Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report emphasizes the long-term benefits of investing in the pharmaceutical sector, particularly through the acquisition of shares in Shanghai Pharmaceuticals and China National Pharmaceutical Group, which aligns with the company's strategy to capitalize on the healthcare industry's growth [4] - The report maintains profit forecasts for the company, projecting net profits of CNY 20.6 billion, CNY 13.5 billion, and CNY 14.4 billion for 2024, 2025, and 2026 respectively [4] Financial Summary - The company's net profit for 2022 was CNY 21.5 billion, with a year-on-year growth rate of 43.8%. However, a significant decline of 59.5% is expected in 2023, followed by a recovery with a projected growth of 136.5% in 2024 [1] - The new business value is projected to grow from CNY 2.4 billion in 2024 to CNY 5.8 billion by 2026, indicating a strong growth trajectory [1] - The company's equity assets amounted to CNY 295.12 billion, representing 20.12% of total assets as of Q3 2024, with significant investments in Shanghai Pharmaceuticals and China National Pharmaceutical Group [3] Market Position - The company is positioned as a leader in the pharmaceutical sector, with a focus on high dividend yield stocks that align with the long-term investment philosophy of insurance capital [4] - The report highlights the stability and growth potential of the pharmaceutical sector, particularly in the context of the company's strategic investments [4]

| A股股票代码：601336 A股股票简称：新华保险 | 编号：2024-051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 保费收入公告 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。 根据中华人民共和国财政部《企业会计准则第 25 号——原保险合同》（财 会〔2006〕3 号）及《保险合同相关会计处理规定》（财会〔2009〕15 号），新华 人寿保险股份有限公司（以下简称"公司"）于 2024 年 1 月 1 日至 2024 年 10 月 31 日期间累计原保险保费收入为人民币 15,563,237 万元，同比增长 1.8%。同时， 公司产品结构、业务结构和业务品质持续优化，公司可持续发展能力持续增强。 上述原保险保费收入数据未经审计，提请投资者注意。 特此公告。 新华人寿保险股份有限公司董事会 2024 年 11 月 15 日 ...

A 股证券代码：601336 A 股证券简称：新华保险 公告编号：2024-050 号 H 股证券代码： 01336 H 股证券简称：新华保险 新华人寿保险股份有限公司 (二) 股东大会召开的地点：北京市朝阳区建国门外大街甲 12 号新华保险大厦 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | | 929 | | --- | --- | --- | | 其中：A | 股股东人数 | 928 | | 境外上市外资股股东人数（H | 股） | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | | 1,608,585,620 | | 其中：A | 股股东持有股份总数 | 1,392,929,110 | | 境外上市外资股股东持有股份总数（H | 股） | 215,656,510 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | --- | --- | | 份总数的比例（%） | 51.564725 | | 其中：A 股股东持股占股份总数的比例（%） | 44.651653 | | 境外上市外资股股东持股占股份总数的 ...

北京市通商律师事务所 关于新华人寿保险股份有限公司 2024 年第二次临时股东大会之法律意见书 致：新华人寿保险股份有限公司 根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民共和 国证券法》(以下简称"《证券法》")、《上市公司股东大会规则》(以下简称"股 东大会规则")等相关法律、法规以及《新华人寿保险股份有限公司章程》(以下 简称"公司章程")、《新华人寿保险股份有限公司股东大会议事规则》(以下简称 "股东大会议事规则")的规定，北京市通商律师事务所(以下简称"通商")接受新 华人寿保险股份有限公司(以下简称"公司")的委托，指派律师出席公司 2024 年 第二次临时股东大会(以下简称"本次股东大会")，对公司本次股东大会的召集、 召开程序、出席会议人员资格、召集人的资格和表决程序等事项发表法律意见。 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则(试行)》等规定及本法律意见书出具日 以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实 信用原则，进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、 完整，所 ...

Summary of Conference Call Records Company and Industry Overview - The conference call pertains to a listed insurance company, specifically focusing on its performance and strategies in the insurance industry. Key Points and Arguments Company Performance - The company reported strong performance in the first half of the year, receiving positive recognition from various stakeholders, indicating a continuation of its growth trajectory [1] - As of September, the company capitalized on favorable market conditions, significantly enhancing its investment returns and improving asset-liability management capabilities [2] Financial Metrics - The company's new business value saw a year-on-year increase of 79.2%, reaching a historical high, with profits amounting to 20.7 billion, reflecting a 116.7% increase [3] - The premium income from the core channels reached 97.8 billion, a 1.3% increase year-on-year, with first-year premium income from the seven-channel model growing by 18.8% [4] Investment Performance - Total assets increased to 1.6 trillion, a 20% rise from the previous year, with an annualized total investment return of 6.8% and a comprehensive investment return of 8.1% [5] - The company emphasized its investment capabilities, indicating a significant growth in investment performance despite potential challenges in the fourth quarter [6] Risk Management - The company has strengthened its risk management framework, particularly in managing liabilities and ensuring compliance with regulatory standards [3][11] - The focus on enhancing risk management capabilities has led to improved financial metrics across various dimensions, including premium income and profitability [3] Strategic Initiatives - The company is actively pursuing a professionalized sales force and has implemented new policies to enhance resource allocation towards market institutions [1][2] - There is a strong emphasis on improving customer service systems, with a focus on the core "Xinhua Zun" service model [2] Future Outlook - The management expressed cautious optimism for 2024, anticipating continued growth but acknowledging potential challenges in maintaining high growth rates due to market conditions [9][10] - The company plans to maintain a focus on traditional insurance products while gradually introducing new offerings to adapt to market demands [10][29] Regulatory Environment - The company is adapting to regulatory changes, particularly the "Bao Ying He Yi" policy, which aims to enhance the quality of development in the insurance sector [21][22] - The management highlighted the importance of compliance and proactive adjustments to business strategies in response to regulatory guidance [21] Marketing and Sales Strategy - The company is reforming its agent recruitment and training processes to enhance the quality of its sales force, focusing on attracting high-performing agents [23][24] - There is a commitment to improving the efficiency of marketing strategies and ensuring that the sales team is well-equipped to meet market demands [24] Additional Important Content - The company is focusing on enhancing its asset-liability management to mitigate risks associated with interest rate fluctuations and ensure long-term sustainability [11][34] - The management acknowledged the need for continuous improvement in operational efficiency and resource allocation to support growth initiatives [22][39] This summary encapsulates the key insights and strategic directions discussed during the conference call, reflecting the company's performance, challenges, and future outlook in the insurance industry.

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company reported a significant increase in net profit, with a year-on-year growth of 116.7% for the first three quarters, amounting to 20.7 billion yuan, and a net profit of 9.6 billion yuan for Q3 alone, compared to a loss of 440 million yuan in the same period last year [3] - The increase in investment income is attributed to the rise in the capital market, with the company having a higher proportion of equity assets compared to its peers, leading to a 19.4% increase in total investment assets to 1.6067 trillion yuan [5] - The company is expected to maintain its strategic direction and enhance its core competitiveness through reforms focused on customer-centricity, product competitiveness, and technological empowerment [5] Summary by Sections Financial Performance - The company achieved a net profit of 20.7 billion yuan in the first three quarters, with a Q3 net profit of 9.6 billion yuan, marking a significant recovery from the previous year's loss [3] - The weighted ROE increased to 21.0%, up by 12.5 percentage points year-on-year [3] - The net asset value was reported at 91 billion yuan, showing a decrease of 13.4% from the beginning of the year but a slight increase of 1.1% from mid-year [3] Insurance Business - The new business value (NBV) increased by 79.2% year-on-year in the first three quarters, with a notable 195.4% increase in Q3 [4] - The company is focusing on enhancing individual insurance channels and promoting regular premium products, with significant growth in first-year premiums for long-term insurance [4] Investment Performance - The annualized total investment return rate reached 6.8%, an increase of 4.5 percentage points year-on-year, while the annualized comprehensive investment return rate was 8.1%, up by 5.1 percentage points [5] - The company maintains a low valuation, with a projected price-to-embedded value (PEV) ratio of 0.65-0.7 for 2024, indicating a reasonable value range of 55.42-59.68 yuan per share [5] Market Comparison - The company's stock has outperformed the market indices, with an absolute increase of 2.9% over one month, 44.5% over two months, and 60.2% over three months [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a net profit attributable to shareholders of 20.68 billion yuan, representing a year-on-year increase of 116.7%. The value of new business increased by 79.2% year-on-year [3][4]. - Investment income significantly improved, leading to a substantial enhancement in profit performance. The total investment return rate was 6.8%, with a comprehensive investment return rate rising to 8.1% [3][4]. - The quality of business continues to improve, with premium income reaching 145.644 billion yuan, a year-on-year growth of 1.9%. The first-year premium for long-term insurance increased by 12.3% to 24.747 billion yuan [4]. - The individual insurance new business maintained high growth, with a year-on-year increase of 18.8% in individual insurance premium income. The bancassurance new business also turned positive with a 3% year-on-year growth [4][5]. - The company is recommended for its high elasticity in the asset side, maintaining a similar level of prosperity despite the reduction in pricing rates on the liability side [5]. Summary by Sections Financial Performance - The company reported a net profit of 20.68 billion yuan for the first three quarters of 2024, a 116.7% increase year-on-year. The new business value grew by 79.2% [3][4]. - The total investment return rate was 6.8%, and the comprehensive investment return rate increased to 8.1% [3]. Business Quality - Premium income reached 145.644 billion yuan, up 1.9% year-on-year. The first-year premium for long-term insurance was 24.747 billion yuan, a 12.3% increase [4]. - The individual insurance new business premium increased by 18.8%, while bancassurance new business grew by 3% [4]. Market Position - The company is positioned as a leading player in the industry, with a focus on enhancing the quality of its business and improving its premium structure [5].

Investment Rating - The report maintains a "Buy" rating for New China Life Insurance [1] Core Views - New China Life Insurance reported a significant increase in net profit for the first nine months of 2024, reaching 20.68 billion yuan, a year-on-year growth of 116.7% [1] - The company's performance aligns with previous profit forecasts, driven by a rebound in the stock market and a substantial increase in total investment income [1] - The new business value (NBV) grew by 79.2% year-on-year, outperforming major competitors in the industry [1] Summary by Relevant Sections Earnings Forecast and Valuation - The forecasted net profit for 2024-2026 is adjusted to 20.6 billion, 13.5 billion, and 14.4 billion yuan respectively [1] - The expected growth rates for net profit are 136.5% in 2024, -34.3% in 2025, and 6.4% in 2026 [1] Business Performance - The insurance service revenue decreased by 10.2% year-on-year for the first nine months of 2024 [1] - The investment yield improved significantly, with total investment returns of 6.8% and comprehensive investment returns of 8.1%, both showing a year-on-year increase [1] - The company plans to enhance the proportion of FVOCI equity and debt instruments to better match assets and liabilities [1] Market Position - New China Life's NBV growth rate continues to outperform its listed peers, with a notable increase in long-term premium income [1] - The company has implemented reforms to enhance its market position, resulting in a 21.3% increase in ten-year and above premium income [1] - The distribution of new business contributions is balanced across individual insurance, bancassurance, and group insurance channels [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 新華人壽保險股份有限公司 呈交日期: 2024年11月1日 FF301 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01336 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,034,107,260 | RMB | | | 1 RMB | | 1,034,107,260 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 1,034,107,260 | RMB | | | 1 RMB | | 1,034,107,260 | | ...

证券研究报告 金融公司|公司点评|新华保险（601336） NBV 及净利润增速均处于同业领先水平 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月31日 证券研究报告 |报告要点 新华保险发布 2024 年三季报，前三季度公司实现归母净利润 206.8 亿元,同比增长 116.7%； NBV 同比增长 79.2%。公司的归母净利润及 NBV 增速均环比提升且处于同业领先水平。鉴于公 司资产端弹性更大，我们维持"买入"评级。 |分析师及联系人 SAC：S0590522100001 SAC：S0590524080001 刘雨辰 朱丽芳 请务必阅读报告末页的重要声明 1 / 5 金融公司|公司点评 glzqdatemark2 2024年10月31日 新华保险(601336) NBV 及净利润增速均处于同业领先水平 | --- | --- | |----------------------------|------------------| | | | | 行 业： | 非银金融 / 保险Ⅱ | | 投资评级： | 买入（维持） | | 当前价格： | 48.01 元 | | 基本数据 | ...