FF301 第 1 頁 共 10 頁 本月底法定/註冊股本總額: RMB 3,119,546,600 | 2. 股份分類 | 普通股 | 股份類別 | A | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601336 | 説明 | 於上海証券交易所上市 | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,085,439,340 RMB | | 1 RMB | | 2,085,439,340 | | 增加 / 減少 (-) | | | | | IRMB | | | | 本月底結存 | | | 2,085,439,340 RMB | | 1 RMB | | 2,085,439,340 | | 1. 股份分類 | 普通股 | 股份類別 | 1 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 ...

| 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601318 中国平安 | | 4213.98万 | 2.01% | -9242.19万 | -4.42% | 5028.22万 | 2.40% | | 601319 中国人保 | | 2035.37万 | 5.54% | -603.17万 | -1.64% | -1432.20万 | -3.90% | | 601628 中国人寿 | | -475.67万 | -1.51% | 2095.77万 | 6.67% | -1620.10万 | -5.16% | | 601601 | 中国太保 | -1111.68万 | -1.25% | -795.06万 | -0.89% | 1906.74万 | 2.14% | | 000627 | *ST天茂 | -3260.41万 | -15.31% | 1026.06万 | 4.82% | 2234.36万 | 10.49% | ...

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: 2025年7月31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: 2025年8月4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. ...

Core Insights - The China Securities Hong Kong 200 Momentum Index has shown significant growth, with a 9.06% increase over the past month, 26.45% over the past three months, and 36.25% year-to-date [1] Group 1: Index Performance - The index closed at 3887.18 points, reflecting a low opening followed by a strong recovery [1] - The index is based on a sample of securities listed on the Hong Kong Stock Exchange, utilizing various investment strategies [1] Group 2: Index Holdings - The top ten holdings of the index include: - Kangfang Biotech (5.99%) - Kingdee International (3.4%) - Sangfor Technologies (3.09%) - China Tower (2.72%) - New China Life Insurance (2.67%) - CITIC Securities (2.63%) - People's Insurance Company of China (2.42%) - Meitu (2.25%) - Hainan Airlines (2.22%) - Guotai Junan Securities (2.17%) [1] - The index is fully composed of stocks listed on the Hong Kong Stock Exchange [1] Group 3: Sector Allocation - The sector distribution of the index holdings is as follows: - Healthcare: 21.32% - Financials: 19.31% - Information Technology: 13.36% - Communication Services: 9.95% - Consumer Discretionary: 8.75% - Industrials: 8.61% - Materials: 6.38% - Consumer Staples: 5.30% - Utilities: 3.62% - Real Estate: 3.41% [2] Group 4: Index Adjustment - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [7] Core Insights - The brokerage sector is experiencing high growth in performance as indicated by preliminary reports, with increasing allocation value. The insurance sector is also expected to see a rise in new business value driven by an increase in value ratios. The equity market continues to rise, leading to favorable expectations for investment returns and profit growth. Current valuations imply a pessimistic long-term investment outlook, but the report considers current valuations to be safe, given the medium to long-term interest rate spread levels [2][4] - The report recommends companies with stable profit growth and dividend rates, including Jiangsu Jinzhong, China Ping An, and China Pacific Insurance, which have clear advantages in business models and market positions. Additionally, it suggests focusing on New China Life, China Life, Hong Kong Exchanges and Clearing, CITIC Securities, Dongfang Wealth, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation levels [2][4] Summary by Sections Industry Overview - The non-bank financial index decreased by 2.4% this week, with a relative excess return of -0.6% compared to the CSI 300, ranking 22 out of 31 industries. Year-to-date, the non-bank financial index is up by 4.0%, with a relative excess return of +1.0%, also ranking 21 out of 31 [5] - The market has seen a decline in activity, with an average daily trading volume of 18,096.34 billion yuan, down 2.11% week-on-week, and an average turnover rate of 2.12%, down 2.50 basis points [5] Brokerage Sector - The brokerage sector's performance has been weak overall, with the securities sector down 3.1% this week. The report highlights that the average daily trading volume and turnover rate are above the 2024 averages, indicating a gradual recovery in brokerage business profitability [17][39] - Margin financing balances have increased to 1.98 trillion yuan, up 2.21% week-on-week, indicating a recovery in credit business [46] Investment Business - The equity market has seen an overall decline, with the CSI 300 index down 1.75% and the ChiNext index down 0.74%. The report notes that the proportion of equity investments in brokerage assets is approximately 10%-30%, while bond investments account for 70%-90% [43][44] Insurance Sector - The insurance industry reported a cumulative premium income of 37,350 billion yuan in June 2025, reflecting a year-on-year increase of 5.31%. The report indicates that the premium income from property insurance was 9,645 billion yuan, up 5.10%, while life insurance income was 27,705 billion yuan, up 5.38% [21][22] - The total assets of the insurance industry reached 39.22 trillion yuan as of June 2025, with a quarter-on-quarter increase of 2.08% [26][27]

Investment Rating - The report maintains a positive investment rating for the non-bank sector, suggesting a favorable outlook for both insurance and securities companies [6]. Core Insights - The reintroduction of VAT on bond interest is expected to have a limited impact on insurance companies, with a continued focus on "tax-exempt assets + high dividends" strategies in the investment sector [1]. - The overall investment style for insurance capital is expected to remain "fixed income +", but with a potential increase in equity allocation as net investment income may face pressure due to declining long-term interest rates [2]. - The non-bank sector has shown resilience, with the non-bank index outperforming the broader market in July, driven by strong performance from securities and insurance indices [3]. - Domestic policies are expected to support market recovery, with ongoing efforts to enhance the attractiveness and inclusivity of the capital market [4]. Summary by Sections Market Review - Major indices experienced a decline, with the non-bank sector showing relative strength, particularly in the insurance index, which was less affected by market fluctuations [10]. - The non-bank financial index fell by 2.40%, while the insurance index only decreased by 0.15% [10]. Securities Sector - The report highlights a robust performance in the securities sector, with significant increases in trading volumes and IPO underwriting [18]. - As of August 1, 2025, the cumulative IPO underwriting scale reached 566.81 billion, and refinancing underwriting was 8103.24 billion [18]. Insurance Sector - The insurance sector is expected to benefit from a dual enhancement of "dividends + capital gains" as policies encourage long-term capital market participation [5]. - Key insurance companies to watch include Sunshine Insurance, China Pacific Insurance, New China Life, Ping An, China Life, and China Property Insurance [44]. Investment Recommendations - The report suggests a focus on expanding equity allocations within insurance portfolios, with a positive outlook for the performance of major securities firms [43][44].

Core Points - Xinhua Insurance (601336) closed at 65.1 yuan on August 1, 2025, up 2.05% from last week's 63.79 yuan [1] - The stock reached a nearly one-year high of 68.68 yuan on July 30, 2025, with a weekly low of 63.5 yuan on July 28, 2025 [1] - The company's current market capitalization is 203.08 billion yuan, ranking 5th in the insurance sector and 60th among 5149 A-shares [1] Company Announcements - Xinhua Insurance announced a cash dividend of 1.99 yuan per share, to be distributed on August 8, 2025 [1] - The dividend distribution is based on a total share capital of 3,119,546,600 shares, amounting to a total cash dividend payout of 6.21 billion yuan [1] - The dividend plan was approved at the annual general meeting held on June 27, 2025 [1] - The tax implications for individual shareholders vary based on the holding period, with a 20% tax for holdings under one month, 10% for holdings between one month and one year, and no tax for holdings over one year [1] - For qualified foreign institutional investors (QFII), a 10% withholding tax will apply, resulting in a net cash dividend of 1.791 yuan per share [1]

北京商报讯（记者 李秀梅）8月1日，新华人寿保险股份有限公司（以下简称"新华保险"）发布2024年年度权益分派实施公告。新华保险宣 布，将以总股本31.20亿股为基数，向全体A股股东每股派发现金红利1.99元（含税），合计派发红利总额达62.08亿元。 | 股份类别 | 股权登记日 | 最后交易日 | 除权(息)日 现金红利发放日 | | --- | --- | --- | --- | | A 股 | 2025/8/7 | | 2025/8/8 2025/8/8 | 图片来源：新华保险公告 ...

Core Insights - The establishment of the Taibao Zhiyuan No. 1 private securities investment fund marks an increase in the number of insurance-backed private securities investment funds in China to six, managed by three insurance-related private fund companies [1][3] Group 1: Fund Establishment and Management - The Taibao Zhiyuan No. 1 fund was established on July 23 and completed its filing on July 28, with a target size of 20 billion yuan [3] - Prior to Taibao Zhiyuan No. 1, five other insurance-backed private securities investment funds were already operational, with four managed by Guoshou Asset and Xinhua Asset through Guofeng Xinghua (Beijing) Private Fund Management Co., Ltd. [3] - The first insurance-backed private fund, Honghu Zhiyuan, was jointly initiated by Xinhua Insurance and China Life, with a total scale of 50 billion yuan fully deployed by March of this year [3] Group 2: Fund Sizes and Contributions - The second phase of the Honghu Zhiyuan private securities investment fund was established on May 27, with a total scale of 20 billion yuan, with Xinhua Insurance and China Life each contributing 10 billion yuan [3] - The first and second funds of the Guofeng Xinghua Honghu Zhiyuan third phase were established on July 7, with the first having a scale of 22.5 billion yuan, and contributions from Xinhua Insurance and China Life of 11.25 billion yuan each [3] - The Taikang Stable Phase I private securities investment fund was established on June 18 and began investing on June 27, managed by Taikang Asset [4]

Core Viewpoint - The insurance sector is experiencing a decline in stock prices due to the formal initiation of a mechanism for adjusting the guaranteed interest rates of insurance products, leading to significant shifts in product offerings and business strategies among major insurance companies [1] Group 1: Stock Performance - As of the report, major insurance stocks have seen notable declines: Xinhua Insurance down 4.17% to HKD 48.2, China Life down 3.52% to HKD 21.95, China Pacific Insurance down 3% to HKD 30.7, and China Property & Casualty Insurance down 0.37% to HKD 16.26 [1] Group 2: Regulatory Changes - The China Insurance Industry Association has released data indicating that the research value for the guaranteed interest rate of ordinary life insurance products is now 1.99%, a decrease of 14 basis points from the previous period [1] - This value has remained below the current guaranteed interest rate by more than 25 basis points for two consecutive quarters, triggering the dynamic adjustment mechanism for life insurance guaranteed interest rates [1] Group 3: Business Implications - Dongwu Securities reports that the reduction in guaranteed interest rates will lead to a continued decrease in the liability costs of new business for insurance companies, while the gradual dilution of new business against existing business will improve the average cost of existing policies [1] - Following the adjustment of guaranteed interest rates, the minimum return on participating insurance products is only 25 basis points lower than traditional insurance, making them more attractive to customers due to their floating return design [1] - It is anticipated that the structure of new business will accelerate its shift towards participating insurance, and the increased proportion of participating insurance will further alleviate the rigid cost pressures faced by insurance companies [1]