证 券 研 究 报 告 （2）慧保天下：11 月 26 日至 27 日，香港新界大埔宏福苑发生五级大火。太 平香港为宏福苑承保的屋苑综合保险（业主立案法团第三者责任险以及财产全 险、公众责任险）内容明确，保险期限为 2025 年 1 月 1 日至 2026 年 12 月 31 日，包含四大险种：大厦及公共地方财产保险保额 20 亿港元，公众责任保险 分设第三者人身伤亡责任（每次事件 1000 万港元）与第三者责任（人身伤亡 及财物损毁，每次事件 2000 万港元），另设现金保险与集体个人意外保险。四 项总保额约 20.3 亿港元，两年保费 33.77 万港元。 （3）21 世纪经济报道：11 月 26 日，泰康人寿公告显示，其通过受托人泰康 资产香港买入复宏汉霖 H 股股份。2025 年 11 月 20 日，泰康人寿买入复宏汉 霖 H 股股票 51.85 万股，买入后共持有复宏汉霖 H 股 833.71 万股，占该上市 公司 H 股股本比例达 5.10%，触发举牌。 保险行业周报（20251124-20251128） 推荐（维持） 万科债务展期，险资地产风险预计可控 ❑ 本周行情复盘：保险指数上涨 0.21% ...

Core Insights - A severe fire incident occurred in Hong Kong's Tai Po district, resulting in 128 fatalities and 79 injuries, marking the most serious residential fire in nearly a decade [1] - The incident has raised public awareness regarding the role of insurance mechanisms in disaster response, particularly focusing on China Taiping Insurance (Hong Kong) Company as the main insurer involved [1] Group 1: Insurance Coverage - The affected project, Hong Fu Court, is an aging estate undergoing external wall repairs, with scaffolding in place at the time of the fire [2] - China Taiping Insurance (Hong Kong) provided comprehensive insurance coverage for the project, including a total insurance amount of approximately HKD 20.3 billion, covering property, public liability, cash, and personal accident insurance [2] - The insurance policy for the estate is valid from January 1, 2025, to December 31, 2026, with a total premium of HKD 337,700 for two years [2] Group 2: Company Performance - In 2024, China Taiping Insurance (Hong Kong) reported insurance service revenue of HKD 3.313 billion, a year-on-year increase of 0.9%, but a significant decline in pre-tax profit by 70.3% to HKD 82 million [3] - For the first half of 2025, the company recorded service revenue of HKD 1.463 billion, a year-on-year decrease of 3.6%, while pre-tax profit rebounded by 74.9% to HKD 145 million [3] Group 3: Emergency Response - Following the fire, China Taiping Insurance (Hong Kong) activated its emergency response mechanism, expressing condolences to victims and their families while initiating claims processing for affected clients [4] - The company is coordinating with affected residents and community support teams to provide immediate assistance and streamline the claims process [4] Group 4: Regulatory Response - The Hong Kong Insurance Authority has established a dedicated task force to coordinate industry support and ensure efficient handling of claims and inquiries from affected individuals [5] - The authority emphasized the importance of insurance as a stabilizing force in society, urging insurers to provide urgent support in the aftermath of the disaster [6]

Core Viewpoint - The fire incident at Hong Kong's Tai Po Hong Fu Court has led to significant casualties and has impacted the stock performance of China Taiping Insurance, which is reported to underwrite the comprehensive insurance for the affected property [1] Company Summary - China Taiping Insurance (0966.HK) experienced a sharp decline in its stock price, dropping over 8% to HKD 16.77 in early trading, before recovering to a decline of less than 1% [1] - The comprehensive insurance policy for Hong Fu Court has a total property insurance payout limit of HKD 2 billion [1] Industry Summary - The fire incident has resulted in at least 44 fatalities and 66 injuries, including the death of a firefighter, highlighting the potential risks associated with property insurance underwriting in high-density residential areas [1]