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].

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].