第三批保险资金长期股票投资试点，有最新进展。 6月12日晚，新华保险公告，拟出资不超过150亿元（含）认购由国丰兴华发起设立并管理的私募基金的份额， 即国丰兴华鸿鹄志远三期私募证券投资基金1号（暂定名）。 根据拟签署的基金合同，该基金成立规模为225亿元，新华保险与中国人寿拟各出资112.5亿元认购私募基金份 额。 低频交易、长期持有 据公告，该基金目的是贯彻长期投资理念，通过低频交易、长期持有的方式以获得稳健股息收益。 第二批获批试点的保险公司有8家，规模合计1120亿元。其中，今年1月，太保寿险、泰康人寿、阳光人寿及相 关保险资管公司获准以契约制基金方式参与试点，开展长期股票投资，规模合计520亿元。3月初，人保寿险、 中国人寿、太平人寿、新华保险、平安人寿等5家保险公司获批开展试点，规模合计600亿元。 该基金为权益类私募证券投资基金，投资范围为中证A500指数成份股中符合条件的大型上市公司A+H股。标 的公司应当公司治理良好、经营运作稳健、股息相对稳定、股票流动性相对较好，与保险资金长期投资需求相 适应。若基金有闲置资金，可投资于货币市场基金、银行存款、国债逆回购等现金管理类投资品种。 该私募基金存续 ...

Group 1 - The central bank and the State Administration of Foreign Exchange jointly issued measures to support the construction of a multi-level financial market across the Taiwan Strait, encouraging more Taiwanese enterprises to participate in the development of the mainland financial market [1] - Ant International responded that it will apply for a stablecoin license in Hong Kong as soon as possible after the "Stablecoin Regulation Draft" comes into effect on August 1 [2] - A passenger plane of Air India crashed at Ahmedabad Airport, with 242 people on board [4] Group 2 - Qingmu Technology, which has seen two consecutive trading limit increases, currently only provides e-commerce operation services for the Pop Mart Tmall flagship store [5] - Flingel has completed its verification work, and its stock will resume trading from tomorrow [5] - North Mining Technology, which has seen four consecutive trading limit increases, faces risks related to a small external circulation [5] - New China Life Insurance plans to subscribe for no more than 15 billion yuan in private equity fund shares [5] - Yiming Pharmaceutical, which has seen seven consecutive trading limit increases, has uncertainties regarding the implementation and results of its share transfer agreement [5] - Yuanlong Yatu, which has seen six trading limit increases in ten days, states that there are no significant matters that should have been disclosed but were not [5]

Core Viewpoint - Xinhua Insurance plans to invest up to 15 billion yuan in a private fund initiated by Guofeng Xinghua, reflecting a faster pace of insurance capital entering the market [1][2]. Group 1: Investment Details - The private fund, named Guofeng Xinghua Honghu Zhiyuan Phase III Private Securities Investment Fund No. 1, has a total fund size of 22.5 billion yuan, with Xinhua Insurance and China Life each contributing 11.25 billion yuan [5]. - The investment scope of the fund includes large listed companies that are constituents of the CSI A500 index, focusing on companies with good governance, stable operations, and relatively stable dividends [5]. - The fund has a duration of 10 years and may invest idle funds in cash management products such as money market funds, bank deposits, and government bond reverse repos [5]. Group 2: Strategic Implications - This investment aligns with national policies promoting long-term capital market entry and reflects the company's commitment to long-term, value, and prudent investment strategies [9]. - Xinhua Insurance aims to optimize the asset-liability matching of insurance funds and enhance capital efficiency to achieve capital preservation and appreciation [5][9].

Core Viewpoint - Xinhua Insurance has acquired a 5.09% stake in Hangzhou Bank, becoming its fourth-largest shareholder, reflecting a trend of insurance companies increasing investments in high-dividend bank stocks in 2025 [1][2][4]. Group 1: Transaction Details - Xinhua Insurance purchased 330 million shares of Hangzhou Bank from the Commonwealth Bank of Australia at a price of 13.095 yuan per share, totaling approximately 4.317 billion yuan [2]. - The transaction was initiated in January 2025 and completed with the approval from the National Financial Regulatory Administration [2][3]. - Following the acquisition, Xinhua Insurance holds a total of 363 million shares in Hangzhou Bank, solidifying its position as a significant stakeholder [2]. Group 2: Industry Trends - In 2025, insurance companies have made 15 equity acquisitions, with a notable focus on bank stocks, indicating a strategic shift towards high-dividend assets [4][5]. - The preference for bank stocks is attributed to declining long-term interest rates and the need for asset reallocation, as insurance companies seek stable dividend returns [5][6]. Group 3: Regulatory Environment - Recent regulatory initiatives have encouraged insurance funds to invest in the capital market, aiming to enhance the stability and proportion of insurance capital in A-shares [7][8]. - The government has introduced policies to facilitate long-term investments by insurance companies, including lowering risk factors for stock investments and promoting a "long money, long investment" strategy [7][8].

A股证券代码：601336 A股证券简称：新华保险 编号：2025-034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 关于对外投资的公告 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： 1 本次投资事项已经本公司第八届董事会第三十四次会议审议通过，无需提交 本公司股东大会审议。 3、关于关联交易和重大资产重组事项的说明 本次投资事项不属于关联交易，也不构成《上市公司重大资产重组管理办法》 规定的重大资产重组事项。 二、基金管理人基本情况 投资标的情况：新华人寿保险股份有限公司（以下简称"本公司"）拟出 资不超过 150 亿元（含)（人民币，下同）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。 相关风险提示：截至本公告发布日，本公司及相关方尚未就认购基金份 额完成合同签署，合同内容以各方最终签署的正式合同为准；设立基金尚 需履行基金备案等监管相关手续，具体实 ...

新华人寿保险股份有限公司 关于2024年年度股东大会增加临时提案的公告 本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、 股东大会有关情况 1. 股东大会的类型和届次： A 股证券代码：601336 A 股证券简称：新华保险 公告编号：2025-035 号 H 股证券代码： 01336 H 股证券简称：新华保险 2024年年度股东大会 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 601336 | 新华保险 | 2025/6/20 | 二、 增加临时提案的情况说明 1. 提案人：中国宝武钢铁集团有限公司 2. 提案程序说明 新华人寿保险股份有限公司（以下简称"公司"）已于2025 年 5 月 29 日公 1 / 6 2. 股东大会召开日期：2025 年 6 月 27 日 3. 股权登记日 告了 2024 年年度股东大会召开通知，单独持有12.09%公司股份的股东中国宝武 钢铁集团有限公司，在2025 年 6 月 12 日提出临时提案并书面提交 ...

A股证券代码：601336 A股证券简称：新华保险 编号：2025-033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 第八届董事会第三十四次会议决议公告 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。 新华人寿保险股份有限公司（以下简称"公司"）于 2025 年 5 月 30 日以电 子邮件方式向全体董事发出第八届董事会第三十四次会议（以下简称"会议"） 通知和材料，会议于 2025 年 6 月 12 日在北京市以现场方式召开。会议应到董事 10 人，现场出席董事 10 人，公司监事和高级管理人员列席了会议。会议的召集、 召开符合《中华人民共和国公司法》《新华人寿保险股份有限公司章程》和《新 华人寿保险股份有限公司董事会议事规则》的有关规定，所作的决议合法、有效。 会议由公司董事长杨玉成主持，经与会董事审议和现场表决，形成如下会议 决议： 一、审议通过了《关于提名张晓东先生为第八届董事会非执行董事候选人的 议案》，同意提名张晓东先生为公司第八届董事会非执行董事候选人，同 ...

Core Viewpoint - The report from Shenwan Hongyuan indicates that the performance pressure in Q2 is limited, with expectations for improved new business performance and further reductions in the cost of new liabilities due to anticipated interest rate cuts in Q3 [1] Group 1: Market Conditions and Fund Flows - A-share listed insurance companies are significantly underrepresented compared to the CSI 300 index, with public fund regulations expected to drive incremental capital inflows [1] - As of the end of Q1, the allocation of equity funds in the non-bank sector is underweight by 9.68% compared to the CSI 300 index, second only to banks [1] Group 2: New Liability Costs and Product Transformation - The cost of new liabilities has decreased significantly, with some insurance companies optimizing their existing liability costs [2] - The NBV (New Business Value) and VIF (Value of In-Force) yield performances for major insurers show a year-on-year decline, indicating effective risk management of interest spread losses [2] - The transformation of participating insurance products has exceeded expectations, with major insurers elevating this strategy to a strategic level [3] Group 3: Insurance Capital Market Participation - The implementation plan for promoting long-term capital market participation highlights the role of insurance capital as a key player, with sustainable growth in insurance fund utilization expected [4] - The upper limit for equity allocation for insurance capital has been unexpectedly relaxed, allowing for a total equity allocation scale of 9.29 trillion yuan, an increase of 505.5 billion yuan from previous regulations [4] - The reduction of investment risk factors for stock investments further opens up the equity allocation limits for insurance capital [4]

中国的银行保险从1 9 9 6年开始起步。银保产品一直以趸交为主，到2 0 0 7年银保渠道的 新单保费已经超过了所有其他渠道新单保费之和。从2013年到2016年，银保总保费占 寿险行业总规模保费的一半，近几年降到30%左右。最近三年，银保期交保费也逐步赶 上了个险渠道，越发显示出其重要性。 在第一部分，首先回顾了银保业务发展的六个阶段，从2024年开始，进入"报行合一"的 全新阶段。我们汇总了全行业银保新单保费和期交保费数据，另外我们将寿险公司分为 六组，也汇总了每组的保费数据。 在第二部分，我们展示了7 6家寿险公司过去十五年的新单保费和40家大中型公司的行业 排名。我们用亿元做单位，数字0表示保费小于0.5亿元。 这篇文章《银保渠道的过去和未来》是我最近写的研究报告，主要内容分为三个部分在 这里连载。2 0 2 2年初在研究银保渠道时，我选了15家以银保为主并且规模较大的公司， 分为两组，分别称为银保七雄和八大金刚，并且将所有做银保的寿险公司分为六大类， 这种分类对分析银保保费的变化和趋势有很大帮助。 二、2005到2012年 正常增长的时代 根据不完全统计，2005年银保渠道的总保费为9 5 2亿， ...

Group 1 - Sunshine Life, along with partners, has established a joint venture to acquire 100% equity in 48 Wanda Plaza projects across major cities in China, with the transaction receiving unconditional approval [1] - This acquisition reflects a trend where insurance companies are increasingly investing in commercial real estate, with Sunshine Life having previously acquired at least six Wanda Plaza projects [1][3] - Insurance companies are becoming a significant force in China's commercial real estate market, with direct investments reaching $9.3 billion from 2022 to 2024, ranking first in the Asia-Pacific region [1] Group 2 - The enthusiasm for commercial real estate investments by insurance funds is driven by the stability and attractive returns of high-quality projects, especially in the current low-interest-rate environment [2][3] - In 2025 Q1, insurance funds have made substantial investments in various commercial real estate sectors, including long-term rentals and retail properties, indicating a shift in asset allocation strategies [3][4] Group 3 - The decline in bond yields has pressured insurance funds to diversify their investments, leading to increased interest in real estate and alternative assets [4] - Insurance funds are exploring various investment channels in commercial real estate, including public REITs, private equity funds, and asset securitization products [4] Group 4 - Insurance companies have significantly increased their stock market investments, with a net purchase of nearly $39 billion in Q1 2025, marking the highest quarterly increase in recent years [5] - The focus on high-dividend stocks, particularly in the banking sector, has been a strategic move by insurance companies in response to the declining interest rates [6] Group 5 - The expansion of long-term investment reform trials for insurance funds has accelerated, with new participants and increased funding amounts, indicating a growing trend towards private fund establishment [7][8] - Recent initiatives have led to the establishment of multiple private funds by major insurance companies, emphasizing long-term and value investment strategies [9][10]