香港交易及結算所有限公司及香港聯合交易所有限公司對本通告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 新華人壽保險股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈， 本公司將於二零二五年八月二十八日（星期四）舉行董事會會議，藉以(其中包 括)考慮及批准本公司及其附屬公司截至二零二五年六月三十日止六個月之中期 業績及其發佈，並考慮派發中期股息，以及處理其他事項。 承董事會命 新華人壽保險股份有限公司 楊玉成 董事長 董事會會議通告 中國北京，二零二五年八月十八日 於本通告日期，本公司董事長、執行董事為楊玉成；執行董事為龔興峰；非執 行董事為楊雪、毛思雪、胡愛民和張曉東；及獨立非執行董事為馬耀添、賴觀 榮、徐徐、郭永清和卓志。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 承董事會命 新華人壽保險股份有限公司 楊玉成 董事長 中國北京，2025年8月18日 於本公告日期，本公司董事長、執行董事為楊玉成；執行董事龔興峰；非執行董事為楊雪、毛思雪、 胡愛民和張曉東；及獨立非執行董事為馬耀添、賴觀榮、徐徐、郭永清和卓志。 保費收入公告 根據中華人民共和國財政部《企業會計準則第 25 號——原保險合同》（財會〔2006〕3 號）及《保險 合同相關會計處理規定》（財會〔2009〕15 號），新華人壽保險股份有限公司（「公司」）於 2025 年 1 月 1 日至 2025 年 7 月 31 日期間累計原保險保費收入為人民幣 13,780,627 萬元，同比增長 23%。公 司堅持「以客戶為中心」的專業化、市場化、體系化改革，推動傳統營銷模式向現代營銷模式轉型升 級，持續優化業務結構，強化基礎管理，不斷加強渠道建設和營銷隊伍建設，全面打造服務賦能體 系，提升經營與服務能力，促進經營管理 ...

Core Insights - The article highlights the success story of Huang Xuanxuan, a young insurance professional at Xinhua Insurance, who transitioned from a tour guide to an elite in the insurance industry, winning the IDA International Dragon Award for three consecutive years [1][4]. Group 1: Personal Journey and Motivation - Huang Xuanxuan was inspired to join the insurance industry by his partner, who had a successful career in the field, helping clients with their insurance needs [4]. - His commitment to service and client trust has been a guiding principle throughout his five years in the industry, emphasizing that client recognition is more important than awards [4]. Group 2: Client Service and Trust Building - Huang Xuanxuan demonstrated exceptional dedication by assisting a long-time client through a complex insurance claim process, showcasing his commitment to client care [6]. - He designed a tailored insurance policy for a client, ensuring both long-term security and financial growth, which solidified the client's trust in him [6]. Group 3: Problem Solving and Client Retention - Huang Xuanxuan undertook a challenging task to locate a long-lost client with minimal information, ultimately re-establishing the relationship and securing additional business [8][9]. - His proactive approach in advising clients against high-risk investments has helped prevent potential financial losses, further enhancing his reputation as a trusted advisor [9]. Group 4: Team Dynamics and Future Aspirations - The success of Huang Xuanxuan is attributed to the support of a professional team at Xinhua Insurance, where young professionals are encouraged to learn and grow [10]. - Looking ahead, Huang Xuanxuan aims to elevate the Xinhua service brand and enhance client experiences, reflecting a commitment to continuous improvement in the insurance sector [10].

Core Insights - The article highlights the journey of Xing Yujuan, a senior manager at Xinhua Insurance, emphasizing her commitment to customer service and professional growth in the insurance industry [1][4][12] Group 1: Professional Journey - Xing Yujuan transitioned from a part-time role to a full-time position in the insurance sector after recognizing the industry's potential during a chance meeting with a senior manager [4] - She underwent three months of intensive training, transforming financial knowledge into practical solutions for clients [4] - Her decision to fully commit to Xinhua Insurance was driven by trust in the company's training system and a belief in creating social value through professional service [4] Group 2: Customer Service Achievements - Over five years, Xing has served more than 500 clients and assisted in over 60 claims, totaling more than 1 million yuan in payouts [6] - A notable case involved expediting a claim for a newborn, demonstrating her dedication to timely and compassionate service [6] - She emphasizes the importance of understanding clients' needs and providing personalized support, which has led to strong client relationships [6][12] Group 3: Team Management and Development - As a senior manager, Xing developed a management model focused on fairness and attention to detail, ensuring transparent resource allocation [8] - She implemented a "warmth replacement mechanism" to maintain team morale and support during absences [9] - Her training approach includes practical experience sharing, which has resulted in the emergence of several industry stars from her team [9] Group 4: Recognition and Awards - Xing has received numerous accolades, including the "Wealth Excellent Newcomer" award in 2020 and the IDA Silver Dragon Award for four consecutive years [11] - She was recognized as one of the top 500 experts in the company and has been a member of the Silver Insurance Elite Club [11] Group 5: Service Philosophy - Xing believes in treating clients as lifelong partners rather than mere service recipients, establishing personalized service plans based on significant life events [12] - Her approach to client relationships is rooted in love and responsibility, aiming to build long-term trust [12] - The article concludes with her commitment to continue using Xinhua Insurance as a platform to enhance clients' financial security and well-being [12]

Core Insights - The article highlights the journey of Jiao Dandan, a successful insurance manager at Xinhua Insurance, showcasing her dedication to customer service and professional growth [1][5][10] Group 1: Career Development - Jiao Dandan transitioned from sales to the insurance industry in March 2017, attracted by the flexible working hours that allowed her to balance family and career [5] - Initially struggling to secure clients, she persevered and improved her skills, leading to her promotion to branch manager in September 2019 [5][7] - She achieved significant recognition, including the IDA Copper Dragon Award for two consecutive years in 2023 and 2024, and set ambitious goals for her future performance [7] Group 2: Customer Service - Over her eight-year career, Jiao Dandan has served 1,052 clients and handled 35 claims, totaling 1.56 million yuan in claims [1][10] - She emphasizes the importance of lifelong customer service, building trust through her genuine personality and professional expertise [10] - Jiao Dandan's approach to client interactions has led to numerous referrals and repeat business, demonstrating her effectiveness in client relationship management [10] Group 3: Team Building - Jiao Dandan actively engages in team activities, providing detailed customer needs analysis to help her colleagues understand client requirements better [9] - She serves as a mentor to her team, offering professional advice to enhance their financial planning capabilities [9]

Investment Rating - The report maintains an "Overweight" rating for the insurance sector, indicating a positive outlook for the industry over the next 6 to 12 months [2]. Core Insights - The insurance sector's total investment balance reached 36.23 trillion yuan by the end of Q2 2025, with a year-on-year growth rate of 17.4%, marking the fifth consecutive quarter of improvement [5]. - The asset allocation shows a continued increase in bond investments, with a slight slowdown in growth, while stock allocations have improved for five consecutive quarters [5][6]. - The report highlights that the insurance industry is not as negatively impacted as the market perceives, with valuations reflecting the pressures on both assets and liabilities [5]. Summary by Sections Industry Overview - The total market capitalization of the insurance industry is approximately 32,643.28 billion yuan, with a circulating market value of 32,637.15 billion yuan [2]. Investment Allocation - By the end of Q2 2025, the allocation of insurance funds was as follows: bank deposits (8.6%), bonds (51.1%), stocks (8.8%), securities investment funds (4.8%), long-term equity investments (7.9%), and other non-standard assets (18.2%) [5][6]. - The bond allocation has increased, but the growth rate has shown signs of slowing down, while stock allocation has seen a consistent rise [5]. Performance Metrics - The year-on-year growth rates for original premiums, net assets, and total assets as of June 2025 were 5.3%, 23.4%, and 16.1%, respectively, indicating improved operational performance [5]. - The solvency ratios for property and life insurance companies were reported at 240.6% and 196.6%, respectively, showing a recovery trend [5][18]. Investment Recommendations - The report suggests focusing on companies such as New China Life Insurance, Ping An Insurance, China Life Insurance, AIA, China Pacific Insurance, and China People’s Insurance, as they are expected to benefit from the current market conditions [5].

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 [3][6]. Core Insights - The insurance sector has shown a significant increase, with the Shenwan Insurance II Index rising by 3.20%, outperforming the CSI 300 Index by 0.83 percentage points. Notably, Ping An Insurance has increased its stake in China Pacific Insurance (H) and China Life Insurance (H), triggering regulatory notifications [3][6]. - The report highlights a resurgence in insurance companies' acquisitions of peers, with 32 announcements made in 2024, the highest since 2016. As of August 14, 2025, 14 insurance institutions have made 24 acquisition announcements, involving 20 listed companies [3][6]. - The report emphasizes the positive implications of declining long-term interest rates and the entry of long-term capital into the market, suggesting a favorable environment for insurance companies [3][6]. Summary by Sections Market Review - The CSI 300 Index closed at 4,202.35 with a weekly change of +2.4%, while the non-bank index closed at 2,079.34 with a change of +6.5%. The brokerage, insurance, and diversified financial sectors reported changes of +8.2%, +3.2%, and +4.5%, respectively [6][10]. Non-Bank Industry Insights - The report notes that as of August 15, 2025, the 10-year government bond yield was 1.75%, with a weekly increase of 2.62 basis points. The insurance sector's performance is closely tied to these interest rate movements [13][19]. - The report also mentions that the average daily trading volume in A-shares has increased significantly, indicating a robust market environment for brokers [19][39]. Investment Recommendations - For the insurance sector, the report recommends focusing on undervalued stocks, specifically China Life (H), China Pacific Insurance, New China Life, Ping An, China Property & Casualty, and China Re [3][6]. - In the brokerage sector, the report suggests three investment themes: strong comprehensive institutions benefiting from improved competition, brokers with significant earnings elasticity, and firms with strong international business capabilities [3][6].

Investment Rating - The report maintains a "Recommended" rating for the insurance industry, indicating a positive outlook for the sector's fundamentals and expected performance relative to market benchmarks [2][6][7]. Core Insights - The insurance industry's fund utilization scale surpassed 36 trillion yuan in Q2 2025, with a net increase of over 1.3 trillion yuan in the quarter, reflecting strong growth driven by premium income and asset value appreciation [5][7]. - The allocation structure of insurance funds has become more pronounced, with bond and stock proportions reaching new highs, indicating a shift towards a "barbell" investment strategy [5][7]. - Regulatory measures have accelerated the entry of insurance funds into the stock market, with the stock allocation reaching a record high of 8.8% by the end of Q2 2025, supported by policy adjustments aimed at promoting long-term investments [5][7]. Summary by Sections Industry Scale - As of Q2 2025, the total market capitalization of stocks held by insurance companies is approximately 670.62 billion yuan, with a circulating market value of about 641.38 billion yuan [2]. Fund Utilization - The total fund utilization balance for insurance companies reached 36.23 trillion yuan by the end of Q2 2025, marking an 8.9% increase year-to-date and a 3.7% increase from Q1 2025 [5][7]. - The bond allocation exceeded 51%, the highest level in recent years, while bank deposits and non-standard investments were reduced [5][7]. Equity Investment - The stock balance for life and property insurance companies reached 3.07 trillion yuan, with a net increase of 640.6 billion yuan in the first half of 2025, indicating a strong commitment to equity investments [5][7]. - The report highlights a resurgence in insurance companies' stake acquisitions in peer firms, with 27 instances recorded in 2025, reflecting confidence in the sector's recovery and long-term value [5][7]. Investment Recommendations - The report suggests individual stock recommendations including China Pacific Insurance, New China Life Insurance, and Ping An Insurance, while also advising attention to China Life Insurance, China Taiping Insurance, and China Property & Casualty Insurance for their long-term investment value [7].

Group 1 - The core viewpoint of the news is the approval of China Pacific Insurance Asset Management Co., Ltd. to establish a private fund management company, marking progress in the long-term investment pilot program for insurance funds [1][2] - The pilot program allows insurance companies to invest in private securities funds primarily targeting the secondary market for stocks, with a focus on long-term holdings [2][3] - The establishment of the new private fund management company increases the total number of insurance-related private fund management companies to seven [4] Group 2 - The newly approved private fund management company, Renbao Qiyuan Huizhong, will issue funds to China Pacific Life Insurance to raise insurance capital for investment in the capital market [3][4] - The pilot program has seen a total of 6 insurance-related private securities investment funds enter the operational phase, with specific funds like the Honghu Fund series and Taikang Stable Fund already established [5][7] - The total amount approved for the long-term investment pilot program has reached 222 billion yuan, with various insurance companies participating, including China Life, Xinhua Insurance, and others [7]

Core Viewpoint - The recent approval of the establishment of the "Renbao Qiyuan Huizhong" private fund management company marks significant progress in the pilot program for long-term investment of insurance funds, increasing the total number of insurance-related private fund companies to seven [1][4]. Summary by Sections Progress of Long-term Investment Pilot - The pilot program allows insurance companies to establish private securities funds primarily investing in the stock market for long-term holding [3]. - The first batch of approvals in October 2023 included China Life and Xinhua Insurance, jointly investing 50 billion yuan to establish a company fund, which has been fully invested [2][3]. - The second batch includes several companies with varying investment amounts, such as 100 billion yuan from Renbao Insurance and its asset management [2][3]. Establishment of Private Fund Companies - The total number of insurance-related private fund management companies has reached seven, with the latest addition being "Renbao Qiyuan Huizhong" [4][5]. - Other companies include "Guofeng Xinghua," "Taikang Stable," "Taibao Zhiyuan," "Hengyi Chiying," and "Yangguang Hengyi" [4][5]. Operational Status of Funds - Six insurance-related private securities investment funds are currently operational, including various funds managed by Guofeng Xinghua and Taikang Stable [6][8]. - The first pilot fund, "Honghu Zhi Yuan," has a total scale of 500 billion yuan, which has been fully invested as of March 2024 [6][7]. Benefits of Long-term Investment Pilot - The pilot program is expected to enhance the efficiency of insurance fund utilization and improve asset-liability matching under new accounting standards, with a total pilot amount of 222 billion yuan across three batches [9].