Investment Rating - The report maintains a positive outlook on the insurance industry, recommending several key companies including China Life, China Pacific Insurance, New China Life, Ping An Insurance, China People’s Insurance, China Property Insurance, and Sunshine Insurance [3]. Core Insights - The "anti-involution" policy on the liability side has shown significant effectiveness, leading to notable improvements in NBV and COR performance [3]. - Profit performance among listed insurance companies is differentiated, with a year-on-year increase in net profit of 3.7% to CNY 178.2 billion in the first half of 2025 [3][10]. - The investment performance is varied, with a steady increase in the proportion of equity allocation in the secondary market [3]. Summary by Sections 1. Profit Performance and EV Growth - In the first half of 2025, the net profit of listed insurance companies reached CNY 178.2 billion, with a year-on-year growth of 3.7% [6][10]. - The embedded value (EV) of listed insurance companies increased steadily, with growth rates ranging from 2.6% to 18.4% compared to the end of 2024 [10]. 2. Liability Side: "Anti-Involution" Policy Effectiveness - The net new business value (NBV) for the first half of 2025 reached CNY 75.42 billion, a year-on-year increase of 30.5% [3][26]. - The NBV growth rates for various companies ranged from 14.0% to 58.4% [3]. - The cost of risk (COR) improved, leading to a significant increase in underwriting profits, with a year-on-year growth of 67.9% to CNY 24.87 billion [3]. 3. Asset Side: Investment Performance Variation - The total investment assets of seven listed insurance companies grew by 7.5% to CNY 21.9 trillion, accounting for 60.3% of the industry’s total insurance fund utilization [3]. - The net investment return rate for listed insurance companies ranged from 2.8% to 3.8%, showing a decline compared to the previous year [3]. 4. Investment Analysis Opinion - The report highlights the dual factors of liability costs and long-term interest rates, which have recently shown marginal improvement, suggesting a positive outlook for the insurance sector [3].

Group 1 - The Jining Financial Regulatory Bureau approved the request for the change of business location for New China Life Insurance Co., Ltd. Jining City Jiaxiang Branch [1] - The new business location is set to be in the Yigao E-commerce Industrial Park, Yigao Building, Rooms 1-807, 1-808, and 1-809, Jiaxiang County, Jining City, Shandong Province [1] - New China Life Insurance Co., Ltd. is required to handle the change and obtain the new permits in accordance with relevant regulations [1]

每经AI快讯，9月16日，港股内险股集体走低，截至发稿，新华保险(01336.HK)跌5.81%，报43.8港元； 中国太保(02601.HK)跌4.7%，报31.26港元；中国人保(01339.HK)跌3.67%，报6.83港元；中国人寿 (02628.HK)跌3.23%，报22.18港元。 ...

Core Viewpoint - Xinhua Insurance's stock price has shown volatility, with a year-to-date increase of 27.71%, but recent declines in the short term indicate potential market concerns [1] Financial Performance - As of June 30, 2025, Xinhua Insurance reported a net profit of 14.799 billion yuan, representing a year-on-year growth of 33.53% [2] - The company has cumulatively distributed dividends of 35.939 billion yuan since its A-share listing, with 13.913 billion yuan distributed in the last three years [3] Stock Market Activity - On September 16, Xinhua Insurance's stock price fell by 2.03% to 60.93 yuan per share, with a trading volume of 760 million yuan and a turnover rate of 0.59% [1] - The stock's market capitalization stands at 190.074 billion yuan [1] - Major funds experienced a net outflow of 163 million yuan, with significant selling pressure observed [1] Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 15.88% to 61,000, while the average number of tradable shares per person increased by 18.96% to 34,325 shares [2] - Hong Kong Central Clearing Limited is the fourth-largest shareholder, increasing its holdings by 6.6977 million shares [3]

Group 1 - The insurance stocks collectively declined, with notable drops including New China Life Insurance down 5.81% to HKD 43.8, China Pacific Insurance down 4.7% to HKD 31.26, China Life Insurance down 3.23% to HKD 22.18, and China People's Insurance down 3.67% to HKD 6.83 [1] - China Pacific Insurance announced plans to issue zero-coupon convertible bonds maturing in 2030, aiming to raise approximately HKD 15.556 billion. If fully converted at an initial conversion price of HKD 39.04 per share, the bonds could convert into 398 million shares, representing 14.36% of the existing H-shares and 4.14% of the total issued share capital [1] - Recent performance of the insurance sector has been relatively weak, attributed to the significant increase in the investment base, leading to pressure on the third-quarter earnings reports [1] Group 2 - The long-term value reassessment logic in the insurance sector is still in progress, driven by a combination of bottoming long-term interest rates and increased allocation to OCI equities enhancing investment efficiency, alongside a reduction in liability costs due to lower preset interest rates [1] - The ongoing repair of interest spreads is viewed as a process that is still underway rather than completed, indicating potential for recovery in the insurance sector, particularly for undervalued Hong Kong insurance stocks [1]

一是营造一片浓厚热烈的活动氛围。采取多种方式进行活动宣传预热，通过多样形式举行活动启动仪式，利用线下网点渠道展现活动口号、宣传海报、金融 教育作品，通过官方网站、官方微信公众号等专题展示推送活动主题和内容，积极营造浓厚热烈的活动氛围。 二是组织一次权威生动的政策宣导。强化从业人员教育，组织专业培训、专题宣讲，积极落实宣传"三适当"原则，强化风险责任意识；面向消费者组织系列 线上线下活动，普及各类金融产品的基础知识，引导消费者树立理性消费和投资观念。 新华保险深入践行金融工作的政治性、人民性，着力提升社会公众金融素养，维护金融消费者和投资者合法权益，按照统一部署要求，全面启动公司2025年 金融教育宣传周活动，以"五个一"为主线，按下金融教育宣传周活动启动键，跑出助力人民群众美好生活加速度。 2025年9月15日至21日，金融监管总局、中国人民银行、中国证监会将联合开展金融教育宣传周活动。活动以"保障金融权益，助力美好生活"为口号，大力 普及金融知识，完善金融惠民利民举措，提升金融服务质效，帮助群众明辨风险、远离侵害、维护合法权益。 新华保险将持续立足金融为民初心，坚守人民立场，不断强化责任意识，精准聚焦人民群 ...

Group 1 - The core point of the article is that New China Life Insurance (601336.SH) experienced a stock price decline of 2.05%, closing at 62.19 yuan, making it the largest loser in the insurance sector today [1] - The insurance sector as a whole saw a decline of 1.06% [1]

Core Points - The insurance sector experienced a decline of 0.87% on September 15, with New China Life Insurance leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index rose by 0.63% to 13005.77 [1] Insurance Sector Performance - China Ping An (601318) closed at 57.33, down 0.61% with a trading volume of 546,800 shares and a transaction value of 3.148 billion [1] - China Life Insurance (601628) closed at 38.89, down 0.84% with a trading volume of 152,300 shares and a transaction value of 595 million [1] - China Pacific Insurance (601601) closed at 37.00, down 0.86% with a trading volume of 336,300 shares and a transaction value of 1.247 billion [1] - China Property & Casualty Insurance (601319) closed at 8.15, down 0.97% with a trading volume of 833,400 shares and a transaction value of 680 million [1] - New China Life Insurance (601336) closed at 62.19, down 2.05% with a trading volume of 204,500 shares and a transaction value of 1.282 billion [1] Capital Flow Analysis - The insurance sector saw a net outflow of 1.188 billion from institutional investors, while retail investors contributed a net inflow of 875 million [1] - Detailed capital flow for major companies shows: - China Life Insurance had a net outflow of 46.69 million from institutional investors and a net inflow of 55.17 million from retail investors [2] - China Property & Casualty Insurance had a net outflow of 65.68 million from institutional investors and a net inflow of 21.49 million from retail investors [2] - China Pacific Insurance had a net outflow of 1.55 billion from institutional investors and a net inflow of 1.69 billion from retail investors [2] - New China Life Insurance had a significant net outflow of 324 million from institutional investors but a net inflow of 209 million from retail investors [2] - China Ping An experienced a net outflow of 5.96 billion from institutional investors and a net inflow of 420 million from retail investors [2]

二是组织一次权威生动的政策宣导。强化从业人员教育，组织专业培训、专题宣讲，积极落实宣传"三 适当"原则，强化风险责任意识；面向消费者组织系列线上线下活动，普及各类金融产品的基础知识， 引导消费者树立理性消费和投资观念。 新华保险近日全面启动公司2025年金融教育宣传周活动，以"五个一"为主线，按下金融教育宣传周活动 启动键，跑出助力人民群众美好生活加速度。 三是开展一轮贴近生活的风险提示。主动参与"风险提示送上门"活动，为消费者送达金融知识和防非常 识，制作"以案说险小剧场"情景短剧，线上发布系列视频、图文，线下发放单页折页等形式，以喜闻乐 见的形式向消费者提示各类非法中介危害和互联网贷款乱象。 一是营造一片浓厚热烈的活动氛围。采取多种方式进行活动宣传预热，通过多种形式举行活动启动仪 式，利用线下网点渠道展现活动口号、宣传海报、金融教育作品，通过官方网站、官方微信公众号等专 题展示推送活动主题和内容，积极营造浓厚热烈的活动氛围。 四是宣传一批为民办实事亮点举措。践行"金融为民"理念，通过内、外部媒体，广泛宣传聚焦老年人、 残疾人、新市民、外籍来华人士等各类重点群体推出的有特色、可落地的金融惠民利民举措，以宣传 ...

Core Viewpoint - Xinhua Insurance's stock price has shown volatility, with a year-to-date increase of 30.41% but a recent decline in the last five and twenty trading days [1] Group 1: Stock Performance - On September 15, Xinhua Insurance's stock price fell by 2.00%, reaching 62.22 CNY per share, with a trading volume of 9.44 billion CNY and a turnover rate of 0.72% [1] - The total market capitalization of Xinhua Insurance is approximately 1940.98 billion CNY [1] - Year-to-date, the stock has increased by 30.41%, but it has decreased by 0.81% over the last five trading days and by 7.41% over the last twenty trading days [1] - Over the last sixty days, the stock price has increased by 13.27% [1] Group 2: Financial Performance - As of June 30, Xinhua Insurance reported a net profit attributable to shareholders of 147.99 billion CNY, representing a year-on-year growth of 33.53% [2] - The company has not reported any operating revenue for the first half of 2025 [2] - Cumulatively, Xinhua Insurance has distributed 359.39 billion CNY in dividends since its A-share listing, with 139.13 billion CNY distributed over the last three years [2] Group 3: Shareholder Information - As of June 30, the number of shareholders for Xinhua Insurance is 61,000, a decrease of 15.88% from the previous period [2] - The average number of circulating shares per shareholder is 34,325, which has increased by 18.96% compared to the previous period [2] - Hong Kong Central Clearing Limited is the fourth-largest circulating shareholder, holding 60.51 million shares, an increase of 6.70 million shares from the previous period [2]