本公告乃新華人壽保險股份有限公司（「本公司」）依據《香港聯合交易所有限公司證券 上市規則》第 13.10B 條規定而作出。茲載列該公告如下，僅供參閱。 承董事會命 新華人壽保險股份有限公司 楊玉成 董事長 中國北京，2025年7月31日 於本公告日期，本公司董事長、執行董事為楊玉成；執行董事龔興峰；非執行董 事為楊雪、毛思雪和胡愛民；及獨立非執行董事為馬耀添、賴觀榮、徐徐、郭永 清和卓志。 | 股证券代码： | 股证券代码：601336 | | --- | --- | | 01336 | | | H 股证券简称：新华保险 | 号 A 股证券简称：新华保险 编号：2025-043 | | H | A | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 海外監管公告 新华人寿保险股份有限公司 2024 年年度权益分派实施公告 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 ...

每股分配比例 A 股每股现金红利人民币1.99元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/8/7 | － | 2025/8/8 | 2025/8/8 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 | 股证券代码：601336 股证券代码： 01336 | | 编号：2025-043 号 | | | --- | --- | --- | --- | | | A H | 股证券简称：新华保险 股证券简称：新华保险 | | | | | | A H | 新华人寿保险股份有限公司 2024年年度权益分派实施公告 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： 本次利润分配方案经新华人寿保险股份有限公司（以下简称"本公司"）2025 年 6 月 27 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易 ...

Core Viewpoint - The A-share market is experiencing volatility, with a shift towards high-dividend assets as investors become cautious amid uncertain economic conditions and key events approaching [3][6][21]. Market Performance - The A-share indices showed mixed performance, with the Shanghai Composite Index up by 0.17% and the ChiNext Index down by 1.62% [1]. - Major blue-chip sectors such as banking, insurance, and oil & gas supported the indices, preventing a significant downturn [2][10]. - High-dividend sectors are gaining attention, with banks and insurance stocks showing resilience despite overall market weakness [10][15]. Sector Analysis - The banking sector led the gains, with a 0.52% increase and a net inflow of 1.12 billion [5][10]. - Other strong sectors included gaming (+0.59%), steel (+0.96%), and insurance (+0.43%) [5]. - Conversely, sectors like electric equipment, telecommunications, and computing faced declines [4]. Economic Events and Policies - The recent China-US trade talks in Stockholm did not yield significant breakthroughs, contributing to market caution [7]. - A key meeting of the Central Political Bureau discussed economic policies, emphasizing a proactive fiscal policy and a moderately loose monetary policy for the second half of the year [14][15]. - The meeting highlighted the importance of consumer spending and support for small and micro enterprises, indicating potential future policy measures to stimulate consumption [15][16]. Investment Sentiment - Investors are adopting a cautious approach due to upcoming significant economic data releases and corporate earnings reports from major tech companies [21][22]. - The market is also reacting to the potential implications of US tariff policies and trade negotiations, which could impact global market sentiment [23][24]. - There is a growing interest in high-dividend stocks as a safe haven amid market fluctuations [25].

Group 1 - The Hang Seng Index fell by 0.43%, down 109 points, while the Hang Seng Tech Index dropped by 1.57%. The morning trading volume in Hong Kong stocks was HKD 148.2 billion [1] - The Hang Seng Biotechnology Index rose by 1.77%, with notable gains from MicroPort Medical (00853) up 9.7%, MicroPort NeuroScience (02172) up over 8%, and Innovent Biologics (01801) up 4.85% [1] - WuXi AppTec (02359) increased by 2.24%, WuXi Biologics (02126) rose by 6.5%, and WuXi Biologics (02269) saw an increase of over 3% after announcing the construction of a modular biomanufacturing facility in Singapore [1] Group 2 - Mindray Medical-B (02160) surged by 8.8% as the company is expected to acquire and restructure the MicroPort cardiac rhythm management business, enhancing its product pipeline [2] - Insurance stocks continued to rise, with New China Life Insurance (01336) up 4.47% and China Life Insurance (02628) increasing by 1.5% [3] Group 3 - 361 Degrees (01361) rose by 6.5%, with the company showing steady revenue growth, and institutions expect strong revenue growth for the full year [4] - Dreamscape (01119) increased by 3.5% after signing a capitalization agreement with Playrix, bringing in a long-term strategic partner [5] Group 4 - GAC Group-B (01167) surged over 20% as a concerted action party increased its holdings by over 60,000 shares, raising its stake to 25.36% [6] - Semiconductor stocks collectively declined, with Hua Hong Semiconductor (01347) down 5.3%, SMIC (00981) down 3.9%, and ASMPT (00522) down 2.74% [6]

Market Overview - The Hang Seng Index fell by 0.43%, down 109 points, while the Hang Seng Tech Index decreased by 1.57%. The early trading volume in Hong Kong stocks was HKD 148.2 billion [1]. Biotechnology Sector - The Hang Seng Biotechnology Index rose by 1.77%. Notable gainers included MicroPort Medical (00853) up 9.7%, MicroPort NeuroTech (02172) up over 8%, and Innovent Biologics (01801) up 4.85% [1]. - WuXi AppTec (02359) increased by 2.24%, WuXi Biologics (02126) rose by 6.5%, and WuXi Biologics (02269) saw an increase of over 3% following the announcement of the construction of a modular biologics manufacturing facility in Singapore [1]. - Fosun Pharma (02196) gained over 5% after acquiring exclusive rights for the innovative Alzheimer's drug AR1001 [1]. - HeartCare Medical-B (02160) surged by 8.8% as the company is expected to acquire and restructure MicroPort's cardiac management business, enhancing its product pipeline [1]. Insurance Sector - Insurance stocks continued their upward trend, with New China Life Insurance (01336) rising by 4.47% to reach a new high, and China Life Insurance (02628) increasing by 1.5% [2]. Consumer Sector - 361 Degrees (01361) rose by 6.5%, with institutions expecting strong revenue growth for the full year [3]. - Dreamland (01119) increased by 3.5% after signing a capitalization agreement with Playrix, bringing in a strategic shareholder from the upstream development sector [4]. Semiconductor Sector - Gako Technology-B (01167) surged over 20% as a concerted action party increased its stake by over 60,000 shares, raising its total holding to 25.36% [5]. - Semiconductor stocks collectively declined, with Huahong Semiconductor (01347) down 5.3%, SMIC (00981) down 3.9%, and ASMPT (00522) down 2.74%. Nvidia's order for 300,000 H20 chips and Morgan Stanley's comments on the potential impact of the 520 unlock on local industry sentiment contributed to this decline [5].

Group 1 - The core viewpoint of the article is that 130 Chinese companies made it to the 2025 Fortune Global 500 list, with 7 insurance companies included, and most of them improved their rankings compared to the previous year [1][2][3] Group 2 - The 7 Chinese insurance companies on the list are China Life Insurance Group (ranked 45), Ping An Insurance Group (ranked 47), People's Insurance Group of China (ranked 141), China Pacific Insurance (ranked 251), Taikang Insurance Group (ranked 334), AIA Group (ranked 417), and New China Life Insurance (ranked 498) [2][3] - China Life's revenue for 2024 is approximately $160.28 billion, while Ping An's is about $158.63 billion, People's Insurance's is around $86.48 billion, China Pacific's is about $56.16 billion, Taikang's is approximately $45.46 billion, AIA's is around $37.61 billion, and New China's is about $32.29 billion [2][3] Group 3 - China Life improved its ranking from 59 to 45, Ping An from 53 to 47, People's Insurance rose 17 places to 141, and China Pacific saw the largest increase of 80 places to 251 [3] - Taikang Insurance has been on the list for eight consecutive years, moving up 47 places to 334, AIA improved by 29 places to 417, and New China returned to the list at 498 after being absent the previous year [3] Group 4 - The total revenue of the companies on the Fortune Global 500 list is approximately $41.7 trillion, which is more than one-third of the global GDP, showing a growth of about 1.8% from the previous year [3] - The threshold for inclusion in the list increased from $32.1 billion to $32.2 billion, and the total net profit of the listed companies grew by approximately 0.4% to around $2.98 trillion [3]

Group 1 - The 2025 Fortune Global 500 list includes 130 Chinese companies, with 120 from mainland China, 4 from Hong Kong, and 6 from Taiwan [1] - The total revenue of Chinese companies on the list for 2024 is approximately $10.7 trillion, with State Grid Corporation of China leading at $548.4 billion and China General Technology Group at the bottom with $32.3 billion [1] - JD.com ranks highest among private enterprises with a revenue of $161.055 billion for 2024 [1] Group 2 - Among the 33 cities with Fortune Global 500 companies, Beijing, Shanghai, and Shenzhen are the top three, with Beijing having 46 companies [2] - Shanghai has a total of 12 companies, while Shenzhen has 9, with Ping An Insurance ranking highest in Shenzhen at 47th place with a revenue of $158.627 billion [2] - BYD's ranking improved significantly by 52 places due to its leading position in global electric vehicle sales, marking its first entry into the top 100 [2]

Group 1 - The central bank's sudden interest rate cut has positively impacted the A-share market, with the Shanghai Composite Index closing at 3597.94 points, a slight increase of 0.12% [1] - The ChiNext Index showed the strongest performance, rising by 0.96% and reaching a new high for the year, with a technical target of 3674 points [1][3] - The PCB sector experienced a significant rally, with Shenghong Technology's stock price increasing by over 12%, bringing its total market value to 150 billion [7] Group 2 - The Shanghai Composite Index is steadily climbing along the five-day moving average, which has recently flattened and shows signs of a potential downward turn [5] - Historical patterns suggest that a downward turn in the five-day moving average could lead to a correction of 3-5%, translating to a drop of approximately 120 to 150 points for the Shanghai Composite Index [5] - The market is currently in a phase of high volatility, with strong competition between bullish and bearish forces, indicating that significant changes in market direction may not occur until key events unfold [3][5]

Investment Rating - The industry investment rating is "Positive" (first time) [4] Core Viewpoints - The adjustment of the preset interest rates for life insurance products is a response to the regulatory policies set by the China Banking and Insurance Regulatory Commission at the beginning of the year [6][7] - The current research value for ordinary life insurance products is 1.99%, leading to a reduction in the maximum preset interest rates for various insurance products [4][5] - The adjustment is expected to effectively lower the liability costs for insurance companies and guide them towards transforming into dividend insurance products, which have a floating interest rate characteristic [7] Summary by Sections Industry Performance - The report highlights the performance of the insurance sector and the impact of the preset interest rate adjustments on the market [2] Regulatory Changes - The China Insurance Industry Association held a meeting to discuss the preset interest rates, resulting in a new maximum preset interest rate of 2.0% for ordinary life insurance products and 1.75% for dividend insurance products [4][5] Market Expectations - The adjustment of preset interest rates was in line with market expectations, although the asymmetric decline in traditional and dividend insurance rates was slightly ahead of market predictions [6] - The new preset interest rate limits will take effect on August 31, 2025, which is earlier than anticipated [6] Future Challenges - Insurance companies will face challenges in enhancing their sales capabilities for savings insurance as the gap between policy preset rates and bank deposit rates narrows [6] - The implementation of a new regulatory framework for insurance sales qualifications will require agents to hold relevant certifications for selling dividend insurance, adding pressure on companies to train their sales personnel [6] - The asset allocation requirements for dividend accounts will be higher compared to traditional accounts, testing the investment capabilities of insurance companies [6]

Core Viewpoint - The 2024 life insurance industry has seen a decline in employee compensation and a historical low in the salary-to-premium ratio, indicating potential challenges in operational efficiency and profitability [2][14]. Group 1: Salary and Premium Ratio Analysis - In 2024, the total employee compensation in the life insurance industry was 108.5 billion yuan, a decrease of 4.6% year-on-year, with a salary-to-premium ratio of 3.4%, down 0.5 percentage points, marking a 15-year low [2][14]. - The "TOP7+1" companies (including major players like China Life and Ping An) had a salary-to-premium ratio of 3.3%, which is significantly lower than that of small and medium-sized insurance companies, which stood at 3.7% [17][18]. - The average salary-to-premium ratio for 70 life insurance companies over the past five years was 4.0%, with a median of 4.9%, and 11 companies exceeding 10% [5][28]. Group 2: Impact on Return on Equity (ROE) - The salary-to-premium ratio has a significant negative impact on a company's ROE, with each 1 percentage point increase in the ratio leading to a 0.37 percentage point decrease in ROE [24][25]. - The empirical model constructed to analyze this relationship included variables such as company size and channel type, confirming the negative correlation between salary-to-premium ratio and ROE [24][25]. Group 3: Historical Trends - The salary-to-premium ratio has shown a declining trend since 2018, with a notable acceleration in the decline for small and medium-sized insurance companies since 2019 [16][18]. - The ratio increased from 4.2% in 2010 to a peak of 5.3% in 2015, followed by a steady decline to the current levels [16][18]. Group 4: Employee Compensation Insights - The life insurance industry employed approximately 345,000 individuals in 2023, with an average compensation and benefits level of 330,000 yuan [10][22]. - The fluctuation in employee numbers has shown a slight decline, while average compensation has seen minor increases over recent years [10][22].