突破瓶颈 实现专业飞跃 初入行时满怀激情，然而，随着"缘故市场"的逐渐枯竭，她遭遇了职业生涯中的第一个瓶颈——客户资源 枯竭。正当她萌生退意之际，有人及时拉了她一把，"我的师傅给予我莫大的支持与鼓励，给我做心理疏 导，帮我重拾信心。"通过分析，也找到了问题所在——专业知识欠缺。基于此，翟兆萍开始埋头苦学， 从网络课程到系统性学历提升项目，通过不断学习来拓宽知识边界。过去十多年里踏踏实实走的每一步， 都成为她成功路上的垫脚石。专业技能产生质的飞跃，荣誉纷至沓来：持续百月总公司鑫星会钻石会员、 总公司TOP500高峰会会员、总公司诚信大使、服务明星，并于2025年6月达成IDA铜龙奖。 以心交心 真诚服务筑信任 翟兆萍坚信，真诚的服务是通往成功的桥梁。曾经有位客户很排斥保险，但天有不测风云，客户的家人不 幸离世，留下孤儿寡母面对生活的重压。翟兆萍一想到这件事情，内心便充满了自责与内疚，"如果当初 我能够说服他们，或许就能让她更从容地应对这场变故。"在那段艰难的日子里，翟兆萍尽己所能给予这 位客户支持与陪伴。客户在经历了一系列变故后，也终于认识到了保险的重要性，为自己购买了健康保 险。 认定了正确的事情，就要持之以 ...

Core Insights - The article highlights the achievements of Mu Kai, the regional director of Xinhua Insurance, who received the International Dragon Award (IDA) in 2025, symbolizing the culmination of 8,000 days of dedication to the insurance industry [1][4]. Group 1: Professional Growth and Commitment - Mu Kai's journey at Xinhua Insurance reflects a deep respect and commitment to the insurance profession, navigating market fluctuations, industry changes, and evolving customer needs [4]. - The IDA award represents the crystallization of Xinhua Insurance's customer-centric philosophy over time [4]. Group 2: Continuous Learning and Adaptation - Mu Kai emphasizes the importance of a relentless pursuit of knowledge, addressing team management challenges and exploring diverse insurance-related knowledge to meet varied customer demands [6]. - His approach includes late-night study sessions, participation in international summits, and the integration of cross-disciplinary thinking, which helps maintain a leading edge in professional services [6]. Group 3: Future Aspirations and Responsibilities - The IDA award serves as a call to action for Mu Kai to build a top-tier team and help more aspiring professionals achieve their career dreams [8]. - He aims to refine the service system to create a more robust and intelligent risk management framework for families, reinforcing the trust placed in Xinhua Insurance [8].

上述原保险保费收入数据未经审计，提请投资者注意。 特此公告。 新华人寿保险股份有限公司董事会 2025 年 7 月 14 日 | A股股票代码：601336 | A股股票简称：新华保险 | 编号：2025-041号 | | --- | --- | --- | | H股股票代码： 01336 | H股股票简称：新华保险 | | 新华人寿保险股份有限公司 保费收入公告 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。 根据中华人民共和国财政部《企业会计准则第 25 号——原保险合同》（财 会〔2006〕3 号）及《保险合同相关会计处理规定》（财会〔2009〕15 号），新华 人寿保险股份有限公司（以下简称"公司"）于 2025 年 1 月 1 日至 2025 年 6 月 30 日期间累计原保险保费收入为人民币 12,126,217 万元，同比增长 23%。公司 全面落实以客户为中心的战略，加强顶层设计，做优做强分支机构；不断丰富完 善产品体系，推动业务和收入结构转型升级；将服务上升到战略高度，全面加强 和完善客户 ...

新华保险(01336.HK)：2025年1月1日至2025年6月30日期间累计原保险保费收入为人民币12,126,217万 元，同比增长23%。 ...

Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [7] Core Insights - The brokerage sector is expected to continue high growth in mid-year performance, with ongoing strong market trading activity. The report highlights the potential for investment opportunities in this sector [2][4] - The insurance sector is guided by a recent notice from the Ministry of Finance, emphasizing long-term investment strategies and management capabilities, which is expected to drive stable long-term capital inflows into the market. The report recommends companies like Jiangsu Jinzu, China Ping An, and China Pacific Insurance based on their stable profitability and dividend rates [2][4] - The report also suggests a focus on companies with strong performance elasticity and valuation levels, recommending Xinhua Insurance, China Life, Hong Kong Stock Exchange, CITIC Securities, Dongfang Wealth, Tonghuashun, and Jiufang Zhitu Holdings [2][4] Summary by Sections Brokerage Sector - The brokerage sector is experiencing a recovery with high trading volumes, and mid-year performance is expected to show significant growth. The report emphasizes the importance of focusing on high-quality stocks within this sector [2][4] - The average daily trading volume in the market has increased to 14,961.49 billion yuan, reflecting a 3.80% increase week-on-week, indicating a strong recovery in trading activity [5][36] Insurance Sector - The insurance industry has seen a year-on-year increase in premium income, with total premiums reaching 30,602 billion yuan in May 2025, up 3.77% from the previous year. This includes a 5.22% increase in property insurance and a 3.28% increase in life insurance [19][20] - The report highlights the stable asset allocation of insurance funds, with a significant portion invested in bonds and stock funds, indicating a robust investment strategy [25][24] Market Performance - The non-bank financial index has shown a 4.0% increase this week, outperforming the CSI 300 index by 3.1%, indicating strong sector performance [5][16] - The report notes that the overall performance of the non-bank sector is strong, with the securities sector rising by 4.5% and the insurance sector by 1.7% [16][21] Financing Activities - In June 2025, equity financing reached 544.19 billion yuan, a significant increase of 3140.2% month-on-month, while bond financing also saw a rise to 88.3 billion yuan, up 21.3% [45][47] - The report indicates a recovery in the issuance of collective asset management products, with a notable increase in new issuances in June 2025 [49]

Group 1 - The core viewpoint of the article emphasizes the ongoing push for long-term investment by insurance funds, supported by favorable policies and a focus on stable capital allocation [1][2] - The Ministry of Finance has issued a notice to enhance the long-term assessment of state-owned commercial insurance companies, adjusting the evaluation metrics to include longer periods, which encourages a more stable investment approach [1][2] - The establishment of a long-cycle assessment mechanism reduces the constraints on the market value fluctuations of insurance fund holdings, promoting a more stable investment behavior [2][3] Group 2 - Insurance funds are increasingly focusing on equity investments due to the low interest rate environment, seeking growth opportunities beyond fixed-income assets [3] - The recent establishment of private equity funds, such as the Honghu Fund, represents a significant step in the long-term investment pilot program, with a total approved scale exceeding 200 billion yuan [3][4] - The investment strategy of these funds is primarily directed towards large-cap stocks with stable governance and good liquidity, aligning with the principles of long-term capital investment [5]

Group 1 - The core viewpoint of the articles highlights the acceleration of insurance capital's entry into the market, driven by a series of supportive policies aimed at promoting long-term investments [1][2][4] - Insurance capital has made 19 equity stakes in listed companies this year, which is consistent with the total from the previous year, indicating a stable investment trend [2][4] - The implementation of policies such as increasing the proportion of equity asset allocation and expanding long-term investment pilot programs has provided more opportunities for insurance capital to invest [2][4][5] Group 2 - A total of 1,720 billion yuan has been approved for long-term investment pilot funds, with many insurance companies actively participating in these initiatives [2][4] - The financial regulatory authority has raised the equity asset allocation limits for insurance companies, potentially increasing their investment capacity by approximately 500 billion yuan [5] - The recent adjustments in risk factors for insurance stock investments are expected to lower the capital requirements, allowing more funds to be allocated to the stock market [5][7] Group 3 - The introduction of a long-term assessment mechanism for state-owned insurance companies aims to encourage a shift from short-term to long-term investment strategies [6][8] - There is a growing interest among smaller insurance companies to participate in long-term stock investment trials, indicating a broader industry trend towards long-term capital deployment [3][4] - Industry experts suggest further optimization of solvency requirements and risk factor assessments to enhance the effectiveness of insurance capital in the market [7][8]

Investment Rating - The investment rating for the insurance industry is "Outperform the Market" (maintained) [1] Core Insights - The recent policy adjustment aims to enhance the long-term investment capabilities of insurance funds by increasing the weight of long-cycle assessments to 70%, addressing the mismatch between the nature of insurance funds and performance evaluations [2][3] - The policy is expected to release the potential for incremental capital from insurance funds, with a focus on long-term investments in dividend assets, benefiting companies like China Life, Ping An, China Pacific Insurance, China Property & Casualty, and New China Life [2][10] Summary by Sections Policy Overview - On July 11, 2025, the Ministry of Finance issued a notification to guide insurance funds towards long-term stable investments, introducing a five-year assessment cycle to enhance the performance evaluation of state-owned commercial insurance companies [2][3] - The new assessment framework includes a 30% weight for annual indicators, 50% for three-year indicators, and 20% for five-year indicators, marking a significant shift towards long-term performance evaluation [3][5] Impact on Insurance Funds - The adjustment is designed to resolve the structural contradiction of "long money short investment" by providing a system that allows insurance funds to better tolerate short-term market fluctuations [6][10] - The policy encourages insurance companies to refine their asset-liability matching strategies, emphasizing the need for detailed management of asset and liability characteristics [10] Investment Strategy - The notification promotes a shift in investment strategies from short-term gains to long-term value creation, requiring insurance companies to enhance their investment decision-making processes and risk assessment frameworks [10] - The expected increase in capital inflow from insurance funds is anticipated to inject liquidity into the market in the short term while fostering a sustained demand for dividend assets in the long term [2][10]

Investment Rating - The report maintains a positive investment rating for the non-banking sector, highlighting the potential for both beta and alpha resonance in the market due to upcoming mid-year performance catalysts [5]. Core Insights - The introduction of new regulations for insurance capital, promoting long-term investments, is expected to enhance the matching of assets and liabilities for insurance companies, thereby increasing their equity investment ratios and stabilizing profit margins [1]. - The performance of listed securities firms is anticipated to show robust growth in the first half of 2025, with several firms projecting significant year-on-year profit increases, driven by active market conditions and improved business operations [2]. - The China Securities Association's new self-regulatory management guidelines aim to enhance the quality of the securities industry, focusing on compliance and risk management, which is expected to support sustainable growth in the sector [3]. Summary by Sections Market Review - Major indices experienced gains, with the Shanghai Composite Index rising by 1.09% and the Shenzhen Component Index increasing by 1.78% during the week of July 7-11, 2025 [8]. Securities Sector - The total trading volume in the A-share market reached 8.80 trillion yuan, with a daily average trading amount of 1.47 trillion yuan, reflecting a 2.25% increase week-on-week and a 118.28% increase year-on-year [17]. - The IPO underwriting scale for the year reached 391.22 billion yuan, while refinancing underwriting amounted to 795.95 billion yuan as of July 11, 2025 [17]. Insurance Sector - The new regulations for insurance capital are expected to improve the long-term investment capabilities of insurance companies, enhancing their ability to provide stable returns and support economic growth [1]. Liquidity Tracking - The central bank conducted a reverse repurchase operation of 425.7 billion yuan, resulting in a net withdrawal of 226.5 billion yuan from the market, indicating tightening liquidity conditions [28]. Investment Recommendations - The report suggests focusing on leading insurance companies such as China Pacific Insurance, Sunshine Insurance, and China Life, as well as top securities firms like CITIC Securities and Huatai Securities, due to their strong market positions and growth potential [39][40].

Investment Rating - The report maintains an "Overweight" rating for the industry, indicating an expected increase in performance relative to the benchmark index over the next 6 to 12 months [2][14]. Core Insights - The recent policy change aims to extend the assessment period for state-owned commercial insurance companies, promoting long-term stable investments and preventing short-term performance pressures [5]. - The adjustment in performance evaluation metrics emphasizes a balanced approach between annual and multi-year indicators, enhancing the focus on sustainable growth and risk management [5]. - The report highlights that the insurance sector is increasingly favoring high-dividend stocks, with a notable increase in equity allocations, reflecting a strategic shift towards long-term value investments [5]. Summary by Sections Industry Overview - The total market capitalization of the industry is approximately 31,377.86 billion, with a circulating market value of 31,369.21 billion [2]. Policy Implications - The new directive from the Ministry of Finance encourages insurance funds to act as stabilizers in the market, promoting long-term investment strategies [5]. - The report notes that the new accounting standards for insurance contracts will be fully implemented by January 1, 2026, which is expected to positively influence the assessment of insurance companies [5]. Investment Strategy - The report suggests that the extended assessment period will likely reduce the negative impact of equity asset fluctuations on profit assessments, thereby increasing the tolerance for equity allocation among insurance companies [5]. - The performance of the non-bank insurance stock index has significantly outperformed the market, with an absolute return of 13.17% and a relative return of 11.14% since the beginning of 2025 [7].