港股保险股多数下跌，中国太保(02601.HK)、新华保险(01336.HK)跌超3%，中国太平(00966.HK)、中国 人寿(02628.HK)、中国平安(02318.HK)跌超2%。 ...

保险行业点评 万能险机制功能和定位迎来重构 2025 年 04 月 27 日 分析师：张凯烽 研究助理：李劲锋 执业证号：S0100524070006 执业证号：S0100124080012 邮箱：zhangkaifeng@mszq.com 邮箱：lijinfeng_2@mszq.com [Table_Author] 推荐 维持评级 ➢ 事件：2025 年 4 月 25 日，国家金融监督管理总局发布《关于加强万能型 人身保险监管有关事项的通知》（以下简称《通知》），就产品开发、保障水平、账 户管理、资金运用和销售行为等方面进行了规范和调整。 ➢ 产品管理：强化万能险保障属性，拉长万能险期限。1）万能险定义，产品 设计和开发规范化：《通知》明确万能险定义，通过四项特征（如名称含"万能 型"、保障功能、单独账户、最低收益保证）来正式确定万能险产品，引导万能险 产品设计规范化发展，有利于杜绝部分产品设计和功能"异化"，同时有望加强消 费者权益保护，减少相关产品误导。2）万能险机制的适用险种，同时引导产品 长期化：《通知》仅允许终身寿险、两全保险和年金保险设计为万能型，定期寿险 被剔除，同时保障期限不得低于 5 年。 ...

未平仓空仓比减少最大的10只股票 | 股票名称 | 前次空仓数 | 本次空仓数 | 最新空仓比↓ | | --- | --- | --- | --- | | 药明康德(02359) | 6279.13 万股 | 6168.69 万股 | 15.94% | | 赣锋锂业(01772) | 5999.24 万股 | 5893.42 万股 | 14.60% | | BRILLIANCE CHI(01114) | 5.95 亿股 | 6.18 亿股 | 12.25% | | 中兴通讯(00763) | 1.03 亿股 | 9237.00 万股 | 12.23% | | 福莱特玻璃(06865) | 4910.85 万股 | 5379.25 万股 | 12.18% | | 万科企业(02202) | 3.24 亿股 | 2.59 亿股 | 11.75% | | 海信家电(00921) | 5277.63 万股 | 5371.67 万股 | 11.69% | | 中远海控(01919) | 3.01 亿股 | 3.44 亿股 | 10.75% | | 协鑫科技(03800) | 30.15 亿股 | 30.47 亿股 | ...

港股保险股午后集体走强，中国人民保险集团(01339.HK)涨3.7%，中国财险(02328.HK)、新华保险 (01336.HK)、中国平安(02318.HK)涨超2%。 ...

文/刘思嘉 中年职场的保险退路彻底断了。 曾几何时，"三个月买宝马"的财富传说与"时间自由"的柔性承诺，让保险业成为互联网、教培、地 产等裁员重灾区人员的首选避风港，而卖保险也被定义为中年人职场尽头的"兜底"。但如今，这条 退路正以肉眼可见的速度崩塌。 最新年报显示，2024年，五大上市险企人身险代理人数量已连续第五年呈下降趋势。而从全行业来 看，代理人数量已较2019巅峰时期的千万级减少超七成，相当于每月超10万从业者离开行业。 与此同时，行业资源正加速向高知代理人群体集中。据统计，在非标准体核保、法商税务规划等复杂 领域，掌握相关知识的3.8%的持证者收割了行业90%的高端订单，再加上AI的加速入局，保险作 为"职场退路"的温情面纱已被彻底撕碎。 01 保险神话"祛魅" 曾经，在大多数人眼中卖保险是门槛低的"维生"职业，不少人都将保险销售视为职业尽头的转型选 择或临时性过渡工作，因此导致保险代理人群体数量庞大、鱼龙混杂，2019年规模逼近千万大关。 据《2024中国保险中介市场生态白皮书》数据，2019年开始保险代理人数量呈现逐年下降趋势，截 至2023年末，人身险公司保险营销人员人数为281.34万人， ...

A股股票代码：601336 A股股票简称：新华保险 编号：2025-023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关于 召开2025年第一季度业绩说明会的公告 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。 重要内容提示： 一、业绩说明会类型 新华人寿保险股份有限公司（以下简称"公司"）拟于 2025 年 4 月 30 日在 上海证券交易所网站（www.sse.com.cn）披露 2025 年第一季度报告。为了便于 广大投资者更全面深入地了解公司 2025 年第一季度业绩和经营情况，公司拟于 2025 年 4 月 30 日召开业绩说明会，就投资者普遍关心的问题进行交流。 二、业绩说明会召开的时间、地点 （一）会议召开时间：2025 年 4 月 30 日（星期三）8:30-9:30 三、公司出席人员 公司高级管理人员和独立董事 四、投资者参加方式 投 资 者 可 于 2025 年 4 月 30 日 8:30-9:30 登 录 网 络 直 播 平 台 （https://s ...

Core Viewpoint - The growth in premium income does not necessarily lead to an increase in insurance service income, as evidenced by the 2024 annual reports of listed insurance companies [1][2]. Group 1: Insurance Service Income Trends - In 2024, the insurance service income of listed insurance companies showed divergence, with property insurance companies experiencing growth while life insurance companies saw declines [2][4]. - Among the five major listed insurance companies, property insurance firms like China Ping An, China Life Insurance, and China Pacific Insurance reported increases in insurance service income, while life insurance companies such as China Life and New China Life experienced declines [4]. - Specifically, the insurance service income for property insurance companies grew as follows: China Re Property Insurance at 485.22 billion yuan (up 6.1%), Ping An Property Insurance at 328.15 billion yuan (up 4.7%), and China Pacific Property Insurance at 191.40 billion yuan (up 8.1%) [4]. Group 2: Impact of New Accounting Standards - The implementation of the new insurance contract standards has changed how insurance income is reported, shifting from "insurance business income" to "insurance service income" [3][5]. - The difference in accounting treatment means that premium income is recognized upon receipt, while insurance service income is recognized over the service period, leading to potential discrepancies between the two metrics [5]. - The transition to the new standards has resulted in a lack of clarity and focus on the insurance service income metric, which is more complex and involves various assumptions and calculations [6][7]. Group 3: Future Outlook - As the industry gradually shifts to the new standards, the importance of insurance service income is expected to increase, particularly for life insurance companies that are moving towards high-quality development [7]. - The overall stability in insurance service income, despite some declines, indicates that companies are still managing to maintain a level of performance [6].

Core Insights - The growth in premium income does not necessarily lead to an increase in insurance service income, as revealed in the 2024 annual reports of listed insurance companies [1][4]. Group 1: Insurance Service Income Trends - In 2024, the insurance service income showed divergence among listed insurance companies, with property insurance companies experiencing growth while life insurance companies saw declines [2][4]. - Among the three major property insurance companies, all reported increases in insurance service income: China Pacific Insurance at 191.4 billion yuan (up 8.1%), Ping An Property at 328.1 billion yuan (up 4.7%), and China Re at 485.2 billion yuan (up 6.1%) [2]. - Conversely, four out of five listed life insurance companies reported declines in insurance service income, with China Life down 2%, Ping An Life down 0.1%, China Taiping down 2.3%, and Xinhua Insurance down 0.5%. However, China Re Life reported a significant increase of 23% [2][3]. Group 2: Impact of New Accounting Standards - The implementation of the new insurance contract standards has changed how insurance income is reported, shifting from premium income to insurance service income, which is recognized based on the progress of service delivery rather than upon receipt of premiums [4][5]. - The difference in accounting treatment means that while premium income can be recognized immediately, insurance service income is recognized over the service period, leading to potential discrepancies between the two metrics [4][5]. - The insurance industry is still transitioning to the new standards, and there is a lack of understanding and focus on the insurance service income metric among industry participants [5][6]. Group 3: Future Outlook - As the industry adapts to the new standards, the importance of insurance service income is expected to increase, particularly for life insurance companies that are moving towards high-quality development and should focus on value premiums rather than just scale [6][7]. - The complexity of the insurance service income metric, which involves various assumptions and calculations, has contributed to its lower visibility compared to traditional premium income [5][6].

Core Viewpoint - The 2025 Beijing Sub-Center Marathon successfully showcased the city's cultural and natural charm while highlighting the role of Xinhua Insurance as the official insurance sponsor, providing comprehensive support and services to participants throughout the event [1][10]. Group 1: Event Overview - The marathon attracted 15,000 runners and covered a distance of 42.195 kilometers, passing through iconic locations such as the Grand Canal Cultural Tourism Scenic Area and the Urban Green Heart Forest Park [1]. - Xinhua Insurance's volunteers actively supported runners along the route, ensuring a safe and smooth experience for all participants [1]. Group 2: Pre-Event Activities - Xinhua Insurance created an engaging "Xinhua Insurance & Chinese Athletics Association Member Service Station" display area, featuring interactive games and branded merchandise, which drew many participants to experience and engage [2]. Group 3: Community Engagement - The "Xinhua Running Team," composed of clients, running enthusiasts, and employees, made its debut, promoting a healthy lifestyle and demonstrating Xinhua Insurance's commitment to public fitness [3]. Group 4: On-Site Support - Cheerleaders from Xinhua Insurance energized the atmosphere with synchronized dances and enthusiastic cheers, serving as a strong support team for the runners [4]. - Volunteers provided essential services at supply stations, ensuring that every runner received necessary support during the race [5]. Group 5: Post-Event Experience - Xinhua Insurance's brand booth became a popular spot for runners post-race, featuring services like bib encapsulation and interactive technology, enhancing the overall experience with a modern and innovative touch [6]. - The integration of AI technology and interactive elements at the booth contributed to a vibrant and engaging environment, reinforcing the brand's image [6]. Group 6: Commitment to Safety - Xinhua Insurance's professional claims team was stationed at key points along the marathon route to ensure prompt response to any emergencies, demonstrating the company's commitment to safety and social responsibility [8].

Group 1 - The second batch of insurance fund long-term investment reform pilot has made significant progress, with TaiKang Asset Management receiving approval to establish a wholly-owned private fund management subsidiary [1][2] - TaiKang Asset will issue a contract-type private securities investment fund with an initial investment scale of 12 billion yuan (approximately 1.2 billion USD) from TaiKang Life, focusing on long-term investment strategies [2][3] - The pilot program aims to enhance the efficiency of insurance fund usage and improve asset-liability matching under new accounting standards, with a total approved scale of 162 billion yuan (approximately 16.2 billion USD) for the second batch [3][6] Group 2 - The first batch of pilot programs began in October 2023, with China Life and Xinhua Insurance each contributing 25 billion yuan (approximately 2.5 billion USD) to establish a 50 billion yuan (approximately 5 billion USD) company fund, which officially started investing in March 2024 [3][4] - The second batch has expanded from 5 billion yuan (approximately 500 million USD) to 162 billion yuan (approximately 16.2 billion USD), with the number of participating insurance companies increasing from 2 to 8 [3][5] - The pilot program is designed to facilitate the entry of long-term funds into the market, addressing investment barriers faced by insurance companies and enhancing their role as stabilizers in the capital market [6][8] Group 3 - The new contract-type funds will allow insurance companies to mitigate the impact of market volatility on their profit statements through specific accounting measures, such as equity method accounting and OCI classification [7][8] - The pilot program is expected to promote a positive interaction between insurance funds and the capital market, enhancing the depth and breadth of insurance capital participation [8]