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5月6日 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4月30日 狀態: 新提交 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. ...

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].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The insurance industry faces challenges primarily on the asset side, with the company being a pure life insurance provider and having the highest equity allocation, leading to superior sensitivity and elasticity compared to the life insurance sector. It is recommended as a quality beta asset allocation. The liability side shows potential for better premium and value performance due to its base and growth space [2][12]. - As of April 29, the company's PEV valuation stands at 0.51 times, indicating a favorable cost-performance ratio [2][12]. Financial Performance - The company reported a net profit attributable to shareholders of 5.88 billion yuan for Q1 2025, reflecting a year-on-year growth of 19%. The new business value increased by 67.9% year-on-year [6][12]. - The total investment return rate for the company improved to 5.7% year-on-year [12]. - Premium income reached 73.22 billion yuan, marking a 28% year-on-year increase, with first-year premium income for long-term insurance rising by 117.3% [12]. Business Quality and Growth - The company has shown continuous improvement in business quality, with a stable surrender rate of 0.5% compared to the same period last year, and an increase in the 13 and 25-month continuation rates [12]. - Individual insurance and bancassurance new policies maintained high growth, with individual insurance first-year premium income increasing by 133.4% and bancassurance new policies growing by 94.5% [12]. - The company is actively promoting the transformation of its agent team and has initiated the "XIN Generation" project to enhance recruitment, training, and customer cultivation, aiming for stable and growing scale [12]. Market Positioning - The company is highlighted as having high elasticity, making it a recommended choice in the insurance sector, particularly given the current asset-side challenges in the industry [12].

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].