Investment Rating - The report maintains a "Buy" rating and raises the target price to 61.40 CNY per share, corresponding to a 2024 P/EV of 0.70 times [1][5]. Core Views - Xinhua Insurance has announced a significant increase in expected net profit for the first three quarters of 2024, projected to be between 18.607 billion and 20.515 billion CNY, representing a year-on-year growth of 95% to 115%, primarily driven by improved investment performance [1][2]. - The report highlights that the recovery of the capital market and an increase in equity allocation are expected to significantly enhance investment income, which is the main driver of profit improvement [1][2]. Financial Summary - The projected net profit for 2024 is 28.072 billion CNY, a 222% increase from 2023, with EPS estimates adjusted to 9.00 CNY for 2024, 9.54 CNY for 2025, and 10.28 CNY for 2026 [4][14]. - The company's revenue is expected to rebound to 109.191 billion CNY in 2024, reflecting a 53% increase from 2023 [4][14]. - The net asset return is projected to improve significantly, with a forecasted return on equity of 23% in 2024 [4][14]. Market Performance - The report notes that the Shanghai Composite Index has increased by 12.2% year-to-date as of September 2024, compared to a decline of 4.7% in the same period of 2023, indicating a favorable market environment for Xinhua Insurance [1][2]. - The company has increased its equity asset allocation to 18.1% in the first half of 2024, up by 3.8 percentage points year-on-year, positioning it ahead of its listed peers [1][2]. Business Drivers - The demand for insurance savings has been robust, and the new management team is implementing reforms aimed at enhancing individual insurance productivity, which is expected to lead to significant improvements in team performance [1][2]. - The new business value (NBV) is anticipated to grow by approximately 61.9% year-on-year in the first three quarters of 2024, driven by strong customer demand and improved pricing strategies [1][2].

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company has reported a significant increase in net profit for the first three quarters of 2024, with an expected range of CNY 18.607 billion to CNY 20.515 billion, representing a year-on-year growth of 95% to 115% [2][3] - The increase in performance is attributed to a rise in investment in equity assets and improved management of insurance liabilities, alongside a recovery in the capital market [3] - The company is expected to benefit from the current stock market recovery, with its equity sensitivity being notably high compared to other insurance companies [4] Summary by Sections Performance Overview - The company anticipates a net profit of CNY 75.24 billion to CNY 94.32 billion for Q3 2024, marking a turnaround from losses in the same period of 2023, with an increase of CNY 79.60 billion to CNY 98.68 billion year-on-year [2][3] Investment Strategy - The company has increased its allocation to equity assets, which has positively impacted its investment returns, especially with the recent market upturn where the CSI 300 index rose by 15% in Q3 2024 compared to a 5% decline in Q3 2023 [3] Financial Projections - The revenue forecast for 2024 has been raised to CNY 90.828 billion from a previous estimate of CNY 82.7 billion, with net profit projections adjusted to CNY 20 billion from CNY 12.3 billion [5] - The expected earnings per share (EPS) for 2024 is now CNY 6.40, up from CNY 3.95 [5] Valuation Metrics - The price-to-earnings value (PEV) for 2024 is projected at 0.55, with estimates for 2025 and 2026 at 0.54 and 0.51 respectively, maintaining a "Buy" rating [5]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 64.22 CNY, compared to the current price of 51.06 CNY [2]. Core Views - The company is expected to achieve a significant increase in net profit for the first three quarters of 2024, estimated between 18.607 billion CNY and 20.515 billion CNY, representing a year-on-year growth of 95% to 115% [2]. - The primary drivers for this performance are a low base effect and a recovery in the equity market, with the company increasing its equity allocation significantly [2]. - The company's core equity allocation ratio is leading compared to its peers, indicating a notable elasticity in performance due to the equity market recovery [2]. - Premium income saw substantial growth in August 2024, primarily due to a low base and adjustments in predetermined interest rates, with a year-on-year increase of 122% in August alone [2]. Financial Summary - The total revenue for 2024 is projected to be 97.602 billion CNY, with a year-on-year growth rate of 36.4% [3]. - The net profit attributable to shareholders is forecasted to be 24.573 billion CNY for 2024, reflecting a year-on-year increase of 182.1% [3]. - Earnings per share (EPS) are expected to rise to 7.9 CNY in 2024, with further increases to 8.2 CNY in 2025 and 8.5 CNY in 2026 [3]. - The price-to-earnings (P/E) ratio is projected to be 6.5 for 2024, decreasing to 6.0 by 2026 [3].

Investment Rating - The report maintains a "Buy" rating for New China Life Insurance [4][5] Core Views - The third-quarter performance of New China Life Insurance exceeded expectations, with a projected net profit for the first three quarters of 2024 estimated between 186.07 billion to 205.15 billion yuan, representing a year-on-year growth of 95% to 115% [4] - The significant recovery in the capital market has led to a notable increase in investment income, contributing to the company's strong performance [4] - The company has benefited from a favorable equity market environment, with the CSI 300 Index and the CSI 800 Index both rising by 16.1% since September 24, 2024 [4] Financial Data and Profit Forecast - Projected operating revenue for 2024 is 88,270.72 million yuan, with a year-on-year growth rate of 23.37% [6] - Expected net profit attributable to shareholders for 2024 is 21,416.65 million yuan, reflecting a significant year-on-year increase of 145.83% [6] - The earnings per share (EPS) for 2024 is forecasted to be 6.87 yuan [6] Investment Analysis - The report highlights New China Life Insurance as a high-elasticity choice within the insurance sector, characterized by high asset elasticity, significant growth potential on the liability side, and strong beta attributes [5] - The profit performance in the third quarter was above expectations, prompting an upward revision of net profit forecasts for 2024 to 214.17 billion yuan [5] - As of October 8, 2024, the stock price corresponds to a price-to-earnings value (PEV) of 0.57x for 2024, reinforcing the "Buy" rating [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit of between 18.607 billion and 20.515 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 95% to 115% [2][3] - The new management's confidence in increasing equity investments at the bottom of the market is highlighted, which has stabilized investor expectations [2][3] - The performance significantly exceeded expectations, with a notable turnaround from a loss in the same period last year [2][3] Summary by Relevant Sections Earnings Forecast and Valuation - The forecasted net profit for 2024 is 19.623 billion yuan, with a year-on-year growth rate of 125.2% [2] - The new business value is projected to grow to 3.024 billion yuan in 2024, with a growth rate of 18.8% [2] - The company's P/EV ratio is expected to decrease to 0.50 in 2024, indicating a favorable valuation [2] Investment Highlights - The company has increased its investment in equity assets, which has contributed to a significant recovery in investment income [3] - The Shanghai Composite Index rose by 16.07% in Q3 2024, compared to a decline in the same period last year, enhancing the company's investment performance [3] - The company’s stock investment ratio is higher than its peers, indicating a strong position in the market [3][4] Profitability Analysis - The company reported a substantial increase in net profit for Q3 2024, with an expected profit of 8.478 billion yuan, a significant recovery from a loss of 436 million yuan in Q3 2023 [2][3] - The overall stock investment ratio of the company is significantly higher than that of its competitors, suggesting a robust investment strategy [3][4] Market Data - The closing price of the company's stock is 51.06 yuan, with a market capitalization of approximately 159.28 billion yuan [6] - The company’s price-to-book ratio is 1.77, indicating a reasonable valuation relative to its book value [6] Basic Data - The company's net asset per share is 28.86 yuan, with a total share capital of approximately 3.12 billion shares [7] - The asset-liability ratio stands at 93.98%, reflecting the company's financial structure [7]

Financial Performance - The estimated net profit attributable to shareholders for the first three quarters of 2024 is expected to be between RMB 18.607 billion and RMB 20.515 billion, representing an increase of RMB 9.065 billion to RMB 10.973 billion compared to the same period in 2023, with a year-on-year growth of 95% to 115%[3] - The estimated net profit after deducting non-recurring gains and losses for the first three quarters of 2024 is expected to be between RMB 18.644 billion and RMB 20.556 billion, also reflecting a year-on-year increase of RMB 9.083 billion to RMB 10.995 billion, with a growth rate of 95% to 115%[4] - The total profit for the same period in the previous year was RMB 8.685 billion, with a net profit attributable to shareholders of RMB 9.542 billion[5] Investment Strategy - The company has increased its investment in equity assets, enhancing the proportion of equity asset allocation, which contributed to significant growth in investment income for the first three quarters of 2024[6] - The company emphasizes its commitment to supporting national strategies and the real economy, which has positively impacted its performance[6] Forecast Accuracy - There are no major uncertainties that could affect the accuracy of the performance forecast[7] - The financial data provided is preliminary and the final figures will be disclosed in the official third-quarter report[7]

FF301 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9月30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10月7日 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 | | 2 ...

公司董事会提名薪酬委员会已审议通过此项议案。 新华人寿保险股份有限公司（以下简称"公司"）于 2024 年 9 月 27 日以电 子邮件方式向全体董事发出第八届董事会第二十五次会议（以下简称"会议"） 通知和材料，会议于 2024 年 9 月 30 日在北京市以现场方式召开，全体董事一致 同意召开本次会议。会议应到董事 10 人，现场出席董事 10 人，公司监事列席了 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： A股股票代码：601336 A股股票简称：新华保险 编号：2024-043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 第八届董事会第二十五次会议决议公告 一、审议通过了《关于公司总裁张泓先生辞职的议案》 表决情况：同意 10 票，反对 0 票，弃权 0 票。 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 ...

A股股票代码：601336 A股股票简称：新华保险 编号：2024-042号 H股股票代码： 01336 H股股票简称：新华保险 特此公告。 新华人寿保险股份有限公司董事会 2024 年 9 月 30 日 新华人寿保险股份有限公司（以下简称"本公司"）董事会于 2024 年 9 月 30 日收到执行董事、总裁张泓先生的辞职函，张泓先生因年龄原因辞去本公司执行 董事、董事会战略委员会和投资委员会委员、总裁、首席风险官及其他一切职务。 张泓先生的辞职函自送达本公司董事会之日起生效，其辞职不影响本公司董 事会的正常运作。张泓先生确认其与本公司董事会并无意见分歧，亦无任何需要 通知本公司股东的事项。 张泓先生在本公司任职期间，勤勉尽责、恪尽职守。本公司董事会对张泓先 生所做出的贡献表示衷心感谢！ 新华人寿保险股份有限公司 关于执行董事、总裁辞职的公告 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。 ...

NEW CHINA LIFE INSURANCE COMPANY LTD. 01336 董事名單與其角色和職能 新華人壽保險股份有限公司董事會（「董事會」）成員載列如下： 董事長、執行董事 楊玉成 楊 雪 胡愛民 李琦強 獨立非執行董事 馬耀添 賴觀榮 徐 徐 郭永清 - 1 - 董事會下設五個專業委員會，各專業委員會的組成如下： | | | 委員會 | | | 審計與關聯 交易控制 | 提名薪酬 | 風險管理與 消費者權益 | | --- | --- | --- | --- | --- | --- | --- | --- | | 董事 | | | 戰略委員會 | 投資委員會 | 委員會 | 委員會 | 保護委員會 | | 楊玉成 | | | C | M | | | | | 楊 | 毅 | | M | M | | | | | 何興達 | | | | C | M | | M | | 楊 | 雪 | | | | | M | C | | 胡愛民 | | | M | M | | | | | 李琦強 | | | | | M | M | M | | 馬耀添 | | | | | | M | M | | 賴觀榮 | | | ...