SGCLIFE@EC2608B

UNI HEALTH

QUANTGROUP

AE LOGISTICS

XUNCE

KINTOR PHARMA-B

XunZhong

ILUVATAR COREX

HP LIVING TECH

NANFANG COMM

ZHAOWEI

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Multiple insurance companies have completed the filing of participating insurance products with a guaranteed interest rate of 1.25%. Analysis suggests that the decline in the guaranteed interest rate for participating insurance is an inevitable trend. The product launched by China British Life is 50 basis points lower than the market mainstream guaranteed interest rate of 1.75%, and the market has responded enthusiastically. Currently, the research value of the guaranteed interest rate for ordinary life insurance products is 1.89%, which has not triggered the dynamic adjustment mechanism; therefore, the upper limit for the guaranteed interest rate of participating insurance remains at 1.75%

Wallstreetcn

PICC Group

GF Fund CSI HK Connect Financials(ex Banks) Thematic ETF

E Fund CSI 300 Financials (ex Banks) ETF

China Life

CHINA LIFE

ChinaAMC SSE Financials Sector ETF Initiating Fund

Several insurance companies have completed the filing of dividend insurance products with a predetermined interest rate of 1.25%. Analysis suggests that the decline in the predetermined interest rate for dividend insurance is an inevitable trend

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PNGAY

Minister of Civil Affairs Lu Zhiyuan introduced at the meeting that next, we will improve and deepen the implementation of policies and measures for actively responding to the national strategy for population aging, continuously ensure the implementation of the "Opinions on Deepening the Reform and Development of Elderly Care Services," and promote the expansion, quality improvement, and efficiency enhancement of the elderly care service industry

Ping An

CPIC

PING AN

Ping An Insurance

Ministry of Civil Affairs: Strive to basically establish a three-level elderly care service network at the county, town, and village levels by the end of the 14th Five-Year Plan

00HSI

STECH

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36Kr learned that the Hong Kong Hang Seng Index fell over 3%, and the Hang Seng TECH Index dropped 2.5%. China Life fell nearly 7%, WUXI BIO and ZIJIN MINING dropped over 5%

36Kr

Hang Seng Index

Hang Seng TECH Index

ZIJIN MINING

WUXI BIO

CSOP HS TECH

TRACKER FUND

ISHARESHSI-R

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

HSTECH ETF

CAM HS TECH

ISHARESHSI-U

ISHARESHSTECH

FL2 CSOP HSI

GX HS TECH

China Southern Hang Seng ETF

Hang Seng Index falls over 3%

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The "Opinions on Technology Insurance" focuses on "who to protect, what to protect, and how to protect," and emphasizes five aspects: 1. Focus on major national scientific and technological tasks, establish a national coordination and promotion mechanism for major technological breakthroughs in technology insurance, and strengthen insurance services for national strategic scientific and technological forces and key regions. 2. Focus on technology-based small and medium-sized enterprises, promote convenient technology insurance products, expand the coverage of technology insurance, and provide flexible insurance solutions for scenarios such as pay-after-use for technological achievements

PICC GROUP

Who does technology insurance protect, what does it cover, and how is it insured? Four departments jointly issued opinions

JP Morgan's report pointed out that after the Lunar New Year, Chinese H-share insurance companies underperformed the market, mainly due to short-term profit risks and lack of data. It is expected that the performance announcement period will regain momentum, with key catalysts including discussions on shareholder returns and optimistic life insurance sales prospects. Morgan Stanley prefers Ping An and China Life, giving them overweight ratings with target prices of 100 yuan and 40 yuan, respectively. It forecasts that the net profits of China Life, Ping An, and CPIC will grow by 47%, 19%, and 10% respectively in the fiscal year 2025

AASTOCKS

"Big Banks" JP Morgan: Chinese insurance stocks lag behind the market, prefer Ping An and China Life

Against the backdrop of the global financial industry accelerating its embrace of artificial intelligence, China Life, in collaboration with NetEase Intelligent Enterprise, has launched the AI Agent application aimed at enhancing after-sales service efficiency. The system achieves an accuracy rate of over 90% in responding to inquiries about policy expiration and policy cancellation, significantly reducing the response time for customers seeking information on policies and cancellations, and addressing the issues of slowness and inconsistency in traditional manual services

- A new trend in the global finance sector sees AI as an "Agent" participating directly in customer service and decision support, including insurance.  
- China Life Insurance has partnered with NetEase to deploy an AI Agent, achieving over 90% accuracy in responding to common queries about policies, significantly reducing response times.  
- With rising policy numbers and customer inquiries, the company aims to improve service efficiency while maintaining compliance with sensitive data regulations.

China's "Life Insurance Leader" makes a major breakthrough, playing with "AI Agent"

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Hong Kong virtual insurance company Bowtie Life has unveiled its new headquarters, "Bowtie Life Building," in Wan Chai, signing a 5-year lease for 7 floors. In the second half of last year, the voluntary health insurance policy subscriptions reached 10,000, doubling year-on-year, reflecting a change in the insurance habits of the public. The company emphasizes that a physical presence can enhance customer confidence, with individual customers accounting for over 50%. The financial performance is strong, with a customer retention rate exceeding 90%, and the unit economic benefits are considerable

Stheadline

Medtide Inc.

GF CSI HK Innovative Drugs Industry ETF(QDII)

Huatai-PB Hang Seng Innovative Drugs Industry ETF(QDII)

Bowtie's new headquarters has moved to Wan Chai, with over 10,000 voluntary health insurance policies taken out in the second half of last year

HSBC's research report indicates that China Life is expected to have a net loss of at least 7.4 billion yuan in the fourth quarter of 2025, despite a 60.5% increase in net profit over nine months. The bank believes that China Life's earnings are highly volatile and may underperform the market. In contrast, Ping An's after-tax operating profit is more favored by investors, giving it a target price of 84 yuan and a rating of "Buy"; China Life has a target price of 29 yuan and a rating of "Hold"

According to "The Big Banks," Huayan estimates that China Life had a loss of at least 7.4 billion RMB in the last quarter of last year, and is more optimistic about Ping An

000300

According to data released by the National Financial Regulatory Administration, as of the end of last year, the balance of funds utilized by insurance companies was approximately 38.5 trillion yuan, a year-on-year increase of 15.7%. Among them, the balance of stocks and securities investment funds for life insurance and property insurance companies was about 5.7 trillion yuan, an increase of approximately 1.6 trillion yuan compared to the end of 2024, with a growth rate of 38.9%. The balance of stock allocation was approximately 3.73 trillion yuan, accounting for 9.7%, reaching a new high in nearly four years

CSI 300

Last year, the balance of insurance funds invested in stocks and funds increased by approximately 1.6 trillion yuan

Citi has initiated a positive coverage on China Life, expecting a 47% growth in net profit for the fiscal year 2025 and a 38% annual growth in new business value. Citi believes that China Life will outperform its peers and provide positive information during its earnings release, giving it a "Buy" rating with a target price of 40 yuan, due to its brand, distribution network, and reform measures

Citi initiates positive coverage on China Life with a target price of 40 yuan

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The Hang Seng Index fell for the second consecutive day, reaching H$26,550, its lowest since February 6, down from a year-to-date high of H$28,000. This decline mirrors global stock trends, with US equities also retreating. Key companies in the index, including Zijin Mining and China Life Insurance, saw significant drops. Despite this, technical analysis suggests a potential rebound if the index remains above the 100-day moving average. The upcoming US consumer inflation report is anticipated to influence market movements further.

Invezz

Zijin Mining

Hang Seng Index dips to a key support as global stocks retreat

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In 2025, the net profit of non-listed life insurance companies surged to 66.6 billion yuan, but net assets shrank by nearly 10 billion yuan, indicating a structural divergence of "profit increase without capital increase." The median comprehensive investment return rate dropped from 8.39% to 2.73%. Several insurance companies, such as BOC Samsung Life and CEB Grand China Life, despite achieving record high net profits, saw a significant decline in net assets, reflecting the impact of new financial instrument standards and market conditions

- In 2025, non-listed life insurance companies reported a misleading profit surge, with total net profits soaring to 66.6 billion yuan, up 165% from 2024.  
- Despite this profit increase, the median comprehensive investment return plummeted to 2.73%, and industry net assets fell by nearly 10 billion yuan, indicating a structural divergence of "increased profits without increased assets."  
- The primary drivers of this phenomenon stem from market volatility and the shift to new accounting standards, which have led to extreme fluctuations in net profits compared to net assets.

CEB Bank

BOCIC

Bank Of China

ChinaAMC CSI Banks ETF

CHINA EB LTD

CEB BANK

BANK OF CHINA

EB GRAND CHINA

Profit to the left, net assets to the right: Analyzing the "surface" and "substance" of the performance of unlisted life insurance companies

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ZIJIN GOLD INTL(02259) rose 9.06%, with a trading turnover 1.7 Billion HKD, and a year-to-date rose 56.7%. BILIBILI-W(09626) rose 5.16%, with a trading turnover 1.2 Billion HKD, and a year-to-date rose 31.1%. POP MART(09992) fell 5.49%, with a trading turnover 4.4 Billion HKD, and a year-to-date rose 35.9%. MINIMAX-WP(00100) fell 4.82%, with a trading turnover 681.6 Million HKD, and a year-to-date rose 210.9%.

- The Hang Seng Index increased by 0.31%, with a year-to-date gain of 6.4%, while the Hang Seng Tech Index rose by 0.9%, showing a year-to-date decline of 0.3%.  
- Zijin Mining International (02259) saw a rise of 9.06% with a trading volume of HKD 1.7 billion, resulting in a year-to-date increase of 56.7%.  
- Bilibili-W (09626) grew by 5.16%, with a trading volume of HKD 1.22 billion, reflecting a year-to-date increase of 31.1%, whereas Pop Mart (09992) fell by 5.49%, despite a year-to-date increase of 35.9%.

Top Gainers & Losers

ZIJIN GOLD INTL

BILIBILI-W

GANFENGLITHIUM

TECHTRONIC IND

TME-SW

POP MART

MINIMAX-WP

MONTAGE TECH

Top 5 HK Stock Gainers/Losers (>100B) (2.11)

Hong Kong stocks continued their upward trend on July 28, with the cryptocurrency, innovative drug, gaming, and insurance sectors performing well. Hong Kong's &#34;Stablecoin Ordinance&#34; will officially take effect on August 1, marking the countdown to stablecoin issuance; the innovative drug sector was boosted by Hengrui Pharmaceuticals securing a $12 billion order; insurance stocks extended their gains as industry anti-internal competition and interest rate cuts improved profit prospects; gaming stocks benefited from Macau's July gaming revenue exceeding expectations and Thailand's withdrawal of the casino bill.

HENGRUI PHARMA

Hengrui Pharma

INNOVENT BIO

3SBIO

CSPC PHARMA

OSL GROUP

SUNSHINE INS

SANDS CHINA LTD

Sands China

WYNN MACAU

CR HOLDINGS

SINO BIOPHARM

MELCO INT'L DEV

GUOTAI JUNAN I

AIA-R

AIA Group

SJM HOLDINGS

Hot Trades in Hong Kong Stocks (7.28)｜Cryptocurrency, Innovative Drugs, Insurance, and Gaming Sectors Shine, Hengrui Pharmaceuticals Soars 15% at Midday

On July 11, the three major stock indices in Hong Kong rose together. In terms of sectors, technology stocks rose collectively, and securities and brokerage stocks mostly increased.

ZA ONLINE

LAOPU GOLD

MIXUE GROUP

GUMING

WUXI APPTEC

WuXi AppTec

LIANLIAN

PICC P&C

MAO GEPING

BLOKS

Ping An Ins HK SDR2to1

CITIC SEC

CITIC Securities Co., Ltd.

EB SECURITIES

EBSCN

WuXi Biologics

CHICMAX

XIAOMI-W

Xiaomi HK SDR 2to1

Xiaomi Corporation

AKESO

BEONE MEDICINES

BeOne Medicines

Beigene

REMEGEN

RemeGen

LINKLOGIS-W

CICC

Circle

The Hang Seng Index is approaching its highest level in nearly 3 years, with Chinese brokerage, insurance, and stablecoin concept stocks remaining hot!

SGCLIFE@EC2608B(26769.HK)

Several insurance companies have completed the filing of dividend insurance products with a predetermined interest rate of 1.25%. Analysis suggests that the decline in the predetermined interest rate for dividend insurance is an inevitable trend

Ministry of Civil Affairs: Strive to basically establish a three-level elderly care service network at the county, town, and village levels by the end of the 14th Five-Year Plan

Hang Seng Index falls over 3%

Who does technology insurance protect, what does it cover, and how is it insured? Four departments jointly issued opinions

"Big Banks" JP Morgan: Chinese insurance stocks lag behind the market, prefer Ping An and China Life