Summary of Xinhua Insurance Conference Call Company Overview - **Company**: Xinhua Insurance - **Focus**: Life insurance, particularly dividend insurance products Key Points Industry and Market Dynamics - **Focus on Dividend Insurance**: In 2026, Xinhua Insurance will prioritize the sale of dividend insurance products, while 2025 will focus on traditional products [2][3] - **Bank Insurance Channel Preparation**: The bank insurance channel is actively preparing for growth, including channel expansion and product development to address high growth challenges [2][3] - **Impact of Regulatory Changes**: The shift to a unified reporting system (报行合一) has a significant impact on the bank insurance channel, while the individual insurance channel is less affected [2][8] Sales and Product Strategy - **Sales Performance**: The company has initiated pre-sales for the individual insurance channel, with initial data meeting expectations [3][5] - **Product Strategy Shift**: The individual insurance channel will shift focus to dividend insurance in 2026, while traditional products dominate in 2025 [3][5] - **Dividend Insurance Transition**: As of the latest reports, dividend insurance accounted for approximately 12% of new policies, with over 70% in the marketing channel by Q3 [2][11] Financial Performance and Investment Strategy - **Investment Returns**: Strong investment returns over the past two years have laid a foundation for the dividend realization rate, aiding acceptance of dividend products by banks and clients [2][6] - **Core Equity Asset Allocation**: The company maintains a high level of core equity asset allocation, with plans to consider further increases based on market conditions, though space for significant increases is limited [4][15] Competitive Landscape - **Increased Competition**: The removal of the 1+3 outlet restriction has intensified competition in the bank insurance sector, but it is seen as beneficial for larger companies like Xinhua Insurance [2][10] - **Expansion Plans**: The company plans to increase the number of outlets and enhance internal team capabilities to drive growth in 2026 [11] Regulatory and Policy Considerations - **Expense Management**: The company is optimizing back-office expenses to support front-end sales and agent commissions, ensuring stable overall value contribution [8][9] - **Future Profitability**: The individual insurance channel is expected to adapt well to the unified reporting policy, with limited impact on profitability compared to the bank insurance channel [9] Health Insurance Product Development - **New Product Research**: The company is exploring dividend-based critical illness insurance to enhance the attractiveness of health insurance products [4][12] Short-term Payment Strategy - **Short-term Payment Focus**: Short-term payment strategies have been a significant resource investment, with plans to maintain stable investment levels in 2026 [13] Long-term Investment Outlook - **Investment Yield Expectations**: The company anticipates a long-term investment yield of around 4%, with current market conditions exerting downward pressure on net investment income [22][23] Dividend Policy Considerations - **Dividend Policy Framework**: The specific dividend policy will be determined post-annual report, typically based on net profit ratios and other financial considerations [25] Tax and Accounting Standards - **Tax Treatment**: The company applies new accounting standards for tax calculations, which may differ from actual tax payments based on old standards [27] This summary encapsulates the key insights from the conference call, highlighting the strategic direction, market challenges, and financial outlook of Xinhua Insurance.

专题：香港大埔火灾，金融机构火速驰援 12月2日金融一线消息，新华保险发布公告称，公司2025年12月2日以电子邮件方式向全体董事发出第八 届董事会第四十次会议（以下简称"会议"）通知和材料，会议于2025年12月2日在北京市以现场方式召 开，审议通过了《关于新华资产管理（香港）有限公司支援香港火灾捐赠事项的议案》。 责任编辑：王馨茹 专题：香港大埔火灾，金融机构火速驰援 12月2日金融一线消息，新华保险发布公告称，公司2025年12月2日以电子邮件方式向全体董事发出第八 届董事会第四十次会议（以下简称"会议"）通知和材料，会议于2025年12月2日在北京市以现场方式召 开，审议通过了《关于新华资产管理（香港）有限公司支援香港火灾捐赠事项的议案》。 A股证券代码:601336 A股证券简称:新华保险 编号:2025-063号 H股证券代码: 01336 H股证券简称:新华保险 新华人寿保险股份有限公司 第八届董事会第四十次会议决议公告 新华人寿保险股份有限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。 新华人寿保险股份有限公司 ...

表决情况：同意 11 票，反对 0 票，弃权 0 票。 A股证券代码：601336 A股证券简称：新华保险 编号：2025-063号 H股证券代码： 01336 H股证券简称：新华保险 特此公告。 新华人寿保险股份有限公司 第八届董事会第四十次会议决议公告 新华人寿保险股份有限公司董事会 新华人寿保险股份有限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。 2025 年 12 月 2 日 新华人寿保险股份有限公司（以下简称"公司"）于 2025 年 12 月 2 日以电 子邮件方式向全体董事发出第八届董事会第四十次会议（以下简称"会议"）通 知和材料，会议于 2025 年 12 月 2 日在北京市以现场方式召开，全体董事一致同 意召开本次会议。会议应到董事 11 人，现场出席董事 11 人，公司高级管理人员 列席了会议。会议的召集、召开符合《中华人民共和国公司法》《新华人寿保险 股份有限公司章程》和《新华人寿保险股份有限公司董事会议事规则》的有关规 定，所作的决议合法、有效。 会议由公司董事长杨玉成主持，经与会董事审议和现场表决 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 新华人寿保险股份有限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。 新华人寿保险股份有限公司（以下简称"公司"）于 2025 年 12 月 2 日以电 子邮件方式向全体董事发出第八届董事会第四十次会议（以下简称"会议"）通 知和材料，会议于 2025 年 12 月 2 日在北京市以现场方式召开，全体董事一致同 意召开本次会议。会议应到董事 11 人，现场出席董事 11 人，公司高级管理人员 列席了会议。会议的召集、召开符合《中华人民共和国公司法》《新华人寿保险 股份有限公司章程》和《新华人寿保险股份有限公司董事会议事规则》的有关规 定，所作的决议合法、有效。 会议由公司董事长杨玉成主持，经与会董事审议和现场表决，形成如下会议 决议： 海外監管公告 本公告乃新華人壽保險股份有限公司（「本公司」）依據《香港聯合交易所有限公司 ...

Core Viewpoint - The life insurance industry appears to be thriving with reported profits of 460 billion RMB in the first three quarters of the year, but a deeper analysis reveals a concerning decline in net assets under the CGAAP standards, indicating underlying financial pressures [1][2]. Summary by Sections 1. Changes in Net Assets under CGAAP - Despite a reported increase of 222 billion RMB in net assets for companies that disclosed third-quarter results, most life insurance companies experienced a decline in net assets under the old CGAAP standards, primarily due to rising long-term interest rates and poor performance in equity investments [2][3]. - The average return of high-dividend stocks, heavily weighted in the life insurance sector, fell significantly, with only a few companies outperforming the 18% return of the CSI 300 index in the third quarter [2][3]. 2. Implementation of New Accounting Standards (IFRS 17) - Several established life insurance companies have adopted the IFRS 17 accounting standards, leading to higher reported profits compared to the old CGAAP standards. This shift has resulted in changes in liability assessment curves that positively impact comprehensive income [3][4]. - The transition to IFRS 17 allows for the exclusion of certain losses from financial statements, enhancing the reported profitability of companies that have adopted the new standards [4][5]. 3. Net Asset Operational Changes - The operational change in net assets for the life insurance sector was negative 99 million RMB, with only 20 companies reporting positive growth. The "old seven" companies saw a 4% increase, while foreign and small domestic companies experienced declines of 16% and 11%, respectively [10][11]. - The banking-affiliated companies faced the most significant decline in net assets, with a drop of 24%, attributed to their high leverage ratios and the reclassification of HTM assets to AFS [11][12]. 4. Factors Influencing Net Asset Changes - The average yield curve for interest rates increased by 25 basis points, leading to a decline in the market value of existing AFS bonds, estimated to be a loss of 200 to 300 billion RMB for the industry [14][15]. - If the asset and liability assessment curves had remained unchanged, the net assets of the companies could have increased by 500 to 600 billion RMB, primarily driven by excess returns from equity investments [15][16]. 5. Future Implications of IFRS 17 - Starting in 2026, all insurance companies in China will implement IFRS 17, which is expected to provide better alignment between asset and liability assessment curves, potentially offering a protective effect on net assets, especially for traditional insurance products [19][21]. - The focus on duration matching will become increasingly important under the new standards, as it will significantly influence the net assets and solvency of companies in the future [18][19].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 致：香港交易及結算所有限公司 公司名稱: 新華人壽保險股份有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01336 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,034,107,260 | RMB | | 1 | RMB | | 1,034,107,260 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 1,034,107,260 | RMB | | 1 | RMB | | 1,034,107,260 | | 2. 股份分類 | 普通股 | 股份類別 | A | ...

截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 新華人壽保險股份有限公司 呈交日期: 2025年12月1日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 FF301 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01336 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 1,034,107,260 | | 0 | | 1,034,107,260 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 1,034,107,260 | | 0 | | 1,034,107,260 | | 2. 股份分類 | 普通股 | ...

为践行集团"333"战略与总行"养老金融"工作部署，8月8日，广发银行惠州分行联动惠州市人力资源和 社会保障局、交通运输局及惠州通等单位，成功推出惠州市首张加载"全国交通一卡通"功能的社保卡， 将便民服务延伸至市民生活与出行全场景，为惠州乃至大湾区市民带来更便捷的生活体验。 卡的推出，不仅为深莞惠一体化发展注入便民动能，更让港澳居民及外籍人士轻松享受无缝衔接的公共 服务，助力湾区生活融合升级。 权益叠加暖民心，提升生活幸福感。广发银行以社保卡为载体，加载多元民生权益：文旅场景，将湾区 9城多个收费景区公园纳入社保卡权益体系，持卡客户可享跨城景区门票减免；餐饮场景，创新"政府补 贴+银行优惠"政银模式，在湾区9个城市打通200多家长者饭堂，刷社保卡即享用餐补贴；医疗场景， 可享医保账户支付优免、医院陪诊服务。此外，通过广发银行APP可在线激活医保电子凭证、查看社保 服务指南，实现"金融+社保"一站式触达。 截至11月21日，广发银行惠州分行自交通社保卡上线以来新增社保发卡超6000户，其中港澳居民发卡37 户。 深耕惠州社保业务26年，广发银行惠州分行作为当地首家开展社保卡业务的银行，已累计发行社保卡超 86万 ...

Core Conclusions - The financial industry experienced a weekly increase of +0.68% in the non-bank financial index, underperforming the CSI 300 index by 0.96 percentage points [1] - The banking sector saw a decline of -0.59%, lagging behind the CSI 300 index by 2.23 percentage points, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks showing varied performance [1][9] Insurance Sector Insights - The insurance sector's index rose by +0.20%, underperforming the CSI 300 index by 1.44 percentage points, driven by strong demand for dividend insurance products that align with residents' needs for stable returns and value appreciation [2][12] - Major insurance companies are focusing on dividend insurance as a strategic core, with product offerings expanding significantly ahead of the 2026 "opening red" period [2][12] - The growth of new single premiums is expected to be strong in 2026, supported by improved net present value margins (NBVM) and a favorable regulatory environment for dividend insurance [2][17] Brokerage Sector Insights - The brokerage sector index increased by +0.74%, underperforming the CSI 300 index by 0.90 percentage points, with recent developments in refinancing for two brokerages indicating a cautious approach to capital raising [2][18] - The current environment presents a mismatch between profitability and valuation in the brokerage sector, suggesting potential for valuation recovery [2][19] - Recommendations include strong mid-to-large brokerages with low valuations and those involved in mergers or restructuring [2][19] Banking Sector Insights - The banking sector's index decreased by -0.59%, underperforming the CSI 300 index by 2.23 percentage points, with a focus on high dividend strategies remaining viable [3][20] - The average dividend yield for banks is approximately 4.1%, which is attractive compared to other sectors, particularly in the context of a stable earnings outlook [3][21] - Recommendations include state-owned banks and resilient city commercial banks, with specific attention to banks with strong fundamentals and low volatility [3][22]

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, particularly highlighting the potential benefits for brokerage firms and insurance companies in the upcoming year [3][4]. Core Insights - The report emphasizes the expected inflow of passive funds into newly included stocks in major indices, which could enhance liquidity and market performance for these stocks [4]. - It identifies key trends for 2026, including a shift in insurance companies' focus towards asset-liability matching and the stabilization of core business indicators due to new regulatory standards [4]. - The report recommends specific brokerage firms such as Dongfang Securities, GF Securities, Huatai Securities, and China Galaxy, as well as insurance companies like China Life and Ping An, based on their competitive positioning and growth potential [4]. Summary by Sections Market Performance - The Shanghai Composite Index closed at 4,526.66 with a weekly increase of 1.64%, while the non-bank index rose to 1,932.15, reflecting a 0.68% increase [7]. - The brokerage sector index reported a 0.74% increase, and the insurance sector index saw a 0.20% rise [7]. Brokerage Sector Insights - Notable stocks in the brokerage sector included Guosheng Securities and Xinyi Securities, which saw increases of 3.68% and 3.36%, respectively [9]. - The average daily trading volume for the Shanghai and Shenzhen markets was 17,370.85 billion, a decrease of 6.87% week-on-week, but a year-to-date increase of 61.11% [20]. Insurance Sector Insights - The insurance sector is expected to experience a systematic revaluation in 2026, driven by long-term interest rate increases and continued investment from insurance funds into the stock market [4]. - The report highlights the performance of major insurance companies, with A-shares like China Life and Ping An showing modest increases [9]. Key Data Points - As of November 28, 2025, the average daily trading volume was 19,147.38 billion, and the margin trading balance was 24,720.45 billion, reflecting a year-on-year increase of 32.6% [51][20]. - The report notes that the total market value of private equity funds reached 22.05 trillion, marking a historical high [21].