二是组织一次权威生动的政策宣导。强化从业人员教育，组织专业培训、专题宣讲，积极落实宣传"三 适当"原则，强化风险责任意识；面向消费者组织系列线上线下活动，普及各类金融产品的基础知识， 引导消费者树立理性消费和投资观念。 新华保险近日全面启动公司2025年金融教育宣传周活动，以"五个一"为主线，按下金融教育宣传周活动 启动键，跑出助力人民群众美好生活加速度。 三是开展一轮贴近生活的风险提示。主动参与"风险提示送上门"活动，为消费者送达金融知识和防非常 识，制作"以案说险小剧场"情景短剧，线上发布系列视频、图文，线下发放单页折页等形式，以喜闻乐 见的形式向消费者提示各类非法中介危害和互联网贷款乱象。 一是营造一片浓厚热烈的活动氛围。采取多种方式进行活动宣传预热，通过多种形式举行活动启动仪 式，利用线下网点渠道展现活动口号、宣传海报、金融教育作品，通过官方网站、官方微信公众号等专 题展示推送活动主题和内容，积极营造浓厚热烈的活动氛围。 四是宣传一批为民办实事亮点举措。践行"金融为民"理念，通过内、外部媒体，广泛宣传聚焦老年人、 残疾人、新市民、外籍来华人士等各类重点群体推出的有特色、可落地的金融惠民利民举措，以宣传 ...

Core Viewpoint - Xinhua Insurance's stock price has shown volatility, with a year-to-date increase of 30.41% but a recent decline in the last five and twenty trading days [1] Group 1: Stock Performance - On September 15, Xinhua Insurance's stock price fell by 2.00%, reaching 62.22 CNY per share, with a trading volume of 9.44 billion CNY and a turnover rate of 0.72% [1] - The total market capitalization of Xinhua Insurance is approximately 1940.98 billion CNY [1] - Year-to-date, the stock has increased by 30.41%, but it has decreased by 0.81% over the last five trading days and by 7.41% over the last twenty trading days [1] - Over the last sixty days, the stock price has increased by 13.27% [1] Group 2: Financial Performance - As of June 30, Xinhua Insurance reported a net profit attributable to shareholders of 147.99 billion CNY, representing a year-on-year growth of 33.53% [2] - The company has not reported any operating revenue for the first half of 2025 [2] - Cumulatively, Xinhua Insurance has distributed 359.39 billion CNY in dividends since its A-share listing, with 139.13 billion CNY distributed over the last three years [2] Group 3: Shareholder Information - As of June 30, the number of shareholders for Xinhua Insurance is 61,000, a decrease of 15.88% from the previous period [2] - The average number of circulating shares per shareholder is 34,325, which has increased by 18.96% compared to the previous period [2] - Hong Kong Central Clearing Limited is the fourth-largest circulating shareholder, holding 60.51 million shares, an increase of 6.70 million shares from the previous period [2]

Core Viewpoint - Goldman Sachs raised its profit forecast for New China Life Insurance by 25% for this year, reflecting better-than-expected performance in the first half and stock market gains in the third quarter [1] Group 1: Profit Forecast Adjustments - The investment bank increased its net profit forecasts for New China Life Insurance for the next two years by 6% to 7% due to a rebound in bond yields leading to slightly higher investment income [1] - The new business value forecast for the company from this year to 2027 was raised by 8% to 10%, driven by an increase in new premium sales [1] Group 2: Sales and Profitability - The increase in new business value was partially offset by a decline in profit margin due to increased contributions from the bancassurance channel [1] Group 3: Target Price and Rating - Goldman Sachs adjusted the target price for New China Life Insurance from HKD 26.5 to HKD 29 while maintaining a "Sell" rating [1]

Investment Rating - The report maintains a positive outlook on the investment banking and brokerage industry [7] Core Insights - The recent implementation of the public fund fee reform in three phases is driving high-quality development in the industry. Brokerage firms continue to show high growth in their mid-year performance, and market enthusiasm remains high. The valuation still offers cost-effectiveness, suggesting a focus on leading companies and high-performing stocks in the sector. In the insurance sector, the overall trend supports the logic of deposit migration, increased equity allocation, and improved new policy costs, enhancing the certainty of long-term ROE improvement and accelerating valuation recovery [2][4] - From the perspective of profitability and dividend stability, the report continues to recommend Jiangsu Jinzu, which has stable profit growth and dividend rates, China Ping An, which maintains a high dividend yield, and China Pacific Insurance, which has clear advantages in business model and market position. Additionally, based on performance elasticity and valuation levels, the report recommends Xinhua Insurance, China Life, Hong Kong Stock Exchange, CITIC Securities, Dongfang Wealth, Tonghuashun, and Jiufang Zhitu Holdings [4] Summary by Sections Industry Overview - The non-bank financial index increased by 0.3% this week, with an excess return of -1.1% relative to the CSI 300, ranking 24th out of 31 industries. Year-to-date, the non-bank financial index is up 8.2%, with an excess return of -6.7%, also ranking 21st out of 31 [5] - Market enthusiasm has slightly declined, with an average daily trading volume of 23,264.15 billion yuan, down 10.63% week-on-week, and an average turnover rate of 2.45%, down 34.86 basis points [5] Key Industry News & Company Announcements - The China Securities Regulatory Commission released the "Classification Evaluation Regulations for Futures Companies" [6] - Company announcements include Guosen Securities completing the registration procedures for issuing new shares to acquire 96.08% of Wanhe Securities, and Xibu Securities completing the transfer of shares for the acquisition of Guorong Securities [6] Brokerage Data Tracking - The report highlights a slight recovery in margin financing, with a balance of 2.34 trillion yuan, up 2.67% week-on-week. The stock pledge market remains cautious, with expectations of continued contraction in stock pledge scale, but improved asset yield rates are anticipated to enhance income performance [45][49]

Core Viewpoint - The significant growth in the bancassurance channel's performance in the first half of 2025 is a common characteristic among the five major listed insurance companies in A-shares, driven by factors such as "reporting and banking integration," strong demand for wealth management, and the recovery of the "one-to-many" model in bancassurance [1][6]. Group 1: Performance Metrics - China Ping An's bancassurance channel NBV increased by 168.6% year-on-year [3] - China Life's new single premium in the bancassurance channel grew by 111.1% year-on-year [3] - China Pacific Insurance's new insurance business in the bancassurance channel rose by 95.6% [3] - New China Life's first-year premium for long-term insurance in the bancassurance channel surged by 150.3% [3] - China People's Insurance's NBV on a comparable basis increased by 107.7% year-on-year [3] Group 2: Factors Driving Growth - Three main factors are driving the significant growth in the bancassurance channel: 1. "Reporting and banking integration" enhances the business value of the bancassurance channel [6] 2. The low-interest-rate environment has led to strong demand for wealth management, with insurance products offering relative advantages over bank deposits [6] 3. The recovery of the "one-to-many" model has opened up growth opportunities [6] Group 3: Channel Strategy - The bancassurance channel is becoming a consensus among listed insurance companies, with significant increases in both the number of partnerships with banks and per capita productivity [3][4] - The diversification of bancassurance channels is a growing trend, with a focus on not only state-owned and joint-stock banks but also city commercial banks and rural commercial banks [4] - The insurance industry is shifting towards a multi-channel strategy, recognizing the need to cater to different customer segments through various distribution channels [8]

Regulatory Dynamics - Three departments will jointly conduct a financial education publicity week from September 15 to 21, 2025, focusing on enhancing financial knowledge and protecting consumer rights [6] - Two departments announced a list of pilot projects for intelligent elderly care service robots, including 32 key technology projects [7] - The Financial Regulatory Bureau revised the consumer rights protection evaluation method for financial institutions, introducing seven evaluation elements [10] - The Central Bank will increase financial support for regions undergoing comprehensive reform trials for market-oriented resource allocation [12] - Beijing Shunyi will provide up to 50 million for new registered financial institutions [13] Company Dynamics - China Ping An increased its stake in Postal Savings Bank of China to 16.01% by purchasing 7,068.81 million HKD worth of shares [19] - Great Wall Life raised its stake in New天绿色能源 to 11.11% with an investment of 1,271.97 million HKD [20] - China Pacific Insurance plans to issue 155.56 billion HKD in zero-coupon convertible bonds to support its insurance business [23] - China Life Asset Management initiated a debt investment plan worth 2.1 billion for the Longxi口航电 hub project [24] - China Taiping showcased its achievements at the 2025 Service Trade Fair [29] Industry Dynamics - The insurance industry saw a 43.61% year-on-year increase in penalties in August 2025, totaling 44.33 million [49] - Insurance companies have issued over 273 billion HKD in zero-coupon convertible bonds this year [50] - Insurance capital is increasingly being allocated to ETFs, with a significant rise in holdings [51] - The trend of "insurance buying insurance" is re-emerging, with insurers increasing equity asset allocations [53] - 86 property insurance companies reported a combined net profit of over 527 billion, with only 8 companies reporting losses [64] Product and Service Innovations - Ping An Life launched the e生保 series of medical insurance products, featuring a new "安有医" service [67] - China Life introduced a new mid-range medical insurance product [66] - The "沪家保3.0" product was launched, increasing total coverage by nearly 15% without changing the premium [66]

事件：新华保险公布2025 年中报，营收和归母净利润分别同比增加26.0%和33.5%至700 亿和148 亿元， 归母净资产虽较年初下降13.3%，但较Q1 末回升4.5%，25H1 中期分红20.9 亿元，股息分配率为 14.1%，和去年同期的15%基本持平，寿险NBV 增速为58.4%，总投资收益率和综合投资收益率为5.9% 和6.3%，各项数据均表现出色。 点评 寿险银保NBV 贡献超50%，个险队伍有趋稳趋势1. 新华保险25H1 长期险首年期缴和趸交分别增长65% 和353%，主要是个险在25Q1销售3 年交短缴产品，银代25H1 同比多投放110 亿元趸交，两者拉动下实 现58.4%的nbv 增长，新业务csm 相应增长8.7%，但此消彼长下10 年期新单保费收入下降40%； 2. 新华保险极为重视银保渠道，我们预计上半年的发展动力在于和更多银行合作，实现举绩网点数量和 网均产能的双提升，25H1 新华保险银保渠道贡献的NBV 比重达到52.8%；后续或通过强本部、人网匹 配和重点银行渠道突破进一步增强银保渠道竞争力； 3. 新华保险的个险队伍的人数，合格人数，绩优人数和万C 人数均出现走稳趋势 ...

Group 1 - The core viewpoint of the articles highlights the increasing participation of long-term funds, such as insurance funds and public funds, in the capital market, which is expected to stabilize market volatility and enhance resource allocation efficiency [1][2][3] - The regulatory framework has been strengthened to encourage long-term investments, with measures like implementing longer assessment periods for insurance companies and increasing the proportion of equity funds [2][3] - The stock investment amount of the five major listed insurance companies reached 1.846429 trillion yuan, reflecting a growth of 28.71% compared to the beginning of the year, indicating a positive trend in the insurance sector's investment behavior [2][3] Group 2 - The total scale of public funds in China reached 35.08 trillion yuan, marking a significant increase and reflecting a shift towards rational, long-term investment strategies [4] - The domestic ETF market has also seen substantial growth, with the total scale surpassing 5 trillion yuan, an increase of over 34% from the end of 2024, indicating a growing preference for index-based investments [4][5] - Institutional investors have increased their holdings in equity funds, with the proportion rising from 34.44% to 40.49% year-on-year, showcasing a trend towards more stable investment behaviors [6] Group 3 - The enterprise annuity market is gradually increasing its investment in equities, with a current A-share investment ratio of about 14%, suggesting potential for significant growth in long-term equity investments [7] - The long-term assessment mechanisms are expected to enhance the equity asset allocation of enterprise annuity funds, contributing to the overall stability and growth of the capital market [7]

Core Viewpoint - The insurance sector experienced a decline of 1.51% on September 12, with New China Life leading the drop, while the overall market indices showed slight increases [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3883.69, up 0.22% [1] - The Shenzhen Component Index closed at 12996.38, up 0.13% [1] - The insurance sector's individual stock performance showed declines across major companies, with China Life down 0.43%, China Pacific down 1.21%, and New China Life down 1.30% [1] Group 2: Trading Volume and Capital Flow - The insurance sector saw a net outflow of 9.95 billion yuan from main funds, while retail investors contributed a net inflow of 4.65 billion yuan [1] - The trading volume for major insurance stocks included China Life with 10.10 million shares traded and a transaction value of 400 million yuan [1] - The capital flow data indicated that China Life had a significant net outflow of 1.56 billion yuan from main funds, while retail investors had a net inflow of 805.25 million yuan [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue growing by 26.0% to 70 billion and net profit increasing by 33.5% to 14.8 billion [3] - The contribution of new business value (NBV) from bancassurance exceeded 50%, indicating a stable trend in the individual insurance sales force [4][6] - Investment performance has been strong, with a notable increase in investment income, which is crucial for the company's overall performance [5][6] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a 58.4% growth in NBV, driven by a 65% increase in first-year premiums and a 353% increase in single premiums [6] - Total investment return rate and comprehensive investment return rate were reported at 5.9% and 6.3%, respectively [3] Profit Forecast and Valuation - The company is expected to achieve net profits of 29.7 billion, 28.6 billion, and 30.3 billion for the years 2025 to 2027, with growth rates of 13.3%, -3.7%, and 6.1% respectively [8] - The estimated intrinsic value per share for 2025-2027 is projected to be 92.8, 101.6, and 111.7 yuan, with current price-to-embedded value (P/EV) ratios of 0.68, 0.62, and 0.57 [8] Investment Strategy - The company is focusing on enhancing its bancassurance channel by increasing cooperation with more banks, which is expected to boost its performance [6] - The individual insurance sales force has shown signs of stabilization, with a significant increase in qualified personnel [6][12]