1、 国家发展改革委会同商务部、市场监管总局29日发布 《关于开展市场准入壁垒清理整治行动 促进全国统一大市场建设的通知》 ，进一步大力破 除市场准入壁垒，全面清理和整改违规设置市场准入壁垒的各类不合理规定和做法，建立健全线索归集、核实整改、案例通报等长效机制，让"非禁即 入"落地生根，营造公平的市场准入环境。 本次清理整治的重点是，以地方性法规、规章、行政规范性文件、其他政策性文件等形式设立和实行的违反 市场准入制度要求的各类规定文件，以及各级政府违规设置市场准入壁垒的各类做法情形。 今日导读 1. 记者获悉，近日，国家发展改革委已印发通知，会同财政部及时向地方追加下达今年第二批810亿元超长期特别国债资金，继续大力 支持消费品以旧换新。 国家发展改革委副主任赵辰昕4月28日表示，今年前两批消费品以旧换新资金一共下达超过1600亿元，后续还 有1400亿元左右，会根据各地支付进度陆续下达。 2. 贵州茅台(600519)4月29日晚间发布一季报，2025年第一季度营收为506.01亿元，同比增长10.54%；归母净利润为268.47亿元，同比 增长11.56%。 3. 新华保险4月29日晚间公告称，经董事会 ...

据《北京商报》报道，北京市委财经委近日审议通过并印发了《北京市促进民营经济健康发展高质量发 展2025年工作要点》。其中提出，保持对民营企业稳定有效的增量信贷供给，加大对小微企业首贷、续 贷、信用贷支持力度，推动地方政府性融资担保机构重点为单户担保金额1000万元及以下的小微企业提 供担保服务。以往为满足在生产经营过程中短期资金需求，企业可以向银行方面申请流动资金贷款。但 这种贷款的年限时间较短，往往不超过5年。流动资金贷款期限将放宽至10年，进一步降低民营企业融 资压力。 NO.2人社部：截至3月底，全国基本养老保险基金委托投资规模2.4万亿元 ｜2025年4月30日星期三｜ NO.1北京对民营企业流动资金贷款期限将放宽至10年 据新华社报道，4月29日，第八届数字中国建设峰会在福建福州开幕，数据显示，2024年，我国数字经 济提档加速，数字经济核心产业增加值占GDP比重10%左右，数据要素市场日趋活跃，数据生产总量达 4月29日，人社部表示，社保基金监督管理和投资运营稳步推进。开展2025年安全警示教育活动。常态 化推进委托投资工作，截至3月底，全国基本养老保险基金委托投资规模2.4万亿元。下一步，促进基 ...

中国平安保险（集团）股份有限公司（以下简称"中国平安"）一季度实现归属于母公司股东的营运利润 379.07亿元，同比增长2.4%。其寿险及健康险业务新业务价值达128.91亿元，同比增长34.9%。其中， 代理人渠道新业务价值同比增长11.5%，银保渠道新业务价值同比增长170.8%。一季度，中国平安旗下 平安产险实现原保险保费收入851.38亿元，同比增长7.7%；整体综合成本率96.6%，同比优化3.0个百分 点。 同期，中国太平洋保险（集团）股份有限公司（以下简称"中国太保"）旗下太保寿险实现规模保费 1184.22亿元，同比增长11.8%；新业务价值57.78亿元，可比口径下同比增长39.0%。中国太保旗下太保 产险实现收入稳定增长、效益显著提升，取得原保险保费收入631.08亿元，同比增长1.0%。 归母净利润最高增长超四成 业务运营整体平稳 2025年一季度，中国经济起步平稳，延续回升向好态势，A股上市险企业务经营整体平稳。 具体来看，一季度，中国人寿保险股份有限公司（以下简称"中国人寿"）总保费达3544.09亿元，同比 增长5.0%。其中，续期保费为2469.75亿元，同比增长9.7%。该公司 ...

4月29日，新华保险披露2025年一季报。 资事堂发现：新华保险在今年一季度的保费增长非常强劲。 数据显示：2025年一季度，公司实现原保险保费收入732.18亿元，同比增长28.0%；长期险首年保费272.36亿元，同比增长149.6%。 其中，长期险首年期交保费194.71亿元，同比增长117.3%；长期险首年趸交保费收入77.65亿元，同比增长298.4%。 一季度，个险渠道实现保费收入445.53亿元，同比增长11.9%；长期险首年保费120.17亿元，同比增长131.5%；团体渠道实现保费收入17.76亿元， 同比增长18.6%。 公告显示：2025年一季度，新华保险营业收入334亿元，同比增长超26%；归属于母公司股东的净利润58.82亿元，同比增长19%。 一季报还显示，新华保险今年一季度投资收益接近百亿元大关，对净利润拉动明显。 此外，新华保险亦公告，即将再次斥资100亿认购鸿鹄二期私募基金，进一步扩大长期投资股票的规模。 保费增长显著 公司报表显示：新华保险今年一季度投资收益接近百亿元大关。 结合公开资料：今年开年以来新华保险陆续举牌杭州银行（A股）、北京控股（港股）等上市公司。 再度加码1 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Views - The company demonstrated strong performance on both asset and liability sides, with a notable year-on-year increase in net profit and new business value (NBV) [5][7] - The company's net profit for Q1 2025 reached 5.882 billion yuan, reflecting a year-on-year growth of 19.0% [5] - The NBV saw an impressive year-on-year increase of 67.9%, driven by a strong performance in new business, particularly in long-term insurance [5][9] Financial Data and Profit Forecast - The company is projected to achieve a net profit of 26.902 billion yuan in 2025, with a year-on-year growth of 2.56% [8][10] - The estimated total revenue for 2025 is 100.98 billion yuan, representing a year-on-year decline of 23.82% [8][10] - The company's price-to-earnings (P/E) ratio for 2025 is estimated at 5.52, while the price-to-embedded value (P/EV) is projected at 0.53 [8][10] Business Segment Performance - The individual insurance segment saw a year-on-year increase of 122.8% in new business, reaching 12.312 billion yuan [9] - The bancassurance channel also experienced significant growth, with new business increasing by 168.1% year-on-year to 15.060 billion yuan [9]

| A股股票代码：601336 | A股股票简称：新华保险 | 编号：2025-025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 第七届监事会第五十四次会议决议公告 新华人寿保险股份有限公司监事会及全体监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"）于 2025 年 4 月 18 日以电 子邮件方式向全体监事发出第七届监事会第五十四次会议（以下简称"会议"） 通知和材料，会议于 2025 年 4 月 29 日在北京市以现场会议方式召开。会议应到 监事 4 人，现场出席监事 4 人。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》（以下简称"《公司章程》"）和《新华人寿 保险股份有限公司监事会议事规则》的有关规定，所作的决议合法、有效。 会议由公司监事长刘德斌主持，经与会监事审议和现场表决，形成如下会议 决议： 一、审议通过了《关于 2025 年第一季度报告的议案》。 监事会 ...

A股股票代码：601336 A股股票简称：新华保险 编号：2025-024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 第八届董事会第三十二次会议决议公告 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 确性和完整性承担法律责任。 新华人寿保险股份有限公司（以下简称"公司"）于 2025 年 4 月 15 日以电 子邮件方式向全体董事发出第八届董事会第三十二次会议（以下简称"会议"） 通知和材料，会议于 2025 年 4 月 29 日在北京市以现场方式召开。会议应到董事 10 人，现场出席董事 10 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 2025 年第一季度报告的议案》。 公司董事会审计与关联交易控制委员会已审议通过此项议案。 具体内容详见公司同 ...

Performance Summary - Industrial and Commercial Bank of China (01398.HK) reported Q1 revenue of 204.688 billion yuan, a decrease of 2.61% year-on-year, and a net profit of 84.156 billion yuan, down 3.99% [3] - China Construction Bank (00939.HK) had Q1 operating income of 185.99 billion yuan, down 4.76% year-on-year, with a net profit of 83.351 billion yuan, also down 3.99% [3] - Agricultural Bank of China (01288.HK) achieved Q1 revenue of 186.735 billion yuan, an increase of 0.32% year-on-year, and a net profit of 71.931 billion yuan, up 2.2% [3] - Bank of China (03988.HK) reported Q1 revenue of 164.911 billion yuan, an increase of 2.41% year-on-year, but a net profit of 58.644 billion yuan, down 2.22% [3] - Postal Savings Bank of China (01658.HK) had Q1 revenue of 89.406 billion yuan, a slight decrease of 0.1%, and a net profit of 25.246 billion yuan, down 2.62% [3] - China Merchants Bank (03968.HK) reported Q1 revenue of 83.731 billion yuan, down 3.11% year-on-year, with a net profit of 37.286 billion yuan, down 2.08% [3] - Bank of Communications (03328.HK) had Q1 net operating income of 66.44 billion yuan, down 1.13%, but a net profit of 25.372 billion yuan, up 1.54% [3] - HSBC Holdings (00005.HK) reported Q1 revenue of 17.649 billion USD, down 14.95%, and a post-tax profit of 7.57 billion USD, down 30.15% [3] - China People's Insurance Group (01339.HK) achieved Q1 revenue of 156.589 billion yuan, up 12.8%, and a net profit of 12.849 billion yuan, up 43.4% [3] - China Life Insurance (02628.HK) reported Q1 revenue of 110.177 billion yuan, down 8.9%, but a net profit of 28.802 billion yuan, up 39.5% [3] - New China Life Insurance (01336.HK) had Q1 revenue of 33.402 billion yuan, up 26.1%, and a net profit of 5.882 billion yuan, up 19% [3] - China National Petroleum Corporation (00857.HK) reported Q1 revenue of 753.108 billion yuan, down 7.3%, but a net profit of 46.809 billion yuan, up 2.3% [3] - CNOOC (00883.HK) had Q1 revenue of 106.854 billion yuan, down 4.1%, and a net profit of 36.563 billion yuan, down 7.9% [3] - Huadian International Power (01071.HK) reported Q1 revenue of 26.577 billion yuan, down 14.14%, but a net profit of 1.93 billion yuan, up 3.66% [3] - China International Marine Containers (01880.HK) had Q1 revenue of 16.746 billion yuan, down 10.96%, and a net profit of 1.938 billion yuan, down 15.98% [3] - Air China (00753.HK) reported Q1 revenue of 40.023 billion yuan, down 0.11%, with a net loss of 2.044 billion yuan, an increase of 22.07% [3] - CITIC Securities (06030.HK) achieved Q1 revenue of 17.761 billion yuan, up 29.13%, and a net profit of 6.545 billion yuan, up 32% [3] - China Galaxy Securities (06881.HK) reported Q1 revenue of approximately 7.558 billion yuan, up 4.77%, and a net profit of approximately 3.016 billion yuan, up 84.86% [3] - CITIC Construction Investment Securities (06066.HK) had Q1 operating income of 4.919 billion yuan, up 14.54%, and a net profit of 1.843 billion yuan, up 50.07% [3] - Huatai Securities (06886.HK) reported Q1 revenue of approximately 8.232 billion yuan, up 34.83%, and a net profit of approximately 3.642 billion yuan, up 58.97% [3] - China Railway Construction (01186.HK) had Q1 revenue of 256.762 billion yuan, down 6.61%, and a net profit of 5.151 billion yuan, down 14.51% [3] - China Energy Engineering (03996.HK) reported Q1 revenue of 100.371 billion yuan, up 3.05%, and a net profit of 1.612 billion yuan, up 8.83% [3] - Times Electric (03898.HK) achieved Q1 revenue of 4.537 billion yuan, up 14.81%, and a net profit of 631 million yuan, up 13.42% [3] - Midea Group (00300.HK) reported Q1 revenue of 127.839 billion yuan, up 20.49%, and a net profit of 12.422 billion yuan, up 38.02% [3] - WH Group (00288.HK) had Q1 revenue of 6.554 billion USD, up 6.0%, and a profit of 364 million USD, up 20.9% [3] - Suncity Group (00880.HK) reported Q1 total revenue of 7.48 billion HKD, up 8.1%, and a net profit of 31 million HKD, turning profitable [3] - COSCO Shipping Ports (01199.HK) had Q1 revenue of 3.82 billion USD, up 14.7%, and a net profit of 839 million USD, up 33.5% [3] - Flat Glass Group (06865.HK) reported Q1 revenue of 4.079 billion yuan, down 28.76%, and a net profit of 106 million yuan, down 86.03% [3] - Zoomlion Heavy Industry (01157.HK) achieved Q1 revenue of 12.117 billion yuan, up 2.92%, and a net profit of 1.41 billion yuan, up 53.98% [3] - Ganfeng Lithium (01772.HK) reported Q1 revenue of approximately 3.772 billion yuan, down 25.43%, with a net loss of approximately 356 million yuan, narrowing by 18.93% [3] - Qingdao Port (06198.HK) had Q1 revenue of 4.807 billion yuan, up 8.51%, and a net profit of 1.402 billion yuan, up 6.51% [3] - China Shipbuilding Defense (00317.HK) reported Q1 revenue of approximately 3.641 billion yuan, up 29.73%, and a net profit of approximately 184 million yuan, up about 11 times [3] - Baiyunshan Pharmaceutical (00874.HK) had Q1 revenue of 22.473 billion yuan, down 2.06%, and a net profit of 1.821 billion yuan, down 6.99% [3] Investment Activities - New China Life Insurance (01336.HK) plans to invest no more than 10 billion yuan to subscribe to a private fund [4] - China Life Insurance (02628.HK) intends to invest 2 billion yuan to establish a partnership [4] Contract Signing - China Metallurgical Group (01618.HK) reported a new contract signing amount of 230.66 billion yuan in Q1, a decrease of 27.2% year-on-year, with overseas contracts amounting to 12.04 billion yuan, down 35.7% [5] Energy Production - Xin Tian Green Energy (00956.HK) completed power generation of 4.5442 million MWh in Q1, an increase of 10.37% year-on-year [6] - China Power (02380.HK) reported total electricity sales of 30.7477 million MWh in the first three months, up 2.59% year-on-year, with March sales of 10.9617 million MWh, up 3.95% [6] - Qingdao Port (06198.HK) achieved a total cargo throughput of 177 million tons in the first three months, up 2.9% year-on-year [6] Licensing Agreement - Fuhong Hanlin (02696.HK) entered into a licensing agreement with Sandoz AG for the commercialization of HLX13 in specified regions [6] Privatization Offer - Dingsheng Creation (00113.HK) received a privatization offer at a premium of approximately 50.63%, with a maximum cash consideration of about 1.0986 billion HKD [7] Share Buybacks - AIA Group (01299.HK) repurchased shares for 342.6 million HKD, buying back 6.2592 million shares at prices between 54.25 and 55.35 HKD [8] - J&T Express-W (01519.HK) repurchased shares for 9.2485 million HKD, buying back 1.54 million shares at prices between 5.98 and 6.03 HKD [8]

Core Viewpoint - The collaboration between Xinhua Insurance and China Life to establish a new private equity fund of 20 billion yuan reflects a strategic move to enhance long-term investment in the stock market, aligning with national policies to promote the entry of long-term capital into the market [1][3][4]. Group 1: Fund Establishment - Xinhua Insurance and China Life will each invest 10 billion yuan to set up the Honghu Zhiyuan Phase II Fund, with a total fund size of 20 billion yuan [1][3]. - The fund will primarily invest in large listed companies that are constituents of the CSI A500 index, focusing on A+H shares [3][4]. - The fund's investment strategy emphasizes long-term holding and stable dividend returns, aiming for capital preservation and appreciation [3][4]. Group 2: Previous Fund Performance - The previously established Honghu Zhiyuan Fund, with a total size of 50 billion yuan, has successfully invested in companies such as Shaanxi Coal and China Telecom, achieving returns that are lower in risk and higher than benchmarks [5][6]. - As of the first quarter of 2025, the Honghu Zhiyuan Fund held significant stakes in Shaanxi Coal (1.16 billion shares), China Telecom (76.17 million shares), and Yili Group (153 million shares), with respective market values of 2.305 billion yuan, 5.980 billion yuan, and 4.290 billion yuan [5][6]. Group 3: Regulatory Environment - The establishment of the new fund aligns with the national initiative to encourage long-term capital investment in the stock market, as outlined in the implementation plan issued by six ministries in January 2024 [6][7]. - The approval of the second batch of long-term investment pilot programs by the National Financial Regulatory Administration has expanded the scale of insurance capital investment to 162 billion yuan, involving eight insurance companies [7].

Financial Performance - In Q1 2025, the company achieved operating revenue of RMB 33,402 million, representing a 26.1% increase compared to RMB 26,479 million in the same period last year[4] - The net profit attributable to shareholders of the parent company was RMB 5,882 million, up 19.0% from RMB 4,942 million year-on-year[4] - The net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was RMB 5,923 million, reflecting a 19.6% increase from RMB 4,953 million in the previous year[4] - Total revenue for the three months ended March 31, 2025, reached RMB 33,402 million, a significant increase from RMB 26,479 million in the same period of 2024, representing a growth of approximately 26.5%[32] - Net profit for the three months ended March 31, 2025, was RMB 5,883 million, compared to RMB 4,943 million for the same period in 2024, reflecting an increase of about 19.0%[32] Earnings and Profitability - The basic and diluted earnings per share attributable to shareholders of the parent company were both RMB 1.89, a 19.6% increase from RMB 1.58 year-on-year[5] - The company reported a basic earnings per share of RMB 1.89 for the three months ended March 31, 2025, compared to RMB 1.58 for the same period in 2024, reflecting an increase of about 19.6%[33] - The company experienced a total comprehensive loss of RMB 16,355 million for the three months ended March 31, 2025, compared to a loss of RMB 11,060 million in the same period of 2024[33] Cash Flow and Liquidity - The company's cash flow from operating activities was RMB 33,588 million, down 10.8% from RMB 37,658 million in the same period last year[5] - The net cash flow from operating activities for the three months ended March 31, 2025, was RMB 33,588 million, a decrease from RMB 37,658 million in the same period of 2024[35] - The company’s investment activities generated a net cash outflow of RMB 25,266 million for the three months ended March 31, 2025, compared to a net inflow of RMB 8,262 million in the same period of 2024[35] - The net cash flow from financing activities was negative at RMB 5,085 million for the three months ended March 31, 2025, compared to a negative RMB 42,439 million for the same period in 2024[36] - The ending balance of cash and cash equivalents reached RMB 41,644 million, up from RMB 25,355 million a year earlier[36] Investment Performance - The annualized total investment return for Q1 2025 was 5.7%, while the annualized comprehensive investment return was 2.8%[25] - Investment income for the three months ended March 31, 2025, was RMB 9,772 million, compared to RMB 9,650 million in the same period of 2024, showing a slight increase of 1.3%[32] Insurance Premiums and Business Growth - The company reported a 28.0% year-on-year increase in original insurance premium income, totaling RMB 73,218 million in Q1 2025[17] - The first-year premium income for long-term insurance reached RMB 27,236 million, a significant increase of 149.6% year-on-year[17] - The new business value increased by 67.9% year-on-year, driven by rapid growth in first-year premium income and improved business quality[18] - The original insurance premium income for Q1 2025 was RMB 73,218 million, representing a 28.0% increase compared to RMB 57,193 million in Q1 2024[21] - Individual insurance channel achieved premium income of RMB 44,553 million in Q1 2025, up 11.9% year-on-year from RMB 39,821 million[24] - The first-year premium for long-term insurance in the individual channel reached RMB 12,017 million, a significant increase of 131.5% compared to RMB 5,191 million in the same period last year[24] - The bancassurance channel reported premium income of RMB 26,889 million, reflecting a 69.4% year-on-year growth from RMB 15,875 million[24] - The first-year premium for long-term insurance in the bancassurance channel was RMB 15,057 million, up 168.2% from RMB 5,615 million in Q1 2024[24] - Group insurance channel generated premium income of RMB 1,776 million, an 18.6% increase from RMB 1,497 million in the previous year[22] Assets and Liabilities - The total assets at the end of the reporting period were RMB 1,753,416 million, an increase of 3.6% from RMB 1,692,297 million at the end of the previous year[5] - The company’s total liabilities as of March 31, 2025, were RMB 1,673,537 million, compared to RMB 1,596,028 million at the end of 2024[30] - The total equity attributable to shareholders of the parent company was RMB 79,849 million as of March 31, 2025, down from RMB 96,240 million at the end of 2024[30]