Investment Rating - The report maintains an "Accumulate" rating for the insurance sector [2]. Core Insights - The PCE-ROCE valuation system is introduced to better reflect the true value of insurance companies under new standards, addressing the limitations of the traditional P/EV system [6][47]. - The report identifies that companies like China Pacific Insurance and China Life Insurance are significantly undervalued in the A-share market, while in the H-share market, China Pacific, China Life, and Sunshine Insurance are also notably undervalued [6][6]. - The insurance sector is characterized by dual benefits: companies possess dividend advantages, and leading firms like Ping An have strategically invested in high-dividend assets, which positively impacts their performance [6]. Summary by Sections 1. Introduction - The P/EV valuation system is under scrutiny due to a prolonged low interest rate environment, leading to a decline in the valuation levels of listed insurance companies [16][16]. - As of July 23, 2025, major insurance companies are trading at historical low P/EV ratios, indicating a potential valuation trap [16][16]. 2. PCE-ROCE Valuation System - The PCE-ROCE system incorporates comprehensive equity (CE) and return on comprehensive equity (ROCE) to provide a more accurate valuation framework [47][48]. - The system aims to mitigate the volatility associated with traditional valuation methods by integrating net assets and contract service margins [6][47]. 3. Comparison with PIEV - The PCE-ROCE system is deemed more effective in reflecting the true value of insurance companies in a low interest rate environment compared to the PIEV system, which relies heavily on long-term investment return assumptions [8][8]. - The report highlights that the PCE-ROCE system offers a balanced valuation approach by considering both net assets and contract service margins [8][8]. 4. Profitability Analysis of Listed Insurance Companies - The report evaluates the profitability of insurance policies under the new standards, focusing on contract service margins (CSM) and new business contract service margins (NBCSM) [8][8]. - A scoring system is established to assess the performance of listed insurance companies based on various profitability indicators, with AIA, PICC, and CPIC scoring the highest [8][8]. 5. Main Conclusions and Investment Recommendations - The report concludes that the insurance sector presents significant investment opportunities, particularly in companies that are undervalued and have strong dividend policies [6][6]. - Recommended companies for investment include New China Life, Ping An, AIA, China Life, China Pacific, and China People’s Insurance [6][6].

摩根大通将中国人寿A股、新华保险A股评级上调至中性。 ...

Investment Rating - The report maintains an "Overweight" rating for the insurance sector [2]. Core Insights - The P/EV valuation system is facing challenges in a persistently low interest rate environment, leading to significant adjustments in risk discount rates and investment return assumptions, which have resulted in a decline in NBV and EV growth [5][9]. - The introduction of the PCE-ROCE valuation system aims to provide a more comprehensive reflection of the true value of insurance companies by incorporating comprehensive equity (CE) and return on comprehensive equity (ROCE) [31][43]. - The report identifies that A-share listed insurance companies, particularly China Pacific Insurance and China Life Insurance, are relatively undervalued according to the PCE-ROCE valuation system [5][29]. Summary by Sections 1. Introduction - The P/EV valuation system shows signs of "failure" as the valuation levels for A-share listed insurance companies continue to decline, with significant pressure on new business value growth due to macroeconomic factors [9][14]. 2. PCE-ROCE Valuation System Proposal - The PCE-ROCE system introduces comprehensive equity (CE) and ROCE to better reflect the value of insurance companies under new accounting standards [31][43]. - The system aims to address the limitations of the P/EV system by providing a more stable and predictable valuation framework [5][31]. 3. Comparison of Valuation Systems - The PCE-ROCE system is more effective in reflecting the true value of insurance companies in a low interest rate environment compared to the traditional P/EV system [5][31]. - The report highlights that the P/CE ratio provides a better fit and reflects the comprehensive value of insurance companies compared to P/B and P/EV ratios [5][31]. 4. Analysis of Insurance Companies' Policy Profitability - The report establishes a profitability evaluation system for listed insurance companies based on CSM and NBCSM, identifying key performance indicators to assess profitability [5][31]. - The scoring system ranks companies based on their CSM performance, with AIA, PICC, and CPIC scoring the highest [5][31]. 5. Main Conclusions and Investment Recommendations - The report concludes that several A-share and H-share listed insurance companies are undervalued, suggesting a focus on companies like New China Life, Ping An, AIA, China Life, CPIC, and PICC for potential investment opportunities [5][29].

A股证券代码：601336 A股证券简称：新华保险 编号：2025-042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 第八届董事会第三十五次会议决议公告 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。 新华人寿保险股份有限公司（以下简称"公司"）于 2025 年 7 月 15 日以电 子邮件方式向全体董事发出第八届董事会第三十五次会议（以下简称"会议"） 通知和材料，会议于 2025 年 7 月 25 日在北京市以现场方式召开。会议应到董事 10 人，现场出席董事 10 人，公司监事和高级管理人员列席了会议。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。 会议由公司董事长杨玉成主持，经与会董事审议和现场表决，形成如下会议 决议： 一、审议通过了《关于 2025 年二季度偿付能力报告的议案》。 公司董事会审计与关联交易控制委员会已审议通过此项议案。 表决情况：同 ...

凤凰网财经讯 近日，财富中文网发布了2025年《财富》中国500强排行榜和2025年中国500强最赚钱公司、2025年中国500强亏损公司等多个榜单。 33家银行登上《财富》中国500强 榜单显示，共有43家银行保险机构登上500强排行榜。其中银行共33家，与去年相比增加5家，分别是广州农商行、天津银行、成都农商行、哈尔滨银行 和青岛银行。 保险方面，中国平安今年跻身前十，去年排第13位；友邦排名第22位，太平洋排名第24位，中国人保排名第26位。 此外，江苏银行、北京银行、宁波银行和上海银行等城商行均进入榜单前200强，排名分别为第162位、第172位、第186位和第193位。成都银行排名较上 年上升最多，共提升35名，至324位；杭州银行、微众银行、重庆银行排名均提升超过20个名次，分别排名238位、261位、425位。郑州银行下降8位，卡 线上榜，位列第500位。 另有10家保险机构上榜，中国人寿超越中国平安，位居险企榜首位，总榜单第12位；新华人寿排名则超越中国再保险及阳光保险，位居总榜第129位。同 时，新华人寿也是唯一进入500强亏损榜的银保机构。 新华人寿进入亏损榜 2025年中国500强最赚钱 ...

Core Insights - The Hong Kong Stock Connect Non-Bank ETF (513750) has reached a record size of 10.364 billion yuan as of July 24, 2025, marking a year-to-date growth of 1213.56% [1] - The ETF has seen continuous net inflows over the past 17 days, with a total of 4.966 billion yuan in net inflows, and 5.897 billion yuan over the past month [1] - The ETF has achieved a 52.78% increase since its low point on April 10, 2025, and has a one-year net value increase of 90.63%, ranking in the top 1.36% among 2940 index stock funds [2] Fund Performance - The Hong Kong Stock Connect Non-Bank ETF recorded a trading volume of 2.158 billion yuan on July 24, 2025, with a turnover rate of 22.14%, indicating active market participation [2] - The ETF has a maximum monthly return of 31.47% since its inception, with the longest consecutive monthly gain being 4 months and an average monthly return of 7.04% [2] - The ETF closely tracks the CSI Hong Kong Stock Connect Non-Bank Financial Theme Index, which includes up to 50 listed companies that meet the non-bank financial theme criteria [2] Sector Analysis - The top ten weighted stocks in the CSI Hong Kong Stock Connect Non-Bank Financial Theme Index account for 77.92% of the index, with major holdings including China Ping An, AIA, and Hong Kong Exchanges and Clearing [3] - Market sentiment has improved in Q2 2025, leading to an increase in the non-bank sector's weight, with expectations for both fundamental and valuation improvements [3] - The insurance sector is expected to benefit from a stable interest rate environment and improved investment returns, which could enhance profitability [4]

Core Viewpoint - The strong performance of insurance stocks is driven by multiple factors, including improvements in fundamentals, supportive policies, and favorable funding conditions [1][3][9]. Group 1: Performance Metrics - As of July 23, the A-share insurance sector saw a 2.25% increase, with New China Life leading at 2.73% [2]. - From April 1 to the present, major A-share insurance stocks have experienced gains ranging from nearly 50% to over 120%, with New China Life doubling its stock price [1][3]. - Over the past year, New China Life's stock has risen by 116.15%, while China Life and China Pacific Insurance have also shown significant increases of 59.16% and 48.51%, respectively [3]. Group 2: Fundamental Drivers - The improvement in the insurance sector's fundamentals is supported by a recovery in liabilities and assets, alongside a series of policies aimed at reducing costs and enhancing market access for insurance funds [1][9]. - Analysts predict that the insurance sector is at the beginning of a long-term upward trend, with all listed insurance companies showing investment value [1][10]. Group 3: Valuation and Investment Trends - The insurance sector is characterized by low valuations and stable dividend yields, attracting attention from public funds [3][4]. - As of the end of Q2 2025, public funds increased their holdings in insurance stocks, with the sector's valuation ranging from 0.60 to 0.93 times P/EV, indicating it remains at historical lows [4][6]. - The total dividends from five listed insurance companies for 2024 are projected to reach 907.89 billion yuan, a year-on-year increase of 20.21% [4]. Group 4: Regulatory Impact - Recent regulatory measures have aimed to mitigate "interest spread loss" risks, which have historically pressured valuations in the insurance sector [6][7]. - The lowering of the maximum guaranteed interest rates for various insurance products is expected to alleviate investment pressures on insurance companies [7][8]. Group 5: Future Outlook - Analysts anticipate continued improvement in the insurance sector's fundamentals, driven by a combination of favorable policies and market conditions [9][12]. - The upcoming financial reports for listed insurance companies are expected to reflect sustained growth in new business value and improved profitability in various insurance segments [11][12].

1. Report Industry Investment Rating - The report does not explicitly mention the overall industry investment rating 2. Core Viewpoints of the Report - In Q2 2025, the overall market value of A - share holdings of active equity - oriented funds decreased, while that of H - share holdings increased. The industry concentration of the top heavy - stock holdings of equity - oriented funds decreased. The communication, non - bank finance, and media industries saw significant increases in allocation ratios, while the steel, food and beverage, and coal industries had large reduction ratios [4][6]. - The structure of the top heavy - stocks of active equity - oriented funds changed. The overall number of large - market - cap leaders decreased, and the holdings of sub - industry leaders increased. The new high - growth technology stocks related to AI emerged, while traditional large - cap white - horse stocks were significantly reduced [4]. - In terms of industry leaders, the communication, non - bank finance, media, agriculture, forestry, animal husbandry, and beauty care industries were significantly increased, while the steel, coal, real estate, social services, and food and beverage industries were significantly reduced [21]. - The report suggests focusing on four investment themes: communication and hardware upstream under AI diffusion, non - bank finance, new consumption in the Hong Kong stock market, and national defense and military industry [26] 3. Summary by Relevant Catalogs 3.1 2025Q2 Active Fund Heavy - Stock Holding Structure Overview - **A - share and H - share holdings changes**: In Q2 2025, the total market value of active equity - oriented fund heavy - stock holdings was 1736.2 billion yuan, a 1.66% QoQ decrease. A - share holdings decreased by 2.79% QoQ to 1394.8 billion yuan, while H - share holdings increased by 3.20% QoQ to 341.3 billion yuan. Due to the complex macro - economic environment and market volatility, funds faced redemption pressure and tended to reduce large - cap stocks with poor liquidity [6]. - **Industry concentration decline**: From Q1 to Q2 2025, the industry concentration of the heavy - stock holdings of equity - oriented funds decreased. CR3 decreased by 0.56 percentage points to 38.37%, and CR5 decreased by 4.18 percentage points to 51.18%. The top five industries in terms of holding market value remained the same, but the proportion of the electronics industry increased, while the other four industries decreased [4][7]. - **Structural adjustment of industry holdings**: In Q2 2025, 12 industries saw an increase in the total market value of holdings. The communication, non - bank finance, and media industries had large increases in allocation ratios, rising by 75.88%, 64.62%, and 38.37% respectively. The steel, food and beverage, and coal industries had large reduction ratios, decreasing by 46.32%, 26.16%, and 23.99% respectively [9] 3.2 Q2 Active Fund Top Heavy - Stock Tracking - **Change in the structure of top heavy - stocks**: In Q2 2025, the structure of the top 20 heavy - stocks of active equity - oriented funds changed. The large - market - cap leaders decreased, and the sub - industry leaders increased. The market value of the top 20 heavy - stocks accounted for 20.72% of all heavy - stocks, a 2% decrease from Q1 [12]. - **Changes in the top five heavy - stocks**: The top five heavy - stocks remained the same, but the overall holdings decreased. New high - growth technology stocks such as New Fiber Optic Technology and Inphi Corporation quickly rose in the rankings, while traditional large - cap white - horse stocks such as Luxshare Precision Industry, Midea Group, and Contemporary Amperex Technology were significantly reduced [4]. - **Hong Kong stock market adjustment**: In the Hong Kong stock market, AI and Internet media leaders were reduced, while the pharmaceutical and new consumption sectors that performed well in Q2 were significantly increased [18] 3.3 Q2 Industry Leader Heavy - Stock Tracking - **Industry leader allocation changes**: In Q2 2025, the communication, non - bank finance, media, agriculture, forestry, animal husbandry, and beauty care industries were significantly increased, while the steel, coal, real estate, social services, and food and beverage industries were significantly reduced [21]. - **Communication industry focus**: Driven by the booming demand for AI hardware, the communication industry became the focus of funds. The optical module sector, which benefits from the expansion of AI capital expenditure, was the main area for increasing communication heavy - stocks. The profitability of communication equipment is expected to continue to improve in the second half of the year [22]. - **Non - bank finance sector highlights**: The leaders of the non - bank finance sector attracted attention. The holdings of Ping An Insurance and CPIC increased by 55% and 41% respectively, and securities leaders such as Citic Securities and Huatai Securities also saw over 30% increases. The brokerage sector's performance is expected to continue to improve [23] 3.4 Investment Recommendations - **AI diffusion - related communication and hardware upstream**: The significant increase in the holdings of optical module leaders reflects that funds are extending from AI software to computing infrastructure. AI capital expenditure is expected to drive the performance of upstream sectors in the second half of the year [26]. - **Non - bank finance sector**: The concentrated increase in holdings of leaders such as Citic Securities and Ping An Insurance reflects the positive expectations of the market for the profitability improvement of the brokerage and insurance sectors. The non - bank finance sector is expected to achieve a resonance of valuation repair and performance recovery [26]. - **Hong Kong stock new consumption theme**: After the correction in the AI sector, funds refocused on consumption structure highlights, especially in the Hong Kong stock market. Sub - sectors such as pets, toys, and emotional consumption have become important directions for heavy - stock allocation [26]. - **National defense and military industry safety theme**: The significant increase in the holdings of core military stocks reflects the high attention of institutions to the "national security + high - end manufacturing" theme. The military industry has policy support, order growth, and mid - report performance improvement expectations, with medium - term allocation value [27]

Core Insights - The aging population in China is projected to reach 310 million by 2024, with 220 million aged 65 and above, highlighting the urgency to address the challenges of an aging society [1] - The insurance industry is positioned as a key player in developing a multi-tiered pension security system, actively creating "insurance + pension" service models in response to policy directions and market demands [1] Policy Framework - In the first half of the year, a comprehensive policy framework for pension finance was established, providing clear guidance for the insurance sector's involvement in the pension security system [2] - The implementation plan issued by the financial regulatory authority outlines 20 specific measures across six areas to enhance the insurance industry's role in pension security [2] - Policies aimed at boosting consumption have also been introduced, encouraging financial institutions to develop long-term pension products that meet consumer needs [2] Local Initiatives - Local governments are actively responding to national policies, with provinces like Anhui implementing measures to enhance the pension finance service system and support the aging population [3] - Research indicates that insurance institutions have invested over 300 billion in the health and pension industry, covering areas such as elderly community construction and health ecosystem development [3] Product Innovation - The insurance sector has accelerated the iteration of pension insurance products, creating a matrix of offerings that includes basic protection, supplementary pensions, and health services [4] - As of July 13, 2023, there are 1,060 personal pension-related products available, with insurance products accounting for 262, representing 24.7% of the total [4] - New products, such as China Life's pension annuity insurance, offer comprehensive coverage for various life stages, enhancing adaptability to consumer needs [4] Market Trends - The demand for annuity insurance is increasing as traditional funding arrangements struggle to meet retirement needs, making it a vital tool for wealth planning [5] - Innovative cross-industry products are emerging, such as TaiKang's member system designed for the "new retirement population," addressing diverse needs in travel and living [6] Community Development - Insurance companies are leveraging their resources to accelerate the establishment of elderly care communities, integrating financial products with service offerings [7] - At least 27 new elderly care communities have opened in the first half of the year, focusing on core urban areas and technological enhancements [7] - Companies like China Life and TaiKang are launching high-quality elderly care projects, emphasizing convenient locations and smart facilities [7][8] Strategic Shifts - The strategy for developing elderly care communities is shifting from a heavy asset model to a combination of light and heavy asset approaches [8] - Despite significant progress in the pension security system, challenges such as product homogenization and uneven regional development remain, necessitating further policy guidance and innovation [8]

Core Insights - The insurance industry is experiencing a significant increase in claim payouts and service efficiency, with digital and intelligent claims processing becoming standard practice [1][2][4] Group 1: Claim Performance - Major insurance companies reported substantial claim volumes in the first half of 2025, with China Life Insurance processing over 12.14 million claims totaling over 30.2 billion yuan, and Ping An Life handling 2.377 million claims amounting to 20.62 billion yuan [2] - The industry maintains a high claim approval rate, with several companies exceeding 99%, including China Life and Citic Prudential, which both achieved 99.6% [2] - Critical illness insurance accounted for a significant portion of claims, with China Pacific Insurance reporting 5.23 billion yuan in critical illness claims, representing 52.7% of their total payouts [2] Group 2: Medical Insurance Trends - Medical insurance claims are the most frequent, with Ping An Life reporting that 92% of their claims were for medical insurance, while Sunshine Insurance reported 83.7% [3] - The prevalence of medical claims highlights the close connection between insurance products and public health needs [3] Group 3: Technological Advancements - Insurance companies are leveraging technology to enhance claims efficiency, with Ping An Life achieving 93% of automated claims processed within 60 seconds using their DeepSeek model [4][5] - China Life's claims processing time has improved significantly, with small medical claims being settled in an average of 0.37 days [4] Group 4: Direct Payment Services - The industry is focusing on "direct payment" services, allowing for seamless integration between hospitals, health insurance, and commercial insurance, enabling patients to settle claims upon discharge [6][7] - China Life has pioneered direct payment initiatives, processing over 3.91 million direct payment claims worth over 2.13 billion yuan in the first half of 2025 [7] - Other companies, such as Ping An Life and Taikang Life, have also introduced similar direct payment services, enhancing customer convenience [7]