新华保险 20251124 摘要 新华保险已构建全国性机构布局，股权结构呈现多元集中且国有资本深 度参与的特点，中央汇金和香港中央结算有限公司合计持股超 62%，国 有法人合计持股超 14%。管理团队由内部培养和外部引入相结合，保障 战略传承与资管优化并重。 2023 年新华保险营收和归母净利润因新准则切换大幅波动，但 2024 年营收达 1,325 亿元，同比增长 85.3%；归母净利润达 262.3 亿元， 同比增长超 200%。新业务价值在连续四年下跌后于近两年回升，内涵 价值也重回上升趋势。 新华保险负债端发展历程经历了康典、万峰、李全和杨玉成四个时期， 各阶段侧重不同，从确立战略布局到转向保障型产品，再到加快个险增 员和分红险转型，体现了公司战略的演进。 新华保险大力推动分红险转型，2025 年上半年分红险占比达 15.1%， 长期险首年保费增速显著提升至 46.3 亿元。分红险的保底加浮动特征 预计将降低负债端成本压力，并有望在新华保险的强劲投资能力下占据 领先地位。 Q&A 新华保险的公司概述和发展历程是怎样的？ 新华保险成立于 1996 年 9 月，由 15 家发起股东，包括东方集团、宝钢集团 ...

Core Viewpoint - Multiple insurance companies have achieved or are close to achieving their 2025 sales targets, shifting focus to the 2026 sales kickoff, with a strong emphasis on participating in dividend-type life insurance products [1][2] Group 1: Sales Performance - In the first ten months of this year, New China Life Insurance reported a premium income of approximately 181.97 billion yuan, a year-on-year increase of 17%, while China Pacific Insurance's Pacific Life reported a premium income of about 241.32 billion yuan, up 9.9% year-on-year [2] - Many insurance companies have completed over 95% of their new standard premium sales targets for the year, with sales efforts for 2026 already initiated [2][3] - The cumulative premium income for life insurance companies in the first nine months of this year grew by 10.2% year-on-year, despite a decline in January due to regulatory changes [3] Group 2: Product Trends - The trend towards dividend-type insurance products is evident, with over 40% of new life insurance products being dividend-based, and 44% of newly launched life insurance products being dividend-type [4] - Major insurance companies like Ping An and New China Life have committed to increasing the proportion of dividend-type insurance products in their offerings [4] - The introduction of new insurance products for 2026 is focused on dividend-type whole life insurance and dividend-type annuities, which are expected to drive double-digit growth in new premium income and new business value in the first quarter of 2026 [5] Group 3: Market Environment - The low interest rate environment continues to favor insurance products over traditional savings, as insurance rates remain attractive compared to bank deposit rates [5] - The insurance industry is undergoing a transformation in distribution channels, with a focus on enhancing the quality of individual insurance sales teams and recognizing the growing importance of bank insurance partnerships [5]

近日，21世纪经济报道保险课题组在由南方财经全媒体集团指导、21世纪经济报道主办的"第二十届21 世纪金融年会"上发布《中国保险业竞争力研究报告（2025）》（以下简称"《报告》"）。 《报告》以各公司主要经营保险业务分类，分为寿险公司、财险公司、养老险公司、健康险公司四类公 司，并在不同组别以相同的大类维度和不同业务独有的小类维度进行分组别研究分析。 《报告》显示，2025年上半年，中国寿险业在"报行合一"深化、预定利率动态调整等政策推动下，呈现 出显著的"强者恒强"格局。参与竞争力排名的58家寿险公司在2025年上半年合计盈利1763.08亿元，其 中前十名寿险公司净利润占比高达94.6%，行业资源加速向头部集中。 新华保险、泰康人寿紧随前三 2025年上半年，中国寿险市场头部效应持续强化，五家头部寿险公司以卓越的业绩表现领跑行业。 根据《报告》，寿险行业前五名——中国人寿、平安人寿、太保寿险、新华保险与泰康人寿，2025年上 半年净利润均突破百亿元，展现出强大的盈利能力和市场竞争力。 | | | 核心偿付能力 | 中国寿险公司竞争力排行榜 (2025) 综合偿付能力 | 估龄的人 | 净利润 | | | ...

11月24日，新华保险召开发布会，正式推出"新华康"健康管理服务品牌及旗下创新产品"康护无忧"护理 保险。 发布会上，新华保险、中再寿险与爱连健康表示，将以"康护无忧"的推出为起点，持续深化合作，共同 探索并推动"服务给付型健康保险"产品的创新与发展，为积极应对人口老龄化、构建中国特色的健康保 障体系贡献行业智慧与力量。 "新华康"品牌与"康护无忧"产品的发布，是新华保险顶层战略的深化落地，进一步完善了新华保险"财 税法商医康养教乐文"十大服务体系，升级扩容"尊安瑞悦康"服务体系品牌矩阵，显著提升了公司保险 产品和医疗健康服务的综合竞争力。 本次发布的核心——"新华康"品牌，定位为构建"事前预防-事中管理-事后保障"新型健康服务保障体 系，旨在为客户提供覆盖全生命周期的健康管理解决方案。从传统的保险保障，全面升级为"保险+健 康服务"的一体化保障体系，致力于实现客户及其家人在全生命周期下，身体与心灵的完整健康，达至 身心俱泰的"康乐"境界。 此外，新华保险、中再寿险与爱连健康联合举行战略合作签约仪式，开启三方在健康保障领域的深度合 作，正式发布服务给付型商业护理保险——"康护无忧"。该产品以"服务责任化"为核 ...

| 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 | | = 170.25万 | 0.05% | -8620.72万 | -2.74% | 8450.47万 | 2.69% | | 601628 中国人寿 | | -1301.28万 | -2.37% | 2832.46万 | 5.17% | -1531.18万 | -2.79% | | 601319 中国人保 | | -3669.59万 | -5.14% | 1798.55万 | 2.52% | 1871.03万 | 2.62% | | 601601 中国太保 | | -4434.85万 | -4.63% | 6462.75万 | 6.74% | -2027.91万 | -2.12% | | 601336 新华保险 | | -6998.32万 | -6.58% | 7.75万 | 0.01% | 6990.57万 | 6.57% | 以上内容 ...

证券研究报告·行业跟踪周报·非银金融 非银金融行业跟踪周报 证券行业并购稳步推进；保险业总资产突破 40 万亿 增持（维持） 相关研究 [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：1）宏观经济不及预期；2）政策趋紧抑制行业创新；3）市场 竞争加剧风险。 2025 年 11 月 23 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 罗宇康 执业证书：S0600525090002 luoyk@dwzq.com.cn 行业走势 -14% -10% -6% -2% 2% 6% 10% 14% 18% 22% 2024/11/25 2025/3/25 2025/7/23 2025/11/20 非银金融 沪深300 《中金公司拟换股合并东兴证券、信 达证券，资产规模将破万亿元》 2025-11-20 《金融科技 2026 年投资策略-- 短期 看市场活跃的持续性，中期关注金融 IT》 2025-11-17 东吴证券研究所 1 / 15 请务必阅读正文之后的免责声明部分 ◼ 非银行金融子行业近期表现：最近 5 个交易日（2025 ...

Investment Rating - The report maintains a "Recommendation" rating for the insurance industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [21]. Core Insights - The insurance index fell by 3.06% this week, outperforming the broader market by 0.71 percentage points. Major insurance stocks experienced declines, with notable drops from Sunshine Insurance (-4.8%) and China Pacific Insurance (-4.57%) [1]. - The China Actuarial Society released the "Guidelines for Expense Allocation of Life Insurance Products," which aims to enhance the scientific management of expenses within insurance companies and supports the implementation of the "reporting and operation integration" policy [2][4]. - As of the end of 2024, 34 insurance asset management companies managed a total of CNY 33.30 trillion, reflecting a year-on-year growth of 10.60% [2]. - The report highlights that 172 insurance companies have disclosed their solvency data for Q3 2025, with 14 achieving an AAA risk rating, while 4 companies fell below solvency standards [2]. Summary by Sections Market Performance - The insurance sector's performance was characterized by a 3.06% decline in the insurance index, with individual stocks like China Life and Ping An also showing significant decreases [1]. Regulatory Developments - The newly released guidelines categorize life insurance business expenses into variable and fixed costs, specifying which expenses should not be allocated and providing methods for expense allocation [4]. Financial Data - The total market capitalization of the insurance sector is CNY 32,109.56 billion, with a circulating market value of CNY 22,103.29 billion [6]. Valuation Metrics - The report provides PEV valuations for major life insurance companies, with China Life at 0.83x and Ping An at 0.71x [5]. - For property insurance, the PB valuations are noted, with China Re at 0.58x and PICC at 1.2x [10]. Investment Recommendations - Short-term recommendations focus on companies with performance elasticity, suggesting investments in New China Life, China Property & Casualty, and China Life. Long-term recommendations include China Pacific Insurance and China Ping An based on fundamental and valuation considerations [10].

Core Insights - The article highlights significant developments in the insurance industry, including regulatory updates, company dynamics, and emerging trends in insurance products and services. Regulatory Dynamics - Seven departments support the development of specialized agricultural insurance for the silk industry [4] - The Ministry of Finance welcomes qualified German insurance companies to expand their business in China [8] - The Ministry of Finance has allocated a budget of 45.6 billion for agricultural insurance premium subsidies for 2026 [9] - The central bank maintains the 1-year and 5-year LPR at 3.0% and 3.5% respectively [10] - The Financial Regulatory Bureau reports that the balance of funds utilized by insurance companies reached 37.46 trillion, a 12.6% increase from the beginning of the year [11] Company Dynamics - Sunshine Life plans to invest 20 billion in establishing a pilot fund [23] - Sunshine Life has reduced its stake in Huishang Bank by 11.438 million shares [24] - China Life Insurance provided insurance coverage of nearly 83 trillion for strategic emerging industries in the first three quarters [29] - New China Life has been approved to increase its capital in New China Asset Management (Hong Kong) [30] - Dongwu Property Insurance's Beijing branch has been approved to commence operations [31] Industry Trends - The insurance asset management sector has seen a 10.6% year-on-year increase, managing over 33 trillion in funds [46] - The net profit of PICC Health surged by 200% in the first three quarters [47] - Sixteen insurance companies issued over 600 billion in bonds to supplement capital [49] - The insurance industry is experiencing a shift towards more flexible and innovative insurance products, including a new "per day" drone insurance product launched in Jiangsu [67] - The insurance sector is increasingly focusing on long-term care insurance and products tailored for the elderly [18][19] Personnel Changes - Huang Zhiwei has been approved as the chairman of China Merchants Jinhe Life Insurance [33] - The former general manager of Bank of China Samsung Life, Qiu Zhikun, is now acting chairman [34] - Zhang Yaohui has been appointed as the deputy general manager of Zhonghui Mutual Insurance [37] Product and Service Innovations - New China Life launched a celebratory version of its whole life insurance product, emphasizing dual growth advantages [64] - The 2026 Beijing Inclusive Health Insurance offers a 10% discount on medication purchases for policyholders [65] - Jiangsu has introduced a pioneering "per day" insurance product for drones, enhancing risk management in the low-altitude economy [67]

Core Viewpoint - The insurance industry is shifting towards dividend insurance products as a consensus in response to the ongoing decline in interest rates [1][2]. Group 1: Market Trends - A significant number of new insurance products launched by various life insurance companies are dividend insurance, with over 40 out of 50 life insurance products currently on sale being dividend-type [2]. - Major life insurance companies like Xinhua Insurance, Ping An Life, and China Life have introduced various dividend insurance products, indicating a trend towards these offerings [3]. - The design of dividend insurance products, such as the "Taiping Guowei No.1" from Taiping Life, combines guaranteed benefits with dividends, allowing for both asset security and market participation [3]. Group 2: Product Structure and Performance - The maximum preset interest rate for dividend insurance from leading insurers is generally set at 1.75%, with some joint venture companies offering rates as low as 1.5% [4]. - The reduction in preset interest rates for traditional and dividend insurance products has been noted, with dividend products experiencing a smaller decline, thus enhancing their yield advantage over traditional products [4]. - Dividend insurance provides a combination of guaranteed benefits and non-guaranteed dividends, which helps mitigate the liability pressure on insurance companies [5]. Group 3: Marketing Challenges - The complexity of dividend insurance products poses challenges for insurance agents, requiring them to possess a solid understanding of product configurations and benefits [6][7]. - The shift from traditional fixed-return products to dividend insurance has created difficulties in marketing, as agents must now explain the intricacies of dividend structures to clients [7][8]. - Some agents continue to use outdated marketing strategies, misrepresenting dividend insurance as quick-return products, which may lead to consumer confusion [8]. Group 4: Service Integration - Dividend insurance is evolving beyond mere insurance products to become gateways for integrated services in healthcare, retirement, and wellness, forming a "product + service" model [9][10]. - Companies are increasingly linking their insurance products with healthcare and retirement ecosystems, offering a range of services from family doctors to retirement communities [10][11]. - This integration allows insurers to meet diverse customer needs and enhances the overall value proposition of dividend insurance products [11].

Macro Dynamics - In the first ten months of 2025, China attracted foreign investment of 621.93 billion RMB, a year-on-year decrease of 10.3% [2] - The number of newly established foreign-invested enterprises reached 53,782, marking a 14.7% increase year-on-year [2] - The manufacturing sector attracted 161.91 billion RMB, while the service sector attracted 445.82 billion RMB [2] - High-tech industries received 192.52 billion RMB in foreign investment, with significant growth in e-commerce services (173.1%), medical equipment manufacturing (41.4%), and aerospace manufacturing (40.6%) [2] - Investment from the UAE, UK, and Switzerland increased by 48.7%, 17.1%, and 13.2% respectively [2] Financial Institutions - Xinhua Insurance has been approved to increase its capital by 154.45 million HKD in Xinhua Asset Management (Hong Kong) [8] - The independent director of Xi'an Bank, Cao Huitao, resigned due to work reasons [9][10] - Huang Zhiwei has been approved to serve as the chairman of China Merchants Renhe Life Insurance [11] Market Data - The Hang Seng Index fell by 2.38%, and the Hang Seng Tech Index dropped by 3.21% on November 21 [12] - The Shanghai Composite Index decreased by 2.45%, closing below 3900 points, with significant declines in lithium, titanium dioxide, and energy metal sectors [13] Company Developments - China Nuclear Power announced a share buyback of 37.99 million shares, utilizing a total of 345 million RMB [17] - Changsha Beidou Industry Safety Technology Research Institute's IPO on the Sci-Tech Innovation Board has been accepted, aiming to raise 709 million RMB for various projects [18] - Xiaomi Group's public relations manager Wang Hua confirmed his transfer to the Xiaomi Wuhan headquarters [19]