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 | | | ...

1. 投资资产里，定期存款占比始终处于高位，原因是什么？ 答：2024 年上半年，金融投资中定期存款占比为 18.6%，与上 年末基本持平。 2. 上半年公司取得优异投资收益的原因？公司今后投资策略如何？ 答：2024 年上半年，公司主动、准确把握股票和利率市场机会， 聚焦价值投资、长期投资，实现较好投资收益。 下半年，权益方面将努力把握可能的反弹行情，积极调整组合结 构。金融产品方面将重点关注能源、电力、交运、先进制造业等 重点领域，精选兼具较高信用资质和收益率的主体开展投资。 全年来看，权益和固收市场的走势存在一定的不确定性，公司将 通过适度调整内部组合结构提升整体业绩的稳定性。 3. 公司投资股票与基金的占比仍在提升，是否意味着公司受权益市 场的波动水平还在增大。 答：权益类资产提升比例较大的主要原因：一是无风险利率持续 下行，固收类资产的性价比降低，通过配置高股息权益资产起到 一定的固收替代作用。二是权益市场上半年出现比较好的加仓机 会，因此适度加大了权益资产的配置。 4. 能否具体讲讲香港投资成功的策略。 2024 年中期业绩发布会线上文字问答 答：一是积极主动把握有利的市场机遇，获取较好的投资收益 ...

| A股股票代码：601336 | A股股票简称：新华保险 编号：2024-041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。 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 9 月 13 日 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 8 月 31 日期间累计原保险保费收入为人民币 13,028,218 万元，同比增长 1.9%。公司 业务结构持续优化，各项业务指标达成良好。 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨新华保险（601336.SH） [Table_Title] 新华保险 2024 年中报点评：价值高增弹性增强 | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|-------|-------| | | | | | | 报告要点 | | | | | [Table_Summary] 负债端定价利率下调不改保险本质，预期后续维持类似景气水平。行业主要矛盾聚焦资产端， 新华作为纯寿险公司、且上半年增配权益，具备行业内第一梯队的资产端弹性，基于弹性角度 重点推荐。 | | | | | | | | | 分析师及联系人 [Table_Author] 吴一凡 谢宇尘 S ...

NEW CHINA LIFE INSURANCE COMPANY LTD. (於中華人民共和國註冊成立的股份有限公司) 股份代號: 01336 2024 中期報告 重要 提示 新華人壽保險股份有限公司 1 1. 本公司董事會、監事會及董事、監事、高級管理人員保證本報告內容的真實、準確、完整，不存在虛假記載、 誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 2. 本公司第八屆董事會第二十四次會議於2024年8月29日審議通過了《2024年中期報告》。會議應出席董事11人，親 自出席董事11人。 3. 本公司2024年中期簡明合併財務報告根據國際會計準則理事會頒佈的《國際財務報告準則第17號－保險合同》和 《國際財務報告準則第9號－金融工具》等國際財務報告準則編製，且未經審計。 4. 本公司擬向全體股東派發2024年中期現金股利，每股0.54元（含稅），總計約16.85億元，該利潤分配方案尚待股 東大會批准。 5. 本公司董事長楊玉成先生，總裁張泓先生，臨時財務負責人(1)、總精算師龔興峰先生以及會計機構負責人張韜先 生保證《2024年中期報告》中財務報告的真實、準確、完整。 6. 除事實陳述外，本報告中包括 ...

新華人壽保險股份有限公司 NEW CHINA LIFE INSURANCE COMPANY LTD. (於中華人民共和國註冊成立的股份有限公司) 股份代號 : 01336 中 期 報 告 4 4 0 E anillilli l 新华保险 关 爱 人 生 每 一 天 重要 提示 1. 本公司董事會、監事會及董事、監事、高級管理人員保證本報告內容的真實、準確、完整，不存在虛假記載、 誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 2. 本公司第八屆董事會第二十四次會議於2024年8月29日審議通過了《2024年中期報告》。會議應出席董事11人，親 自出席董事11人。 3. 本公司2024年中期簡明合併財務報告根據國際會計準則理事會頒佈的《國際財務報告準則第17號－保險合同》和 《國際財務報告準則第9號－金融工具》等國際財務報告準則編製，且未經審計。 4. 本公司擬向全體股東派發2024年中期現金股利，每股0.54元（含稅），總計約16.85億元，該利潤分配方案尚待股 東大會批准。 5. 本公司董事長楊玉成先生，總裁張泓先生，臨時財務負責人(1)、總精算師龔興峰先生以及會計機構負責人張韜先 生保證《2024年中 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 38.71 CNY over the next six months [1][2]. Core Insights - The company reported a significant increase in new business value (NBV) by 57.7% year-on-year, reaching 39 billion CNY in the first half of 2024, alongside a 13.6% increase in revenue to 556 billion CNY and an 11.1% increase in net profit to 111 billion CNY [1][2]. - The company's embedded value reached 2,684 billion CNY, reflecting a 7.1% increase since the beginning of the year [1]. - The new business value rate improved significantly from 6.8% in the first half of 2023 to 18.8% in the first half of 2024, indicating enhanced business quality [2]. - The company experienced a decline in the number of agents, with the individual insurance agent count dropping to 139,000, but the average productivity per agent improved by 28.3% year-on-year [2]. - Investment returns showed a notable improvement, with total investment income increasing by 43% year-on-year and an annualized total investment return rate of 4.8% [2]. Financial Summary - The company’s projected financials for 2024 to 2026 include: - Revenue: 86,572 million CNY in 2024, 96,259 million CNY in 2025, and 109,254 million CNY in 2026 [5]. - Net profit: 11,992 million CNY in 2024, 12,040 million CNY in 2025, and 13,451 million CNY in 2026 [5]. - Earnings per share (EPS): Expected to be 3.84 CNY in 2024, 3.86 CNY in 2025, and 4.31 CNY in 2026 [2]. - The company's price-to-earnings (P/E) ratio is projected to decrease from 11.76 in 2023 to 8.55 in 2024, indicating a potential undervaluation [4].

Investment Rating - The report maintains a "Buy" rating for Xinhua Insurance (1336 HK) with a target price of HKD 20.50, indicating a potential upside of 21.2% from the current price of HKD 16.92 [1][9]. Core Insights - The company's net profit for the first half of the year increased by 11.1% year-on-year, with a significant recovery in Q2, where profits rose by 101% compared to the same period last year [1]. - New business value grew by 57.7% year-on-year, leading the industry, with contributions from individual insurance and bancassurance channels [1]. - Investment income saw a substantial increase of 43.3% year-on-year, with total investment assets growing by 7% since the beginning of the year [1]. Financial Performance Summary - **Revenue**: The company's revenue for 2023 is projected at RMB 71,547 million, a decrease of 33.8% from 2022, with a recovery expected in 2024 with a growth of 29% [2][10]. - **Net Profit**: The net profit for 2023 is estimated at RMB 8,712 million, down 59.5% from 2022, but expected to rebound to RMB 15,015 million in 2024, reflecting a growth of 72.4% [2][10]. - **Earnings Per Share (EPS)**: EPS is projected to be RMB 2.79 in 2023, with a significant increase to RMB 4.81 in 2024 [2][10]. - **Investment Returns**: The annualized net investment return is 3.2% for the first half of the year, with total investment return at 4.8%, showing a year-on-year improvement [1][11]. Business Metrics - **New Business Value**: The new business value for 2023 is projected at RMB 3,024 million, with a significant increase to RMB 5,094 million in 2024, marking a growth of 68.5% [6][7]. - **Insurance Premiums**: The insurance service revenue for 2023 is expected to be RMB 48,045 million, with a decline from 2022, but a recovery is anticipated in subsequent years [10][11]. - **Total Assets**: Total assets are projected to grow from RMB 1,403,257 million in 2023 to RMB 1,539,327 million in 2024, reflecting a growth rate of 9.7% [10][11].

FF301 第 1 頁 共 10 頁 v 1.1.0 呈交日期: 2024年9月2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. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | - ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company, with current prices at 33.05 RMB and 16.92 HKD respectively [2]. Core Insights - The company experienced a significant increase in net profit, with a year-on-year growth of 11.1% to 110.8 billion RMB in the first half of 2024, driven by improved investment performance and a doubling of quarterly profits [5][7]. - New business value (NBV) surged by 57.7% year-on-year to 39.0 billion RMB, supported by an increase in the proportion of long-term insurance premiums and enhanced pricing strategies [7][12]. - The company has implemented a comprehensive health and wellness service system, which is expected to synergize with its life insurance business, potentially boosting sales of protection-oriented products [12]. Financial Performance - In the first half of 2024, the company reported total revenue of 555.9 billion RMB, a 13.6% increase year-on-year, while insurance service revenue decreased by 11.9% to 234.2 billion RMB [5]. - The annualized net investment return rate was 3.2%, a slight decrease of 0.2 percentage points year-on-year, but the total investment return rate improved by 1.1 percentage points to 4.8% [5][7]. - The company plans to distribute a mid-term dividend of 0.54 RMB per share, marking its first implementation of such a dividend policy [5]. Business Development - The individual insurance channel has seen a significant enhancement in productivity, with a 28.3% year-on-year increase in average per capita productivity [6]. - The company is focusing on transforming its individual insurance channel and optimizing its product offerings, which is expected to lead to sustained growth in NBV throughout the year [12]. - The report highlights the challenges faced in the bancassurance channel, where first-year premiums for long-term insurance dropped by 60.8% year-on-year due to regulatory impacts, although the decline has moderated compared to the first quarter [6][7].