COFCO CAPITAL(SZ:002423)2024-03-05 09:28Group 1: Company Performance - The main business of COFCO Capital continues to maintain steady growth, with a projected net profit attributable to shareholders of 9.9 billion CNY to 10.1 billion CNY for 2023, representing a year-on-year increase of 65.83% to 77.56% [1] - The life insurance business has strengthened its layout, achieving record new business with significant growth in APE and VNB, and has received an A rating in consecutive quarters [1] - Trust business continues to develop steadily, with a significant increase in trust scale and notable improvements in industry ranking [1] Group 2: Market and Industry Insights - The integration of banking and insurance has led to a decrease in bank service fees and increased sales difficulty, necessitating a highly professional team and diverse products [3] - In the short term, insurance companies may face challenges, but from a long-term perspective, this integration is beneficial for the sustainable development of the bank-insurance market [3] - The focus on customer-centric approaches has led to increased recognition from banks, resulting in proactive collaboration requests and expanded cooperation areas [3] Group 3: Strategic Initiatives - COFCO Capital is optimizing asset allocation and increasing OCI strategic investments to enhance returns and reduce the impact of high-volatility assets on financial statements [4] - The company is strengthening research and risk control capabilities, employing risk limit management to analyze the risk and return characteristics of underlying assets [4] - The collaboration between COFCO Futures and the group is significant, leveraging the strong industrial background of COFCO Group to enhance market competitiveness [3]