摘要 Q&A 新华保险在 2025 年一季度的投资端表现与去年同期相比如何，尤其是二级市 场的权益表现？ 2025 年一季度，新华保险整体表现依然优于基准。具体来看，A 股市场涨幅较 去年更弱，但港股表现强劲，因此整体投资收益在港股方面较为可观，而 A 股 则受大势影响。虽然三月数据尚未公布，但可以通过资本市场整体表现来评估 • 新华保险 2024 年权益资产比例显著提升，从 15%增至接近 19%，总占比达 21%-22%，未来计划增加高股息类资产占比，优化内部结构，提升资产质量 和收益，但会根据偿付能力充足率等约束条件确定整体权益资产比例。 • 新华保险明确将加大 OCI 高股息策略的配置，目前 OCI 股票约 300 亿，占 股票配置的比例相对较低，但增长速度很快，从去年年初的 50 多亿增加到 300 亿，未来将继续增加这一部分配置，但这将是一个长期目标。 • 新华保险目前入职标准为股息率 4%左右，不分 AH 股，但股息率是变动指 标，这只是参考标准，在考核动态股息率时，不仅考虑市值，还要综合评 判公司的治理、资产增值潜力等因素。 • 新会计准则下，新华保险对 ACC 类资产占比进行了审慎评估，并在 ...

2025 年 04 月 07 日 公司点评 买入/维持 新华保险(601336) 目标价: 昨收盘:51.50 非银金融 保险Ⅱ 新华保险 2024 年年报点评：NBV 涨势优异，业绩弹性显著 ◼ 走势比较 (20%) 4% 28% 52% 76% 100% 24/4/8 24/6/19 24/8/30 24/11/10 25/1/21 25/4/3 新华保险 沪深300 ◼ 股票数据 <<新华保险(601336)：聚焦期缴、聚 焦价值，转型升级见成效>>--2017- 08-30 <<新华保险（601336）：业务结构持续 优化，非标资产配置加大>>--2017- 03-31 证券分析师：夏芈卬 电话：010-88695119 E-MAIL：xiama@tpyzq.com 分析师登记编号：S1190523030003 研究助理：王子钦 E-MAIL：wangziqin@tpyzq.com 一般证券业务登记编号：S1190124010010 事件：新华保险发布 2024 年年度报告。报告期内，公司实现原保险 保费收入 1705.11 亿元，同比+2.78%；实现营业收入 1325.55 亿元，同比 +85.2 ...

新华人寿保险股份有限公司章程 | | | | | 本章程制定与修改记录 | 1 | | --- | --- | --- | | 第一章 总 | 则 | 3 | | 第二章 | 经营宗旨和范围 | 6 | | 第三章 | 股份和注册资本 | 6 | | 第四章 | 减资和购回股份 | 12 | | 第五章 | 购买公司股份的财务资助 | 16 | | 第六章 | 股票和股东名册 | 17 | | 第七章 | 股份转让 | 22 | | 第八章 | 党组织（党委） | 25 | | 第九章 | 股东的权利和义务 | 27 | | 第十章 | 股东大会 | 37 | | 第十一章 | 类别股东表决的特别程序 | 57 | | 第十二章 | 董事会 | 60 | | 第十三章 | 公司经营管理层 | 100 | | 第十四章 | 监事会 | 106 | | 第十五章 | 公司董事、监事、总裁和其他高级管理人员的资格和义务 | 117 | | 第十六章 | 财务会计、审计、内控合规、风险管理与保险当事人合法权益保护 | 127 | | 第十七章 | 关联交易和信息披露 | 141 | | 第十八章 | 合并、分立、解散 ...

| A股股票代码：601336 | A股股票简称：新华保险 编号：2025-020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 关于《公司章程》获核准的公告 新华人寿保险股份有限公司董事会 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"本公司"）于近日收到国家金融监 督管理总局《关于新华人寿保险股份有限公司修改章程的批复》（金复[2025]183 号），国家金融监督管理总局已核准本公司 2023 年年度股东大会对《新华人寿保 险股份有限公司章程》（以下简称"《公司章程》"）的修订。 2025 年 4 月 8 日 本公司 2024 年 6 月 28 日召开的 2023 年年度股东大会审议通过了《关于修 订〈公司章程〉的议案》。本公司根据相关法律法规、监管规定和公司治理实践 对《公司章程》的部分条款进行了修订，具体内容请见本公司于 2024 年 5 月 28 日发布的《新华保险 2023 年年度 ...

4月8日，据金融监管总局官网，金融监管总局近日印发《关于调整保险资金权益类资产监管比例有关事项的通知》（以下简称《通知》），优化 保险资金比例监管政策，加大对资本市场和实体经济的支持力度。 随后，多家保险公司发声表示，坚定看好中国经济、看好中国资本市场，为资本市场注入"真金白银"。 金融监管总局表示，《通知》的发布是优化保险资金资产配置的重要举措，有利于促进保险业做好金融"五篇大文章"，更好发挥长期资金和"耐心 资本"优势。下一步，金融监管总局将持续完善保险资金运用监管政策，助力经济社会发展。 同时，新华保险表示，公司将认真落实国家关于推动中长期资金入市和国家金融监督管理总局《关于调整保险资金权益类资产监管比例有关事项 的通知》的要求，积极发挥好长期资本、耐心资本、高能级战略资本的优势，国家战略性新兴产业股权投资力度，当好服务资本市场稳健发展、 服务实体经济的主力军，高效服务新质生产力。 二是提高投资创业投资基金的集中度比例。引导保险资金加大对国家战略性新兴产业股权投资力度，精准高效服务新质生产力。 新华保险还表示，作为一家国有大型金融企业和重要机构投资者，坚定看好中国经济、看好中国资本市场。 三是放宽税延养 ...

Core Viewpoint - Xinhua Insurance has increased its stake in Beijing Enterprises Holdings Limited, acquiring an additional 150,000 shares, bringing its total ownership to approximately 5% of the company's total issued shares [1][2]. Group 1: Investment Activity - Xinhua Insurance acquired 150,000 shares of Beijing Enterprises on March 26, 2025, through a secondary market auction, which represents 0.01% of the total issued shares [1][2]. - Prior to this acquisition, Xinhua Insurance held 6,278,850 shares, which accounted for 4.99% of Beijing Enterprises' total issued shares [2]. - After the transaction, the total shares held by Xinhua Insurance increased to 62,938,500, representing 5% of the total issued shares of Beijing Enterprises [2]. Group 2: Financial Performance of Beijing Enterprises - In 2024, Beijing Enterprises reported a revenue of 84.064 billion yuan, reflecting a year-on-year growth of 2.13% [1]. - The net profit attributable to the parent company for 2024 was 5.123 billion yuan, which is a decline of 6.82% compared to the previous year [1]. - The basic earnings per share for Beijing Enterprises stood at 4.07 yuan [1]. Group 3: Strategic Rationale - Xinhua Insurance plans to categorize its investment in Beijing Enterprises as part of its equity investment management strategy [3]. - The company has been actively increasing its stakes in various listed companies since 2024, including Shanghai Pharmaceuticals and GuoYao Group, indicating a strategic shift towards equity investments [3]. - The Vice President of Xinhua Insurance stated that the company's investment activities are aimed at achieving long-term stable returns while adapting to current market conditions [3]. Group 4: Industry Trends - Since 2024, multiple insurance companies have been actively increasing their stakes in various sectors, including banking and utilities [3][4]. - For instance, Ping An Life has triggered multiple stake increases in banks such as China Merchants Bank and Postal Savings Bank [3]. - Longcheng Life has also shown a preference for infrastructure-related stocks, increasing its holdings in companies like Datang Renewable and China Water Affairs [4]. Group 5: Market Conditions - According to GuoXin Securities, insurance companies are facing pressure on their asset side due to declining long-term interest rates and ongoing volatility in the equity market [5]. - The report suggests that insurance companies are likely to continue increasing their allocation to high-dividend and high-capital appreciation potential stocks to meet long-term and stable demand [5]. - The strategy of acquiring stakes in listed companies is seen as a way to smooth accounting profits and reduce volatility in investment returns [5].

Core Viewpoint - Xinhua Insurance has increased its stake in Beijing Holdings to 5% through secondary market transactions, marking its second stake increase this year, following its acquisition of Hangzhou Bank in January [1][2][5]. Group 1: Company Actions - Xinhua Insurance announced the acquisition of an additional 150,000 shares of Beijing Holdings, raising its total holdings to 62,938,500 shares, which represents 5% of the company's total equity [3][4]. - The company has been active in the capital market, having previously increased its stakes in several companies, including China National Pharmaceutical Group, Shanghai Pharmaceuticals, and Haitong Securities [5][6]. Group 2: Financial Metrics - As of March 26, Xinhua Insurance's equity assets amounted to 317.47 billion yuan, accounting for 21.13% of its total assets, which were reported at 1,692.297 billion yuan with a net asset value of 96.24 billion yuan [4][6]. - The solvency ratio of Xinhua Insurance stands at 217.55%, indicating a strong capital position [4]. Group 3: Market Trends - The insurance sector has seen increased activity in the capital markets, with several major insurance companies, including China Life and Ping An Life, participating in stake increases across 13 listed companies this year [6]. - The banking sector has emerged as a favored investment area for insurance capital, followed by public utilities and energy companies, reflecting a strategic focus on stable and high-quality companies [6].

Group 1 - Xinhua Insurance increased its stake in Beijing Enterprises Holdings by acquiring 150,000 shares, raising its ownership to 62.9385 million shares, which is 5.00% of the total issued shares, triggering a mandatory disclosure [1] - The market value of Xinhua Insurance's holdings in Beijing Enterprises is approximately HKD 1.94 billion [1] - Beijing Enterprises reported a revenue of HKD 84.064 billion for 2024, a year-on-year increase of 2.13%, but its net profit decreased by 6.82% to HKD 5.123 billion [1] Group 2 - This is the second time Xinhua Insurance has made a significant stake acquisition in 2023, having previously acquired 5.45% of Hangzhou Bank from the Commonwealth Bank of Australia, increasing its stake to 5.87% [2] - The trend of frequent stake acquisitions by insurance companies reflects a broader pattern, with over six insurance firms having made stake acquisitions in 13 listed companies since 2025 [2] - The focus of these acquisitions is primarily on bank stocks and public utility stocks, with five of the 13 targeted companies being banks, indicating a preference for high-dividend assets in a low-interest-rate environment [2]

Group 1 - The core event is the establishment of the Xinhua Insurance Running Team, coinciding with the 2025 Beijing Sub-Center Marathon, where Xinhua Insurance serves as the exclusive insurance sponsor [1] - Xinhua Insurance aims to provide comprehensive insurance coverage for 15,000 participants, staff, and volunteers, showcasing its commitment to health protection and urban development [1][2] - The "New Beijing Style·Health Care Travel" service system has been launched, integrating health management, elderly care communities, and travel services, resulting in a 10% year-on-year growth in premium income and a 20% increase in value [2] Group 2 - The "Health Care Travel" platform combines events with health ecology, offering customized health check-ups and elderly community experiences to members of the Xinhua Running Team [2] - The event reflects Xinhua Insurance's integration of corporate culture into social welfare, demonstrating efficient collaboration and meticulous operational capabilities [2] - Customers express appreciation for Xinhua Insurance's service philosophy, noting that the company is redefining its role from risk manager to a promoter of healthy living [3] Group 3 - The marathon serves as a starting point for Xinhua Insurance to deepen its connection with urban development and public welfare through an "insurance + health + sports" model [3] - The company aims to enhance its brand presence and commitment to long-term value through this initiative, reinforcing the slogan "Xinhua Insurance, Long-lasting Protection" [3]

Investment Rating - The report maintains a "Buy-A" investment rating for the company [4][6]. Core Views - The company achieved a record high in 2024 with total revenue of 1325.55 billion yuan, representing a year-on-year increase of 85.3%, and a net profit attributable to shareholders of 262.29 billion yuan, up 201.1% year-on-year [1]. - New business value (NBV) reached 62.53 billion yuan, reflecting a significant year-on-year growth of 106.8% [2]. - The company has prudently adjusted the investment return assumptions for non-linked insurance funds to 4.0% and the risk discount rate to 8.5%, resulting in an embedded value of 2584 billion yuan at the end of 2024, an increase of 3.17% from the beginning of the year [1]. Summary by Sections Business Performance - The company reported original premium income of 1705.11 billion yuan in 2024, a year-on-year increase of 2.8%. Long-term insurance new single premiums were 388.11 billion yuan, down 5.1% year-on-year, while long-term insurance new single regular premiums increased by 15.6% to 272.20 billion yuan [2]. - The new business value rate improved significantly from 6.7% in 2023 to 14.6% in 2024, an increase of 7.9 percentage points [2]. - The personal life insurance business showed a 13-month continuation rate of 95.7%, up 5.9 percentage points year-on-year, and a 25-month continuation rate of 86.2%, up 7.8 percentage points [2]. Agent and Channel Performance - The number of individual insurance agents decreased slightly to 136,000, down by 19,000 year-on-year, but the average monthly performance of agents improved by 41% year-on-year to 0.81 million yuan [3]. - The bancassurance channel generated premium income of 516.74 billion yuan, a year-on-year increase of 8.1%, with first-year premiums for long-term insurance reaching a historical high of 138.73 billion yuan, up 11.5% year-on-year [3]. Investment Performance - Total investment income surged by 251.6% year-on-year, with an overall investment return rate of 5.8%, up 4.0 percentage points year-on-year, and a net investment return rate of 3.2%, down 0.2 percentage points year-on-year [3]. - The proportion of bond investments increased by 2.0 percentage points to 52.1%, while stock investments rose significantly by 70.2% to 1807.95 billion yuan, accounting for 18.8% of total investment assets, an increase of 4.6 percentage points year-on-year [3]. Financial Projections - The report forecasts earnings per share (EPS) for 2025, 2026, and 2027 to be 8.80 yuan, 11.47 yuan, and 11.72 yuan respectively, with a target price of 57.61 yuan based on a 0.65x P/EV for 2025 [4][6].