Group 1 - The insurance sector is expected to deepen its transformation and maintain a recovery trend in fundamentals through 2026 [4][7] - In 2025, the insurance sector outperformed the market with a cumulative increase of 27.0%, surpassing the CSI 300 index by 8.8 percentage points, driven by strong growth in new business value (NBV) and improved investment returns [5][10] - The life insurance segment is seeing a stabilization in agent workforce and positive growth in new policies, supported by bank insurance and improved NBV margins [5][20] Group 2 - The property insurance segment is experiencing a slowdown in premium growth but is optimizing its business structure, with a focus on non-auto insurance [22] - The investment side of the insurance companies is benefiting from a rising equity market, with a projected increase in total investment returns and net profits expected to rise by 33.5% year-on-year for the first three quarters [5][7] - The high savings preference among residents and the reduction in bank deposit rates are expected to make participating insurance products with a guaranteed return of 1.75% more competitive in the market [7][8] Group 3 - The life insurance sector is projected to see continued growth in new business value, driven by the popularity of participating insurance products and the effective management of costs through the "reporting and operation integration" strategy [5][20] - The property insurance sector is expected to maintain its favorable conditions, with the "reporting and operation integration" policy further optimizing the combined ratio (COR) [5][22] - Investment strategies focusing on high dividend yields are anticipated to provide a safety net for net investment income, contributing to profit stability [7][8]

Core Viewpoint - The insurance industry in 2025 has achieved record highs in both scale and profitability, driven by practical reforms and a focus on rational management, while facing cyclical challenges [1]. Group 1: Industry Growth and Performance - As of October 2025, the total assets of the insurance industry reached 40.59 trillion yuan, an increase of 4.68 trillion yuan from the beginning of the year, marking a growth rate of 13.03% [4]. - The insurance sector has seen a continuous double-digit growth in total assets since 2023, attributed to rising premium income, cost optimization, enhanced capital replenishment, and improved asset allocation [4]. - The total premium income for 2025 is projected to be 57.63 billion yuan, reflecting a significant increase from previous years [2]. Group 2: Stock Market Performance - Insurance stocks have reached new highs in 2025, with major companies like China Ping An and China Life Insurance leading the market, contributing to a combined market value exceeding 3.3 trillion yuan, a nearly 30% increase from the beginning of the year [6][7]. - The net profit of five major listed insurance companies reached 426 billion yuan in the first three quarters of 2025, a year-on-year increase of 33.5%, setting a historical record [8]. Group 3: Industry Reforms - The insurance industry is actively engaging in "anti-involution" measures, focusing on rational competition and risk management rather than price wars, particularly in the auto insurance sector [10]. - The introduction of a dynamic adjustment mechanism for predetermined interest rates in insurance products has begun, with rates decreasing from 2.34% at the beginning of the year to 1.90% by the end of 2025 [19][18]. - The return of dividend insurance products has gained traction, with nearly half of new life insurance products being dividend-based, reflecting a shift in market strategy [21]. Group 4: Long-term Investment Strategies - The insurance sector is increasingly focusing on long-term investments, with regulatory changes encouraging a longer assessment period for performance metrics [12]. - By the end of 2025, the proportion of equity assets in insurance investments reached a historical high, with stock and fund allocations growing significantly [14]. Group 5: International Expansion - The insurance industry is entering a phase of internationalization, with companies exploring overseas markets, particularly in high-end equipment insurance and personal travel safety [22]. - The export of new energy vehicles has surged by 89.4% in the first three quarters of 2025, prompting insurance companies to expand their offerings in this sector [24]. Group 6: New Regulatory Frameworks - The release of the fourth life table in October 2025 will impact insurance product pricing and risk management, reflecting changes in population structure and mortality rates [26][27]. - The first commercial health insurance drug directory was published in December 2025, aiming to clarify the boundaries between basic medical insurance and commercial health insurance, thus promoting a multi-tiered medical security system [29].

海外監管公告 本公告乃新華人壽保險股份有限公司（「本公司」）依據《香港聯合交易所有限公司證 券上市規則》第 13.10B 條規定而作出。茲載列該公告如下，僅供參閱。 承董事會命 新華人壽保險股份有限公司 楊玉成 董事長 中國北京，2025年12月31日 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 特此公告。 新华人寿保险股份有限公司董事会 2025 年 12 月 31 日 於本公告日期，本公司董事長、執行董事為楊玉成；執行董事為龔興峰；非執 行董事為楊雪、毛思雪、胡愛民和張曉東；及獨立非執行董事為馬耀添、徐徐、 郭永清和卓志。 A股证券代码：601336 A股证券简称：新华保险 编号：2025-070 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 第九届董事会第二次会议决议公告 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 ...

来源：员福好管家 为了更好地解决原研药"医院开不到、院外买得贵"的困境，一款以保障原研药用药需求的团体补充医疗 保险产品悄然破局。 近日，新华人寿保险股份有限公司（以下简称"新华保险"）联合中国人寿再保险股份有限公司（以下简 称"中再寿险"）、上海睿择佑安健康科技有限公司（以下简称"睿择健康）和北京慧保福达健康科技有 限公司（以下简称"慧保福达）四方合力，联合推出一款涵盖原研药的团体医疗保险。该产品以创新 的"保险保障+医疗服务+药品供给"的生态融合模式，与传统团体补充医疗保险形成优势互补，有效解 决了原研药用药保障的难点和痛点。 2025年12月，国家医保局、人社部联合发布了新版基本医保药品目录以及首份商业健康保险创新药品目 录，在新的政策指挥棒下，通过团险方式实现商保创新药多元化直付将成为行业新的重要创新方向。 此次四方的跨界合作，共同构建了"风险保障-诊疗服务-药品配送"的全链条闭环。其中，新华保险依托 在团体保险领域的客户基础与服务经验，提供定制化保障方案设计与理赔服务支撑；中再寿险通过专业 风险定价机制为产品创新提供技术支持，并为该创新产品提供再保险服务；睿择健康与北京慧保福达则 通过整合互联网医院 ...

为了更好地解决原研药"医院开不到、院外买得贵"的困境，一款以保障原研药用药需求的团体补充医疗 保险产品悄然破局。 锚定行业痛点驱动产品创新 此次创新产品的推出，精准回应了国内当前医疗保障领域的核心矛盾，在政策约束与市场需求的交叉点 上寻找创新突破口。 当前，在医保集采政策的大背景下，国内医院的原研药"断供"现象愈发普遍。随着医保集采常态化推 进，仿制药带量采购凭借价格优势成为医院用药主流，原研药因价格因素未中选或者退出集采，逐渐退 出公立医院药品供应体系。 在此趋势下，国内大量对原研药有刚性需求的患者（如肿瘤患者、慢性病患者），面临"医院开不到、 院外买得贵"的困境，这不仅增加了患者经济负担，也大幅加剧了用药可及性焦虑。原研药的供给与需 求矛盾，也为商业健康保险产品提供原研药保障带来了切实的市场需求。 严守诊疗规范，筑牢线上医疗安全防线 近日，新华人寿保险股份有限公司（以下简称"新华保险"）联合中国人寿再保险股份有限公司（以下简 称"中再寿险"）、上海睿择佑安健康科技有限公司（以下简称"睿择健康）和北京慧保福达健康科技有 限公司（以下简称"慧保福达）四方合力，联合推出一款涵盖原研药的团体医疗保险。该产品以创新 ...

Core Viewpoint - In 2025, Xinhua Insurance achieved record-breaking performance amidst a complex environment characterized by low interest rates, evolving customer demands, and technological disruptions, marking a significant milestone as it approaches its 30th anniversary [2][4]. Group 1: Comprehensive Strength - By the end of Q3 2025, Xinhua Insurance's total assets exceeded 1.83 trillion yuan, an increase of 8.3% from the beginning of the year, reaching a historical high [3]. - The company's embedded value approached 280 billion yuan, reflecting an 8.1% growth year-to-date, also a historical peak [3]. - Core solvency ratio and comprehensive solvency ratio stood at 154.27% and 234.15%, respectively, indicating strong capital adequacy [3]. Group 2: Development Efficiency - In the first three quarters of 2025, Xinhua Insurance reported a net profit of 32.857 billion yuan, a year-on-year increase of 58.9%, setting a new historical record [4]. - Total premium income reached 172.7 billion yuan, up 19% year-on-year, maintaining industry-leading growth [4]. - The first-year premium income for long-term insurance was 34.9 billion yuan, reflecting a 41% increase [4]. - New business value surged to 6.18 billion yuan in the first half, a significant year-on-year increase of 58%, with a continued growth of 50.8% in the first three quarters [4]. Group 3: Strategic Development Model - Xinhua Insurance is committed to a development vision of becoming a leading financial service group centered on insurance, providing comprehensive risk protection and wealth planning services [5][6]. - The company has adopted a collaborative model of "Insurance + Service + Investment," focusing on enhancing customer-centric strategies and building a robust service ecosystem [6][7]. - Investment performance remains strong, with an annualized total investment return of 8.6% and a comprehensive investment return of 6.7%, leading the industry [7]. Group 4: Contribution to National Strategy - Xinhua Insurance emphasizes its political mission and social responsibility, aligning its operations with national strategies in areas such as technology finance, green finance, inclusive finance, pension finance, and digital finance [8][9]. - The company has invested over 60.5 billion yuan in supporting technology-driven enterprises, with a year-on-year growth of 29.3% [9]. - In green finance, investments exceeded 31.6 billion yuan, marking a 28.8% increase, while providing insurance services to over 6,300 green enterprises [9][10].

Core Viewpoint - The insurance industry is undergoing a significant transformation with the "exit of the supervisory board," as many companies are abolishing this governance structure to enhance efficiency and adapt to new regulatory requirements [2][4]. Group 1: Changes in Governance Structure - As of December 25, 2023, 13 insurance companies, including China Life and China Pacific Insurance, have announced the abolition of their supervisory boards, marking a profound change in the long-standing "three meetings and one layer" governance framework [2][3]. - The trend began with Japan's insurance company in April 2023, which was the first to announce the removal of the supervisory board, followed by state-owned insurance groups [2][3]. - By December 2023, major companies like China Life and New China Life had completed the necessary regulatory approvals to officially abolish their supervisory boards [3][4]. Group 2: Policy and Regulatory Drivers - The reform is driven by the new Company Law effective July 2024, allowing state-owned companies to replace supervisory boards with audit committees, which can enhance governance efficiency [4]. - The China Banking and Insurance Regulatory Commission issued a notice in December 2024, clarifying that financial institutions can establish audit committees to perform the functions of supervisory boards [4]. Group 3: Motivations Behind the Reform - The primary motivations for abolishing supervisory boards include the need to reduce costs, improve efficiency, and address issues of overlapping functions and formalized supervision [4]. - The transition is not seen as a reduction in oversight but rather a restructuring of the supervisory system, with audit committees taking over the responsibilities of the supervisory boards [4]. - The industry anticipates that this reform will enhance compliance and risk management capabilities, contributing to the high-quality development of the insurance sector [4].

Core Insights - The report highlights the performance of stock recommendations from various brokerages, with 10 brokerages achieving over 50% returns in 2025, showcasing their ability to identify and recommend stocks early in the market cycle [2][3]. Group 1: Brokerage Performance - The highest cumulative return was achieved by Guoyuan Securities at 83.73%, followed by Northeast Securities and Kaiyuan Securities with returns of 67.47% and 67% respectively [2]. - Other brokerages such as Dongxing Securities, Huaxin Securities, and China Merchants Securities also reported returns exceeding 60%, while Everbright Securities, Dongguan Securities, Guotai Junan, and Changcheng Securities had returns above 50% [2]. Group 2: Stock Selection Strategy - The success of these brokerages is attributed to their strategy of identifying stocks at low points and consistently recommending them, which has led to significant gains [4][5]. - For instance, Kaiyuan Securities recommended Xinyisheng for four consecutive months, resulting in a total increase of 440% from May to August [6]. Group 3: Popular Stocks - Tencent Holdings emerged as the most recommended stock, being favored by around seven brokerages each month, making it the most popular stock of the year [7]. - The report indicates that the most popular stocks varied throughout the year, with technology stocks dominating in the first quarter, consumer stocks in the second, financial stocks in the third, and a return to technology stocks in the fourth quarter [7].

Core Viewpoint - RBC Global Asset Management Inc. announced the final 2025 annual reinvested capital gains distribution amounts for unitholders of RBC ETFs and ETF Series of RBC Funds, which will be reinvested in additional units rather than paid in cash [1][2]. Distribution Details - The annual capital gains distributions represent net realized capital gains within the RBC ETFs and ETF Series of RBC Funds and are typically reinvested in additional units [2]. - Unitholders of record as of December 30, 2025, will receive the 2025 annual reinvested capital gains distribution amounts [3]. - The taxable amounts of reinvested and cash distributions for 2025 will be reported to brokers in early 2026 [3]. Capital Gains Distribution Amounts - The 2025 annual reinvested capital gains distribution amounts per unit for various RBC ETFs include: - RBC Target 2026 Canadian Government Bond ETF: $0.097 - RBC Target 2027 Canadian Government Bond ETF: $0.091 - RBC Target 2030 Canadian Corporate Bond Index ETF: $0.234 - RBC Quant Canadian Dividend Leaders ETF: $3.393 - RBC Emerging Markets Dividend Fund – ETF Series: $2.905 [3][4]. ETF Series Distribution Amounts - The 2025 annual reinvested capital gains distribution amounts per unit for ETF Series of RBC Funds include: - RBC Canadian Equity Income Fund – ETF Series: $0.585 - RBC North American Value Fund – ETF Series: $1.257 - RBC U.S. Mid-Cap Growth Equity Fund – ETF Series: $1.273 - RBC International Equity Fund – ETF Series: $0.992 [4]. Company Overview - RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada, managing approximately $790 billion in assets and providing investment management services to various investors [14].

Core Insights - The article highlights the performance of brokerage firms' recommended stocks, known as "golden stocks," which have achieved over 50% returns in 2025, with some firms excelling by identifying and recommending stocks early in their upward trends [1][3]. Group 1: Performance of Golden Stocks - As of December 29, 2025, 10 brokerage firms' golden stock portfolios recorded returns exceeding 50%, with the highest being 83.73% from Guoyuan Securities [3]. - Other notable performers include Northeast Securities and Kaiyuan Securities, with returns of 67.47% and 67%, respectively [3]. - The golden stock strategy has become a mature business for many brokerage firms, showcasing their research capabilities and market insights [3]. Group 2: Strategies for Success - Early identification of stocks at low prices and consistent recommendations have been key strategies for achieving high returns [4]. - For instance, Kaiyuan Securities recommended Xinyisheng for four consecutive months, resulting in a total increase of 440% from May to August [5]. - Guoyuan Securities focused on sectors like media, pharmaceuticals, and machinery, with significant monthly gains from stocks like Giant Network and JiBit [4]. Group 3: Popularity of Tencent - Tencent Holdings emerged as the most recommended stock, being favored by around seven brokerage firms monthly, making it the top "golden stock" of the year [2][6]. - The popularity of stocks varies by quarter, with technology stocks dominating in the first quarter, consumer stocks in the second, financial stocks in the third, and a return to technology stocks in the fourth quarter [6]. Group 4: Market Trends and Recommendations - The article notes that not all popular stocks achieve high success rates, with less than 40% of the most recommended A-share stocks showing gains in the same month they were recommended [7].