光大证券发布研报称，受益于权益投资收益增长，业绩大超预期。该行认为2025年前三季度三家上市险 企在去年同期"924行情"带来的较高基数下进一步实现利润高增的共同原因为股票市场回稳向好推动权 益投资收益同比大幅增长，其中第三季度沪深300指数累计上涨17.9%，涨幅较去年同期扩大1.8pct。该 行指出，股票仓位明显提升，险企资产端弹性加大。 内险股全线走高，截至发稿，中国人寿(02628)涨5.44%，报24.8港元；新华保险（601336）(01336)涨 3.68%，报50.1港元；中国平安(02318)涨2.67%，报55.75港元；中国财险(02328)涨2.35%，报19.19港 元。 消息面上，近期多家险企发布2025年前三季度业绩预增公告。中国人寿预计前三季净利润1568-1777亿 元，同比增长50%-70%；新华保险预计前三季净利润299.9-341.2亿元，同比增长45%-65%；中国财险预 计前三季净利润375-428亿元，同比增长40%-60%。 ...

Core Viewpoint - Xinhua Insurance's stock price has shown significant growth this year, with a year-to-date increase of 43.81% and a recent upward trend in the last 5, 20, and 60 trading days [1] Financial Performance - As of June 30, 2025, Xinhua Insurance reported a net profit of 14.799 billion yuan, representing a year-on-year growth of 33.53% [2] - The company has distributed a total of 35.939 billion yuan in dividends since its A-share listing, with 13.913 billion yuan distributed over the past three years [3] Shareholder Information - The number of shareholders decreased by 15.88% to 61,000 as of June 30, 2025, while the average number of circulating shares per person increased by 18.96% to 34,325 shares [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 60.5095 million shares, an increase of 6.6977 million shares from the previous period [3] Stock Market Activity - On October 21, Xinhua Insurance's stock rose by 2.01%, reaching 68.61 yuan per share, with a total market capitalization of 214.032 billion yuan [1] - The stock experienced a net outflow of 28.8348 million yuan from main funds, with significant buying and selling activity from large orders [1]

Core Insights - On October 20, Xinhua Insurance's stock rose by 0.45%, with a trading volume of 1.988 billion yuan, indicating positive market sentiment towards the company [1] - The company reported a net profit of 14.799 billion yuan for the first half of 2025, reflecting a year-on-year growth of 33.53% [2] Financing and Margin Trading - On October 20, Xinhua Insurance had a financing buy-in of 300 million yuan, with a net financing purchase of approximately 92.98 million yuan, indicating strong investor interest [1] - The total financing and margin trading balance reached 2.470 billion yuan, with the financing balance accounting for 1.75% of the circulating market value, which is above the 90th percentile of the past year [1] - In terms of margin trading, 13,300 shares were repaid, while 56,400 shares were sold short, with a total short selling amounting to approximately 3.7935 million yuan [1] Shareholder and Dividend Information - As of June 30, the number of shareholders for Xinhua Insurance was 61,000, a decrease of 15.88% from the previous period, while the average circulating shares per person increased by 18.96% to 34,325 shares [2] - Since its A-share listing, Xinhua Insurance has distributed a total of 35.939 billion yuan in dividends, with 13.913 billion yuan distributed over the last three years [3] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 6.6977 million shares to 60.5095 million shares [3]

Core Viewpoint - The three listed insurance companies in China have announced significant profit growth forecasts for the first three quarters of 2025, driven by improved equity investment returns and favorable market conditions [5][6]. Group 1: Earnings Forecasts - China Life Insurance expects a net profit attributable to shareholders of 156.8-177.7 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 50%-70%. The estimated net profit for Q3 2025 is projected to be 115.9-136.8 billion yuan, with a growth of 75%-106% [5]. - New China Life Insurance anticipates a net profit attributable to shareholders of 29.99-34.12 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 45%-65%. The Q3 2025 net profit is expected to be 15.2-19.3 billion yuan, with a growth of 58%-101% [5]. - China Pacific Insurance forecasts a net profit of 37.5-42.8 billion yuan for the first three quarters of 2025, indicating a year-on-year growth of 40%-60%. The estimated Q3 2025 net profit is projected to be 13-18.3 billion yuan, with a growth of 57%-122% [5]. Group 2: Performance Drivers - The strong earnings growth is attributed to a recovery in the stock market, which has significantly boosted equity investment returns. The CSI 300 Index rose by 17.9% in Q3, an increase of 1.8 percentage points compared to the same period last year [6]. - As of the end of September, the yield on 10-year government bonds increased by 21 basis points compared to the end of June, which is expected to positively impact China Life's service fees in Q3 [6]. - New China Life's acquisition of a stake in Hangzhou Bank is anticipated to contribute positively to its financial results due to a change in accounting treatment for the investment [6]. - China Pacific Insurance benefits from a reduction in the impact of major disasters and improvements in its non-auto insurance segment, leading to enhanced underwriting profits [6]. Group 3: Asset Allocation Trends - As of the end of H1 2025, the total stock investment of five major listed insurance companies reached 1.8 trillion yuan, a growth of 28.9% from the beginning of the year, with stock investments now accounting for 9.3% of total investment assets, an increase of 1.5 percentage points [7]. - The proportion of total invested assets in TPL stocks for these companies is 5.6%, up by 0.3 percentage points from the start of the year, indicating a significant increase in asset flexibility [7]. - New China Life's stock investment proportion is 8.9%, while China Life's is 6.7%, both showing increases from the beginning of the year, suggesting a trend towards higher equity exposure among insurance firms [7].

整体来看，分红实现率表现优于上一年度，较2023年度分红实现率集中在25%—50%的情况有大幅改 善，还有不少在售产品的红利实现率甚至超过了100%。 当前，存款利率持续走低，兼具"保证利益"与"红利分配"的分红型保险产品逐渐成为市场新宠，各大险 企纷纷转型分红险赛道。作为检验分红险产品收益高低的核心指标，分红实现率向来备受保险消费者关 注。随着分红险分红实现率披露接近尾声，各家险企成绩单也一并出炉。10月20日，北京商报记者梳理 了各家险企最新的分红险分红实现率，一探究竟。 红利实现率有所回暖 随着银行存款利率的持续走低，人身险产品预定利率一降再降，分红险的"保底收益+浮动收益"模式在 当前环境下优势凸显。在购买分红险过程中，消费者最关心的是分红实现率，也称作红利实现率。 分红险红利实现率是衡量分红型保险产品实际分红与演示预期之间匹配程度的指标，计算方式为分红期 间实际派发的红利金额除以销售利益演示红利。 也就是说，如果分红实现率高于100%，则意味着相关产品的分红情况好于销售时的演示情况。 当前，分红险分红实现率披露已经接近尾声，10月20日，据北京商报记者不完全统计，目前已有超70家 人身险公司披露了2 ...

智通财经记者 | 吕文琦 上市险企近日好消息不断，保费、盈利双飘红，股价持续上涨。 自10月13日晚新华保险（601336.SH，01336.HK）率先披露三季报预告以来，人保财险（中国财险， 02328.HK）、中国人寿（601628.SH，02628.HK）相继发布2025年前三季度业绩预增公告。这三家险企 的净利润同比增幅均保持在40%以上，其中中国人寿以50%-70%的增幅领跑。 投资收益助推利润上涨 10月19日晚，中国人寿公告称，经初步测算，2025年前三季度预计实现归属于母公司股东的净利润约 1567.85亿元到1776.89亿元，同比增加约522.62亿元到731.66亿元，同比增长约50%到70%，保持高基数 上的高增长。 谈及本期业绩预增的主要原因时，中国人寿表示，公司聚焦价值创造与效益提升，持续深化资负联动， 深入推进产品和业务多元，可持续发展能力进一步增强。公司稳健开展跨周期投资布局，持续提升投资 专业能力，不断增强投资组合收益稳定性，提升长期回报潜力。 此前，10月13日晚，新华保险发布公告称，预计前三季度归属于母公司股东的净利润为299.86亿元至 341.22亿元，同比增加93. ...

Regulatory Dynamics - The Financial Regulatory Bureau has published a list of 238 insurance institutions with designated regulatory responsibilities, effective until June 30, 2025, indicating a shift of regulatory authority to local agencies for most property, reinsurance, and life insurance institutions [1] - Multiple local governments have issued warnings about scams related to gold custody, rental returns, and virtual investments, urging the public to be cautious of high-yield investment traps [1] Industry Dynamics - Over 300 small and medium-sized banks have merged, dissolved, or exited the market in 2025, indicating a significant acceleration in industry consolidation, particularly among local rural commercial banks and village banks [2] - Agricultural Bank of China has integrated over 190 rural commercial bank branches in Jilin, reflecting a systematic approach to reform and restructuring in the rural banking sector [3] - Several payment institutions have undergone capital adjustments and personnel changes, with La Ka La reducing its registered capital from approximately 788 million to 777 million yuan [4] Corporate Dynamics - China Pacific Insurance expects a net profit increase of 40% to 60% for the first three quarters of 2025, driven by stable economic performance and strategic business improvements [7] - New China Life Insurance reported a 19% year-on-year increase in premium income, totaling 172.7 billion yuan for the first nine months of 2025 [7] - Yuexiu Group has completed an 18 billion HKD acquisition of Hong Kong Life, enhancing its financial services portfolio [7] - Ant Group's acquisition of Yao Cai Securities has received approval from the Hong Kong Securities and Futures Commission, pending further regulatory approvals [8] - Agricultural Bank of China's A-share stock has experienced a "12 consecutive days" rise, with its price-to-book ratio surpassing 1 for the first time in years [8]

从资金流向上来看，当日保险板块主力资金净流入3.68亿元，游资资金净流出1.43亿元，散户资金净流出 2.25亿元。保险板块个股资金流向见下表： 证券之星消息，10月20日保险板块较上一交易日上涨2.15%，中国人寿领涨。当日上证指数报收于 3863.89，上涨0.63%。深证成指报收于12813.21，上涨0.98%。保险板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601628 | 中国人寿 | 42.50 | 4.14% | 51.49万 | 21.94亿 | | 601318 | 中国平安 | 57.90 | 1.08% | 52.67万 | 30.58亿 | | 601601 | 中国太保 | 37.07 | 0.87% | 30.88万 | 11.49 亿 | | 61319 | 中国人保 | 8.55 | 0.59% | 106.16万 | 9.09亿 | | 601336 | 新华保险 | 67.26 | 0.45% | 29.48万 | 19.88 G ...

9 > 济南(泉城)马拉松 . . . C NCI 新华保险 最新 ABS 以专业寄护途聚文化内核 新华民险会程护航济南马拉松 ·顺利完赛! 2025 当大明湖畔的晨光唤醒赛道,2025 济南(泉城)马拉松于10月19日7时30分鸣 枪开跑。作为赛事官方唯一指定保险赞 助商,新华保险以"保险赞助+全程服务 +深度参与"的三维实践,将"奋进自 强、守正创新"的文化主旨与"人民美 好生活守护者"的使命担当深度融合, 为这场中国田协A1认证的专业赛事筑牢 安全防线，注入金融温度。 专业保障筑根基 Part.01 践行"行稳致远"承诺 本届济南马拉松吸引10万余人报名,最终3万名跑 友从21个国家和地区汇聚济南,赛事规格与参与热 度创历届新高。针对赛事专业性升级需求,新华保险精 准定制全场景保障方案,为全体参赛选手、赛事工作人 员及志愿者构建涵盖意外身故、伤残、医疗及突发急性 病的全方位风险保障,累计保额392.7亿元;并同步纳 入公众责任险,覆盖马博会及赛道周边观众,以"诚信审 慎"的专业态度筑牢赛事安全基石。 依托全国多场马拉松赛事保障经验,新华保险山东 分公司组建专属服务团队,开通赛事保障绿色通道, 建立"线上 ...

Core Viewpoint - China Life Insurance Company expects a significant increase in net profit for the first three quarters of 2025, projecting a range of approximately 156.79 billion to 177.69 billion yuan, representing a year-on-year growth of about 50% to 70% compared to the same period in 2024 [1] Group 1: Performance Forecasts - China Life is the third listed insurance company to announce a profit increase for the third quarter [1] - People's Insurance Company of China (PICC) anticipates a net profit of 26.75 billion yuan for the first three quarters, with an expected increase of 40% to 60% year-on-year [1] - New China Life Insurance forecasts a net profit between 29.99 billion and 34.12 billion yuan, expecting a year-on-year increase of 45% to 65% [1] Group 2: Reasons for Performance Increase - Reason One: Enhancing the supply-side structural reform of insurance through the "Five Major Articles" in finance, focusing on value creation and efficiency improvement [2] - China Life emphasizes its role as an economic stabilizer and is committed to deepening product and business diversification [2] - PICC aims to optimize management and enhance strategic layout in key areas, leading to significant growth in underwriting profits [2] - New China Life focuses on improving market competitiveness and advancing high-quality, sustainable development [2] Group 3: Investment Strategies - Reason Two: Actively promoting long-term capital market investments, resulting in a substantial increase in investment returns [3] - China Life adheres to long-term, value, and stable investment principles, enhancing investment portfolio stability and long-term return potential [3] - PICC is increasing its allocation to high-quality equity assets while maintaining liquidity safety margins [3] - New China Life is optimizing asset allocation to counter low-interest rate challenges, solidifying its long-term return foundation [3] - All three companies benefited from the capital market's rise in the first three quarters, leading to significant growth in net profits [3]