Core Viewpoint - China Pacific Insurance (CPIC) is experiencing significant interest from investors, with its stock prices reaching historical highs, indicating strong market confidence and growth potential in the insurance sector [2]. Investment Strategy - The investment strategy focuses on increasing allocations in long-duration bonds to mitigate risks associated with the asset-liability duration gap in the life insurance sector [5] - The company aims to enhance its equity investments by increasing the allocation of OCI stocks to approximately 30% of its secondary equity portfolio, while also emphasizing research on technology innovation enterprises for both short-term and long-term gains [5][7] - In fixed income, CPIC is looking to diversify into new asset classes such as REITs to ensure stable returns across market cycles [8]. Dividend Insurance - CPIC has developed a plan to enhance its dividend insurance offerings, with a significant push expected in the third quarter of the year [9] - The company has identified a critical threshold for traditional insurance sales pressure at a predetermined interest rate of 2%, prompting a necessary shift towards dividend insurance [11] - Currently, CPIC has five dividend insurance products available and is preparing an additional 14 products to meet market demands [12]. Commercial Health Insurance - The company is focusing on the integration of commercial health insurance with basic medical insurance, driven by national policy reforms aimed at creating a multi-tiered medical security system [15] - There is a recognition of the growing demand for commercial health insurance, as basic medical insurance may not fully meet the diverse needs of the population [16] - CPIC plans to enhance its product offerings in commercial health insurance, including new drugs and treatment methods, while promoting a more inclusive approach to high-end medical services [17].

证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 曹锟 执业证书：S0600524120004 caok@dwzq.com.cn 行业走势 证券研究报告·行业点评报告·保险Ⅱ 保险Ⅱ行业点评报告 非上市险企 2026 年执行新准则，预计险资增 配 OCI 股票趋势将延续 增持（维持） 投资要点 2025 年 06 月 12 日 -11% -5% 1% 7% 13% 19% 25% 31% 37% 43% 49% 2024/6/12 2024/10/11 2025/2/9 2025/6/10 保险Ⅱ 沪深300 相关研究 《保险行业 4 月月报：寿险保费持续 复苏，财险业务增速稳健》 2025-05-30 《中国人身险产品变迁历史与未来展 望系列报告（二）》 2025-05-13 东吴证券研究所 1 / 4 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 【事件】6 月 12 日财政部发布《关于进一步贯彻落实新保险合同会计 准则的通知》（以下简称《通知》），具体内容如下： ◼ 1）明确非上市险企自 2026 年 ...