新华保险 20251127 摘要 新华保险三季度整体投资收益超预期，得益于资本市场表现和资产配置 优化。权益类资产占比维持在 20%左右，其中境内股票基金约占 14%，一般股票约占 5%。未来仓位调整将结合市场表现和经济形势， 注重结构优化。 监管对新增保费投资 A 股有指引，但细则待定。新华保险选股倾向于金 融、科技等新质生产力领域。OCI 增加 300 多亿，总规模约 360-370 亿。公司偏好高股息股票。 固收方面，今年定存机会较好，持仓增加，整体收益率约 2.2%。主要 配置超长期国债、地方政府债，并适度增配信用债。资产久期约为 10- 11 年，负债久期 13-14 年，存在 4-5 年缺口。 为平衡收益与波动，新华保险将调整成长风格投资，倾向于盈利稳定、 估值合理的龙头公司，并投入高股息资产。同时，寻找符合国家战略的 新生产力方向创新企业。 新华保险自 2016 年以来维持净利润 30%左右的稳定分红比例，2025 年中期现金分红同比增长 24%。未来分红将综合考虑公司章程、盈利水 平和股东预期。 Q&A 新华保险在万科债务展期问题上的持仓情况如何？未来有何处置规划？ 根据新华保险的中报披露，新 ...

（原标题：险企发债观察：发行规模仍居历史高位 永续债占比接近七成） 21世纪经济报道记者 叶麦穗 "为什么永续债几乎成了大型寿险和银行系险企的专属点心？" 南开大学金融发展研究院院长田利辉此前接受采访时表示，对险企而言，是否发行永续债取决于公司的 战略规划和资金需求。永续债具有长期性、无到期日的特点，有助于险企稳定资金来源，优化债务结 构。但是，险企同时也要考虑市场的接受问题、利息的支付压力和估值波动的风险等因素。 2025年以来，保险公司掀起新一轮"发债潮"。据不完全统计，截至11月26日，已有17家保险公司发行了 663.7亿元债券，其中资本补充债191亿元，永续债472.7亿元，其中永续债在全年发债总额中占比高达 71.2%，远超去年约25%的水平，增长势头迅猛。 与 2024 年"百亿级"大单频出不同，2025 年迄今仅平安人寿一家跨过百亿红线；去年动辄百亿的人保财 险、新华人寿等今年均未再现大手笔。隋东判断，去年四季度以来投资端回暖，行业偿付能力普遍"回 血"，资本补充节奏随之放缓。 金融监管总局最新季报显示，2025 年三季度末，保险业综合偿付能力充足率 186.3%，核心偿付能力充 足率 134 ...

| 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601319 中国人保 | | 5655.01万 | 9.34% | -3024.74万 | -5.00% | -2630.28万 | -4.35% | | 601628 中国人寿 | | 1334.03万 | 2.81% | -387.83万 | -0.82% | -946.20万 | -2.00% | | 601336 新华保险 | | -1095.30万 | -1.34% | -588.73万 | -0.72% | 1684.03万 | 2.06% | | 601318 中国平安 | | -2808.26万 | -0.94% | 1.17亿 | 3.91% | -8897.98万 | -2.97% | | 601601 中国太保 | | -7619.69万 | -7.65% | 4435.42万 | 4.45% | 3184.27万 | 3.20% | 从资金 ...

数智转型成果显著，三大维度释放价值 新华保险的数智化实践聚焦 "数据赋能、智能升级、创新突破" 三大方向，推动业务全链条效能提升与 客户体验优化。 数据赋能业务，实现 "全链路数字联接"。新华保险以数据驱动重构客户经营、市场分析、产品设计、 风险防控等领域模式，深度客户画像覆盖全渠道，主要经营指标实现实时追踪，生态服务全面线上化。 互联网保险业务目前已累计为线上客户提供超 531 亿元保险保障，同时在投资端发力 "数字金融"，人 工智能、云计算等数字产业相关企业发展投资余额约 45 亿元，同比增长 93.8%，完成全国首批数据中 心公募 REITs 认购，实现数据价值向业务价值的高效转化。 智能服务升级，客户体验再上新台阶。2025 年上半年，新华保险智能客户服务占比提升至 78%，多项 智能服务举措落地见效："掌上新华" APP 推出 "智多新" 智能导航功能，覆盖全部主要场景及 1 万余个 常见问题；创新推出 "空中柜面" 网点服务，依托实时音视频、人脸识别、OCR 识别等技术，支持 50 余项保全业务线上办理，已覆盖 6 家分公司 120 家四级机构，累计服务客户超 8000 人次、办理业务逾 1 万件 ...

Summary of Xinhua Insurance Conference Call Company Overview - **Company**: Xinhua Insurance - **Industry**: Insurance Key Points and Arguments Business Performance - In Q1 2025, individual insurance and bank loan insurance achieved a doubling growth, leading to high baseline pressure for the 2026 opening performance, yet the company still expects steady premium growth across various metrics, including regular premium and value scale premiums [2][4] - As of November, most branches have met their annual targets and are preparing for customer reserves, recruitment, and agent training for the upcoming year [3] Channel Development - The bank insurance channel saw a negative growth in new single premiums in Q3 due to differences in payment strategies and overall business rhythm, but favorable trends such as the migration of household savings and concentration of market share among large companies are expected to continue, indicating potential growth in 2026 [2][6] - The individual insurance channel maintained a high growth rate in the first three quarters, with all indicators performing better than the scheduled progress, providing ample preparation time for next year's business [6] Dividend Insurance Competition - The spread of dividend insurance has narrowed to 25 basis points due to intensified competition, but the focus on dividend insurance by multiple entities aids market education [2][7] - Xinhua Insurance is enhancing the competitiveness of dividend insurance through agent training, investment management, and multi-channel promotion [7] Investment Strategy - Fixed-income assets remain the core of Xinhua Insurance's allocation, accounting for 70-80%, with plans to actively allocate interest rate bonds and diversify investments into REITs and convertible bonds [2][8] - The equity allocation is approximately 20%, with future adjustments based on market conditions to reduce the proportion of risk assets [9] Private Fund Investments - Xinhua Insurance's participation in private fund investments with China Life has yielded expected returns, and the company will continue to focus on long-term and value investments in the equity market [10] Human Resource Development - The company has implemented measures to enhance the quality of its marketing channels, including a new basic law and a next-generation team-building project, focusing on effective recruitment and high-performing personnel [11][12] Regulatory Impact - New guidelines on expense allocation for life insurance products align with Xinhua Insurance's current practices, with limited overall impact expected [13] - The push for high-quality development in health insurance, particularly dividend-type health insurance, is seen as a significant opportunity for product development [14] Social Responsibility and Financial Inclusion - Xinhua Insurance is actively involved in inclusive finance projects, with significant coverage in various insurance projects, although these contribute a small percentage to total premiums [15][16] Industry Trends - The insurance industry is shifting focus towards dividend insurance products to mitigate interest spread risks, with expectations for increased diversification in business structure and product offerings [21][22] Market Management - While there are no specific share buyback plans, Xinhua Insurance emphasizes market value management and is exploring various tools to enhance shareholder returns [18] Financial Performance - The company's net asset value increased in Q3, primarily due to favorable market performance, with ongoing adjustments in asset allocation to optimize investment portfolios [20] This summary encapsulates the essential insights from the conference call, highlighting Xinhua Insurance's strategic direction, market positioning, and operational performance within the insurance industry.

原标题：分红型重疾险"杀"了个回马枪？！平安、太保、新华表示跟进！某些机构恐难以融入… 来源：险企高参 11月13日，中国平安通过互动平台发布公告，宣布该司已启动分红型重疾险产品的研发工作，预计在相 关细则出台后即可开发有关产品，力争尽早上市销售，以把握市场机遇。 平安人寿总精算师孙汉杰对此予以确认并表示，该司已启动分红重疾产品的相关研究，后续将尽快推进 产品研发与推出，进一步拓宽分红型产品的覆盖场景。 产品战略调整的背后，是政策的指引。2025年9月30日国家金融监督管理总局发布的《关于推动健康保 险高质量发展的指导意见》，其中明确支持监管评级良好的保险公司自2025年10月起开展分红型长期健 康保险业务，意味着被叫停22年的分红型重疾险正式"解禁"。 在2003年，监管机构出于多重原因叫停分红型重疾险。当时部分保险公司将分红型重疾险包装成纯粹的 理财工具，背离了健康保险的保障初衷。加之健康险产品本身结构复杂，精算定价缺乏足够的经验数据 支撑，引入分红机制后，进一步增加了风险控制的难度，使得产品运营面临更大挑战。此外，国际市场 中也缺乏分红型健康险的先例。 随着时间的推移，中国保险业持续向高质量发展转型，监 ...

Core Viewpoint - The insurance sector experienced a decline of 0.56% on November 26, with China Life Insurance leading the losses, while the overall market showed mixed results with the Shanghai Composite Index down by 0.15% and the Shenzhen Component Index up by 1.02% [1] Summary by Category Market Performance - The Shanghai Composite Index closed at 3864.18, down 0.15% - The Shenzhen Component Index closed at 12907.83, up 1.02% [1] Insurance Sector Performance - The insurance sector saw a net outflow of 198 million yuan from main funds, while retail funds experienced a net inflow of 266 million yuan [1] - Individual stock performances included: - China Ping An (601318) closed at 59.78, up 0.52% with a trading volume of 434,700 shares and a transaction value of 2.598 billion yuan - New China Life Insurance (601336) closed at 65.92, up 0.06% with a trading volume of 95,700 shares and a transaction value of 628 million yuan - China Pacific Insurance (601601) closed at 34.61, down 0.97% with a trading volume of 222,200 shares and a transaction value of 771 million yuan - China Life Insurance (601628) closed at 43.50, down 1.09% with a trading volume of 111,600 shares and a transaction value of 485 million yuan - China Reinsurance (601319) closed at 8.54, down 1.16% with a trading volume of 519,200 shares and a transaction value of 443 million yuan [1] Fund Flow Analysis - The fund flow analysis for individual stocks showed: - China Pacific Insurance had a main fund net inflow of 29.7664 million yuan, with a retail net outflow of 20.0910 million yuan - New China Life Insurance had a main fund net inflow of 19.6665 million yuan, with a retail net outflow of 26.0477 million yuan - China Reinsurance had a main fund net outflow of 16.4563 million yuan, with a retail net inflow of 14.2729 million yuan - China Life Insurance had a main fund net outflow of 60.9273 million yuan, with a retail net inflow of 38.4305 million yuan - China Ping An had a main fund net outflow of 170.1 million yuan, with a retail net outflow of 74.5134 million yuan [2]

Core Insights - The insurance industry is witnessing a surge in the launch of new dividend insurance products, with major companies like China Life, Ping An Life, and Xinhua Insurance leading the way in this transformation towards dividend-based offerings [1][2][3] Product Launch Trends - Dividend insurance products have become the dominant category, with 65 out of 136 life insurance products being dividend-based, accounting for approximately 48% [2] - Major companies are actively introducing new dividend insurance products, such as Xinhua Insurance's "Shengshi Glory Celebration Edition" and Ping An Life's "Ping An Yuxiang Jin Yue" [2][3] Strategic Shifts - Companies are undergoing significant strategic transformations, with Xinhua Insurance reporting a 49.2% year-on-year increase in first-year premium income from individual channels for long-term insurance [3] - China Life and other insurers are also seeing substantial increases in the proportion of floating income products in their premium income [3] Market Dynamics - The shift towards dividend insurance is driven by multiple factors, including a declining interest rate environment, which has made dividend products more attractive compared to traditional fixed-rate products [4] - Regulatory policies are also encouraging the development of floating income insurance products, providing a clearer direction for innovation in the industry [4] Competitive Landscape - The success of dividend insurance hinges on insurers' investment capabilities, as the distribution of dividends is directly linked to investment returns [5] - Insurers face challenges in upgrading their sales models to meet the complexities of dividend products, requiring a shift from simple product sales to providing comprehensive asset allocation advice [5] Ecosystem Development - Insurers are exploring innovative "product + service" models to differentiate themselves in a competitive market, integrating health and wellness services with insurance offerings [7][8] - Companies like Ping An Life and Taikang Life are developing comprehensive service ecosystems that combine insurance with health management and elderly care services [7][8]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 616109 | 中国人保 | 8.64 | 3.85% | 82.31万 | | 7.04亿 | | 601628 | 中国人寿 | 43.98 | 1.99% | 11.58万 | | 5.09亿 | | 601601 | 中国太保 | 34.95 | 1.90% | 26.15万 | | 9.13亿 | | 601318 | 中国平安 | 59.47 | 1.83% | 48.78万 | | 28.88 7 | | 601336 | 新华保险 | 65.88 | 1.76% | 11.64万 | | 7.671Z | 从资金流向上来看，当日保险板块主力资金净流入1.48亿元，游资资金净流出1.89亿元，散户资金净流入 4068.74万元。保险板块个股资金流向见下表： | 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 | | --- | --- ...

格隆汇11月25日丨新华保险(601336.SH)在投资者互动平台表示，公司暂无回购计划。公司高度重视长 期市值管理工作，聚焦价值增长，全面提升经营管理质效，提升公司内在价值。 ...