新华保险公告，2025年第三季度归母净利润180.58亿元，同比增长88.2%。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 NEW CHINA LIFE INSURANCE COMPANY LTD. 01336 2025年第三季度報告 本公告由新華人壽保險股份有限公司（「本公司」或「公司」）根據《證券及期貨條例》（香港 法例第571章）第XIVA部項下的內幕消息條文及《香港聯合交易所有限公司證券上市規 則》第13.09條及13.10B條作出。 本公司2025年第三季度報告所載財務資料根據中國企業會計準則編製，且未經審計。 重要內容提示： - 1 - • 本公司董事會、監事會及董事、監事、高級管理人員保證本報告內容的真實、準 確、完整，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責 任。 • 本公司董事長楊玉成先生，總裁、財務負責人龔興峰先生，總精算師潘興先生以及 會計機構負責人張韜先生保證本季度報告中財務信息的真實、準確、完整。 • 本公司2025年第三季度報告所載財務資料未經審計。 一、主要財務數據 （一） ...

——3Q25 人身保险业责任准备金评估利率专家咨询委员会例会点评 保险Ⅱ 证券研究报告/行业点评报告 2025 年 10 月 30 日 会议表述转向积极肯定，中期预定利率上限调整概率不大 评级： 增持（维持） 报告摘要 分析师：葛玉翔 执业证书编号：S0740525040002 Email：geyx01@zts.com.cn 分析师：蒋峤 执业证书编号：S0740517090005 Email：jiangqiao@zts.com.cn | 上市公司数 | 5 | | --- | --- | | 行业总市值(亿元) | 33,163.22 | | 行业流通市值(亿元) | 33,163.22 | 波动，人保彰显集团经营韧性—— 1H25 保险股 P/CE-ROCE 估值体系 更新》2025-09-10 2025-08-26 风险提示：预定利率下降使得产品吸引力下降销售难度增加，研报测算与实际存在偏 差，信息更新不及时的风险等 请务必阅读正文之后的重要声明部分 事件：近日，中国保险行业协会组织召开人身保险业责任准备金评估利率专家咨询委 员会 3Q25 例会。会议认为当前普通型人身保险产品预定利率研究值为 1.90 ...

Market Overview - A-shares experienced slight fluctuations with major indices showing mixed results, as the Shanghai Composite Index opened lower but rose to a 10-year high, while the North Star 50 continued its strong performance, breaking through 1600 points [1] - The market showed a moderate increase in trading volume, with sectors such as new energy, shipping ports, insurance, and coal leading in gains, while sectors like glass fiber, medical beauty, communication equipment, and ground weaponry faced declines [1] New Energy Sector - The new energy industry saw a strong performance, with energy metals leading the charge, and the sector index surged nearly 6%, reaching a new high not seen in two and a half years, with half-day trading volume approaching the previous day's total [3] - Key stocks such as Tianhua New Energy, Jiangte Electric, and Yongxing Materials hit the daily limit or rose over 10%, while wind power equipment, photovoltaic equipment, battery recycling, and lithium mining also showed significant gains [3] - The "14th Five-Year Plan" emphasizes accelerating the construction of a new energy system, increasing the proportion of new energy supply, and promoting the orderly replacement of fossil energy [5] - Lithium battery electrolyte core material hexafluorophosphate (6F) saw a rapid price increase, reaching 98,000 yuan/ton, up over 66% from the end of September, indicating a tight supply and potential for further price increases [5] - Global photovoltaic installations exceeded 380 GWac in the first three quarters, a year-on-year increase of over 30%, with domestic installations reaching 240 GW, up 49% year-on-year, accounting for 63% of the global total [5] Insurance Sector - The insurance sector saw a significant rally, with the insurance index reaching a historical high, and stocks like New China Life Insurance surged over 4% within an hour of trading, surpassing the previous day's total volume [7] - The China Insurance Industry Association discussed the evaluation interest rate for life insurance products, suggesting a current research value of 1.90%, with expectations for a decrease in the cost of liabilities following the next round of interest rate adjustments in 2025 [9] Banking Sector - The banking sector index rose nearly 1%, with banks like Qingdao Bank, Xiamen Bank, Changshu Bank, and Ningbo Bank leading in gains [10] - Analysts from JPMorgan noted that Chinese bank stocks still hold significant investment value due to stable dividend yields and strong performance in the current interest rate environment [10] - Zhejiang Merchants Securities indicated that with risk appetite stabilizing and risk-free interest rates declining, bank stocks are expected to yield absolute returns in the fourth quarter [10]

Core Insights - Xinhua Insurance held its 22nd summit in Yixing, Jiangsu, announcing nine major achievements across various fields including product systems, training systems, healthcare services, and digital platforms [1] Group 1: Product and Service Development - The company upgraded its "insurance + service + investment" model, focusing on customer segmentation to create a comprehensive product service system [1] - Xinhua Insurance plans to launch several new products in the areas of pension and wealth management, health care, and disability care, including the "Shengshi Glory Celebration Edition" whole life insurance and "Shengshi Hengying" annuity insurance [1] Group 2: Business Focus Areas - The company aims to build an optimal sales empowerment system for its marketing team, enhancing product integration and AI capabilities [2] - Xinhua Insurance is committed to providing a multi-faceted service approach to meet diverse customer needs, focusing on high-net-worth client services while maintaining inclusive offerings [2] - The company is developing a stable and professional entrepreneurial platform, emphasizing a one-stop training ecosystem and professional certification [2] - Xinhua Insurance seeks to leverage its investment advantages to enhance market competitiveness and product appeal, while strengthening its investment research system [2] - The company is pushing for a digital and intelligent transformation in customer service and sales, investing in AI and big data to optimize various operational areas [2]

本报讯 记者孙榕报道 10月27日，新华保险党委召开会议，传达学习党的二十届四中全会精神，研 究部署学习贯彻工作。新华保险党委书记、董事长杨玉成主持会议。 责任编辑：韩胜杰 要在全会精神的指导下，持续担当作为、科学系统谋划，践行"大保险观"，锚定"中国一流的以保 险业务为核心的金融服务集团"发展愿景，贯彻"以客户为中心、以队伍为根本、以员工为伙伴"的三大 战略主线，继续从产品、服务、营销、投资、风控等多维度同步发力，将体系化、专业化、市场化、精 细化改革进行到底，不断完善"保险+投资+服务"的三端协同发展模式；统筹发展与安全，坚决守住不 发生系统性金融风险的底线，补短板、强弱项，增强经营发展韧性，以卓有成效的风险管理保障公司高 质量发展。 会议要求，要深入研究全会关于保险业的部署和要求，科学编制"十五五"规划，做好承接和落实， 坚持守正创新、履行职责使命，自觉将公司发展融入国家改革和发展全局；聚焦寿险主责主业，以金 融"五篇大文章"为行动主线，持续将资源与专业服务能力注入科技金融、绿色金融、普惠金融、养老金 融、数字金融五大领域；充分发挥保险资金长期资本、耐心资本的优势，全力服务新质生产力发展；深 入参与多层 ...

Group 1 - The article provides a list of companies and their respective activities related to shareholder meetings, new stock activities, performance announcements, and dividend distributions scheduled for October 30, 2025 [1][2][5][7]. - Several companies are mentioned as being in the process of initial public offerings (IPOs), including 旺山旺水-B, 均胜电子, 文远知行-W, and 赛力斯 [6]. - Companies such as 美的集团 and 翰森制药 are noted for their dividend distribution dates, indicating ongoing shareholder returns [7][8]. Group 2 - The article highlights the resumption of trading for companies like 舍图控股, 鸿盛昌资源, and 安能物流, suggesting a return to market activity after previous suspensions [6][7]. - The document lists various companies involved in dividend payouts, which may attract investor interest due to potential income generation [8]. - The presence of multiple companies in the IPO stage indicates a potentially active market environment for new investments [6].

登录新浪财经APP 搜索【信披】查看更多考评等级 （来源：丁香非银兴风向） 投资要点 核心逻辑：纯寿险、高杠杆构筑业绩高弹性；新管理层通过渠道转型及资产端优化，盈利能力与经营质 态实现跨越式提升，迈上高质量发展新台阶，驱动价值全面重估。 核心竞争优势：高经营杠杆+高权益敞口，业绩弹性领跑同业。2025H1末公司的经营杠杆达21.3倍（上 市同业9-13倍）。近年来不断优化投资组合，同时积极落实长期资金入市增配权益，债券以及股票配置 比例2024年末提升至52.1%、11.1%。2024年归母净利润同比+201%至262亿元，2025H1归母净利润同比 增长33.5%至148亿元，较高的经营杠杆使得投资业绩对公司净利润影响较大，尤其在权益市场回暖阶 段，公司净利润具备较强的爆发力。 负债端破局：双轮驱动重塑增长曲线，NBV动能强劲。NBV持续高增，近年来公司得益于渠道端"个险 +银保"双轮驱动发展模式，产品端拉长缴费期限、压降费用带来的价值率显著提升，实现了NBV规模 快速攀升。2023-2025H1NBV同比增长65.1%/106.8%/58.4%（非可比口径，可比增速更高），在上市同 业中保持领先。具体看， ...

10月29日，新华保险召开第22届全渠道高峰会。会议现场集中发布了九大具有开创性和引领性的发展成 果，涵盖大产品体系、大培训体系、医康养服务体系、高客经营体系、"新华瑞"2026服务体系、大科 技/AI 赋能体系等多个领域，同时提出了运营智享服务焕新升级规划，并发布了"新华宝典"、一站式营 销数字化平台"鑫智能"，为公司的发展注入了新的活力。 新华保险表示，未来保险行业、健康养老产业将迎来黄金十年发展机遇。新华保险将全力建设中国一流 的金融服务集团，做客户全生命周期的综合金融服务商。 在此次会议上，新华保险明确了未来五大重点工作，包括：为队伍提供最好的销售赋能体系，用立体 式、全方位、多元化服务满足客户和队伍需求，打造更稳定、更专业、更高价值的职业发展创业平台， 把强大的投资优势变成市场竞争力、产品吸引力和队伍战斗力，全面推进客户服务与队伍销售走向数字 化、智能化。（智通财经记者 胡志挺） ...

Core Viewpoint - The report from Dongwu Securities indicates a slight decrease in public fund holdings in the non-bank financial sector as of the end of Q3 2025, with expectations for continued benefits from an improving market environment [1][5]. Summary by Category Public Fund Holdings - As of the end of Q3 2025, public fund stock investments in the non-bank financial sector accounted for 1.61%, a decrease of 0.32 percentage points from Q2 2025. This represents an underweight of 8.35 percentage points compared to the market capitalization of the CSI 300 index, with a slight narrowing of the underweight by 0.13 percentage points from Q2 2025 [2]. Insurance Sector - The insurance sector's holdings were at 0.78%, down 0.32 percentage points from Q2 2025. Notably, China Life and Ping An saw increases in shareholdings, while other companies like PICC and Taikang Life experienced significant reductions [3]. - The dynamic valuation for the insurance sector was 0.66x PEV, remaining stable compared to Q2 2025. The holdings for major insurers as of Q3 2025 were: China Life (0.02%), Ping An (0.48%), Taikang (0.18%), Xinhua (0.09%), and PICC (0.01%) [3]. Brokerage and Internet Finance Sector - The holdings in the brokerage and internet finance sector remained relatively stable at 0.74%, with a slight increase of 0.01 percentage points from the first half of 2025. Traditional brokerages accounted for 0.54% of the holdings, reflecting a 0.01 percentage point increase [4]. - The valuation for the brokerage industry (CITIC Securities II Index) was 1.55x P/B at the end of Q3 2025, up from 1.41x P/B at the end of the first half of 2025 [4]. Market Trends and Recommendations - The non-bank financial sector has shown continuous improvement in market conditions, with significant increases in trading volumes. The average daily trading volume for equity funds reached 18,723 billion yuan in the first three quarters of 2025, a year-on-year increase of 109%, with Q3 alone seeing a 208% increase [5]. - Key recommendations for investment include China Ping An, Xinhua Insurance, China Life, CITIC Securities, Tonghuashun, and Jiufang Zhitu Holdings, as the sector remains underweighted in public fund portfolios [1][5].