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 - Maintain "Buy" rating for the non-bank financial sector [1] Core Views - The non-bank financial sector has shown significant market activity, with the Hong Kong Stock Exchange optimizing its IPO issuance and pricing mechanisms [1][4] - The insurance sector has outperformed other sub-sectors, with a strong growth in life insurance premiums and a downward adjustment in preset interest rates [4][22] - The securities sector is benefiting from a substantial increase in trading volume and favorable market policies, while the multi-financial sector is transitioning into a stable growth phase [4][31] Summary by Sections 1. Recent Performance of Non-Bank Financial Sub-Sectors - In the recent five trading days (July 28, 2025 - August 1, 2025), only the insurance sector outperformed the CSI 300 index, with the insurance sector down 0.18%, securities down 3.11%, and multi-financial down 3.23% [9] - Year-to-date performance shows the insurance sector up 11.87%, multi-financial up 6.24%, and securities up 1.79%, while the overall non-bank financial sector is up 4.94% [10] 2. Non-Bank Financial Sub-Sector Insights 2.1 Securities - Trading volume has significantly increased, with an average daily trading amount of 19,189 billion yuan in August, up 178% year-on-year [16] - The balance of margin trading reached 19,848 billion yuan, a year-on-year increase of 38.14% [16] - The average PB valuation for the securities industry is projected at 1.3x for 2025E, with recommendations for leading firms like CITIC Securities and Dongfang Caifu [21] 2.2 Insurance - The preset interest rate for traditional insurance has been adjusted down to 1.99%, triggering a reduction in preset rates for various insurance products [22] - Life insurance premiums showed strong growth, with a 5.4% increase in original premium income year-on-year for the first half of 2025 [27] - The insurance sector is expected to benefit from economic recovery and rising interest rates, with a valuation range of 0.60-0.91 times 2025E P/EV, indicating a "Buy" rating [30] 2.3 Multi-Financial - The trust industry saw its asset scale reach 29.56 trillion yuan by the end of 2024, with a year-on-year growth of 23.58% [31] - The futures market experienced a trading volume of 740 million contracts in June 2025, with a transaction value of 52.79 trillion yuan, reflecting a year-on-year increase of 28.91% [38] - The multi-financial sector is transitioning into a stable growth phase, with a focus on innovation and risk management as key future directions [44] 3. Industry Ranking and Key Company Recommendations - The recommended ranking for the non-bank financial sector is insurance > securities > other multi-financial [47] - Key companies recommended include China Ping An, New China Life, China Life, CITIC Securities, and Dongfang Caifu, as they are expected to benefit from favorable market conditions and economic recovery [47]

Investment Rating - The report suggests a focus on three main investment lines within the securities and insurance sectors, indicating a positive outlook for the industry [3][5]. Core Insights - The securities sector has shown a clear improvement in performance in the first half of the year, with 27 listed brokerages reporting profit increases of over 40% year-on-year, driven by a rebound in market activity [2]. - The insurance sector is experiencing significant changes, particularly in the development of commercial health insurance products, emphasizing differentiated pricing and market-oriented operations [4][37]. Summary by Sections Securities Sector - The political bureau meeting on July 30 emphasized the importance of stabilizing the capital market, suggesting sustained high activity levels in the market [2]. - The report highlights the mismatch between high profitability and low valuations in the brokerage sector, recommending attention to leading brokerages with significantly lower valuations than the average [3]. - Key performance indicators include a year-on-year increase of 65.7% in average daily stock fund transaction volume for the first half of 2025 [16]. Insurance Sector - The insurance industry reported a 5.04% increase in original premium income, totaling 3.74 trillion yuan in the first half of 2025, with life insurance premiums growing by 5.34% [37]. - Regulatory changes are pushing for a return to market-oriented operations in health insurance, which is expected to enhance the sustainability of health insurance projects [4]. - The impact of the reintroduction of VAT on bond interest income is expected to have a limited effect on insurance company profits, with estimated profit impacts for major insurers ranging from 1.11 million to 5.74 million yuan [4].

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]

Market Performance - In July 2025, the Shanghai Composite Index rose by 3.74%, while the Shenzhen Component Index increased by 5.20% and the ChiNext Index surged by 8.14%[5] - The average return of the stock portfolio in July was 1.14%, underperforming the CSI 300 Index which rose by 3.54%[5] Economic Outlook - China's GDP growth rate for the first half of 2025 was recorded at 5.3%, with a full-year target of 5% growth expected to be achievable[5] - The IMF has raised its global economic growth forecast, but the Federal Reserve's hawkish stance has reduced expectations for a rate cut in September[5] Stock Recommendations - Chengdu Bank (601838) is recommended for its high dividend yield of 4.82% based on a closing price of 18.47 RMB, with a PE ratio of 5.64[9][12] - Xinhua Insurance (601336) shows strong business elasticity with a closing price of 66.77 RMB and a PE ratio of 8.64, reflecting a significant increase in new business value by 67.9%[13][17] - Xiamen Tungsten (600549) is positioned well in tungsten and rare earth sectors, with a closing price of 23.22 RMB and a projected EPS of 1.33 RMB[18][19] Investment Risks - Economic fluctuations may lead to weaker consumer spending and corporate investment, impacting credit demand and asset quality for banks[12] - Regulatory tightening could hinder new policy sales and affect premium growth for insurance companies[17] Company Performance Highlights - Heng Rui Pharmaceutical (600276) reported a 20.14% increase in revenue for Q1 2025, driven by innovative drug sales[26][29] - Ningde Times (300750) achieved a 33.33% increase in net profit for H1 2025, with a strong cash reserve of 350.58 billion RMB[30][33]