Investment Rating - The report maintains a "Positive" outlook on the non-bank financial industry, indicating an expectation for the sector to outperform the overall market [2]. Core Insights - The recent notification from the Financial Regulatory Bureau expands the investment scope for insurance funds, allowing direct investments in unlisted companies and broadening the range of investable industries to include technology, big data, and modern agriculture [2]. - As of the end of 2024, the balance of long-term equity investments by insurance funds reached 2.46 trillion yuan, accounting for 7.4% of total investments, suggesting a shift towards equity investments to enhance returns amid declining long-term interest rates [2]. - The report highlights the potential for insurance companies to optimize asset allocation and support the real economy through these new investment opportunities [2]. Summary by Sections Market Review - The Shanghai Composite Index closed at 3,861.50 with a decline of 1.4% during the week of March 31 to April 4, 2025, while the non-bank index closed at 1,763.44, down 1.3% [5]. - The insurance sector saw a slight decline of 0.7%, while the multi-financial sector increased by 0.3% [5]. Non-Bank Industry Insights - The report notes that the insurance sector's performance is influenced by regulatory changes, with a focus on enhancing the investment landscape for insurance funds [2]. - The brokerage sector experienced a decline of 1.78%, with a notable increase in trading activity, as evidenced by a 70.2% year-on-year increase in stock trading volume for Q1 2025 [2]. Key Data Tracking - As of April 3, 2025, the average daily trading volume was 11,014.61 billion yuan, reflecting a decrease of 27.91% compared to the previous month [35]. - The margin trading balance reached 19,120.12 billion yuan as of April 2, 2025, indicating a growth of 474.29 billion yuan since the beginning of the year [37].

Core Viewpoint - Xinhua Insurance has increased its stake in Beijing Enterprises Holdings Limited, acquiring an additional 150,000 shares, bringing its total ownership to approximately 5% of the company's total issued shares [1][2]. Group 1: Investment Activity - Xinhua Insurance acquired 150,000 shares of Beijing Enterprises on March 26, 2025, through a secondary market auction, which represents 0.01% of the total issued shares [1][2]. - Prior to this acquisition, Xinhua Insurance held 6,278,850 shares, which accounted for 4.99% of Beijing Enterprises' total issued shares [2]. - After the transaction, the total shares held by Xinhua Insurance increased to 62,938,500, representing 5% of the total issued shares of Beijing Enterprises [2]. Group 2: Financial Performance of Beijing Enterprises - In 2024, Beijing Enterprises reported a revenue of 84.064 billion yuan, reflecting a year-on-year growth of 2.13% [1]. - The net profit attributable to the parent company for 2024 was 5.123 billion yuan, which is a decline of 6.82% compared to the previous year [1]. - The basic earnings per share for Beijing Enterprises stood at 4.07 yuan [1]. Group 3: Strategic Rationale - Xinhua Insurance plans to categorize its investment in Beijing Enterprises as part of its equity investment management strategy [3]. - The company has been actively increasing its stakes in various listed companies since 2024, including Shanghai Pharmaceuticals and GuoYao Group, indicating a strategic shift towards equity investments [3]. - The Vice President of Xinhua Insurance stated that the company's investment activities are aimed at achieving long-term stable returns while adapting to current market conditions [3]. Group 4: Industry Trends - Since 2024, multiple insurance companies have been actively increasing their stakes in various sectors, including banking and utilities [3][4]. - For instance, Ping An Life has triggered multiple stake increases in banks such as China Merchants Bank and Postal Savings Bank [3]. - Longcheng Life has also shown a preference for infrastructure-related stocks, increasing its holdings in companies like Datang Renewable and China Water Affairs [4]. Group 5: Market Conditions - According to GuoXin Securities, insurance companies are facing pressure on their asset side due to declining long-term interest rates and ongoing volatility in the equity market [5]. - The report suggests that insurance companies are likely to continue increasing their allocation to high-dividend and high-capital appreciation potential stocks to meet long-term and stable demand [5]. - The strategy of acquiring stakes in listed companies is seen as a way to smooth accounting profits and reduce volatility in investment returns [5].

Core Viewpoint - Xinhua Insurance has increased its stake in Beijing Holdings to 5% through secondary market transactions, marking its second stake increase this year, following its acquisition of Hangzhou Bank in January [1][2][5]. Group 1: Company Actions - Xinhua Insurance announced the acquisition of an additional 150,000 shares of Beijing Holdings, raising its total holdings to 62,938,500 shares, which represents 5% of the company's total equity [3][4]. - The company has been active in the capital market, having previously increased its stakes in several companies, including China National Pharmaceutical Group, Shanghai Pharmaceuticals, and Haitong Securities [5][6]. Group 2: Financial Metrics - As of March 26, Xinhua Insurance's equity assets amounted to 317.47 billion yuan, accounting for 21.13% of its total assets, which were reported at 1,692.297 billion yuan with a net asset value of 96.24 billion yuan [4][6]. - The solvency ratio of Xinhua Insurance stands at 217.55%, indicating a strong capital position [4]. Group 3: Market Trends - The insurance sector has seen increased activity in the capital markets, with several major insurance companies, including China Life and Ping An Life, participating in stake increases across 13 listed companies this year [6]. - The banking sector has emerged as a favored investment area for insurance capital, followed by public utilities and energy companies, reflecting a strategic focus on stable and high-quality companies [6].

Group 1 - Xinhua Insurance increased its stake in Beijing Enterprises Holdings by acquiring 150,000 shares, raising its ownership to 62.9385 million shares, which is 5.00% of the total issued shares, triggering a mandatory disclosure [1] - The market value of Xinhua Insurance's holdings in Beijing Enterprises is approximately HKD 1.94 billion [1] - Beijing Enterprises reported a revenue of HKD 84.064 billion for 2024, a year-on-year increase of 2.13%, but its net profit decreased by 6.82% to HKD 5.123 billion [1] Group 2 - This is the second time Xinhua Insurance has made a significant stake acquisition in 2023, having previously acquired 5.45% of Hangzhou Bank from the Commonwealth Bank of Australia, increasing its stake to 5.87% [2] - The trend of frequent stake acquisitions by insurance companies reflects a broader pattern, with over six insurance firms having made stake acquisitions in 13 listed companies since 2025 [2] - The focus of these acquisitions is primarily on bank stocks and public utility stocks, with five of the 13 targeted companies being banks, indicating a preference for high-dividend assets in a low-interest-rate environment [2]

Core Viewpoint - The trend of long-term funds investing in A-shares through ETFs is expected to continue throughout 2024, with significant purchases from institutions like Huijin and insurance funds [2][14]. Group 1: Huijin's Increased Holdings - In the second half of 2024, Huijin's investment strategy focused on core broad-based ETFs, with Huijin Asset Management being the main buyer, acquiring 713.58 million ETF shares [3]. - Huijin Asset Management increased its holdings in several ETFs, including Huatai-PineBridge CSI 300 ETF and E Fund CSI 300 ETF, with respective purchases of 258.93 million and 190.11 million shares [3]. - Huijin Investment's actions were primarily concentrated in the first half of 2024, with a notable increase in holdings of the E Fund CSI 500 ETF by 13.86 million shares, while reducing its holdings in the E Fund CSI 300 ETF by 273.80 million shares due to fund share consolidation [4][5]. Group 2: Insurance Funds' Participation - Insurance companies have become a significant source of incremental funds in the ETF market, with China Life and New China Life increasing their ETF holdings by 79.82 million and 78.97 million shares, respectively [8][9]. - Unlike Huijin, insurance funds have adopted a broader investment strategy, focusing on both core broad-based ETFs and industry-themed ETFs, such as the CSI Internet ETF and the ChiNext 50 ETF [9][10]. - By the end of December 2024, China Life held 123 ETFs with a total of 653.19 million shares, while New China Life held 68 ETFs with 291.81 million shares [10][11]. Group 3: Signals for Future ETF Development - The continuous investment by Huijin and insurance funds in ETFs signals a strong policy support for the development of index-based investments in China [15][16]. - The influx of long-term funds is expected to drive innovation in ETF products, with suggestions for multi-asset ETFs and lifecycle smart ETF combinations to meet the needs of long-term investors [18]. - There is an anticipated increase in incremental funds for index products that align with long-term investment philosophies, particularly for core assets that offer strong risk resistance and liquidity [19].

Investment Rating - The report maintains an "Accumulate" rating for the insurance industry [1] Core Views - The insurance industry is expected to experience significant profit growth driven by improved investment returns, with a projected increase in net profit exceeding 80% for listed insurance companies in 2024 [6][12] - The report highlights a shift in product structure towards traditional insurance, with a notable increase in the proportion of traditional insurance products [39] - The overall investment environment is improving, with a focus on increasing bond investments and enhancing total investment returns [4][6] Summary by Sections 1. Net Profit Growth and Dividend Returns - Listed insurance companies' net profit is projected to grow by over 80% in 2024, with major players like Xinhua and China Life showing increases of 201.1% and 131.6% respectively [12][14] - The average dividend payout ratio for listed insurance companies is expected to be 25.7%, reflecting a slight decrease from the previous year [22][23] - Xinhua Insurance's dividend growth significantly outperformed expectations, with a 198% increase [22][24] 2. Life Insurance: Value Rate Improvement Driving NBV Growth - New business value (NBV) is expected to see high growth driven by improved value rates, despite a slowdown in new policy growth due to high base effects and regulatory changes [30][31] - The proportion of traditional insurance products continues to rise, reaching 59.2% of total premiums in 2024, indicating a shift towards dividend insurance products [39][42] 3. Property Insurance: Steady Premium Growth and Cost Performance - Property insurance premiums are expected to grow steadily, with non-auto insurance segments gaining market share [3][4] - The average combined cost ratio for listed property insurers is projected to be 98.4%, indicating overall profitability despite challenges from natural disasters [4][6] 4. Investment: Increased Bond Allocation and Improved Returns - The investment asset scale for listed insurers is expected to grow by 21% year-on-year, with a focus on increasing bond investments [4][6] - Total and comprehensive investment returns are anticipated to improve significantly, driven by a rebound in the stock market and favorable bond market conditions [4][6] 5. Investment Recommendations - The report suggests focusing on investment opportunities in insurance stocks amid rising interest rates, as the market's demand for savings remains strong [6][4]

Investment Rating - The industry investment rating is "Recommended" with expectations of exceeding the benchmark index by more than 5% in the next 3-6 months [21]. Core Insights - The report emphasizes the need for insurance companies to adjust their asset allocation strategies in response to interest rate fluctuations, advocating for an increase in long-term bonds and a focus on equity style rotation [2]. - It highlights the shift in asset allocation among listed insurance companies, with a notable increase in the proportion of FVOCI (Fair Value Other Comprehensive Income) assets in their equity investments, aimed at stabilizing net profit [3][8]. - The report also discusses the performance of major insurance companies, predicting a continued focus on dividend strategies to mitigate pressure on net investment returns [7]. Summary by Sections Industry Overview - The total market capitalization of the insurance sector is approximately 27,935.74 billion, with a circulating market value of 19,257.54 billion [4]. - The report notes a mixed performance in the relative index, with a 1-month absolute performance of 2.5% and a 12-month performance of 37.0% [5]. Asset Allocation Trends - Insurance companies have increased their allocation to long-term bonds in response to declining interest rates, with the 10-year government bond yield dropping to 1.68% by the end of 2024 [7]. - The report details the asset allocation changes for major insurance companies, indicating a general trend of increasing bond holdings while adjusting equity positions [7]. Company-Specific Insights - China Life has increased its fund allocation while slightly decreasing its stock proportion, with fixed-income assets rising by 2.7 percentage points to 74.3% [7]. - China Ping An has increased its stock allocation while reducing its fund holdings, with fixed-income assets rising to 76.2% [7]. - China Taiping has also increased its stock allocation, with fixed-income assets now at 82.3% [7]. - New China Life has increased both stock and fund allocations, with equity assets rising to 20.7% [7]. - China Re has increased its stock allocation while reducing funds, with equity assets now at 28.4% [7]. - Sunshine Insurance has increased its stock allocation while maintaining fund levels, with equity assets rising to 23.7% [7]. Performance Forecasts - The report provides earnings per share (EPS) forecasts for major companies, with China Ping An expected to have an EPS of 7.56 in 2025, while China Life is projected at 3.09 [9]. - The price-to-earnings (PE) ratios for these companies are also provided, with China Ping An at 6.83 and China Life at 12.16 for 2025 [9].

Group 1 - The core event is the establishment of the Xinhua Insurance Running Team, coinciding with the 2025 Beijing Sub-Center Marathon, where Xinhua Insurance serves as the exclusive insurance sponsor [1] - Xinhua Insurance aims to provide comprehensive insurance coverage for 15,000 participants, staff, and volunteers, showcasing its commitment to health protection and urban development [1][2] - The "New Beijing Style·Health Care Travel" service system has been launched, integrating health management, elderly care communities, and travel services, resulting in a 10% year-on-year growth in premium income and a 20% increase in value [2] Group 2 - The "Health Care Travel" platform combines events with health ecology, offering customized health check-ups and elderly community experiences to members of the Xinhua Running Team [2] - The event reflects Xinhua Insurance's integration of corporate culture into social welfare, demonstrating efficient collaboration and meticulous operational capabilities [2] - Customers express appreciation for Xinhua Insurance's service philosophy, noting that the company is redefining its role from risk manager to a promoter of healthy living [3] Group 3 - The marathon serves as a starting point for Xinhua Insurance to deepen its connection with urban development and public welfare through an "insurance + health + sports" model [3] - The company aims to enhance its brand presence and commitment to long-term value through this initiative, reinforcing the slogan "Xinhua Insurance, Long-lasting Protection" [3]

| A股股票代码：601336 | A股股票简称：新华保险 编号：2025-019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 关于总精算师任职资格获核准的公告 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。 特此公告。 新华人寿保险股份有限公司董事会 2025 年 4 月 1 日 新华人寿保险股份有限公司（以下简称"本公司"）于近日收到国家金融 监督管理总局（以下简称"金融监管总局"）《关于潘兴新华人寿保险股份有 限公司总精算师任职资格的批复》（金复[2025]198号），金融监管总局已核准 潘兴先生担任本公司总精算师的任职资格，潘兴先生总精算师的任职自2025年3 月28日起生效。 潘兴先生的简历请参见本公司于2024年12月28日在上海证券交易所网站 （www.sse.com.cn）发布的《新华保险第八届董事会第二十八次会议决议公告》。 ...

| A股股票代码：601336 | A股股票简称：新华保险 编号：2025-018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 关于董事任职资格获核准的公告 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。 新华人寿保险股份有限公司（以下简称"本公司"）于近日收到国家金融监 督管理总局（以下简称"金融监管总局"）《关于毛思雪新华人寿保险股份有限 公司董事任职资格的批复》（金复[2025]190号），金融监管总局已核准毛思雪女 士担任本公司董事的任职资格。 特此公告。 新华人寿保险股份有限公司董事会 2025 年 4 月 1 日 毛思雪女士担任本公司董事的任期自2025年3月26日起至本公司第八届董事 会任期届满时止。毛思雪女士的简历请参见本公司于2024年12月19日在上海证券 交易所网站（www.sse.com.cn）发布的《新华保险2025年第一次临时股东大会会 议材料》。 ...