为践行集团"333"战略与总行"养老金融"工作部署，8月8日，广发银行惠州分行联动惠州市人力资源和 社会保障局、交通运输局及惠州通等单位，成功推出惠州市首张加载"全国交通一卡通"功能的社保卡， 将便民服务延伸至市民生活与出行全场景，为惠州乃至大湾区市民带来更便捷的生活体验。 卡的推出，不仅为深莞惠一体化发展注入便民动能，更让港澳居民及外籍人士轻松享受无缝衔接的公共 服务，助力湾区生活融合升级。 权益叠加暖民心，提升生活幸福感。广发银行以社保卡为载体，加载多元民生权益：文旅场景，将湾区 9城多个收费景区公园纳入社保卡权益体系，持卡客户可享跨城景区门票减免；餐饮场景，创新"政府补 贴+银行优惠"政银模式，在湾区9个城市打通200多家长者饭堂，刷社保卡即享用餐补贴；医疗场景， 可享医保账户支付优免、医院陪诊服务。此外，通过广发银行APP可在线激活医保电子凭证、查看社保 服务指南，实现"金融+社保"一站式触达。 截至11月21日，广发银行惠州分行自交通社保卡上线以来新增社保发卡超6000户，其中港澳居民发卡37 户。 深耕惠州社保业务26年，广发银行惠州分行作为当地首家开展社保卡业务的银行，已累计发行社保卡超 86万 ...

Core Conclusions - The financial industry experienced a weekly increase of +0.68% in the non-bank financial index, underperforming the CSI 300 index by 0.96 percentage points [1] - The banking sector saw a decline of -0.59%, lagging behind the CSI 300 index by 2.23 percentage points, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks showing varied performance [1][9] Insurance Sector Insights - The insurance sector's index rose by +0.20%, underperforming the CSI 300 index by 1.44 percentage points, driven by strong demand for dividend insurance products that align with residents' needs for stable returns and value appreciation [2][12] - Major insurance companies are focusing on dividend insurance as a strategic core, with product offerings expanding significantly ahead of the 2026 "opening red" period [2][12] - The growth of new single premiums is expected to be strong in 2026, supported by improved net present value margins (NBVM) and a favorable regulatory environment for dividend insurance [2][17] Brokerage Sector Insights - The brokerage sector index increased by +0.74%, underperforming the CSI 300 index by 0.90 percentage points, with recent developments in refinancing for two brokerages indicating a cautious approach to capital raising [2][18] - The current environment presents a mismatch between profitability and valuation in the brokerage sector, suggesting potential for valuation recovery [2][19] - Recommendations include strong mid-to-large brokerages with low valuations and those involved in mergers or restructuring [2][19] Banking Sector Insights - The banking sector's index decreased by -0.59%, underperforming the CSI 300 index by 2.23 percentage points, with a focus on high dividend strategies remaining viable [3][20] - The average dividend yield for banks is approximately 4.1%, which is attractive compared to other sectors, particularly in the context of a stable earnings outlook [3][21] - Recommendations include state-owned banks and resilient city commercial banks, with specific attention to banks with strong fundamentals and low volatility [3][22]

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, particularly highlighting the potential benefits for brokerage firms and insurance companies in the upcoming year [3][4]. Core Insights - The report emphasizes the expected inflow of passive funds into newly included stocks in major indices, which could enhance liquidity and market performance for these stocks [4]. - It identifies key trends for 2026, including a shift in insurance companies' focus towards asset-liability matching and the stabilization of core business indicators due to new regulatory standards [4]. - The report recommends specific brokerage firms such as Dongfang Securities, GF Securities, Huatai Securities, and China Galaxy, as well as insurance companies like China Life and Ping An, based on their competitive positioning and growth potential [4]. Summary by Sections Market Performance - The Shanghai Composite Index closed at 4,526.66 with a weekly increase of 1.64%, while the non-bank index rose to 1,932.15, reflecting a 0.68% increase [7]. - The brokerage sector index reported a 0.74% increase, and the insurance sector index saw a 0.20% rise [7]. Brokerage Sector Insights - Notable stocks in the brokerage sector included Guosheng Securities and Xinyi Securities, which saw increases of 3.68% and 3.36%, respectively [9]. - The average daily trading volume for the Shanghai and Shenzhen markets was 17,370.85 billion, a decrease of 6.87% week-on-week, but a year-to-date increase of 61.11% [20]. Insurance Sector Insights - The insurance sector is expected to experience a systematic revaluation in 2026, driven by long-term interest rate increases and continued investment from insurance funds into the stock market [4]. - The report highlights the performance of major insurance companies, with A-shares like China Life and Ping An showing modest increases [9]. Key Data Points - As of November 28, 2025, the average daily trading volume was 19,147.38 billion, and the margin trading balance was 24,720.45 billion, reflecting a year-on-year increase of 32.6% [51][20]. - The report notes that the total market value of private equity funds reached 22.05 trillion, marking a historical high [21].

每经AI快讯，新华保险（SH 601336，收盘价：65.67元）11月28日晚间发布公告称，公司第八届第三十 九次董事会会议于2025年11月28日在北京市以现场方式召开。会议审议了《关于提名公司第九届董事会 董事候选人的议案》等文件。 2025年1至6月份，新华保险的营业收入构成为：寿险占比173.13%。 截至发稿，新华保险市值为2049亿元。 每经头条（nbdtoutiao）——已有75人遇难，1名死者为消防员，还有10名消防员受伤！记者现场直击香 港大埔火灾：燃烧的宏福苑，五级大火的五个谜团 （记者 王晓波） ...

Core Viewpoint - The article discusses the issuance of capital supplementary bonds by insurance companies in China, highlighting their role in improving solvency ratios and providing a low-cost financing option for insurers [1][2]. Group 1: Issuance of Capital Supplementary Bonds - In the period from 2015 to 2025, insurance companies issued capital supplementary bonds a total of 147 times, accumulating to a scale of 672.6 billion yuan [2]. - Among these, life insurance companies were the primary issuers, with 108 issuances totaling 469.7 billion yuan [4]. - In 2025 alone, 16 life insurance companies issued 17 capital supplementary bonds, amounting to 66.4 billion yuan [5]. Group 2: Impact on Solvency Ratios - The comprehensive solvency adequacy ratio for life insurance companies before issuing capital supplementary bonds was 196.4%, which increased to 207.2% one year after issuance [6]. - A statistical t-test confirmed that the difference in solvency ratios before and after issuance is significant at the 10% confidence level [7]. Group 3: Leverage and Cost of Capital - Companies that issued capital supplementary bonds had a higher leverage ratio compared to those that did not, particularly in the last four years [10][11]. - The average issuance interest rate for capital supplementary bonds in 2025 was 2.4%, slightly higher than the 0.1% in 2023, and lower than the average liability cost of 3.7% for life insurance companies [13][15]. - The majority of life insurance companies' total investment returns exceeded the cost of capital supplementary bonds, indicating a favorable financial environment for such issuances [20]. Group 4: Advantages of Issuing Capital Supplementary Bonds - Issuing capital supplementary bonds allows companies to supplement capital without affecting existing equity structures, gaining support from shareholders [23]. - For companies with low solvency ratios, these bonds provide immediate financial relief [23]. - For companies with relatively safe solvency ratios, the low issuance cost effectively increases leverage and creates new profit sources [23].

A股证券代码：601336 A股证券简称：新华保险 编号：2025-062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 第八届董事会第三十九次会议决议公告 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"或"本公司"）于 2025 年 11 月 18 日以电子邮件方式向全体董事发出第八届董事会第三十九次会议（以下 简称"会议"）通知和材料，会议于 2025 年 11 月 28 日在北京市以现场方式召 开。会议应到董事 11 人，现场出席董事 11 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《关于提名公司第九届董事会董事候选人的议案》，同意将 本议案提交股东大会审议。 会议经过逐一表决，同 ...

新华保险（601336）(01336)发布公告，本公司于2025年11月28日召开的第八届董事会第三十九次会议 审议通过了《关于提名公司第九届董事会董事候选人的议案》，同意提名杨玉成先生、龚兴峰先生为第 九届董事会执行董事候选人;提名杨雪女士、毛思雪女士、胡爱民先生及张晓东先生为第九届董事会非 执行董事候选人;提名徐徐女士、郭永清先生、卓志先生及张秀芬女士为第九届董事会独立非执行董事 候选人，上述董事候选人除张秀芬女士外均为连任董事候选人。 ...

智通财经APP讯，新华保险(01336)发布公告，本公司于2025年11月28日召开的第八届董事会第三十九次 会议审议通过了《关于提名公司第九届董事会董事候选人的议案》，同意提名杨玉成先生、龚兴峰先生 为第九届董事会执行董事候选人;提名杨雪女士、毛思雪女士、胡爱民先生及张晓东先生为第九届董事 会非执行董事候选人;提名徐徐女士、郭永清先生、卓志先生及张秀芬女士为第九届董事会独立非执行 董事候选人，上述董事候选人除张秀芬女士外均为连任董事候选人。 ...

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的任何損失承擔任何責任。 NEW CHINA LIFE INSURANCE COMPANY LTD. 01336 提名第九屆董事會董事候選人 新華人壽保險股份有限公司（「本公司」）第八屆董事會（「董事會」）於2022年12月成立，任 期即將屆滿。根據《中華人民共和國公司法》《保險公司董事會運作指引》《銀行保險機構公 司治理準則》及《新華人壽保險股份有限公司章程》（「公司章程」）的相關規定，需進行董事 會換屆選舉。本公司於2025年11月28日召開的第八屆董事會第三十九次會議審議通過了 《關於提名公司第九屆董事會董事候選人的議案》，同意提名楊玉成先生、龔興峰先生為 第九屆董事會執行董事候選人；提名楊雪女士、毛思雪女士、胡愛民先生及張曉東先生 為第九屆董事會非執行董事候選人；提名徐徐女士、郭永清先生、卓志先生及張秀芬女 士為第九屆董事會獨立非執行董事候選人，上述董事候選人除張秀芬女士外均為連任董 事候選人。 上述議案須經本公司股東大 ...

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。 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11月28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、賴觀榮、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：2025-062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 第八届董事会第三十九次会议决议公告 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"或"本公司 ...