本文字数：1529，阅读时长大约3分钟 作者 | 第一财 经 杜川 8月29日，新华保险（601336.SH；01336.HK）A股股价当日收盘报68.24元，涨幅5.49%，盘中最 高触及71.16元。 今年以来，新华保险在A股、港股表现亮眼，市场评价其股价高歌猛进，成为保险股的风向标。在8 月29日的中期业绩发布会上，新华保险董事长杨玉成对此回应称："不能说我们公司的股价高歌猛 进，我认为公司很具有投资价值。" 事实上，作为年内股价涨势"凶猛"的上市险企，新华保险的投资表现也受到市场关注。半年报数据显 示，新华保险上半年年化总投资收益率5.9%，同比提升1.1个百分点。在业绩发布会上，新华保险管 理层详解了公司在资产端的具体策略。 2025.08. 30 鸿鹄基金收益指标高于基准 在监管鼓励保险资金、中长期资金入市的背景下，新华保险积极首批即获批参与保险资金长期投资试 点，与中国人寿联合成立鸿鹄基金作为试点基金。 新华资产总经理陈一江介绍了鸿鹄基金的最新情况。据介绍，今年年中试点基金一期完成建仓任务， 取得良好收益。截至二季度末，二期基金已做到主体建仓，基本上完成建仓工作。三期基金于7月初 启动，目前进展 ...

Core Viewpoint - The company has demonstrated significant business transformation and growth in new business value, with a strong outlook for the insurance industry, emphasizing the potential for further development and competitive strength [1][2]. Business Performance - In the first half of 2025, the company reported original insurance premium income of 121.3 billion, a year-on-year increase of 22.7%, and new business value of 6.182 billion, up 58% year-on-year [1]. - The company’s total assets reached 1.78 trillion, growing by 5% compared to the end of the previous year, while the investment scale exceeded 1.7 trillion, also up by 5.1% [4]. Strategic Initiatives - The company has established a dynamic adjustment mechanism for product preset interest rates to enhance asset-liability linkage and diversify product offerings, thereby improving product competitiveness [2]. - The company is focusing on a multi-dimensional product matrix and integrating products with services to create comprehensive insurance solutions [2]. Investment Strategy - The company aims to optimize asset allocation through asset-liability linkage, maintaining a strategic focus on long-term bonds and enhancing fixed income investment capabilities [4][5]. - The company is actively investing in the Honghu Fund, which has successfully completed its first two phases and is progressing well in its third phase, with planned contributions of 46.25 billion [6][7]. Future Outlook - The company is committed to maintaining a value-centric approach, focusing on high-quality development and optimizing key value drivers to achieve sustainable growth in intrinsic value [3].

Core Insights - The core viewpoint of the article highlights the strong performance of Xinhua Insurance in its 2025 semi-annual report, showcasing significant growth in key operational metrics, which has positively impacted its stock price [1][2]. Financial Performance - Xinhua Insurance reported a revenue of 70.04 billion yuan, a year-on-year increase of 26% [1] - The original insurance premium income reached 121.26 billion yuan, up 22.7% year-on-year [1] - The net profit attributable to shareholders was 14.8 billion yuan, reflecting a growth of 33.5% [1] - The new business value stood at 6.18 billion yuan, marking a substantial increase of 58.4% [1] Stock Market Performance - On August 29, Xinhua Insurance's A-share price hit a historical high, surpassing 70 yuan per share [1] - The A-share price has increased by over 40% this year, while the H-share price has more than doubled, rising over 100% [1] Strategic Development - The company has focused on systematic, professional, market-oriented, and refined management, transitioning towards customer-centric and high-quality development [2] - Xinhua Insurance has implemented a comprehensive framework to support long-term development, emphasizing its core life insurance responsibilities [2] Investment Management - The annualized total investment return rate was 5.9%, and the annualized comprehensive investment return rate was 6.3%, both above industry averages [3] - The company has adapted to a low-interest-rate environment by enhancing its investment management capabilities and optimizing asset allocation [3] Asset-Liability Management - Xinhua Insurance emphasizes the importance of asset-liability management to mitigate risks associated with interest rate fluctuations [4] - The company is focusing on long-term, cross-cycle asset matching while enhancing trading capabilities to capture market opportunities [4] Focus on Core Assets - The company is actively seeking new core assets as traditional fixed-income investments face diminishing safety margins due to declining interest rates [4][5] - Xinhua Insurance has invested 46.25 billion yuan in the establishment of the "Three-Phase Honghu Fund" and has increased its holdings in quality listed companies [5] Transformation of Participating Insurance - The company is pushing for a transformation in participating insurance to share risks and benefits with customers, thereby reducing the rigidity of liabilities [6] - The transformation has shown promising results, with a significant increase in the proportion of participating insurance premiums from individual channels [6] Future Outlook - Xinhua Insurance plans to continue optimizing its business structure and enhancing the value of its products, focusing on both protection and participating insurance products [7]

Core Viewpoint - Xinhua Life Insurance is committed to high-quality development through value growth, structural optimization, and quality improvement, focusing on enhancing customer service capabilities and operational management [1][2]. Group 1: Customer Service and Ecosystem Development - The company has launched the "Zun An Rui Yue" service brand and established a comprehensive service system to enhance product sales and improve competitive strength [1]. - Xinhua Life has integrated medical resources to provide a full lifecycle health management service, creating the Xinhua Medical Health Ecosystem [2]. - As of June 2025, Xinhua Life has established 40 health communities in 28 cities and 36 travel residence projects in 31 cities [2]. Group 2: Investment Management and Performance - As of June 30, the company's investment scale exceeded 1.7 trillion yuan, a 5.1% increase from the previous year, with an annualized total investment return rate of 5.9% [5]. - The company is adapting to a low-interest-rate environment by optimizing its investment strategy, focusing on high-dividend stocks and supporting strategic emerging industries [6][7]. Group 3: Product Development and Sales Strategy - Xinhua Life is enhancing its dividend insurance product development to lower liability costs in a low-interest-rate environment, with a focus on customer needs [7][8]. - The company has established a leadership group for the transformation of dividend insurance, aiming to improve sales skills and knowledge within its workforce [7].

Core Viewpoint - Xinhua Life Insurance is committed to high-quality development through value growth, structural optimization, and quality improvement, focusing on enhancing customer service capabilities and operational management [1][2]. Group 1: Customer Service and Ecosystem Development - The company has launched the "Zun An Rui Yue" service brand and established a comprehensive service system to enhance product sales and improve competitive strength [1]. - Xinhua Life has integrated medical resources to provide a full lifecycle health management service, creating a health ecosystem [2]. - As of June 2025, Xinhua Life has established 40 health communities in 28 cities and 36 travel residence projects in 31 cities [2]. Group 2: Investment Management and Performance - As of June 30, the company's investment scale exceeded 1.7 trillion yuan, a 5.1% increase from the previous year, with an annualized total investment return rate of 5.9% [5]. - The company is adapting to a low-interest-rate environment by optimizing its investment strategy, focusing on high-dividend stocks and strategic new production capabilities [5][6]. Group 3: Product Development and Sales Strategy - Xinhua Life is enhancing its dividend insurance product development to lower liability costs in a low-interest environment, establishing a dedicated team for this transformation [7][8]. - The company has seen a significant increase in the proportion of dividend insurance premiums, with individual channels exceeding 70% and bank agency channels gradually increasing to over 30% [7].

Core Viewpoint - Xinhua Insurance reported strong financial results for the first half of 2025, with significant growth in key operational metrics, leading to a surge in stock prices and recognition of its investment value in the market [1][2]. Financial Performance - The company achieved a revenue of 70.04 billion yuan, a year-on-year increase of 26% [1] - Original insurance premium income reached 121.26 billion yuan, up 22.7% year-on-year [1] - Net profit attributable to shareholders was 14.8 billion yuan, reflecting a 33.5% increase [1] - New business value grew to 6.18 billion yuan, marking a 58.4% year-on-year rise [1] Strategic Developments - Xinhua Insurance has focused on systematic, professional, market-oriented, and refined management, transitioning towards customer-centric and high-quality development [2] - The company has enhanced its competitive strength and internal value through a comprehensive framework supporting long-term development [2] - Product offerings have been diversified to improve competitiveness, and the agent workforce has been upgraded with new training and development programs [2] Investment Management - The annualized total investment return rate was 5.9%, with a comprehensive investment return rate of 6.3%, positioning the company favorably within the industry [3] - Xinhua Insurance has adapted its investment strategies to the low-interest-rate environment, optimizing asset allocation and enhancing the synergy between assets and liabilities [3][4] - The company is focusing on high-dividend stocks to provide stable cash flow and mitigate profit volatility under new accounting standards [4] Asset-Liability Management - The company emphasizes the importance of asset-liability management to mitigate risks associated with declining fixed-income asset safety margins [4] - Xinhua Insurance is actively participating in long-term investment reforms and has invested 46.25 billion yuan in various strategic funds [5] - The company is strategically increasing its holdings in quality assets to strengthen long-term returns [5] Product Transformation - Xinhua Insurance is actively promoting the transformation of dividend insurance products to share risks and benefits with customers, thereby reducing rigid liabilities [6] - The company has established a dedicated team to drive the sales and management of dividend insurance, resulting in significant growth in premium income from this product line [6][7] - The focus for the second half of the year will be on enhancing the structure of protection and dividend insurance products to support sustained value growth [7]

Core Viewpoint - The five major listed insurance companies in A-shares have all released their semi-annual performance reports, showing a significant impact from the investment side, particularly in the context of a low interest rate environment, which has pressured fixed-income asset returns and led to a strategic shift towards equity investments, especially high-dividend assets [1][2][4]. Investment Asset Growth - All five major insurance companies reported growth in investment assets compared to the beginning of the year, with increases ranging from 5.1% to 8.2%. A significant portion of this growth came from A-share investments, with China Pacific Insurance reporting a 26.1% increase in A-share investment assets [2][3]. Impact of Low Interest Rates - The pressure on fixed-income asset returns has accelerated the search for alternative assets among insurance companies. For instance, China Pacific Insurance reported a total investment yield of 2.3%, down 0.4 percentage points year-on-year, primarily due to declines in the fair value of fixed-income assets [3][4]. Diversification into Equity Assets - In response to the low interest rate environment, insurance companies are increasingly diversifying their asset allocations to include more equity assets, particularly high-dividend stocks, which are seen as stabilizing factors for overall investment returns [4][5]. Focus on Growth Stocks - The insurance companies are not only focusing on stable cash flows from their investments but are also looking to capture excess returns by identifying growth-oriented targets. This dual approach aims to balance stability and growth potential in their investment strategies [6][7]. Strategic Investment Areas - Companies like China Life and China Insurance are emphasizing the optimization of their equity allocation structures, focusing on sectors such as technology innovation, advanced manufacturing, and new consumption, which align with national strategic directions [7].

Core Viewpoint - The A-share market is experiencing a "slow bull" trend, with significant inflows from various funds, particularly insurance capital, leading to a new high in the Shanghai Composite Index and total market capitalization [1][2]. Insurance Capital Investment Trends - As of the end of Q2 2025, the balance of insurance company funds reached 36.23 trillion yuan, a year-on-year increase of 17.4% [1]. - Insurance capital's stock investment balance exceeded 3 trillion yuan, with a net increase of 640.6 billion yuan in the first half of the year, marking a significant rise [1][2]. - In 2024, insurance capital saw a substantial increase in stock investments, totaling 485.5 billion yuan, reversing a cautious trend from previous years [2]. Investment Structure and Strategy - The proportion of insurance capital allocated to stocks has been increasing for five consecutive quarters, with a notable 8.9% growth from Q1 to Q2 2025 [2]. - The investment strategy is shifting towards equities due to low long-term bond yields and the need to enhance returns amid declining net investment income [2][3]. - Regulatory changes have created a more favorable environment for insurance capital to enter the stock market, including increased investment limits for equity assets [3]. Sector Preferences and Stock Characteristics - Insurance capital has shown a preference for high-dividend and high-growth potential stocks, particularly in sectors like banking, chemicals, machinery, and new energy [6][8]. - The banking sector has been particularly favored, with 14 instances of insurance capital increasing stakes in seven banks, attributed to their stable dividends and solid performance [7]. - Notable companies attracting insurance capital include Yuntianhua, Dongmu Co., and Zhongjian Technology, which are seen as benefiting from economic recovery and industry upgrades [8]. Future Investment Outlook - Insurance institutions are optimistic about sectors such as pharmaceuticals, electronics, banking, and new energy, with a focus on high-dividend and innovative companies [9][10]. - The investment approach is expected to evolve towards a "dumbbell" strategy, balancing traditional stable investments with growth opportunities in new sectors [9][10]. - Major insurance companies like China Life and China Ping An are committed to enhancing their equity allocations, focusing on high-quality stocks and sectors aligned with national strategies [10][11].

王练文 副总裁 自 2022 年 12 月起 197.97 90.02 已离任的董事及高级管理人员薪酬 | | | | | | | 报告期内 | 报告期内 | | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 职务 | | | 任期 | | 已发税后 | 已缴纳个人 | | | | | | | | 报酬总额 | 所得税总额 | | | | 自 | 2021 年 | 6 | 月至 | 2024 | | | （3） | | | | | | | | 张 泓 执行董事 A股证券代码：601336 A股证券简称：新华保险 编号：2025-050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 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"）2023年年度报告已披露 了本公司时任董事、监事及高级管理人员部分薪酬情况，现将上述人士（其中未 于下表列示的董事、监事及高级管理人员的薪酬 ...

A股证券代码：601336 A股证券简称：新华保险 编号：2025-049号 公司拟向全体股东每股派发现金红利 0.67 元（含税），截至 2025 年 6 月 30 日，公司总股本 3,119,546,600 股，以此计算合计拟派发现金红利约 20.90 亿元（含 税），其余未分配利润留待以后期间进行分配。2025 年中期，公司拟派发现金 红利总额占归属于母公司股东净利润的比例为 14.1%。 母公司 2025 年 6 月 30 日的期末未分配利润 1,097.78 亿元为已计提 25.20 亿元任意公积金和分 配 62.08 亿 元 2024 年度末期股利后的金额。 截至 2025 年 6 月 30 日，母公司核心偿付能力充足率为 170.72%，综合偿付 能力充足率为 256.01%。本次利润分配后，母公司核心偿付能力充足率和综合偿 付能力充足率均下降 1.57 个百分点，偿付能力充足率符合监管要求，并持续保 持较高水平。 本次中期利润分配不提取法定公积金、任意公积金、一般风险准备金，不实 施资本公积金转增股本。 本次利润分配方案尚需提交股东大会审议。 H股证券代码： 01336 H股证券简称：新华保险 ...