认了评价数据。 主承销绿色债券和低碳转型债券金额排名前五位的券商依次为中信证券、中信建投、国泰海通、中金公 司、招商证券，主承销金额分别为165.44亿元、122.92亿元、111.40亿元、88.43亿元、54.10亿元。 此外，主承销民营企业债券金额前五位的券商依次为招商证券、广发证券、平安证券、中金公司、华泰 证券，主承销金额分别为381.50亿元、318.86亿元、185.60亿元、130.07亿元、125.73亿元。 上一年度代销个人养老金产品 ...

Core Viewpoint - The recent adjustments in the pension insurance industry reflect a shift towards focusing on long-term pension protection, with several companies reducing their short-term health insurance business to enhance their core offerings [1][7][9]. Group 1: Industry Performance - In the first half of 2025, total premium income from seven pension insurance companies decreased by 14% year-on-year, amounting to 28.7 billion yuan [2][4]. - The main insurance products for these companies remain concentrated in group health insurance and group accident insurance [5][6]. Group 2: Company Adjustments - Several pension insurance companies are actively transitioning their business structures, moving away from short-term health insurance and focusing on developing annuity insurance and personal pension products [7][8]. - Companies like Ping An Pension and Taiping Pension have reported significant declines in premium income, with Ping An Pension's income dropping by 22% and Taiping Pension's by 26% in the first half of 2025 [4][5]. Group 3: Regulatory Environment - The regulatory framework has mandated that pension insurance companies primarily engage in pension-related businesses, with a deadline for compliance set for December 2026 [4][6]. - The push for commercial pension business trials is seen as a potential avenue for new growth, with pilot programs already initiated in several provinces [9][10]. Group 4: Future Outlook - Experts suggest that accelerating the pilot programs for commercial pensions could help stabilize the industry during its transition and unlock new growth potential [9][10]. - The commercial pension business is expected to gain traction, with a notable increase in the number of accounts opened, reflecting a growing market acceptance [10].

Core Viewpoint - The public fund industry in China is entering a critical phase of deepening reform and enhancing quality and efficiency, focusing on improving investment capabilities, optimizing customer experience, and enhancing investor trust [1][2]. Group 1: Industry Reform and Development - The China Securities Regulatory Commission (CSRC) released an action plan on May 7, 2025, marking a new development stage for the public fund industry aimed at high-quality development [2]. - The public fund industry has over 30 trillion yuan in managed assets and more than 800 million investors, playing a crucial role in serving the real economy and maintaining financial stability [3]. - The action plan aims to address issues arising from rapid growth, encouraging institutions to focus on their core business and optimize supply to create diverse financial products and services [3][4]. Group 2: Innovation and Service Optimization - The Beijing Securities Regulatory Bureau is guiding local fund institutions to innovate and optimize their business structures, promoting the development of floating fee rate products and increasing the number of equity funds [5][6]. - As of the first half of 2025, 73 new equity funds were launched in the region, totaling 41.5 billion yuan, with 1,106 equity funds under management amounting to 1.66 trillion yuan [5][6]. - The industry is shifting towards an "investor-centered" service model, enhancing personal pension product offerings and improving investor support systems [6][7]. Group 3: Enhancing Research and Investment Capabilities - The industry is focusing on building a research and investment system that aligns with high-quality development, including the establishment of digital research platforms and integrated research teams [7]. - There is an emphasis on optimizing investment decision-making processes and strengthening talent development to cultivate skilled investment management professionals [7]. Group 4: Contribution to the Real Economy - The public fund industry is actively supporting national strategies, including technology innovation and green development, with 48 managed science and technology innovation funds totaling 173.236 billion yuan as of mid-2025 [8][9]. - The industry is also involved in the development of REITs, with 37 REITs issued, amounting to 103.395 billion yuan, to support infrastructure projects [8][9]. Group 5: Investor Protection and Risk Management - The industry prioritizes investor protection, implementing fee reforms that have saved investors 7.2 billion yuan since July 2023, and enhancing investor education [10]. - A comprehensive risk management framework is being established to identify and mitigate key risks, ensuring the stability of the financial system [10].

Core Insights - The Chinese government has issued comprehensive guidelines for the development of elderly care services, emphasizing a sustainable and inclusive system that focuses on the care of disabled elderly individuals [1] - Significant achievements in China's pension finance include the establishment of a robust policy framework and the development of a multi-tiered pension insurance system [2][3] - Financial institutions are increasingly supporting the silver economy, with various pension financial products being introduced to meet the diverse needs of the elderly population [4] Policy Framework and Achievements - The implementation of policies in the pension finance sector has been proactive, with multiple regulations introduced to enhance the quality of pension services [2] - The multi-tiered pension insurance system has stabilized, with the first pillar covering nearly 1.1 billion people, while the second and third pillars are gradually expanding [3] - As of May 2025, the personal pension product market has reached nearly 50 billion yuan, with over 1,000 different products available [3] Financial Support and Market Dynamics - Financial institutions are actively developing products tailored to the elderly, with notable growth in pension fund management and innovative financial services [4] - The elderly population is increasingly seeking diverse and personalized financial products, moving away from traditional savings methods [5] Challenges in Pension Finance - The imbalance in the three pillars of pension insurance indicates that the third pillar's role needs enhancement, as many individuals rely solely on the basic pension [6][7] - The phenomenon of "high account openings but low contributions" in the third pillar highlights the need for improved engagement and incentives for personal pension savings [8] - Regional disparities in pension resources and funding allocations between eastern and western China reveal significant imbalances in support for elderly care [9] Product Development and Innovation - The current pension products are often homogeneous, lacking innovation and tailored solutions for different demographics [10] - There is a widening gap in pension savings between high-income and low-income groups, necessitating targeted financial products for diverse income levels [11] Recommendations for Improvement - The industry should focus on creating a more inclusive and diversified range of pension products that cater to various needs and preferences [14][15] - Enhancing direct financing support for the silver economy can facilitate the growth of businesses catering to elderly care [17] - Emphasizing the role of insurance in providing comprehensive elderly care solutions can improve the overall effectiveness of the pension finance system [18]

Core Viewpoint - The China Securities Association has introduced a new evaluation system focused on the financial "Five Major Articles" to enhance the responsibilities of securities firms and align their services with national strategies [1][2]. Group 1: Evaluation Framework - The evaluation method consists of 25 articles divided into four chapters: general principles, evaluation indicators and scoring methods, implementation and results application, and appendices [1]. - The evaluation aims to guide securities firms to invest resources in key national strategic areas, enhancing risk control and promoting high-quality industry development [1][2]. Group 2: Evaluation Indicators - The evaluation includes quantitative indicators for the five areas: technology finance (50 points), green finance (10 points), inclusive finance (10 points), pension finance (10 points), and digital finance (10 points) [2][3]. - Specific indicators for technology finance include amounts and numbers of technology innovation bond underwriting, equity financing for technology companies, and direct investments in non-listed technology firms [1][3]. Group 3: Industry Impact - The introduction of the evaluation system is expected to shift the focus of securities firms from scale expansion to deeper functional development, promoting a more differentiated competitive landscape [2][5]. - The evaluation encourages firms to enhance their service capabilities in technology, green, and inclusive finance, moving away from short-term profit-seeking behaviors [2][8]. Group 4: Performance Rankings - The top firms in technology finance include CITIC Securities with 128.19 billion yuan in technology innovation bond underwriting, followed by CITIC Jiantou and Guotai Junan [5][6]. - In the inclusive finance sector, the leading underwriters for private enterprise bonds are招商证券 and 广发证券, both exceeding 30 billion yuan [7]. - The rankings reflect a competitive landscape where leading firms dominate core areas while smaller firms carve out niches in specific segments [5][8].

Core Viewpoint - The China Securities Association has released a trial evaluation method for securities companies to enhance their contributions to the financial "Five Major Articles," focusing on both quantitative and qualitative indicators to promote high-quality development in the securities industry [1][5]. Group 1: Evaluation Methodology - The evaluation method includes both quantitative and qualitative indicators, reflecting the contribution and capabilities of companies in key areas of the financial "Five Major Articles" [2][3]. - Quantitative indicators cover various sectors, including technology finance, green finance, inclusive finance, pension finance, and digital finance, with specific metrics such as bond underwriting amounts and equity financing for technology enterprises [2][3]. - Qualitative indicators assess the establishment of mechanisms and continuous investment in business resources, including whether companies incorporate the financial "Five Major Articles" into their strategic development [3][5]. Group 2: Scoring and Incentives - The scoring system assigns higher points to technology finance, with a total of 50 points available, while other sectors like green finance and digital finance are assigned 10 points each [4]. - The evaluation encourages participation from various types of companies by providing a broad range of scoring and minimizing score differences among the top 50 ranked companies [4]. - A baseline score is established to prevent significant score disparities, promoting differentiated development and specialized operations among industry players [4]. Group 3: Implementation Principles - The evaluation method adheres to three main principles: focusing on key areas, enhancing coordination, and ensuring comprehensive and fair assessments [5]. - It aims to streamline the evaluation process by integrating with existing assessments related to social responsibility, bond practice quality, and digital capability, thereby reducing the reporting burden on companies [5].

Core Viewpoint - The China Securities Association has released a trial evaluation method for securities companies to enhance their service capabilities in the financial sector, particularly focusing on technology finance indicators [1][2]. Group 1: Evaluation Method Overview - The evaluation method includes 25 articles that focus on the core business of securities firms and highlight their functional roles, considering factors such as industry representation, indicator maturity, and data verifiability [1]. - The evaluation will summarize experiences and continuously improve the indicator system and evaluation work [1]. Group 2: Quantitative Indicators - Technology finance indicators include amounts and numbers related to technology innovation bond underwriting, equity financing for technology enterprises, major asset restructuring transactions, direct investments in unlisted technology firms, and private equity fund investments in technology companies [2]. - Green finance indicators cover amounts and numbers for green bonds and low-carbon transition bonds, while inclusive finance indicators include amounts for bonds supporting small and micro enterprises and private enterprises [2]. - Pension finance indicators focus on the scale of personal pension product sales, and digital finance indicators assess the maturity of digital capabilities and awards in securities technology [2]. Group 3: Qualitative Indicators - Qualitative indicators include mechanism construction, continuous resource investment, and additional indicators reflecting the functional roles of securities firms and their implementation of key policies [2]. - Mechanism construction indicators assess whether the financial "five major articles" are included in the business development strategy and whether a professional organizational structure and incentive mechanisms are established [2]. Group 4: Scoring Methodology - The scoring system allocates a total of 50 points for technology finance, with specific points assigned to various categories such as bond financing, equity financing, mergers and acquisitions, and equity investments [3]. - Additional points are available for companies ranked in the top 50, with a small point difference between tiers to encourage participation [3]. - The evaluation method sets both monetary and numerical scoring standards to balance the impact of absolute scale on the results, promoting differentiated development among industry institutions [3].

Overall Financial Performance - As of June 30, 2025, the total assets of China Taiping reached HKD 1,874.1 billion, an increase of 8.1% compared to the end of the previous year [1] - The insurance service revenue for the first half of the year was HKD 55.964 billion, with a year-on-year growth of 0.2% [1] - Shareholders' profit attributable to the company was HKD 6.764 billion, reflecting a year-on-year increase of 12.2% [1] - Total equity rose to HKD 136.434 billion, up 11.5% from the previous year [1] - Investment assets reached HKD 1,683.3 billion, growing by 7.8% [1] - The total embedded value per share for shareholders was HKD 53.03, a 9.2% increase from HKD 48.57 at the end of the previous year [1] Business Segment Development - The insurance service revenue for the first half was HKD 32.250 billion, with a year-on-year increase of 0.8% when calculated in RMB [2] - After-tax profit was HKD 8.278 billion, up 5.5% due to improved insurance service performance and reduced tax expenses [2] - The new business value for Taiping Life reached HKD 6.18 billion, a significant year-on-year growth of 22.8% [2] - Individual insurance new business value was HKD 4.07 billion, increasing by 22.4%, with a new business value rate improvement of 3.5 percentage points to 22.7% [2] - The new business value from the bank insurance channel was HKD 1.92 billion, growing by 23.8% [2] Strategic Layout and Ecosystem Development - China Taiping is actively integrating into national strategies, contributing to the construction of Hong Kong as an international financial center and participating in the Guangdong-Hong Kong-Macao Greater Bay Area development [4] - The number of self-owned and cooperative health and elderly care communities reached 77, covering 28 provinces and 63 cities [4] - The company has seen an 11.5% increase in the second pillar annuity management asset balance compared to the end of the previous year [4] - The financial technology ecosystem has expanded, with the number of alliance member units increasing to 20 [4] Investment and Future Outlook - The company has been approved to establish a private securities investment fund company to enhance investment in capital markets [5] - For the second half of the year, China Taiping aims to deepen risk management, promote development, and enhance digital operations while strengthening compliance [5]