新华人寿保险股份有限公司 关于对外投资的进展公告 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。 一、 交易概述 新华人寿保险股份有限公司（以下简称"本公司"）第八届董事会第三十四 次会议审议通过了《关于申请投资试点基金三期1号的议案》，本公司拟出资认购 由国丰兴华（北京）私募基金管理有限公司（以下简称"国丰兴华"或"基金管 理人"）发起设立的私募基金（以下简称"基金"或"私募基金"）的份额。上述 事宜具体情况详见本公司于2025年6月13日刊载于上海证券交易所网站（http://w ww.sse.com.cn）的《新华保险关于对外投资的公告》（公告编号：2025-034号， 以下简称"相关公告"）。 A股证券代码：601336 A股证券简称：新华保险 编号：2025-040号 H股证券代码： 01336 H股证券简称：新华保险 二、 进展情况 2025 年 7 月 4 日，本公司与基金管理人国丰兴华及基金托管人广发银行股 份有限公司北京分行签署《国丰兴华鸿鹄志远三期私募证券投资基金 1 号基金合 同》（以 ...

Core Viewpoint - Insurance capital is increasingly active in the capital market, with a significant acceleration in shareholding actions, indicating a strong interest in dividend stocks, particularly in the banking sector and public utilities [1][4]. Group 1: Shareholding Actions - As of July 2, 2025, insurance companies have made 18 shareholding actions, surpassing the total of 20 for the entire year of 2024 and significantly exceeding the 2023 total [1][4]. - Li'an Life announced a shareholding action in Jiangnan Water, increasing its stake from 4.91% to 5.03% after purchasing 1.1 million shares [3]. - Major shareholders like Great Wall Life are also actively buying shares, indicating a trend of increased participation in the market [4]. Group 2: Investment Focus - The focus of insurance capital has shifted towards H-shares and banking stocks, which are favored due to their significant discounts compared to A-shares and high dividend yields above 5% [4][8]. - The stable profitability and low volatility of banking stocks, especially state-owned banks, align with the risk preferences of insurance capital [4][9]. - The regulatory environment has become more favorable, encouraging insurance funds to increase their equity investments, with a reported 34.9 trillion yuan in investment balance as of Q1 2025, a 16.7% year-on-year increase [8]. Group 3: Strategic Implications - Insurance companies are not only focusing on financial returns but also on industrial synergy, as seen in the case of Huaxia Life's investment in Hangzhou Bank to enhance insurance and banking collaboration [5]. - The trend of shareholding actions is expected to continue, with a potential diversification into sectors like public utilities, environmental protection, and transportation, which offer stable cash flows and are less affected by economic cycles [9][10]. - Future investments are likely to prioritize high-dividend, high-capital appreciation potential companies, aligning with the long-term, stable needs of the insurance industry [10].

对于大多数人身险公司来说，理赔金额中占比较大的依旧为医疗险理赔和重疾险理赔。例如，招商信诺人寿上半年各类型赔付金融占比中，医疗 险占比64.99%，重疾险占比22.74%。 当前，恶性肿瘤仍是健康"头号杀手"，且年轻化趋势明显。不过，就重疾险赔付而言，保额相对治疗平均花费仍有较大差距。中国人寿在理赔半 年报中提到，2025年上半年，重疾件均赔付金额约4万元，现有保障水平仍有不足。 盘古智库高级研究员江瀚对此表示，首先，消费者在保险配置过程中应注意选择覆盖范围广、保额充足的保险产品，确保能够应对重大疾病的治 疗和康复费用。其次，考虑到重疾险赔付金额与实际需求之间存在的较大缺口，建议消费者除了购买基础的重大疾病保险外，还可以考虑附加其 他类型的健康保险以补充保障。此外，为了尽可能降低重疾风险，个人应注重健康管理，定期体检，及时发现并处理潜在的健康问题。 理赔被称为保险行业服务的"最后一公里"，体验好坏直接决定行业口碑。7月2日，北京商报记者注意到，近期，中国人寿、新华保险、富德生命 人寿、百年人寿、招商信诺人寿、复星保德信人寿等多家保险机构陆续发布2025年上半年理赔报告，涉及理赔金额、理赔数量、获赔率、理赔支 ...

Core Viewpoint - The analysis of new business acquisition cost rates in the life insurance sector indicates that a higher acquisition cost does not necessarily correlate with lower profitability for new business, challenging conventional wisdom in the industry [1][6][24]. Group 1: New Business Acquisition Cost Rate - The formula for calculating the new business acquisition cost rate is defined as the cash flow from acquiring insurance contracts divided by the present value of future cash inflows from those contracts [1][11]. - In 2024, the aggregated new business acquisition cost rate for 12 life insurance companies was 8.4%, a decrease of 0.8 percentage points year-on-year [17]. - The new business profit margin for the same group of companies was 8.7%, reflecting a year-on-year decline of 0.4 percentage points [19]. Group 2: Performance of Individual Companies - Among the 12 companies, Ping An Life had the highest new business acquisition cost rate at 11.9%, followed by Taiping Life at 9.6% [19]. - The analysis revealed that loss-making contracts had a new business acquisition cost rate of 5.7%, while non-loss-making contracts had a rate of 8.7%, suggesting that higher quality, potentially profitable business requires greater investment in acquisition [19][22]. - Companies primarily using the bancassurance channel, such as Zhong Postal Life and Sunshine Life, experienced a 2.5 percentage point decrease in their new business acquisition cost rates due to the "reporting and operation integration" effect [21][22]. Group 3: Insights on Cost and Profitability Relationship - The relationship between new business acquisition cost rates and profit margins is complex; higher acquisition costs do not equate to lower profit margins, which contradicts common assumptions [6][24]. - The analysis indicates that companies with higher acquisition costs often achieve higher profit margins, likely due to their investment in acquiring higher quality business [7][26]. - The findings suggest that the main distribution channels for leading companies remain focused on individual agents, which influences their cost structures and profitability [4][26].

Core Viewpoint - The third batch of insurance fund long-term investment pilot programs is being approved, introducing new small and medium-sized insurance companies alongside larger firms, marking a significant shift in participation and investment models [1][2]. Group 1: Third Batch Pilot Program - The third batch of pilot institutions includes several small and medium-sized insurance companies, such as Zhonghui Life and bank-affiliated insurers like Nongyin Life and Jiaoyin Life, with asset sizes exceeding one billion [1]. - The Financial Regulatory Administration plans to approve an additional 60 billion yuan for the pilot program, increasing the total scale of long-term investment pilots to 222 billion yuan [3][4]. - The Honghu Fund Phase III, approved for 40 billion yuan, will focus on investing in well-governed, stable-operating, and dividend-paying large-cap blue-chip stocks [2][3]. Group 2: New Participation Models - The third batch introduces a new model where private fund managers manage third-party insurance funds, differing from previous batches where fund managers were from the same insurance system [2]. - Many small insurance companies lack their own asset management firms and prefer to invest in existing private funds established by other insurance asset management companies to benefit from the pilot program [2][3]. - This new model may enhance the efficiency and success rate of small insurance companies participating in the pilot, while also providing asset management firms with new business opportunities [3]. Group 3: Impact on the Insurance Industry - The long-term investment pilot aims to alleviate profit volatility for insurance companies and enhance equity investments, contributing to market stability and fostering a positive interaction between insurance funds and capital markets [4]. - The pilot program is seen as a means to address barriers to insurance capital entering the market, with accounting methods like equity method accounting and OCI helping to mitigate the impact of market fluctuations on insurance company profit statements [3].

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 截至月份: 2025年6月30日 狀態: 新提交 第 1 頁 共 10 頁 v 1.1.1 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7月2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 | | ...

南方财经全媒体记者 孙诗卉 实习生 涂盛青 上海报道 近日，多款百万医疗险上新，21世纪经济报道记者发现，百万医疗险"卷"药品责任成为产品升级新趋 势。具体来看，多款产品对特药目录进行了扩容、放开了外购药责任，尤其在外购药责任方面做出了极 大的突破。 以往，不限清单的外购药责任仅出现在高端医疗险产品责任中，而普通的百万医疗几乎是没有产品可以 扩展外购药责任。 之所以出现这样的趋势，众安保险资深产品专家王顺对21世纪经济报道记者解释称，一方面原因是患者 的实际就医需求，在实际就医过程中患者可能遇到的用药限制，在癌症重症治疗领域中，患者也需要长 期自费购买免疫或靶向药，通过设计外购药责任，可以大幅降低经济负担，解决用户实际痛点。 另一方面，医疗险的基础责任趋同，而外购药的增设也同时提升了产品的竞争力，针对清单范围内的特 药、高昂价格药品提供特药直付和用药追踪，将 "报销环节" 延伸至 "治疗全流程"，降低患者垫资压力 的同时，也通过审核规范用药减少理赔纠纷。 事实上，自按疾病诊断相关分组（DRG）和按病种分值付费（DIP）支付方式的多项改革措施在全国范 围内加速推进，许多价格较高的原研药、进口药，以及一些非医保目 ...

Investment Rating - The report maintains a "Recommended" rating for the insurance sector, indicating a positive outlook for the industry in the coming months [7]. Core Insights - The insurance industry has shown signs of recovery, with total premium income reaching 30,602 billion yuan from January to May 2025, reflecting a year-on-year increase of 3.8%. The premium income for May alone was 4,647 billion yuan, up 13.2% year-on-year [4]. - Life insurance continues to recover, with premium income of 18,735 billion yuan from January to May 2025, a 3.9% increase year-on-year. The premium income for May was particularly strong at 2,674 billion yuan, marking a 24.1% increase year-on-year [4]. - The health insurance sector experienced a slight decline in premium income, totaling 3,879 billion yuan from January to May 2025, a 0.9% increase year-on-year, with May showing a decrease of 6.3% [5]. - The property insurance sector saw premium income of 7,805 billion yuan from January to May 2025, a 5.2% increase year-on-year, with May's income at 1,319 billion yuan, up 5.3% [4]. - The report highlights the potential for life insurance products, particularly participating insurance, to gain market share due to their dual benefits of protection and investment returns, especially in a low-interest-rate environment [4][9]. - The automotive insurance segment benefited from increased vehicle sales, with premium income reaching 3,720 billion yuan, a 4.4% increase year-on-year, while non-auto insurance premiums were 4,085 billion yuan, up 6.0% [8]. Summary by Sections Life Insurance - Life insurance premium income from January to May 2025 was 18,735 billion yuan, up 3.9% year-on-year, with a significant increase in May of 24.1% [4]. - The demand for life insurance products is expected to recover due to the declining bank deposit rates, enhancing the attractiveness of long-term insurance products [4]. Health Insurance - Health insurance premium income was 3,879 billion yuan from January to May 2025, reflecting a modest growth of 0.9% year-on-year, with a notable decline in May [5]. - The report suggests that the health insurance sector is undergoing a transformation, with potential for growth in mid-to-high-end medical insurance products [5]. Property Insurance - Property insurance premium income reached 7,805 billion yuan from January to May 2025, a 5.2% increase year-on-year, with steady growth in both auto and non-auto segments [4][8]. - The report anticipates a continued focus on professionalization and refinement in the property insurance sector, particularly among leading companies [9]. Investment Opportunities - The report suggests that the insurance sector is poised for growth, with a focus on improving product structures and increasing the share of participating insurance products [9]. - The macroeconomic recovery is expected to support long-term interest rates, which could positively impact the insurance sector's performance [9].

Core Viewpoint - The second batch of insurance fund long-term investment pilot projects has officially commenced, with TaiKang Asset being the first institution to announce its investment activities [1][3]. Group 1: Investment Initiatives - TaiKang Asset has completed its first investment transaction through its wholly-owned private equity fund management company, TaiKang Stable [2][3]. - The long-term investment pilot allows insurance companies to invest in private equity funds, primarily targeting the secondary market for stocks and holding them long-term [3]. - TaiKang Life and TaiKang Asset were approved by the financial regulatory authority in January to participate in the long-term investment pilot, with an approved amount of 12 billion yuan [3]. Group 2: Investment Strategy - TaiKang Stable's investment strategy focuses on three main directions: high dividend assets, industrial upgrades, and counter-cyclical buying [4]. - The strategy emphasizes fundamental analysis to achieve medium to long-term stable asset appreciation, supporting high-quality economic development and stable capital market operations [4]. - The team managing TaiKang Stable consists of experienced members from TaiKang Asset, ensuring expertise in investment management [4]. Group 3: Pilot Program Expansion - The long-term investment pilot program has gained significant market attention, with the first batch of 50 billion yuan already fully invested as of March [5]. - The second batch includes eight insurance companies with a total scale of 112 billion yuan, while the third batch has a scale of 60 billion yuan [5][6]. - The cumulative amount for the three batches of insurance fund long-term investment pilots has reached 222 billion yuan, indicating strong participation from insurance institutions [7].

Core Viewpoint - The second batch of insurance fund long-term investment pilot projects has officially commenced, with TaiKang Asset being the first institution to announce its investment activities [1][3]. Group 1: Investment Initiatives - TaiKang Asset has completed its first investment transaction through its wholly-owned private equity fund management company, TaiKang Stable [2][3]. - The long-term investment pilot allows insurance companies to invest in private equity funds, primarily targeting the secondary market for stocks and holding them long-term [3]. - TaiKang Life and TaiKang Asset were approved by the financial regulatory authority in January to participate in the long-term investment pilot, with an approved amount of 12 billion yuan [3]. Group 2: Investment Strategy - TaiKang Stable's investment strategy focuses on three main directions: high dividend assets, industrial upgrades, and counter-cyclical buying [4]. - The strategy emphasizes fundamental analysis to achieve medium to long-term stable asset appreciation, supporting high-quality economic development and stable capital market operations [4]. - The investment will prioritize sectors with stable operations and consistent dividends, as well as areas aligned with national development strategies, such as high-end manufacturing, artificial intelligence, and biomedicine [4]. Group 3: Pilot Program Expansion - The second and third batches of insurance fund pilot projects are being progressively implemented, with a total of 222 billion yuan approved across three batches [5][7]. - Eight insurance companies have been approved in the second batch, with a total scale of 112 billion yuan, while the third batch has a scale of 60 billion yuan [5][7]. - The pilot program aims to facilitate long-term investments by insurance companies, addressing previous barriers and enhancing their equity investment capabilities [7].