Group 1 - JPMorgan's long position in Ping An Insurance (Group) Company of China, Ltd. - H shares increased from 7.95% to 8.23% as of February 9, 2026 [1]

证券代码：601318 证券简称：中国平安 公告编号：临 2026-001 中国平安保险（集团）股份有限公司 2026年第一次临时股东会决议公告 中国平安保险（集团）股份有限公司（以下简称"本公司"或"公司"）董事会 及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并 对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 1、出席会议的股东和代理人人数 | 5,678 | | --- | --- | | 其中：A 股股东人数 | 5,674 | | 境外上市外资股股东人数（H 股） | 4 | | 2、出席会议的股东所持有表决权的股份总数（股） | 7,769,990,617 | | 股股东持有股份总数 其中：A | 3,318,174,680 | | 境外上市外资股股东持有股份总数（H 股） | 4,451,815,937 | | 3、出席会议的股东所持有表决权股份数占股份总数的比例 | | | （%） | 42.9100 | | 其中：A 股股东持股占股份总数的比例（%） | 18.3247 | | 境外上市外资股股东持股占股份总数的比例（%） | 24.5853 | ( ...

法律意见书 编号: AJFS2026SZ (20260213) AnJie Broad 安办山治 杰出 所以安心 Dedicated to Excellence 致：中国平安保险（集团）股份有限公司 关于 中国平安保险(集团)股份有限公司 2026年第一次临时股东会的 北京安杰世泽(深圳)律师事务所(以下简称"本所")是在中华人民共和国 (以下简称"中国",不向括香港特别行政区、澳门特别行政区及台湾地区)注册 并经中国司法部门批准从业的律师事务所。本所接受中国平安保险(集团)股份 有限公司(以下简称"公司"或"中国平安")的委托,指派律师列席了中国平安于 2026 年 2 月 13 日召开的 2026 年第一次临时股东会（以下简称"本次股东会")。 根据中国平安的要求,并根据《中华人民共和国公司法》(以下简称"《公司法》")、 《中华人民共和国证券法》(以下简称"《证券法》")、《上市公司股东会规则》 (以下简称"《股东会规则》")等有关法律、法规和规范性文件以及《中国平安 保险（集团）股份有限公司章程》(以下简称"《公司章程》")、《中国平安保险 (集团)股份有限公司股东会议事规则》(以下简称"《股东会议事 ...

Core Viewpoint - JPMorgan has increased its long position in Ping An Insurance (Group) Company of China, Ltd. - H shares from 7.95% to 8.23% as of February 9, 2026 [1] Company Summary - JPMorgan's long position in Ping An Insurance has seen an increase, indicating a growing confidence in the company's performance and potential [1]

Industry Focus - The ten bank-affiliated insurance companies are projected to achieve a total premium income of 477.15 billion yuan by 2025, representing a year-on-year growth of 15.29% [1] - The net profit for these companies is expected to reach 24.364 billion yuan, a significant increase of 145.06% compared to 2024, with all companies reporting profitability [1] - Notably, CITIC Prudential Life and Everbright Sun Life have turned losses into profits [1] - The average simple investment return rate is projected to be 4.153%, with five companies exceeding 4%, although the comprehensive investment return rate has declined to an average of 1.71%, down 8.004 percentage points year-on-year [1] Corporate Dynamics - Ping An Life Insurance Co., Ltd. has increased its registered capital from 33.8 billion yuan to approximately 36.003 billion yuan, marking a growth of about 7% [2] - This capital increase, driven by shareholders, aims to enhance the company's capital strength and solvency, potentially improving its comprehensive solvency and market competitiveness [2] Financial Personnel Changes - The chairman of China Post Life Insurance Co., Ltd., Han Guangyue, has submitted his resignation due to personal age reasons, with his 60th birthday approaching in two months [3] - Zeng Shangyou has been appointed as the temporary head and party secretary of PICC Reinsurance Co., Ltd., following the resignation of former chairman Xiao Jianyou in October 2025 [4] - Lei Wanchun has been approved as the general manager of Three Gorges Life Insurance Co., Ltd. by the Chongqing Financial Regulatory Bureau [5] - Yan Wenbo, the party secretary and president of Huajin Securities, is set to be appointed as the chairman of Hengqin Life Insurance, succeeding Qian Zhonghua, who resigned on January 22 [6]

Core Viewpoint - The company, Ping An Pension Insurance, is actively engaged in a nationwide public welfare initiative called "New Year Warmth Delivery," aimed at providing support and care to vulnerable groups, including impoverished families, elderly individuals living alone, children in need, and families with special requirements during the New Year period [1][8]. Group 1: Targeted Assistance - In Taibai Village, Shaanxi Province, volunteers from Ping An Pension Insurance's Shaanxi branch visited impoverished families, engaging in conversations to understand their health, income, and challenges, while also providing essential supplies like rice and cooking oil [1]. - In Laohhe Village, Anhui Province, the company donated 100 computers to enhance the information technology capabilities of local government offices and schools, and conducted financial literacy classes for students to raise awareness about financial safety [1]. Group 2: Care for Special Groups - In Wuhan, Hubei Province, volunteers collaborated with a center for families with autistic children, providing essential supplies and engaging in interactive activities to foster communication and support for these families [4]. - In Yinchuan, Ningxia Province, the company provided school supplies and educational materials to underprivileged children, aiming to encourage their optimism and healthy growth [4]. - In Jinan, Shandong Province, volunteers delivered essential goods to sanitation workers, acknowledging their hard work during the winter season [4]. Group 3: Community Engagement - In Changsha, Hunan Province, volunteers visited elderly individuals and families in need, offering support and information about available policy assistance while delivering care packages [6]. - In Urumqi, Xinjiang Province, the company set up a "Warmth Point" at a busy train station, providing travelers with practical items and festive goods to enhance their travel experience during the New Year [6]. Group 4: Commitment to Long-term Support - The company emphasizes that true warmth comes from sustained companionship and consistent efforts rather than one-time donations, reflecting its commitment to ongoing community support and care [8].

Investment Rating - The industry investment rating is maintained as "Increase" [1] Core Insights - The insurance industry is experiencing significant growth in asset allocation towards core equities, with a slowdown in bond allocation pace [5] - By the end of 2025, the total investment balance of the insurance industry reached 38.5 trillion yuan, marking a 15.7% increase from the beginning of the year, the highest growth rate since 2021 [9] - The allocation of "stocks + funds" increased by 1.6 trillion yuan in 2025, with a total balance of 5.7 trillion yuan by year-end [5] - The proportion of "stocks + funds" in total investment reached 15.4% by the end of 2025, an increase of 2.6 percentage points from the beginning of the year [5] - The demand in the market remains strong, and the optimization of liability costs is expected to alleviate pressure from interest rate spreads [5] Summary by Sections Investment Allocation - By the end of 2025, the investment scale of life insurance companies was 34.7 trillion yuan, accounting for 90.1% of the industry [5] - The allocation of bank deposits decreased to 7.6%, while the bond allocation increased to 51.1% [5] - The allocation of stocks and funds reached a high level, with stocks accounting for 10.1% and funds for 5.3% of total investments [5] Market Outlook - The recent decline in the yield of ten-year government bonds to approximately 1.81% is expected to ease the pressure on the investment income of insurance companies [5] - The insurance sector's valuation remains at historical lows, with estimated PEV ranging from 0.64 to 0.86 and PB from 1.15 to 2.24 [5]

Core Viewpoint - The approval for the change of business location for China Ping An Property & Casualty Insurance Co., Ltd. Guangzong Branch has been granted by the Xingtai Financial Regulatory Bureau [1] Group 1 - The new business location for China Ping An Property & Casualty Insurance Co., Ltd. Guangzong Branch is specified as: S-2 Building 303, Tianyi City Commercial Street, East Side of Heping Road South Section, South Side of Limao Street, Guangzong County, Xingtai City, Hebei Province [1] - The company is required to handle the change and obtain the new license in accordance with relevant regulations [1]

二、中国平安财产保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 2026年2月9日，抚州金融监管分局发布批复称，《关于中国平安（601318）财产保险股份有限公司崇仁 支公司营业场所变更的请示》(平保产赣分发〔2026〕9号)及相关材料收悉。经审核，现批复如下： 一、同意中国平安财产保险股份有限公司崇仁支公司将营业场所变更为：江西省抚州市崇仁县活力大道 (中文时代影城)159号。 ...

Core Viewpoint - The emergence of a comprehensive insurance system for robots is crucial to alleviate concerns from both suppliers and users, enabling the integration of robots into real-world applications [2][3]. Group 1: Insurance Development - The first "lifetime liability insurance for elderly care robots" was launched in Shanghai, addressing key concerns for both robot manufacturers and care institutions [2]. - A new insurance sector focused on robots is rapidly developing, with policies emerging to support various types of robots, including consumer-grade exoskeletons [2][3]. - The Chinese humanoid robot market is projected to reach 8.239 billion yuan by 2025, accounting for approximately 50% of the global market [3]. Group 2: Risk and Challenges - The complexity of robots introduces various risks, including hardware damage, software failures, and human-robot interaction issues, which pose challenges for insurance product design and pricing [5][6]. - Real-world incidents have highlighted the necessity of insurance, as accidents involving robots can lead to significant damages and liabilities [3][5]. - Insurance companies face difficulties in obtaining necessary operational data from robot manufacturers, which hinders accurate risk assessment and pricing [6]. Group 3: Collaborative Solutions - Policy guidance is essential for the development of insurance products in emerging fields like robotics, with local governments providing subsidies to stimulate market demand [7]. - Collaborative data sharing between insurance companies, industry players, and academic institutions is recommended to build a comprehensive risk database for humanoid robots [7]. - The rapid technological evolution of robots necessitates flexible insurance products that can adapt to new applications and scenarios [8]. Group 4: Market Potential - The humanoid robot market is expected to grow significantly, with projections indicating a market size of 20 to 50 billion yuan by 2028 and potentially reaching 10 trillion yuan by 2045 [8]. - The establishment of a robust insurance framework is vital not only for risk transfer but also for fostering the overall development of the robotics industry [8].