9月19日，摩根士丹利发布研究报告，将新华保险目标价由38.9港元下调至37.9港元，并维持"减 持"评级。 （责任编辑：徐自立） 中国经济网北京9月19日讯 新华保险(01336.HK)今日港股股价下跌，截至收盘报43.46港元，跌幅 0.41%。以新华保险8月19日最高价53.55港元计算，新华保险港股股价近一个月跌幅18.84%。 ...

（责任编辑：徐自立） 中国经济网北京9月19日讯 新华保险(601336.SH)今日股价下跌，截至收盘报58.80元，跌幅 1.52%。今日，保险板块跌0.91%，新华保险为该板块跌幅最大的上市公司。 ...

证券之星消息，9月19日保险板块较上一交易日下跌0.84%，新华保险领跌。当日上证指数报收于 3820.09，下跌0.3%。深证成指报收于13070.86，下跌0.04%。保险板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601318 | 中国平安 | 55.10 | -0.33% | 54.33万 | 30.08亿 | | 601601 | 中国太保 | 34.89 | -0.40% | 35.23万 | 12.33 乙 | | 601628 | 中国人寿 | 38.26 | -1.14% | 11.34万 | 4.34亿 | | 61319 | 中国人保 | 7.74 | -1.15% | 74.93万 | 5.81亿 | | 601336 | 新华保险 | 58.80 | -1.52% | 19.69万 | 11.63亿 | 从资金流向上来看，当日保险板块主力资金净流出2913.21万元，游资资金净流出3.74亿元，散户资金净 流入4.03亿元。保险板块个股资金流向 ...

Group 1 - Xinhua Insurance's stock price has declined for six consecutive days, with a total drop of 9.23% during this period, currently trading at 58.80 CNY per share [1] - The company has a market capitalization of 183.43 billion CNY and a trading volume of 1.163 billion CNY, with a turnover rate of 0.94% [1] - The main business revenue composition of Xinhua Insurance includes traditional insurance (59.47%), participating insurance (35.37%), and other businesses (5.89%) [1] Group 2 - Southern Fund's Southern CSI Xiaokang Industry ETF (202021) holds 20 shares of Xinhua Insurance, remaining unchanged from the previous period, ranking as the fifth-largest holding [2] - The fund has experienced a floating loss of approximately 18.2 CNY today and a total floating loss of 119.6 CNY during the six-day decline [2] - The fund manager, Gong Tao, has been in position for 6 years and 72 days, with the fund's total asset size at 8.862 billion CNY and a best return of 67.48% during his tenure [2]

二、新华人寿保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 2025年9月15日，河北金融监管局发布批复称，《新华人寿保险股份有限公司河北分公司关于石家庄中 心支公司变更营业场所的请示》（新保冀字〔2025〕107号）及相关材料收悉。经审核，现批复如下： 一、同意新华人寿保险股份有限公司石家庄中心支公司将营业场所变更为：河北省石家庄市桥西区裕华 东路60-1号新华保险（601336）大厦0-103、2-310、六层、七层。 ...

摩根士丹利发表报告指，由于股票市场稳健，将新华保险2025至27年的每股盈测分别上调11.7%、3.3% 及0.8%；受惠于定价利率下调及较高的新业务价值利润率，新业务价值预测分别增加7.8%、8.8%及 8.6%。大摩将新华保险的目标价由38.9港元下调至37.9港元，维持"减持"评级。 ...

Core Viewpoint - The insurance industry is experiencing a significant recovery in premium growth, primarily driven by the rapid development of the bancassurance channel, which has outpaced other distribution channels like individual agents and brokers [3][4][5]. Group 1: Bancassurance Channel Performance - In the first half of 2025, the bancassurance channel's premium income reached approximately 1 trillion, with a year-on-year growth of about 9%, significantly surpassing the overall industry growth and other channels [7][8]. - The new premium growth rate for the bancassurance channel among leading insurers exceeded 70%, while other channels experienced negative growth [28][31]. - The bancassurance channel has become the largest contributor to premium growth for major insurers, with companies like China Life and New China Insurance reporting new premium growth rates exceeding 100% [18][14]. Group 2: Competitive Landscape - The removal of the "one-to-three" restriction has allowed leading insurers to accelerate strategic partnerships with banks, enhancing their market presence [15][27]. - The competitive environment for smaller insurers has become increasingly challenging, as they must compete not only on product pricing but also on brand influence and reputation against larger firms [30][31]. - The disparity in new premium growth rates is stark, with leading insurers achieving a 76% growth in the bancassurance channel compared to a 15% decline for smaller firms [28][31]. Group 3: Product Strategy and Market Trends - The shift towards participating insurance products is evident, with major insurers like China Life and Taikang reporting that over 50% of their premium income from individual agent channels comes from floating income products [35]. - The focus on high-quality growth is reflected in the increasing new business value rates for leading insurers in the bancassurance channel, indicating a strategic pivot towards more profitable product offerings [33][35]. - The overall trend in the insurance industry is moving towards a higher quality of development, with an emphasis on transforming product offerings to include more dividend-based insurance products [36].

Group 1 - Xinhua Insurance's stock price has declined for five consecutive days, with a total drop of 7.8% during this period, currently trading at 59.71 CNY per share and a market capitalization of 186.268 billion CNY [1] - The company's main business revenue composition includes traditional insurance at 59.47%, dividend insurance at 35.37%, and other businesses at 5.89% [1] - Xinhua Insurance was established on September 28, 1996, and went public on December 16, 2011, with its headquarters located in Beijing [1] Group 2 - Huian Fund has one fund heavily invested in Xinhua Insurance, specifically the Huian Value Blue Chip Mixed A fund, which increased its holdings by 400 shares in the second quarter, now holding 7,100 shares [2] - The fund's current net asset value proportion for Xinhua Insurance is 2.65%, ranking it as the fourth-largest holding [2] - The fund has experienced a floating loss of approximately 7,384 CNY today, with a total floating loss of 35,900 CNY during the five-day decline [2]

Core Viewpoint - The insurance sector continues to experience a decline, with major companies like China Life Insurance, China Property & Casualty Insurance, China Pacific Insurance, and New China Life Insurance reporting significant drops in stock prices due to pressure on third-quarter earnings amid high investment base [1] Group 1: Market Performance - China Life Insurance (01339) fell by 4.57% to HKD 6.47 [1] - China Property & Casualty Insurance (02328) decreased by 3.82% to HKD 17.35 [1] - China Pacific Insurance (02601) dropped by 3.4% to HKD 30.64 [1] - New China Life Insurance (01336) declined by 2.81% to HKD 43.6 [1] Group 2: Industry Analysis - Recent weak performance in the insurance sector is attributed to high investment base pressures affecting third-quarter earnings [1] - The long-term value reassessment logic is still in play, driven by a combination of bottoming long-term interest rates and increased equity allocation enhancing investment efficiency [1] - The dual impact of lowering preset interest rates and cost reduction from integrated operations is expected to lead to ongoing interest margin recovery [1] Group 3: Future Outlook - If the equity market maintains its current momentum in September, some insurance companies may manage to achieve positive growth despite high base pressures [1] - Long-term trends indicate that the transformation of dividend insurance will enhance risk appetite on the liability side, supported by regulatory benefits such as solvency relaxation [1] - The insurance industry's equity allocation center is expected to rise, improving long-term investment returns and alleviating pressure from interest margin losses [1] - Liability costs are anticipated to continue declining due to dynamic adjustments in preset interest rates and structural optimization efforts [1]

Group 1 - The insurance sector continues to decline, with major companies like China Life Insurance, China Pacific Insurance, and New China Life Insurance experiencing significant drops in stock prices [1] - Recent performance of the insurance sector is weak due to high investment base pressures on Q3 earnings reports, but there is a long-term value reassessment logic in play [1] - The current environment suggests a potential for recovery in interest spreads, driven by a combination of long-term interest rates hitting a bottom and adjustments in liability costs [1] Group 2 - Looking ahead to Q3, if the equity market maintains its current momentum, some insurance companies may manage to achieve positive growth despite high base pressures [2] - Long-term trends indicate that the transformation of dividend insurance and regulatory benefits may enhance the risk appetite of the liability side, potentially leading to improved long-term investment returns [2] - Liability costs are expected to continue declining due to dynamic adjustments in preset interest rates and structural optimizations [2]