| A股股票代码：601336 | A股股票简称：新华保险 编号：2024-053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 关于董事辞职的公告 鉴于杨毅先生的辞职将导致本公司董事会的人数低于《新华人寿保险股份有 限公司章程》（以下简称"《公司章程》"）的要求，杨毅先生将继续履行董事及其 在董事会专业委员会中的相关职责，直至新任董事的任职资格获得监管机构核准， 董事会人数满足《公司章程》的要求。 杨毅先生确认其与本公司董事会并无意见分歧，亦无任何需要通知本公司股 东的事项。 本公司董事会对杨毅先生在任职期间所做出的贡献表示衷心感谢！ 特此公告。 新华人寿保险股份有限公司董事会 2024 年 12 月 3 日 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"）董事会于 2024 年 12 月 2 日收到董事杨毅先生的辞职函，杨毅先生因工作原因辞去本公司非执行董事、 董事会战略委员会和投 ...

Summary of Conference Call Records Company/Industry Involved - The conference call pertains to a company in the insurance industry, specifically focusing on life insurance products and their performance metrics. Key Points and Arguments Business Growth and Market Trends - The company is experiencing accelerated growth, particularly in new business and value rates, driven by regulatory guidance aimed at high-quality development in 2023 [1][2][3] - The macroeconomic uncertainty has led customers to prefer more stable products, contributing to strong business growth in 2023 [1][2] - The company anticipates maintaining double-digit growth through 2025, although challenges may arise due to changing investment expectations in a recovering capital market [1][2] Value Rate Improvement - Significant improvement in value rates has been noted, attributed to reduced liability costs and enhanced product structure [3][4] - The company aims to stabilize value rates by adjusting product structures, including reducing the proportion of certain insurance products while increasing others [4][5] - The impact of regulatory changes, such as the "Bao Xin He Yi" policy, has been significant in enhancing value rates, particularly in the bancassurance channel [4][5] Product Strategy and Market Positioning - The company plans to enhance its product offerings by increasing the proportion of dividend-type products and health insurance sales, despite the potential for lower value rates in these categories [4][5] - There is a focus on improving the competitiveness of products to maintain or enhance value rates, especially in the context of regulatory compliance [5][6] Cost of Liabilities and Financial Metrics - The company has seen a notable decrease in the cost of liabilities, with expectations for further reductions in the future [7][8] - Current liability costs for new products are significantly lower than for existing products, indicating a favorable trend for future profitability [7][8] - The company is actively managing its asset-liability matching to ensure long-term sustainability and profitability [25][26] Sales and Distribution Channels - The company is enhancing its sales force and distribution capabilities to capture market opportunities and drive growth [2][18] - There is a strategic focus on training agents to improve their sales capabilities for dividend-type products, which have seen lower sales historically [12][13] Investment Strategy and Market Outlook - The company is adjusting its investment strategy in response to market conditions, including a focus on fixed-income securities and equities to optimize returns [29][30] - The management is exploring innovative financial instruments and strategies to enhance investment performance and manage risks associated with changing interest rates [30][31] Regulatory Environment and Future Outlook - The company is closely monitoring regulatory changes and their potential impact on business operations and profitability [36][37] - There is an ongoing assessment of the company's solvency and capital adequacy in light of changing product mixes and market conditions [31][32] Other Important but Possibly Overlooked Content - The company is preparing for potential adjustments in investment return assumptions and the implications for future profitability [22][23] - The management emphasizes the importance of maintaining a stable dividend payout ratio to enhance investor confidence and satisfaction [33][34] - The company is committed to improving operational efficiency and cost management as part of its strategic transformation towards high-quality growth [36][37]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report emphasizes the long-term benefits of investing in the pharmaceutical sector, particularly through the acquisition of shares in Shanghai Pharmaceuticals and China National Pharmaceutical Group, which aligns with the company's strategy to capitalize on the healthcare industry's growth [4] - The report maintains profit forecasts for the company, projecting net profits of CNY 20.6 billion, CNY 13.5 billion, and CNY 14.4 billion for 2024, 2025, and 2026 respectively [4] Financial Summary - The company's net profit for 2022 was CNY 21.5 billion, with a year-on-year growth rate of 43.8%. However, a significant decline of 59.5% is expected in 2023, followed by a recovery with a projected growth of 136.5% in 2024 [1] - The new business value is projected to grow from CNY 2.4 billion in 2024 to CNY 5.8 billion by 2026, indicating a strong growth trajectory [1] - The company's equity assets amounted to CNY 295.12 billion, representing 20.12% of total assets as of Q3 2024, with significant investments in Shanghai Pharmaceuticals and China National Pharmaceutical Group [3] Market Position - The company is positioned as a leader in the pharmaceutical sector, with a focus on high dividend yield stocks that align with the long-term investment philosophy of insurance capital [4] - The report highlights the stability and growth potential of the pharmaceutical sector, particularly in the context of the company's strategic investments [4]

| A股股票代码：601336 A股股票简称：新华保险 | 编号：2024-051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 保费收入公告 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。 根据中华人民共和国财政部《企业会计准则第 25 号——原保险合同》（财 会〔2006〕3 号）及《保险合同相关会计处理规定》（财会〔2009〕15 号），新华 人寿保险股份有限公司（以下简称"公司"）于 2024 年 1 月 1 日至 2024 年 10 月 31 日期间累计原保险保费收入为人民币 15,563,237 万元，同比增长 1.8%。同时， 公司产品结构、业务结构和业务品质持续优化，公司可持续发展能力持续增强。 上述原保险保费收入数据未经审计，提请投资者注意。 特此公告。 新华人寿保险股份有限公司董事会 2024 年 11 月 15 日 ...

北京市通商律师事务所 关于新华人寿保险股份有限公司 2024 年第二次临时股东大会之法律意见书 致：新华人寿保险股份有限公司 根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民共和 国证券法》(以下简称"《证券法》")、《上市公司股东大会规则》(以下简称"股 东大会规则")等相关法律、法规以及《新华人寿保险股份有限公司章程》(以下 简称"公司章程")、《新华人寿保险股份有限公司股东大会议事规则》(以下简称 "股东大会议事规则")的规定，北京市通商律师事务所(以下简称"通商")接受新 华人寿保险股份有限公司(以下简称"公司")的委托，指派律师出席公司 2024 年 第二次临时股东大会(以下简称"本次股东大会")，对公司本次股东大会的召集、 召开程序、出席会议人员资格、召集人的资格和表决程序等事项发表法律意见。 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则(试行)》等规定及本法律意见书出具日 以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实 信用原则，进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、 完整，所 ...

A 股证券代码：601336 A 股证券简称：新华保险 公告编号：2024-050 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 (二) 股东大会召开的地点：北京市朝阳区建国门外大街甲 12 号新华保险大厦 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | | 929 | | --- | --- | --- | | 其中：A | 股股东人数 | 928 | | 境外上市外资股股东人数（H | 股） | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | | 1,608,585,620 | | 其中：A | 股股东持有股份总数 | 1,392,929,110 | | 境外上市外资股股东持有股份总数（H | 股） | 215,656,510 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | --- | --- | | 份总数的比例（%） | 51.564725 | | 其中：A 股股东持股占股份总数的比例（%） | 44.651653 | | 境外上市外资股股东持股占股份总数的 ...

Summary of Conference Call Records Company and Industry Overview - The conference call pertains to a listed insurance company, specifically focusing on its performance and strategies in the insurance industry. Key Points and Arguments Company Performance - The company reported strong performance in the first half of the year, receiving positive recognition from various stakeholders, indicating a continuation of its growth trajectory [1] - As of September, the company capitalized on favorable market conditions, significantly enhancing its investment returns and improving asset-liability management capabilities [2] Financial Metrics - The company's new business value saw a year-on-year increase of 79.2%, reaching a historical high, with profits amounting to 20.7 billion, reflecting a 116.7% increase [3] - The premium income from the core channels reached 97.8 billion, a 1.3% increase year-on-year, with first-year premium income from the seven-channel model growing by 18.8% [4] Investment Performance - Total assets increased to 1.6 trillion, a 20% rise from the previous year, with an annualized total investment return of 6.8% and a comprehensive investment return of 8.1% [5] - The company emphasized its investment capabilities, indicating a significant growth in investment performance despite potential challenges in the fourth quarter [6] Risk Management - The company has strengthened its risk management framework, particularly in managing liabilities and ensuring compliance with regulatory standards [3][11] - The focus on enhancing risk management capabilities has led to improved financial metrics across various dimensions, including premium income and profitability [3] Strategic Initiatives - The company is actively pursuing a professionalized sales force and has implemented new policies to enhance resource allocation towards market institutions [1][2] - There is a strong emphasis on improving customer service systems, with a focus on the core "Xinhua Zun" service model [2] Future Outlook - The management expressed cautious optimism for 2024, anticipating continued growth but acknowledging potential challenges in maintaining high growth rates due to market conditions [9][10] - The company plans to maintain a focus on traditional insurance products while gradually introducing new offerings to adapt to market demands [10][29] Regulatory Environment - The company is adapting to regulatory changes, particularly the "Bao Ying He Yi" policy, which aims to enhance the quality of development in the insurance sector [21][22] - The management highlighted the importance of compliance and proactive adjustments to business strategies in response to regulatory guidance [21] Marketing and Sales Strategy - The company is reforming its agent recruitment and training processes to enhance the quality of its sales force, focusing on attracting high-performing agents [23][24] - There is a commitment to improving the efficiency of marketing strategies and ensuring that the sales team is well-equipped to meet market demands [24] Additional Important Content - The company is focusing on enhancing its asset-liability management to mitigate risks associated with interest rate fluctuations and ensure long-term sustainability [11][34] - The management acknowledged the need for continuous improvement in operational efficiency and resource allocation to support growth initiatives [22][39] This summary encapsulates the key insights and strategic directions discussed during the conference call, reflecting the company's performance, challenges, and future outlook in the insurance industry.

[Table_MainInfo] 公司研究/金融/保险 证券研究报告 新华保险（601336）公司季报点评 2024 年 11 月 04 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |--------------------------------------------------------------------|----------------------| | 股票数据 | | | [ 1 Table_StockInfo 1 月 01 日收盘价（元） ] | 47.76 | | 52 周股价波动（元） | 27.35-53.90 | | 股本结构 [ 总股本（ Table_CapitalInfo 百万股） ] | 3120 | | | | | 流通 A 股（百万股） B 股 /H 股（百万股） | 2085.43934 0/1034 | | | | | 相关研究 [Table_ReportInfo] 《股市上涨带动投资收益增长，前三季度 | | | 归母净利润同比翻倍》 | 2024.10.10 | | 《 Q2 净利润同比翻倍， | NBV 、 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨新华保险（601336.SH） [Table_Title] 新华保险 2024 年三季报点评：银保期缴回正， 投资收益高增 | --- | --- | --- | |------------------------------------------------------------------------------------------------------|-------|-------| | | | | | 报告要点 | | | | [Table_Summary] 负债端定价利率下调不改保险本质，预期后续维持类似景气水平。行业主要矛盾聚焦资产端， | | | 分析师及联系人 [Table_Author] 吴一凡 谢宇尘 SAC：S0490519080007 SAC：S0490521020001 SFC：BUV596 请阅读最后评级说明和重要声明 新华保险（601336.SH） cjzqdt11111 2024-11-02 公司研究丨点评报告 相关研究 [Table_Title 新华保险 2024 2] 年三季报点评：银保期缴回正， 投资收益高增 ...