A 股证券代码：601336 A 股证券简称：新华保险 公告编号：2025-039 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 关于监事辞任的公告 新华人寿保险股份有限公司监事会及全体监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"本公司"）监事会于 2025 年 6 月 25 日收到监事刘崇松先生的辞职函，刘崇松先生因工作原因辞去本公司职工代表监 事职务。 二、离任对本公司的影响 鉴于刘崇松先生的辞任将导致本公司监事会的人数低于《新华人寿保险股份 有限公司章程》的要求，刘崇松先生将继续履行职工代表监事相关职责。 刘崇松先生已确认其与本公司监事会并无意见分歧，亦无任何需要通知本公 司股东的事项。 本公司及监事会对刘崇松先生在任职期间所做出的贡献表示衷心感谢！ 特此公告。 新华人寿保险股份有限公司监事会 2025 年 6 月 27 日 | 姓名 | 离任职务 | | 离任时间 | | | 离任原因 | 是否继续在上市 公司及其控股子 | 是否存在未履 行完毕的公开 | | ...

A 股证券代码：601336 A 股证券简称：新华保险 公告编号： 2025-038 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 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 6 月 27 日 (二)股东大会召开的地点：北京市朝阳区建国门外大街甲 12 号新华保险大厦 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 580 | | --- | --- | | 其中：A 股股东人数 | 578 | | 境外上市外资股股东人数（H 股） | 2 | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,617,262,919 | | 其中：A 股股东持有股份总数 | 1,388,933,537 | | 境外上市外资股股东持有股份总数（H 股） | 228,329,3 ...

FANGDA PARTNERS http://www.fangdalaw.com 中国北京市朝阳区光华路一号 电子邮件 E-mail: email@fangdalaw.com 北京嘉里中心北楼 27 层 电 话 Tel.: 86-10-5769-5600 邮政编码：100020 传 真 Fax: 86-10-5769-5788 27/F，North Tower, Beijing Kerry Centre 1 Guanghua Road, Chaoyang District Beijing 100020, PRC 上海市方达（北京）律师事务所 关于新华人寿保险股份有限公司 2024 年年度股东大会的法律意见书 致：新华人寿保险股份有限公司 上海市方达（北京）律师事务所（以下简称"本所"）是具有中华人民共和国 境内法律执业资格的律师事务所。根据相关法律顾问协议，本所指派律师出席新 华人寿保险股份有限公司（以下简称"公司"）2024 年年度股东大会（以下简称"本 次股东大会"），并就本次股东大会的召集和召开程序、参与表决和召集会议人员 的资格、表决程序和表决结果等有关事宜出具本法律意见书。 本法律意见书依据《中华人 ...

Core Viewpoint - The company emphasizes a strategy of prioritizing dividend-yielding stocks that can cover costs, maintaining investment decisions despite market fluctuations, and expresses confidence in the long-term development prospects of the Chinese economy and quality companies [1] Group 1 - The company’s president, Gong Xingfeng, stated that the company’s equity investments will prioritize stocks with dividend yields that can cover costs [1] - The company will not alter its investment decisions due to market volatility [1] - The company believes that the current capital market is still in a value trough [1] Group 2 - The company remains optimistic about the long-term development prospects of the Chinese economy [1] - The company has a positive outlook on quality companies [1]

Group 1 - Hong Kong insurance stocks experienced a decline in the afternoon, with China Ping An (02318.HK) falling over 3% [1] - China Pacific Insurance (02601.HK) saw a drop of more than 4% [1] - Other companies such as China Life Insurance (02628.HK) and New China Life Insurance (01336.HK) also followed the downward trend [1]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the non-bank financial sector, particularly focusing on brokerage firms and the insurance industry, highlighting their performance and market dynamics [1][2][3]. Core Insights and Arguments Non-Bank Financial Sector Performance - The non-bank financial sector has shown resilience, driven by several factors including the upgrade of digital asset trading licenses for brokerages, which injects new vitality into the market [2][3]. - Capital market incremental funding sources include residents' funds, ETF investments, insurance funds, public funds, and wealth management funds, collectively supporting market stability [2][3]. Brokerage Firms - Digital asset trading licenses allow brokerages to expand their business and potentially create new revenue streams, enhancing their competitiveness in international markets [1][5]. - Traditional brokerage business models are facing challenges as reliance on commission-based income diminishes; firms are shifting towards proprietary trading and capital intermediary services to improve return on equity (ROE) [9][10]. - Hong Kong brokerages are viewed as more attractive investments due to lower valuations and higher dividend yields compared to their A-share counterparts [10][11]. Insurance Industry - The insurance sector has seen a recovery in premium growth since April, with a shift towards high-dividend stock investments and increased equity asset allocation [1][6]. - New insurance products and the adjustment of preset interest rates are expected to drive short-term premium income growth, providing flexibility in asset allocation and reducing incremental liability costs [3][18]. - The insurance industry is adapting to a low-interest-rate environment, with a focus on long-term investments and the introduction of market-driven mechanisms for adjusting preset rates [14][15][19]. Public Funds and Wealth Management - Public funds are experiencing a bifurcation in performance; while active equity funds are shrinking, fixed-income products are seeing slight growth, indicating a shift in investor preferences [7]. - Wealth management products are gradually considering equity asset allocations, reflecting a broader trend of seeking higher yields in a low-rate environment [8]. Additional Important Insights - The insurance sector is expected to benefit from improved risk appetite in the market, particularly for life insurance products that exhibit strong leverage effects [16][20]. - The valuation of Hong Kong insurance stocks is relatively low compared to A-shares, with a focus on companies that can quickly adapt to market changes and regulatory adjustments [21]. - The ongoing transition in the insurance industry towards new products and preset rate adjustments is anticipated to enhance overall market performance and investor confidence [18][20]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the current state and future outlook of the non-bank financial sector, particularly focusing on brokerage firms and the insurance industry.

Core Viewpoint - RBC iShares has launched the iShares Core S&P Total U.S. Stock Market Index ETF (CAD-Hedged), providing Canadian investors with broad exposure to the U.S. equity market, including various capitalization segments [1][2]. Fund Details - The iShares Fund will cover large-, mid-, small-, and micro-capitalized companies, and is designed to complement the previously launched XTOT ETF [2]. - The fund is managed by BlackRock Asset Management Canada Limited, a subsidiary of BlackRock, Inc. [3]. - The iShares Fund is expected to begin trading on the Toronto Stock Exchange today under the ticker XTOH, with an annual management fee of 0.07% [4][3]. Company Background - RBC iShares aims to assist clients in achieving investment objectives by enabling efficient portfolio building and financial control [4]. - BlackRock manages over 1,500 ETFs with approximately $4.3 trillion in assets under management as of March 31, 2025, showcasing its extensive experience in the ETF market [7]. - Royal Bank of Canada is a leading global financial institution with a diversified business model and a focus on innovation, serving over 19 million clients [8].

Core Viewpoint - The insurance sector in A-shares and Hong Kong stocks has shown significant growth, with major companies experiencing substantial stock price increases, driven by a shift towards participating insurance products and regulatory guidance aimed at stabilizing the market [1][2][3]. Group 1: Market Performance - On June 25, A-shares saw all three major indices rise, with the Shanghai Composite Index increasing by 1.04%, reaching a new high for the year [1]. - The insurance sector led the gains, with companies like New China Life and China Pacific Insurance rising over 3%, and China Life increasing by more than 2% [1]. - In Hong Kong, insurance stocks also performed well, with China Pacific Insurance rising over 5% and New China Life and China Taiping both increasing by over 4% [1]. Group 2: Regulatory Environment - The China Banking and Insurance Regulatory Commission issued guidelines to life insurance companies, emphasizing prudent management and discouraging excessive competition in dividend levels [1][2]. - The guidelines aim to stabilize the market by ensuring that companies do not artificially inflate dividend levels, which could disrupt the insurance market [1][2]. Group 3: Industry Trends - The transition towards participating insurance products is expected to begin in 2025, with a focus on floating yield products [2]. - Analysts predict that the adjustment of preset interest rates and the integration of individual insurance reporting will impact premium growth rates, with a potential increase in the attractiveness of participating insurance [2]. - The regulatory measures are seen as beneficial for controlling the floating cost levels of participating insurance, thereby reducing long-term risks associated with interest rate differentials [2]. Group 4: Future Outlook - Analysts expect that the new business value (NBV) growth rate will decline compared to 2024, but the quality of operations is anticipated to improve [3]. - The insurance sector is viewed as having long-term investment potential, with the ability to withstand market fluctuations and support capital market development [3]. - The target demographic for insurance products is shifting towards wealthier individuals from the 60s and 70s, with participating insurance products likely to become central in wealth management [3].

Group 1 - The core viewpoint of the announcement is the formulation of the "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" action plan by the company, aimed at achieving high-quality development and enhancing investment value in response to industry conditions and investor demands [1][3] - The company aims to leverage the advantages of insurance funds as long-term, patient, and strategic capital to focus on new productive forces and seek stable, high-quality long-term assets while improving investment returns [1][3] - The action plan includes initiatives to enhance green insurance business coverage, improve the ESG investment evaluation system, and increase green investment balances rapidly [4] Group 2 - The company will respond to the call for long-term capital to enter the market and act as a main force in serving the real economy by investing in large-scale elderly care and health industries [2][4] - The company has established a private equity fund with an initial investment of 50 billion yuan, which has completed all investments with good returns, and is preparing for a third phase of fundraising [2] - The company plans to strengthen financial support for industrial upgrades and technological innovation, focusing on serving technology-oriented SMEs and key nodes in high-end manufacturing supply chains [2][4] Group 3 - The company emphasizes the importance of long-term, value, and prudent investment strategies to match assets and liabilities effectively, thereby reducing mismatch risks [2] - The company is committed to enhancing its investment capabilities and research integration to secure long-term stable investment returns [2]

Core Viewpoint - The dividend insurance market is undergoing significant transformation as it becomes mainstream, with over half of the products achieving or exceeding a 100% cash dividend realization rate for 2024, contrasting sharply with the previous year's performance [1][2]. Group 1: Dividend Realization Rates - Major insurance companies like Xinhua Life and Heng'an Standard Life have reported that more than half of their products for 2024 have achieved or surpassed a 100% cash dividend realization rate, with Heng'an Standard's pension annuity product reaching as high as 306% [1][2]. - The cash dividend realization rates for various products from companies such as Ruida Life have also exceeded 100%, with some products achieving rates as high as 150% [2]. - In contrast, the previous year saw a drastic decline in realization rates, with some products dropping to as low as 10% or even 0% [2]. Group 2: Regulatory Changes - The regulatory body has implemented strict measures, including a "limit high order," which caps the dividend realization rates for large and small insurance companies at 3.0% and 3.2%, respectively, compressing actual customer returns [3][4]. - The introduction of these regulations aims to prevent companies from offering unrealistic dividends that do not align with their actual investment capabilities, thereby avoiding "involution" in the market [4][5]. - The recent regulatory opinions require companies to prudently determine annual dividend levels based on actual investment returns and risk ratings, allowing for some flexibility while imposing strict conditions on certain scenarios [5][6]. Group 3: Market Dynamics and Future Outlook - The shift towards dividend insurance is becoming a consensus in the industry, with major players like China Life and Ping An predicting that dividend insurance will dominate the market [4][6]. - The anticipated reduction in preset interest rates is expected to further enhance the attractiveness of dividend insurance products, as traditional life insurance products may lose appeal [4]. - The essence of dividend insurance remains the sharing of profits between the insurance company and customers, with the primary motivation being the provision of insurance protection, while dividends serve as an additional benefit [6].