Core Viewpoint - Xinhua Insurance is actively promoting the entry of long-term funds into the market by investing in private equity funds, aligning with national policies to support capital market stability and development [2][8]. Financial Performance - In Q1 2025, Xinhua Insurance reported operating revenue of 33.402 billion yuan, a year-on-year increase of 26.1%, and a net profit of 5.882 billion yuan, up 19% [4][5]. - The company achieved a total insurance premium income of 73.218 billion yuan in Q1 2025, reflecting a growth of 28% year-on-year, with first-year premiums for long-term insurance soaring by 149.6% to 27.236 billion yuan [6][7]. Investment Performance - Xinhua Insurance's annualized total investment return for Q1 2025 was 5.7%, while the annualized comprehensive investment return was 2.8% [3][5]. - The total investment income for 2024 reached 79.687 billion yuan, a significant increase of 251.6% compared to the previous year, with total investment return rates rising to 5.8% and 8.5% respectively [5]. Asset Management Initiatives - The company plans to invest up to 10 billion yuan in the "Honghu II" private equity fund, which aims to invest in high-quality listed companies in the A-share market, supporting long-term investment strategies [2][8]. - Xinhua Insurance, along with China Life, previously established the "Honghu I" fund with a total investment of 50 billion yuan, focusing on quality listed companies in the secondary market [9][10].

丨证券研究报告丨 公司研究丨点评报告丨新华保险（601336.SH） [Table_Title] 新华保险 2025 年一季报点评：价值高速增长， 投资表现突出 报告要点 [Table_Summary] 保险行业资产端是主要矛盾，新华作为纯寿险公司，同时权益仓位最高，敏感性及弹性领先寿 险板块，推荐作为优质贝塔资产配置；而负债端考虑基数和发展空间，预期后续保费及价值表 现相对较好。截至 4 月 29 日收盘，新华保险 PEV 估值 0.51 倍，性价比较高，维持买入推荐。 分析师及联系人 [Table_Author] 吴一凡 谢宇尘 SAC：S0490519080007 SAC：S0490521020001 SFC：BUV596 请阅读最后评级说明和重要声明 [Table_Summary2] 事件描述 新华保险发布 2025 年一季报，公司实现归属净利润 58.8 亿元，同比增长 19%；新业务价值 同比增长 67.9%。 事件评论 丨证券研究报告丨 %% %% %% %% research.95579.com 1 新华保险（601336.SH） cjzqdt11111 [Table_Title 新华保险 2 ...

Investment Rating - The report suggests a focus on three main investment lines: prioritize ZhongAn Online for high profit growth potential, consider property and casualty insurance stocks for defensive high dividend yields, and pay attention to life insurance companies like New China Life and China Taiping for their strong new business quality and potential double-digit profit growth in 2025 [4]. Core Insights - In Q1 2025, five A-share listed insurance companies achieved a total net profit of 84.18 billion yuan, a year-on-year increase of 1.4%. The profit growth rates varied significantly among companies, with notable increases for Taiping Life (+87.5%) and PICC (+43.4%), while Ping An experienced a decline of 26.4% [1][11]. - The investment performance showed a mixed picture, with total investment income growth rates ranging from +64% for PICC to -27% for Ping An, influenced by rising interest rates leading to FVPL bond losses [2][26]. - The new business value (NBV) for life insurance continued to show good growth, with Taiping, Ping An, and PICC experiencing increases of 39.0%, 34.9%, and 31.5% respectively, while New China Life's growth was more modest at 4.8% [3][30]. - In the property and casualty insurance sector, premium growth was mixed, with PICC and Ping An showing increases of 3.7% and 7.7% respectively, while Taiping's growth was only 1.0% [4][12]. Summary by Sections Overall Performance - The total net profit for five A-share listed insurance companies in Q1 2025 was 84.18 billion yuan, reflecting a 1.4% year-on-year increase. The individual profit figures and growth rates were as follows: PICC (12.85 billion yuan, +43.4%), China Life (28.80 billion yuan, +39.5%), New China Life (5.88 billion yuan, +19.0%), Taiping (9.63 billion yuan, -18.1%), and Ping An (27.02 billion yuan, -26.4%) [1][11]. Performance Attribution - The insurance service performance generally showed positive growth, while investment performance was mixed. In Q1 2025, the insurance service performance growth rates were: Ping An (+2.9%), Taiping (-10.6%), PICC (+26.1%), China Life (+123.9%), and New China Life (+5.2%) [21]. Asset Side - Investment assets showed steady growth, with the total investment asset scale for four A-share listed insurance companies increasing by 3.2% compared to the beginning of the year. New China Life had the fastest growth at 3.6% [25]. Life Insurance - The overall NBV continued to show good growth, with Taiping, Ping An, and PICC experiencing increases of 39.0%, 34.9%, and 31.5% respectively. New China Life's growth was more modest at 4.8% [30][31]. Property and Casualty Insurance - Premium growth was mixed, with PICC and Ping An showing increases of 3.7% and 7.7% respectively, while Taiping's growth was only 1.0%. The combined ratio (COR) for PICC, Ping An, and Taiping improved due to reduced disaster losses and enhanced cost control [4][12].

交银国际：新华保险(01336.HK)资产负债增长强劲，维持目标价36港元。 ...

港股保险股走高，中国人民保险集团(01339.HK)涨近6%，中国财险(02328.HK)涨近4%，新华保险 (01336.HK)涨超3%。 ...

Investment Rating - The industry investment rating is "stronger than the market," indicating an expected performance that exceeds the market index by more than 5% over the next six months [6]. Core Insights - The report highlights that Xinhua Insurance achieved a net profit of 5.882 billion yuan in Q1 2025, representing a year-on-year increase of 19.0%. However, the net assets decreased by 17.0% compared to the end of the previous year [2]. - The first-year premium for long-term insurance saw significant growth, reaching 27.236 billion yuan in Q1 2025, which is a year-on-year increase of 149.6%. The first-year regular premium was 19.471 billion yuan, up 117.3% year-on-year, while the first-year lump-sum premium surged by 298.4% [5]. - The annualized total investment return for the company in Q1 2025 was 5.7%, an increase of 1.1 percentage points year-on-year, while the annualized comprehensive investment return dropped to 2.8%, a decrease of 3.9 percentage points year-on-year [5]. Summary by Sections Financial Performance - Xinhua Insurance reported a net profit of 5.882 billion yuan in Q1 2025, marking a 19.0% increase year-on-year. The net assets stood at 79.849 billion yuan, reflecting a 17.0% decline from the previous year [2]. Insurance Business - The long-term insurance first-year premium reached 27.236 billion yuan, with a notable increase of 149.6% year-on-year. The first-year regular premium was 19.471 billion yuan, up 117.3%, and the first-year lump-sum premium increased by 298.4% [5]. Investment Performance - The company experienced a mixed investment environment, with a total annualized investment return of 5.7%, up 1.1 percentage points year-on-year. However, the comprehensive investment return fell to 2.8%, down 3.9 percentage points year-on-year due to significant losses in bond investments [5].

Group 1: Financial Sector Developments - The "out-of-bounds" incident involving the China-Japan Friendship Hospital has raised concerns in the financial sector, particularly regarding private equity connections [1] - The incident has highlighted the involvement of a private equity firm linked to the "Wukuang" system, with the key figure, Ms. Dong, having previously served as a legal representative of the firm [2] - The private equity firm in question has no equity relationship with the Wukuang system, indicating it operates independently [2] Group 2: Private Equity Fund Movements - In Q1 2025, several large private equity fund managers disclosed their holdings, with notable investments in A-share companies [3] - Gao Yi Asset's Feng Liu reported a holding value of approximately 16.515 billion yuan in chemical stocks, with Hikvision being the largest position [3] - Other fund managers, such as Jianqiao Asset and Ruijun Asset, also revealed significant investments in various sectors, including semiconductors and agriculture [4] Group 3: Insurance Sector Investments - Xinhua Insurance announced a plan to invest 10 billion yuan in the "Honghu II Fund," a private equity fund co-established with China Life, aimed at investing in high-quality large-cap stocks [5] - This investment aligns with national policies promoting long-term capital market participation and aims for capital preservation and appreciation through low-frequency trading [5] Group 4: Securities Industry Performance - Northeast Securities reported a significant increase in net profit by 859.84% in Q1 2025, attributed to growth in wealth management and investment business revenues [6] - The company's total revenue reached 1.485 billion yuan, reflecting a year-on-year increase of 25.94% [6]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported strong growth in new business and NBV, with a year-on-year increase of 67.9% in NBV for Q1 2025, driven by rapid growth in first-year premiums and improved business quality [2][3] - The total investment return rate improved year-on-year to 5.7%, while the comprehensive investment return rate faced pressure, decreasing to 2.8% [4] - The company is expected to maintain its profit forecasts, with projected revenues and net profits for 2025-2027 showing steady growth [5] Summary by Relevant Sections Financial Performance - In Q1 2025, the company achieved operating revenue of 334.02 billion, a year-on-year increase of 26.1%, and a net profit attributable to shareholders of 58.82 billion, up 19.0% year-on-year [2] - The weighted average ROE for Q1 2025 was 6.68%, an increase of 1.71 percentage points year-on-year [2] New Business Value (NBV) - The company’s NBV for Q1 2025 was 67.9% higher than the previous year, primarily due to a significant increase in first-year premiums [3] - First-year premiums for long-term insurance reached 272.36 billion, a year-on-year increase of 149.6% [3] Investment Returns - The company’s investment assets grew to 16,876.97 billion, a 3.58% increase from the end of the previous year [4] - The fair value change profit for Q1 2025 was 30.13 billion, significantly lower than the 80.18 billion reported in Q1 2024, attributed to rising interest rates affecting bond values [4] Profit Forecasts - The company maintains its profit forecasts, expecting revenues of 1,326 billion, 1,349 billion, and 1,373 billion for 2025, 2026, and 2027 respectively [5] - Projected net profits for the same period are 262 billion, 267 billion, and 272 billion [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 36.00, indicating a potential upside of 31.4% from the current closing price of HKD 27.40 [1][4][12]. Core Insights - The company has shown strong growth on both asset and liability sides, but there is a need to monitor the decline in net assets. The first quarter of 2025 saw a year-on-year profit growth of 19%, outperforming peers, primarily driven by investment income [2][7]. - Premium income increased by 28% year-on-year, mainly from individual insurance and bancassurance channels, with the latter contributing significantly to the growth [7]. - New business value growth was robust, with a year-on-year increase of 67.9% in the first quarter, also leading the industry [7]. - Total investment income grew significantly by 44% year-on-year, with an annualized total investment return of 5.7%, up by 1.1 percentage points [7]. - The solvency ratio improved significantly, with the core solvency adequacy ratio rising to 184%, an increase of 60 percentage points from the beginning of the year [7]. Financial Overview - Revenue (in million RMB) is projected to be 71,547 in 2023, increasing to 132,555 in 2024, before slightly declining to 131,771 in 2025E [3][14]. - Net profit (in million RMB) is expected to be 8,712 in 2023, rising to 26,229 in 2024, and then decreasing to 23,506 in 2025E [3][14]. - Earnings per share (in RMB) are forecasted to be 2.79 in 2023, increasing to 8.41 in 2024, and then decreasing to 7.53 in 2025E [3][14]. - The price-to-earnings ratio is projected to be 9.2 in 2023, dropping to 3.1 in 2024, and slightly increasing to 3.4 in 2025E [3][14]. - The company's total assets are expected to grow from 1,403,257 million RMB in 2023 to 1,921,549 million RMB in 2025E [14][15]. Business Metrics - The company’s premium income growth rate is projected to be -15.5% in 2023, improving to 4.0% in 2025E [8][15]. - The new business value is expected to reach 8,522 million RMB in 2025E, with a year-on-year growth rate of 36.3% [9][15]. - The return on average equity (ROAE) is forecasted to be 25.7% in 2025E, reflecting strong profitability [9][15].

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 56.5 CNY [2][8]. Core Insights - The company achieved a net profit of 5.9 billion CNY in Q1 2025, representing a year-on-year increase of 19%. The New Business Value (NBV) grew by 67.9% year-on-year, indicating strong new policy growth [2][8]. - The annualized total and comprehensive investment returns were 5.7% and 2.8%, respectively, with a year-on-year change of +1.1 percentage points and -3.9 percentage points [2][8]. - As of the end of Q1 2025, the company's net assets reached 79.8 billion CNY, a decrease of 17% compared to the end of the previous year [2][8]. Financial Performance Summary - Total revenue for 2024 is projected at 132,555 million CNY, with a year-on-year growth rate of 85.3%. However, a decline of 12.4% is expected in 2025 [4]. - The net profit for 2024 is estimated at 26,229 million CNY, with a significant year-on-year growth of 201.1%, but a decline of 24.0% is anticipated for 2025 [4]. - Earnings per share (EPS) are forecasted to be 8.4 CNY in 2024, decreasing to 6.4 CNY in 2025, and gradually increasing to 7.6 CNY by 2027 [4]. Business Development Insights - The company experienced a strong growth in new business, with long-term insurance first-year premiums increasing by 150% year-on-year to 27.2 billion CNY in Q1 2025. The overall premium income from individual insurance channels rose by 12% to 44.6 billion CNY [2][8]. - The individual insurance channel's new business value rate has declined, which may be influenced by the structure of payment periods and product pricing strategies [2][8]. - The company’s investment assets totaled 1.69 trillion CNY as of Q1 2025, reflecting a year-on-year increase of 3.6% [2][8]. Investment Strategy - The report suggests that the company’s performance is driven by both underwriting and investment activities, projecting double-digit growth in earnings. The EPS estimates for 2025-2027 are maintained at 6.4 CNY, 6.9 CNY, and 7.6 CNY, respectively [2][8].