Good afternoon, ladies and gentlemen. Welcome to the CPIC 2024 Interim Results Announcement. I'm Su Shaojun, Board Secretary of CPIC Group. It's my great pleasure to have this opportunity to give you a brief overview of our performance in the first half of 2024. In order to extend the coverage of this results announcement, we are conducting this event in both online and offline, and of course, you can review our playback video on our official website. First of all, allow me to introduce our guest of honor, Mr. Fu Fan, Group Chairman, and Mr. Zhao Yonggang, Group President, and Mr. Zhang Yuanhan, Group CFO and Chief Actuary, and Mr. Su Gang, Group CIO. Our independent director will also attend this meeting, and some of our senior executives will attend this meeting as a non-voting member. First of all, I'll give the floor to Mr. Zhao to give us a preview of an overview of our H1 performance. Good afternoon, ladies and gentlemen. I'm Zhao Yonggang, President of CPIC Group. It's my great pleasure to have this opportunity to meet you face-to-face and online. We see in the first half of twenty twenty-four, China's economy had a positive momentum of recovery, and also we see the improvement of resilience and sustainability. For the insurance market, we see an upgrade in customer needs, and the industry are having important opportunity to serve China's drive for modernization. Given these kind of challenges and opportunities, we stayed focused on insurance and persisted in value growth and long-term wisdom, and deepened our transformation, and delivered the solid business results with secure market standing and increased competitiveness. In terms of our business numbers, group operating income amounted to CNY 194.6 billion, up 10.9%. Of this, group insurance revenue were CNY 137 billion, up 2.2%. Our group OPAT was CNY 19.7 billion, up 3.3%, and our net profit was CNY 25.1 billion, up 37.1%. EV grew 7.4%, and the number of customers reached 181 million, and our AUM increased 11% to CNY 3.3 trillion. We maintained a solid capital positions under C-ROSS II, our comprehensive and the core solvency margin were 251% and 173%. Our comprehensive and core solvency margin ratios were above regulatory minimum levels. CPIC Life successfully completed the issuance of the second phase of perpetual capital bond. Going forward, we will maintain a reasonable level of capital cushion to withstand the systematic risks. Under the new accounting standards, net profit is more sensitive to the capital market volatility. OPAT is a more useful measure of our underlying long-term business performance. In the first half of this year, short-term investment volatility has a substantial positive impact on our net profits. Excluding that and the material one-off factors, our group OPAT grew 3.3% year-on-year to CNY 19.7 billion. Of this, CPIC Life achieved CNY 15.2 billion, up 1.8%. Our group EV grew by 7.4% from the end of 2023. If we look at the composition, the net adjusted net worth amounted to CNY 320 billion, up 10.1%, and the group value of in-force business was up by 4.2% to CNY 247 billion. Look at the EV movement. Positive contribution mainly come from expected return on EV and MBV. Also, EV movement was impacted by investment return variance, operating experience variance, and the profit distribution. We are customer-oriented. We pursue transformation and innovation to foster drivers of high quality development. In terms of the healthcare strategy, we respond to customer needs and changing behaviors. We launched the Ai Xin Bao, a CI product, and also launched the Xing Fu Nian Nian, an integrated elderly care solution, and our CPIC Family Doctor rolled out 48 experience centers of Bai Sui Ju to innovate a new mode of smart service and diversify the product service offering. In terms of regional development, we focus on key industries and products to expand the service ecosystem for high net wealth customers, and developed a differentiated product solution, enhanced cooperation with strategy to build models for the BBE business. In big data, we increased the use of new technology, stepped up digital in intelligent business management, and put in place a group-wide data governance system, promoted the development of large models for insurance. And our digital labor for internal audit performed over 2,000 tasks per month. In brief, our overall business results continued to improve in the first half of twenty twenty-four. We are also advancing ESG agenda. For example, we see breakthroughs in green insurance, green investment, and operation. Our visibility of our ESG brand is improving. We also continue to enhance management mechanism. Our CPIC P&C and the CPIC Life maintained industry leadership in summer assessment and also customer interest protection. This laid a solid foundation for our healthy and long-term growth. Next, let me walk you through the performance of our core business segments. Looking at the life business, we deepened the Changhang Transformation to step up the pace of reform and achieve the rapid MBV growth, and further consolidated the foundation of our value growth. To be specific, our written premium reached CNY 170 billion, up 0.3%. MBV reached 9.9 billion, up 22.8%. And MB margin was 18.7%, up by three point three--five point three percentage points. Our 13-month persistency ratio improved to 96.9%, while 25-month ratio rose by 7.6%- 91.7%. For agency channel, we continue with the 3 Directions and the 5 Mosts strategy. In terms of career development, we continue to leverage the Basic Law to roll out our normalized recruitment. And in terms of professionalism, we continue to meet needs for health protection, pension, wealth inheritance, et cetera, to improve skills for selling all types of products. And we focus on scenarios of CRM and team management to standardize modes of agent activity management. Our regular pay new business amounted to CNY 18.2 billion, up by 3.9%. Our core manpower began to stabilize and recover with a monthly number of 60,000 each month, up by 0.8%. Monthly average FYP per core agent exceeded 60,000, up by 10.6%, and the monthly average FYC per core agent surpassed 8,000. For big banks business, we focused on strategy, strategic partnership, optimized the staffing of bank outlets, and empowered precise business operations. On the whole, our new business growth for bank came under pressure, but the value maintained a steady growth. Specifically, the bank channel achieved CNY 21.9 billion, down by 1%. Our MBV grew by 26% to CNY 1.75 billion, and MBV margin also grew by 5.6 percentage points to 12.5%. In P&C, we accelerated the deployment in technology finance, green finance, inclusive finance, digital finance, et cetera, and we see improved underwriting profitability and a steady, rapid premium growth. To be specific, our primary premium income reached CNY 111.8 billion, up by 6.8%, of which premium from auto insurance was CNY 52.2 billion, up by 22.8%, and the non-auto was CNY 59.6 billion, up by 12.7%. Our underwriting combined ratio stood at 97.1%, down by 0.8 percentage point, and the loss ratio was 69.6%, down by 0.8 percentage point. For auto business, we continue to optimize business mix, strengthen centralized resource allocation. Our underwriting combined ratio of auto insurance was 97.1%, down by 0.9 percentage point. The underwriting loss ratio stood at 71.4%, up by 0.6 PT, and the underwriting expense ratio was 25.7%, down by 1.5 PT. Policy renewal ratio for individual customer reached 76%, up by 1.1 PT, and the share of premium from new energy vehicle also rose by 3.6% to 14.1% in terms of market share. For non-auto business, we continue to be committed to China's national initiatives. Our combined ratio was 97.2%, down by 0.6 PT. For health insurance, we continue to develop traditional business such as terminal illness, personal accident, medical insurance, with also innovative product offerings. Its primary premium income in first half of this year was CNY 16.1 billion, up by 21%. For agriculture insurance, we improved its coverage and protection with innovation, so as to serve these kind of big agricultural players, and meet their diversified needs. For the number, we delivered CNY 13.6 billion in the first half of this year, up by 9.8%. For liability insurance, we focused on workplace safety, environment protection, food safety, et cetera, and also cybersecurity. In the first half of this year, its primary premium reached CNY 12.5 billion, up by 11.8%. Commercial property insurance continued to consolidate our leadership in business, and we strive to acquire customer from emerging sectors and high quality micro and small businesses. For the first half of this year, we generated CNY 4.5 billion in this sector, up by 22%. For our asset management business, we maintained a steady growth of Group AUM, which stood at CNY 3.3 trillion at the end of June this year, up by 11.7%. Of this, our group in-house investment amounted to CNY 2.5 trillion, up by 9.2%, and the third-party AUM reached CNY 807 billion, up by 20%. We further improved the ALM, asset liability management system, across economic cycles, enhanced professional investment research, and compliance and risk control, and exercised the stringent control of credit risk to follow a dumbbell shaped asset allocation strategy. We continue to increase allocation into long-term T-bond, to extend the duration, and also increase investment in equity assets and alternative assets to enhance our long-term return. SAA remained stable. At the end of the June this year, our share of debt financial assets was 73.8%, decrease of 0.7 percentage points, and the equity financial assets stood at 14.9%, up by 0.4 percentage points from the end of 2023. Of this, stocks and equity amounted to 11.2% of total investment assets, up by 0.5%. We conducted disciplined TAA with flexibility to respond to the challenge of equity market volatility and the secular decline of interest rates. Our net investment income was CNY 39.1 billion, up by 1.67%, which stemmed really mainly from increased dividend income. Our net investment yield reached 1.8%, down by 0.2 percentage points. Our total investment income was CNY 56 billion, up by 46.5% year-on-year. The comprehensive investment yield was 3%, up by 0.9 percentage point year-on-year, mainly because of the impact from fair value change of equity financial assets to other comprehensive income. We set great store by credit risk management to proactively manage and mitigate risks. For example, 98.8% of enterprise bonds and financial bonds issued by non-government-sponsored banks had an issuer debt rating of Double-A or above. Of this, Triple-A rating reached 96.6%, and the share of NBFIs with external credit rating reached 98.6%. Except for those issuers with high credit rating, and therefore exempt from credit enhancing measures, other projects are secured with guarantee or pledge of collateral. Underlying projects of our non-public financing instruments spread across sectors like infrastructure, communication, et cetera, with a blended nominal yield of 4.5% and an average duration of eight years. Looking ahead, the company will move towards a vision of a top-notch insurance group with global influence. We are going to pursue progress while ensuring stable business fundamentals. We are going to stay focused on insurance and continue to improve customer-oriented business operation. Press ahead with three key strategies in healthcare, regional development and technology, and enhance professional capacity building to ensure prevention of major risks, to cement the foundation and resilience of our development. That concludes my presentation. Thank you. Thank you, Mr. Zhao, for your presentation. Now, let's enter the Q&A session. First of all, those on site will ask questions, and we also welcome online audience to ask questions. Now, before you ask your question, could you please identify yourself and your employer, and ask no more than two questions. Now, of course, if you are on site, you can just put up your hand to ask your question. We'll hand you the microphone. Thank you. I'm from the China Business News. We know that the China's People's Congress mentioned a policy to further promote China's modernization. So my question for you is that: How are you responding to this kind of new policy push from the government, and what are you going to do specifically to do that? Well, thank you. I would say for a long time, CPIC focused on stable and prudent business. We focused on insurance and to push for sustainable value growth, and we focused on reform to improve our competitiveness. Of course, we see the National People's Congress and our Party's 20th Congress actually gave us more opportunities and raised more requirements. For example, five key areas of the financial sector need to be further enhanced. We need to also serve the real economy and serve the people's well-being. I believe for CPIC, we should do two things. First of all, we should continue to play up the key role of insurance, that is, the shock absorber of the economy and the stabilizing effect for the society. First of all, we need to serve the real economy and the technology, high tech and the green finance, fintech. So for example, we need to help these kind of technology companies to give them more financing support. For example, our premium from these high-tech industries reached CNY 5 billion for the first half of this year. And in terms of a green solution, we focused on green energy, green transportation, low carbon areas. We launched more than 30 products for these areas. Our premium from the green insurance reached more than CNY 34 billion for the first half of this year. We look forward to give more support in this area, so as to better serve the green finance, green, and green economic development. Secondly, we need to make insurance affordable, to be more inclusive. For example, our push to serve the elderly people, our retirement solution, elderly care solution. For example, you can see we have already launched 15 CPIC care home communities across 13 cities with altogether 16,000 beds. And we also participate in terms of this kind of CI, inclusive CI, affordable CI, and medical insurance for Chinese people. For example, for inclusive medical insurance for Shanghai, our combined claims payout for the past three years reached more than CNY 1.7 billion. And we are also going to help the countryside economic recovery, to cover to benefit more farmers in terms of giving them agriculture insurance protection. On the other hand, we are going to improve our core competitiveness. For example, continue to boost our Changhang Transformation. We moved from this kind of extensive growth to inclusive growth for agency channel. Previously, we focused on sales. Now, we are becoming more customer-oriented. And for eight consecutive sectors, eight consecutive quarters, we see positive MBV growth. Going forward, we are going to further improve our sales of all types of insurance products to give more energy to our outlets and agency teams, so as to maintain positive growth of our value and profit. For P&C business, we are going to focus on innovation in new sectors and precise and sophisticated management. CPIC P&C always focus on high quality growth. While maintaining quality, we see quite fast growth in terms of volume. We are going to continue with this focus on sustainability to explore the new requirements for new risk protection, and also reduce the risks, reduce the losses, to further improve quality. In terms of investment, we continue to see the big picture, to continue, further improve our ALM. We are going to have this kind of a cross cycle ALM, and build a risk-oriented funding, utilization, or investment management mechanism, so we are becoming more long-term and become more prudent, so as to have better long-term return from investment. In terms of digitalization, we are going to accelerate the development of a new engine and bring technology closer to business with more integration, so as to give more empowerment to customer development, risk management, claims, investment research, et cetera. For example, we will further deepen this kind of application for agent assistance, P&C business claims or underwriting assistance, et cetera, and for our people development, we will become more market-oriented, make more competitiveness, and better link our remuneration with our performance, become more flexible to improve the professionalism of our people, and introduce more young talent. For example, in terms of this kind of training camp for young, young managers, intern, management trainee, et cetera, et cetera. Going forward, we will continue to serve the national strategy, focusing on these key national strategic areas to become more sophisticated in our management and make more prudent to become better at developing our quality growth. Thank you. Thank you for the answer. Now, let's welcome the next question. Thank you, Mr. Fu. I'm Sun Ting from Haitong Securities. First of all, congratulations, that's a very good performance for the first half of this year. I have the question on the life side. Now, first, you see, the Changhang Transformation phase II was launched last July. So how do you see its effectiveness? And secondly, I see some personnel changes for CPIC Life. So what's your long-term view on the strategy going forward and on the targets? Second question is more on the actuary side. Now, actually, September 1st, starting from September 1st, pricing rate will change for life products. So how will it impact your product strategy? And, also, you see, you spend a lot of time on developing Par Life. Your peers may have a 50% share of Par insurance. Now, what's your stand, or how is it in CPIC? Well, thank you. Maybe I answer your first question. Now, it should be said that to enhance our quality growth of our life business, we actually started the Changhang Transformation from in 2022. Now, it's mainly based on the new Basic Law for our agents to make them more professional. On the whole, I would say phase one of Changhang transformation is bearing fruits, is giving results. So we see improvement in terms of our core agents' number and their income, and the quality of our team. And we see more contribution from bank insurance and worksite marketing, and also improvement in business quality, persistency ratio, et cetera. Now, the second phase of Changhang transformation started last July. Now, phase II is on top of phase one. Phase II focus on channel diversification and also strong operational support and a closed loop of the strategic management, so as to maximize our customer value, economic value, and social value. To be specific, on the diversification of our channel, we are going to do this kind of a one plus X model with agency at the center, and multiple other channels. For the agency channel, we are going to focus on core agents. We improve productivity to enhance team development and also the team leader's capability. For bank channel, we will persist with value orientation to build better model with the bank partners, so as to make bank channel the second pillar for value growth of the life insurance. And also, we are going to explore more ways to explore business, for example, worksite marketing. For the operation support, we were going to better build our mid-office support for business and better manage our asset-liability matching, our budgeting management, operation variance management, et cetera. And also, we are going to leverage our technology to empower our business. And also, we are going to focus on the customer centers, agile operation, and value creation to better boost our dynamism. And in terms of the strategic management, we're going to have this kind of a closed loop, including strategic planning and resource allocation and feedback follow-up, so that this kind of strategy will lead to more value creation. In terms of the targets, we are going to focus on EV, MBV, net profit, OPAT, these kind of economic targets, but also we'll focus on the trend of those targets and more specific targets. For example, for the agent team, we are going to look at the number of growth, agent growth, but also production and sales mix, product mix, and the turning points. For the bank channel, we'll look at the sustainability of the growth of bank channel. All these will point to the value of our growth. Of course, in due time, we are going to introduce NPS, ESG indicators into our KPI systems, so as to better reflect the effectiveness of our transformation. As you mentioned, our CPIC Life had some changes in top management. Now, I believe this. We have already completed the succession of our top management team at CPIC Life. The new team will continue with our past policies and continue to boost the Changhang Transformation, and to push ahead with all the key initiatives to help the overall growth of the company. For the group level, we continue to play up our synergy to further support CPIC Life's business growth. Thank you. Now, I'll answer your first ques- second question. With pricing rate going down, I believe we will see some changes in our products. Now, in terms of the development, Par Life is a new direction and the protection business is the new direction. So that's the overall direction, but ultimately, our protection business and the Par Life business, I mean, we need to be focused on our future strategy and also the changing requirement from the customers. Of course, we also need to consider regulatory changes. I think we don't have all the facts, but on the whole, we believe overall, in the long term, Par Life will take up more than 50% of the share of our total business mix. Now, in terms of progress of our Par Life products, at the beginning of the year, we—you can see we started to push for Par Life products several years ago, actually. Well, we actually focused a lot on Par Life, so our agents, they act ually, they are quite familiar with Par Life products. So if we look at the sales numbers of Par Life compared to last year, we actually, it grew by more than fivefold this year. But of course, it's still a small number. As of now, as we speak, we are training our agents to sell more Par Life products. Let's welcome the next question. Thank you. I'm from [foreign language]. I have the question, number one, about the future profits. That is the CSM margin. Second, about performance. Now, you achieved quite good results in the first half of the year, but what about the future potential for profitability? Now, in first half, you see CSM margin improved by 2.7%. That's quite a hard-won achievement. So what is the reason for that? Because interest rate is going down, so but why can you achieve positive growth? Second question about investment. As you mentioned, in terms of SAA, you are adopting dumbbell strategy. Well, in the past several years, your investment performed better than your peers. Now, but what about the future? How do you see the future performance, especially for equity market investment? You made some investment in Hong Kong market, so Hong Kong Exchange. So what are the reasons? Thank you. Yeah, as you mentioned, CSM improved by 2.7% in H1 this year. Now, that's better than last year. New business CSM grew by 0.5%. Operation variance adjustment contributed to zero, one point three PTs. Now, the 1.3 PTs, VFA method, because of the investment growth, and the profit will grow, and the influence from surrender also contributed positively. So that is why we got the 1.9 PTs. And, for CSM. Sorry, the mic is not working. Now, this year, CSM this year is changing because of the upward movement of investment. But going forward, investment might go down. So I believe it's volatile, it's sensitive to investment volatility. But our projection is that, for the base scenario, our CSM will grow a little bit in the next two to three years. Thank you for your question for investment. Now, for CPIC investment, most of our investment business is in China, domestically. So, our investment performance is closely linked to China's economy. In H1, I believe China's GDP grew by 5%. That is still quite fast in terms of, well, compared to other major economies in the world. Our infrastructure investment is expanding, our CPI is stabilized. So I would say China's economy is quite resilient. But of course, in H2 this year, we will see more challenges. I believe, external environment is very complicated. A lot of the geopolitical conflict going outside China, going on outside China. So all these external factors will impact global and China's market system in a sustainability. So for China's market, I believe we are still going through the growing pains. Well, that mean the challenges will continue for quite a long time. For example, our domestic needs need a long time to be boosted, and our competitiveness need a long time to grow. So I believe our macroeconomy or macro policy will continue to expand by cutting tax and other expenses and boosting or stimulating the economy. In terms of monetary policy, it may continue to expand by lowering the interest rate, lowering the RRR. In terms of property market risk and local government debt risks, I believe the government is doing a lot of things. Given all these, I believe China's capital market in H2 will stabilize and continue to be volatile, but there might be some kind of a structural opportunity. But on the whole, the interest rate will continue to drop. For our SAA, we always focus on value investment, prudent investment, and long-term investment based on our ALM and the long-term goal. We will continue to have sophisticated investment tactics. We will focus, continue to stick with our dumbbell strategy, for example, by invest more in long-term assets. And on the other hand, we also explore opportunity in high-quality equity assets and alternative assets, so as to have better risk-adjusted long-term investment yields. Now, as you mentioned, we also made some investment in some Hong Kong-listed company, Huaneng Power International and Huadian Power International. Now, first of all, no, these are small cap companies in Hong Kong Stock Exchange, so our investment in them is quite small in terms of share of our total investment. Of course, China's market is. China's government is trying to make a lot of policies regarding the innovation in the energy sector. We believe it is very important for China to achieve this kind of energy transformation. So these energy companies, we're going to serve the national strategy. They are quite, well, attractive in terms of value. Of course, we've always focused on the quality of our research, investment research team. They have their own, I mean, all of them have their own focus areas. And so based on their research and the study, based on our internal discussion, and we look at the competitiveness, the barriers of entry, and so they consider all kinds of factors to identify these kind of opportunities, so we can cross these kind of cycles, so as to enhance our overall returns. We will not put all our stakes on just a single, single company or single sector. We will be diversified. We'll focus on the fundamentals of companies, of sectors, so that our overall portfolio will give us a stable long-term return. Thank you. Thank you for the question and answer. Let's move on to the next question. Thank you. I'm Li Jian from Huatai Securities. Two questions. Number one for Mr. Fu. Now, as we mentioned, that, you see, and the local government and the central government had raised a lot of requirements regarding the capitalization or market value management for listed companies. So what's your measures in CPIC? Second question about the agents. Now, you have 60,000 core agents and 183,000 agents in total. So are you reaching a turning point? So my question is that the 60,000 core agents, how do you see the number going forward? Is it going up or down? What do you think about their income, their productivity going forward? And there's some rumor that there's going to be some kind of commission-related rules for agency channel. So what's your take on that? Now, thank you. Now, capital value, I mean, market value of listed companies is, now, of course, is important. It's a key KPI for listed company. Now, with this kind of policies launched, people are paying a lot of attention to this. I believe this is a new requirement, in the new era, and this is how people expect it. I mean, we CPIC, we always pay a lot of attention to our management of capitalization or market value. We always focus on the return to, investors and the sustainable growth of our capital, value. Now we have actually launched a more specific KPI for capitalization management, focusing mainly on maximization of the shareholder value and the company value. Now, we believe, the basis is how to create value. That is to say, we need to create value in the first place, so as to maximize our EV. And secondly, of course, the ultimate goal is to realize value, so that EV can be... Well, we can actually disclose our information on EV to the investors, to analysts. Going forward, we are going to, first of all, to reinforce our fundamentals and have a very clear strategy to boost our value growth, especially EV. And also we'll become more investor-oriented to have honest and transparent communication with the market, with investors and analysts. And of course, we need to boost our value performance. And lastly, we will continue to maintain our healthy level of dividend payout, so as to, well, achieve a win-win solution for both the company and the capital market. Now, for your second question, I would say our agency channel, we can see... We utilized our new Basic Law to improve the agency team, with improved number of agents and improved level of, new agent retention and productivity. Core Agent is very important, now, its quality is a key indicator for our agency channel. You see, of course, we based on the realities of Chinese market, for example, the average income of the society, we actually changed our KPIs for Core Agents. In the first half of this year, our Core Agents grew by 0.8%. With the new Basic Law, we actually saw positive growth in terms of team performance and team behavior. Of course, if there is this kind of commission related rules for agents, we will comply. So as to be more compliant and also to better serve the team development. And in terms of team development, we are going to focus on quality recruitment and agent development, and also change or improve the agent team mix. And we are going to have this kind of differentiated or phased training for agents, new agents. And we're going to focus on some key outlets to serve as the pilot projects... to enhance the development of our new agents. So, so ultimately, we can keep improving the quality and the number of our core agents. Thank you. Thank you. I'm Mao Qingqing from CICC. I have two question. Number one, on the bank channel. Well, the performance was quite good for H1. Now, you mentioned the commission-related rules. So but what about your business plan and the targets for bank channel? The second question on the P&C side. Now, first of all, congratulations, improvement for this year, but what are the reasons? And secondly, for the long term, the combined ratio of the P&C, well, what is the target, and how are you going to achieve the target? Thank you. Thank you for your question. Now, we believe, this commission-related rules, commission rules, and also the easing of the number of insurers a bank can cooperate with. I mean, this kind of new trends is better for the virtuous competition, virtuous circle for competition. So our bank channel will continue to improve our professionalism and to improve our competitiveness, to build this kind of a high-quality service mechanism, to better cooperate with banks, to serve diversified needs for the customers. Now, for the bank channel, we will continue to stay focused on value growth, to boost the dynamism, to boost the momentum, and also focus on the value contribution. To be specific, first of all, we need to be specific or need to be focused, especially focusing on these kind of provincial capitals and the key cities, and in terms of partner banks, we will focus more on strategic partners with differentiated policy for each bank partners, and secondly, we need to leverage our expertise in terms of product and service. We have this kind of golden triangle to serve customers' wealth needs, wealth protection needs, health needs, and retirement needs. For example, we have this kind of a Jianxiang Jia Customer Club to give them better value-added services. Our CPIC Home is also a competitive strategy, competitive, well, area for us. Of course, people is always the key. We need to have a high quality, high performance team for the bank channel. Of course, we keep, we will want to keep them, keep this kind of a high-quality bank channel. Actually, our per capita bank productivity is already leading peers. Now, for the P&C side, combined ratio 97.1%, up, improvement of 0.8 percentage points. In terms of the drivers, first of all, we enhanced the expense management for auto insurance. Secondly, we did a lot of work in terms of some key cost areas. For example, the healthcare, health insurance and the liability insurance, these sectors saw improvement in terms of claims. For health insurance, for example, we've become more diversified. We had a better share of high- and the mid-end health insurance. And we had more selective, we become more selective in terms of policy-sponsored health insurance business. At the same time, we enhanced our management of intelligent risk management. And of course, at the same time, also cracked down on insurance fraud. In terms of liability insurance, we continue to focus on high-quality areas and remove high-risk businesses. And also, we help our customers to also manage their risks, manage their damages. And you see, P&C business, we always focus on the sustainability of our P&C business. We focus on quality business. Going forward, we are going to set more KPIs to become more professional, to make risk reduction more system-based, to leverage technology, to reduce costs, so that our combined ratio can be more aligned with, than our major peers. Thank you. Now, let's welcome an online question. So if you want to ask a question on the telephone, press star key to raise a question. Please ask no more than two questions. Number one, from Zhao Yao, Morgan Stanley. Thank you for this opportunity. I'm Zhao Yao from Morgan Stanley. Two questions from me. Number one, on life side, you see at the end of June, your core solvency for CPIC Life is 121%, up slightly compared to last quarter. What are the reasons? And, are you satisfied with this solvency ratio, or what is the future for this solvency ratio? Second question: you see, there's a lot of disasters, natural disasters, I mean, it's on the rise, so there's a lot of damages from these disasters. From a CPIC perspective, commercial insurance companies, I mean, what are your challenges and opportunities in these areas? Let me answer your first question in terms of solvency ratio. CPIC, we solvency ratio, we issued a perpetual bond. It helped with our solvency ratio and because of our internal capital accumulation, now we have a core solvency ratio at 121%. We believe the current level of solvency actually ratio is still, there is still a slight gap, I would say. That is mainly given the external environment and business growth requirements, and also given regulatory requirements and operational needs. In the future, we also need to consider business expansion. We, I mean, we need to keep it at a proper level so as to seize upon opportunity on the market. At the moment, I would say with interest rate going down, interest-linked products and equity, share of equity investment will go up. So we believe that there is still a gap, but we will continue. We believe we can do it ourselves. We can improve our product margin, so as to improve our solvency adequacy ratio. Now, let me answer your second question. Thank you for your question. Of course, climate disasters, climate risks is a risk not only for insurance companies, but also for the whole society. We see a lot of extreme weather events. Last year, you can see, according to government data, natural disaster damage reached CNY 345 billion, mainly from flood and drought. According to Swiss Re, last year, insurance-related disaster damage is $108 billion. Now, we took measures. First of all, we enhanced our risk management capability, innovate our disaster insurance products, and improve our management of carbon emission. We developed our carbon emission mechanism. We actually included into our group strategy. Now, actually, under the group board, we have a specific ESG committee, and at all levels of CPIC, we had ESG related working group. And the green insurance and other low carbon sectors, we all set KPIs for them. We continue to improve relevant evaluation mechanism. We also have our risk radar to better assess and alert these risks. We also help our customers to reduce these related risks. And in terms of the innovation of our products, we launched a lot of products for climate response, clean energy, and EV vehicles. So in H1 this year, we actually our premium growth, premium from green insurance reached CNY 34 billion. In terms of the catastrophe disaster, the catastrophe insurance, our total SA for H1 this year was CNY 500 billion. And in terms of the carbon emission of our investment portfolio, we did some calculation of our carbon emission from our investment portfolios. I would say we are one of the first in our peer, among our peers, to conduct this kind of calculation. So as to give us more basis for evaluation in terms of our green credentials. We also help this kind of high carbon enterprises to reduce their carbon footprints. Of course, all this is still in its early stage. We are going to do more, and the Chinese government are going to launch more in terms of energy transition and green economy. CPIC will contribute in this regard. Thank you. Let's move on. Thank you. I'm Zhou Chen from UBS. Now, I noticed that net profit improved by 37.1%. That's very good news. It's mainly because of the good performance of your investment. Why did you do well in investment in H1 this year? Is it because of your high dividend asset strategy? Of course, in the second half of the year, and the Shanghai Stock Exchange, Asia market is under pressure. Can your investment performance go on in the second half? Second question, we noticed that you sold a lot of traditional products in recent years. But now you see our 10-year T-bond rate is going down, so you are under a lot of pressure in terms of asset, in terms of a liability side. And with the going down of pricing rate, traditional products will face more pressure. So I believe it's important to have a diversified product mix. Do you have relevant targets in this regard? And any KPIs that you can share for the next two to three years, so that we can try to track your performance. Well, thank you. First of all, the question about investment. Now, based on the new. And then even the new accounting standards, the stock market, first of all, go down, go up and then go down. So you see, there are structural opportunities. We always focus on proactive management of our equity investment. So in H1, we outperformed the market, and together with the downward trend of our interest rate, so the TPR asset value contribution improved a lot, so that our total investment income improved a lot. So for a long time, we always focused on the high dividend-paying assets. And these go into the OCI assets. So our comprehensive investment yield improved by around 1 PTs. But as you mentioned, we are now facing some pressure. So because you see, it's a basic law for the stock market. We are, for CPIC, we will have a SAA, TAA, mandate investment, and then investment management. So our core competitiveness is our long-term investment logic and our disciplined investment practice. We are going to focus on this kind of a cross-cycle SAA, so as to achieve risk-adjusted long-term return. We will have also flexible TAA to achieve long-term high yield. With all these, we believe we can iron out this kind of short-term volatility, so as to make our profit sustainable. Now, on the actual side of the net profit projection, capital market volatility will impact our net profit projection. Well, if we exclude the capital market and volatility, net profit is closely correlated with OPAT. Our OPAT will grow very slightly in the next two to three years. Now, P&C side, we will look at the catastrophe impact, and for the life side, there will be some uncertainty. I mean, operation variance is stabilizing. I can even say it is improving. But of course, capital market volatility will have a quite bigger impact. Now, to answer your second question, our liability cost. As of the end of June, this year, our in-force products break even rate, in-force effective break even rate is under 2.5%, and absolute break even rate is even lower than 2.5%. Because starting from 2013 to 2016, we sold a lot of low guarantee rate products. The rate was 0%, 2.0%. We sold a lot of this kind of low guarantee rate products in 2013 to 2016. And the short-term changes will lead to some volatility, but our diversified business mix is how we can cope with the challenges of asset liability matching. So, diversification is both a means and an end in itself. At the same time, as we say, a peer comparable, for example, compared to peers, our growth is comparable. For example, they... Now, of course, we have Par Life and we have protection products. Now, what are we going to do in terms of the measures? Now, actually, we have been pushing for diversification of products, especially for protection products, so as to meet the diversified needs of our customers. It's an ongoing process. At the same time, as you mentioned, our par products, previously, we mainly sold Par Life. Now, we are started to redo the training for Par Life products. Let's welcome the next question. Liu Chi from Guangdong Development Securities. Two questions. MBV started to turn positive, for... And you see for two consecutive quarters. Now, what about your 2025 NBV growth, and for NBV, NBV and NBV margin? Secondly, your asset duration and the liability duration, what are those durations? What about the gap? What's the trend for the duration gap? Thank you. First of all, in terms of the NBV margin, now, for 2025, for our margin, you see other insurance companies, they also see the Par Life margin going down. But also, we are also developing our share, improving the share of protection product. We believe these two can break even. Par Life, I believe we had quite a lot of experience in selling Par Life. So on the whole, in terms of the growth of value, I'm still positive. Now, on the asset-liability duration question, actually, in recent years, we expanded our S allocation into long-term T-bonds, so our duration gap is going down in recent years. If you look at the H1 of this year, for life business, fixed income duration, fixed asset duration has improved about one year. So the duration, asset duration is more than 10. For liability duration, because we actually sold quite a lot of long-term products, so the liability duration is also going up. So the gap remained pretty much the same, now because of the data model calculation. So the liability duration is more sensitive to that of the asset side. So ultimately, the asset-liability duration gap actually expanded by 0.5 years. But still, as I believe it's under control, it's within our expectation. If we consider par and the universal life, and also these products can absorb some of the interest rate risks. So if we look at the effective gap, if we look at the effective duration gap, it would be less than half of the current gap. So we believe we are in line with the market in terms of duration gap. In the interest of time, we only have time for the last question on site. Thank you for the question, for the opportunity. I'm Hu Qiang. Now, first of all, on investment side, secondly, on the exposure to property market investment. Now, you see fair value change amounted to CNY 20.9 billion. Could you break it down? What, what's the attribution? Second, about property market investment. What's your exposure to that? And what is the structure of that? What are the changes? How about the future in terms of credit risk management? Thank you. Now, first one, half and half. That is to fair value change. Half of it come from stocks, and half of it come from fixed income assets. Second question, about credit risk management. I believe most of you, focused, paid a lot of attention to credit risk management. I believe CPIC is... I mean, we are prepared for a lot of questions. I mean, in terms of credit risk management, as you can see, before you even see the credit defaults on the market, we long before that, we have been prepared because we have a very sophisticated system to manage the credit risks. You see, we have, I mean, for CPIC Life, P&C, I mean, different subsidiaries of the CPIC have their own credit risk management team, but we all go by our group level credit management scheme. So that is to say, we can have this kind of centralized management for credit risk management. So we all use the same standards across CPIC to cover all the steps of management. As of now, we are quite diversified in terms of our credit products. And in the history of CPIC, we actually had a very strict control for exposure for property market. As we have always been saying, we are quite prudent in terms of investment in property market. We exited a long time ago, the key area, I mean, sensitive areas. We also noticed that China's policy is, I mean, China is heightened control for local government debt platform. We will follow it up very closely to monitor the risks of local government debt platform, and while controlling the risks, select some partners. Overall, we have very good credit risk management. You can see, you can see the credit ratings of our credit products, I mean, very good rating. We always maintain this kind of very high ratings, credit ratings. We will continue to, mm, stick with it. We will sometimes select innovative fixed asset, accredited, mm, products. For example, ABS and REITs, licenses, so that our fixed income assets can maintain a good risk profile. They can produce long-term, sustainable returns for CPIC. Thank you for all your questions. And we also asked the questions from small and medium-sized investors, and now their question may be centered on the Changhang Transformation and also pricing, rate change. After that, the product strategy and some other questions, we will answer them in written form. And if you have further questions, you can contact our IR team. Thank you. That concludes this event. Thank you very much.