600亿长期投资试点新增规模+风险因子调降10%+推动完善长周期考核。 加大保险资金入市稳市力度的推动政策继续加码。 继上月上调险资权益投资比例上限后，在5月7日上午举行的国新办新闻发布会上，国家金融监督管理总 局局长李云泽再次宣布了险资入市"正在路上"的三大措施，继续支持稳定和活跃资本市场。 从发布会信息来看，这三大措施分别是拟再批复600亿元长期投资试点规模，将股票投资的风险因子进 一步调降10%，以及推动完善长周期考核机制。 "5月7日的政策可以说是之前一轮险资入市政策的延续，有之前政策的加码和落实，也有像风险因子下 调这类回应行业呼声的政策。总体而言，这进一步释放了险资的投资空间。"一名险企投资负责人对第 一财经记者表示。 这些政策会带来多少增量资金？中泰证券非银金融行业首席分析师葛玉翔回复第一财经记者的测算数据 显示，股票投资的风险因子调降10%或将带动增量险资规模逾1300亿元。这1300亿元的理论增量，再加 上拟批复的"实打实"的600亿元规模险资长期投资试点，以及长周期考核所带来的底层影响，撬动的增 量险资权益投资空间或将是超千亿量级的。 政策一：股票投资风险因子调降10%，或带动增量资金逾1 ...

Core Viewpoint - The article discusses the ongoing expansion of insurance capital's long-term investment pilot program in China, highlighting the approval of significant funding amounts for various insurance companies to invest in the stock market, aiming to enhance market liquidity and stability [2][3][9]. Group 1: Investment Scale and Approval - The pilot program for long-term insurance capital investment has seen its scale exceed 200 billion yuan, with recent approvals adding up to 600 billion yuan for market injection [3][4][6]. - The China Life Insurance Company and New China Life Insurance have established a private equity fund with an initial investment of 250 billion yuan each, totaling 500 billion yuan for the Honghu Fund [5][10]. - The China Insurance Regulatory Commission has approved additional pilot scales for various insurance companies, including a 100 billion yuan pilot for PICC Life Insurance [7][6]. Group 2: Investment Strategy and Structure - The long-term investment pilot primarily involves setting up private equity funds that focus on secondary market stocks, with a strategy of long-term holding [9][10]. - The new accounting standards allow insurance companies to smooth out profit fluctuations from equity investments, which is a significant factor driving participation in the pilot program [10]. - The Honghu Fund has already invested in major listed companies, achieving returns that exceed benchmarks, indicating successful initial performance [10][11]. Group 3: Regulatory Support and Market Conditions - The regulatory framework is evolving to support increased participation of insurance capital in the stock market, including adjustments to solvency regulations and investment limits [9][10]. - The current macroeconomic environment, characterized by low interest rates and increased asset volatility, places additional pressure on insurance capital to optimize asset allocation and enhance investment returns [12]. - Industry experts emphasize the importance of maintaining a long-term investment perspective and actively seeking sustainable investment opportunities in the equity market [12].

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [19]. Core Insights - The report highlights a significant policy shift with the approval of an additional 600 billion yuan for long-term investments by insurance funds, aimed at stabilizing the market and boosting investor confidence [7][8]. - The adjustment of risk factors for stock investments by insurance companies, with a reduction of 10%, is expected to encourage greater market participation from these firms [7][8]. - The report emphasizes the potential for insurance companies to enhance their investment returns through equity investments, particularly in high-dividend assets, as they navigate challenges related to interest rate spreads [7][8]. Industry Overview - As of May 2025, the total market capitalization of the insurance sector is approximately 27,440.85 billion yuan, with a circulating market value of about 18,928.15 billion yuan [4]. - The report notes a mixed performance in the insurance sector, with a 1-month absolute performance of -2.1% and a 12-month performance of 26.2% [5]. Key Company Forecasts and Valuations - China Ping An: Expected EPS of 7.56 yuan in 2025, with a PE ratio of 6.72 and a rating of "Strong Buy" [8]. - China Pacific Insurance: Expected EPS of 4.87 yuan in 2025, with a PE ratio of 6.24 and a rating of "Recommended" [8]. - New China Life: Expected EPS of 6.39 yuan in 2025, with a PE ratio of 7.60 and a rating of "Recommended" [8]. - China Life: Expected EPS of 3.09 yuan in 2025, with a PE ratio of 11.90 and a rating of "Recommended" [8].

Core Viewpoint - The report from Shenwan Hongyuan indicates that the performance of A-share insurance companies in Q1 2025 was impacted by rising long-term interest rates and market volatility, leading to a decline in total investment returns and a mixed profit performance across the sector [1][2]. Group 1: Profit Performance - A-share insurance companies achieved a total net profit of 841.76 billion yuan in Q1 2025, representing a year-on-year growth of 1.4%, which was below expectations of 7.9% [2]. - The contribution to profit from insurance services, investment performance, and other pre-tax profits was 75.5%, 16.7%, and 7.8% respectively [2]. - Total investment returns decreased by 11% year-on-year due to significant negative contributions from fair value changes amid stock and bond market pressures [1][2]. Group 2: New Business Value (NBV) Performance - The NBV growth rate for listed insurance companies in Q1 2025 ranged from 4.8% to 67.9%, continuing a growth trend [3]. - New business volume increased by 2.9% year-on-year to 246.84 billion yuan, with growth rates for individual companies varying between -19.5% and 130.8% [3]. - Factors affecting performance included adjustments in preset interest rates, product structures, commission rates, and the fluctuating focus on financial products [3]. Group 3: Property Insurance Performance - The premium growth rate for the "old three" major property insurers was between 1.0% and 7.6% in Q1 2025, with the combined ratio (CR3) decreasing by 0.6 percentage points to 63.8% [4]. - The combined operating ratio (COR) improved more than expected, with notable reductions for major insurers such as PICC and Ping An [4]. Group 4: Investment Yield and Asset Allocation - The annualized total investment yield for listed insurance companies in Q1 2025 varied, with New China Insurance at 5.7% (up 1.1 percentage points) and China Life at 2.75% (down 0.48 percentage points) [5]. - The proportion of FVOCI (Fair Value Through Other Comprehensive Income) assets increased for most insurers, reflecting a strategic shift in asset allocation amid market conditions [5]. Group 5: Recommended Stocks - The report recommends stocks including New China Insurance (601336.SH), PICC (601319.SH), China Property Insurance (02328), China Taiping (601601.SH), Ping An (601318.SH), and China Life (601628.SH) as potential investment opportunities [6].

Group 1 - The core viewpoint of the news is the Chinese government's initiative to support the financial market through a series of policies aimed at stabilizing expectations and increasing capital supply in the insurance sector [1][2][4] - The National Financial Regulatory Administration plans to enhance the capital replenishment mechanism for large insurance groups, indicating that capital replenishment has become a priority [2][3] - The government aims to expand the long-term investment pilot program for insurance funds, with an additional 60 billion yuan planned to inject more capital into the market [4][5] Group 2 - The core tier capital adequacy ratios of major banks are expected to improve significantly due to the capital replenishment efforts, with specific increases noted for China Bank, China Construction Bank, Postal Savings Bank, and Bank of Communications [3][4] - The adjustment of risk factors for stock investments by insurance companies will be reduced by 10%, encouraging greater market participation [6][7] - The insurance industry is projected to have a total fund utilization balance of 33.26 trillion yuan in 2024, with potential for an additional 1.66 trillion yuan in market funds if the upper limit for equity asset allocation is fully utilized [6][7]

智通财经记者 | 吕文琦 "充分发挥保险资金作为耐心资本和长期资本的作用，加大入市稳市力度，下一步将推出三条措施支持 稳定和活跃资本市场。"5月7日，金融监管总局局长李云泽在国新办新闻发布会上表示。 具体来看，一是进一步扩大保险资金长期投资试点范围，近期拟再批复600亿元，为市场引入更多增量 资金。二是调整优化监管规则，将保险公司股票投资风险因子进一步调降10%，以鼓励保险公司加大入 市力度。三是推动完善长周期考核机制，促进实现长钱长投。 而此次将保险公司股票投资风险因子进一步调降10%，前述非银分析师认为，假如全部权益持仓都是股 票，都可以打9折的话，预计偿付能力大概能上升5%。 南开大学金融发展研究院院长田利辉向智通财经表示，金融监管总局近期推出的调降保险公司股票投资 风险因子、扩大保险资金长期投资试点范围等举措，是中国资本市场改革的重要信号，旨在通过优化保 险资金的配置能力，为市场注入长期稳定资金，同时提升保险业服务实体经济的能力。 多措并举引活水 打通中长期资金入市的卡点堵点，为险资提供良好的投资环境一直是监管重点关注的问题。 2024年3月，中国人寿与新华保险，共同成立总规模达500亿元的鸿鹄基金。 ...

Core Insights - The "Hu Hui Bao" program, a customized commercial supplementary health insurance in Shanghai, has opened its enrollment window for 2025, attracting over 4 million participants on the first day, highlighting its significant appeal as the largest "benefit insurance" project in the country [1][8] - Since its launch in 2021, "Hu Hui Bao" has adhered to principles of government guidance, commercial operation, and public benefit, with cumulative enrollment exceeding 26 million by the end of March 2025 and total claims surpassing 2.2 billion yuan [1][8] - The program has undergone multiple upgrades over the years, enhancing coverage while maintaining stable premium rates, with the maximum coverage amount increasing from 2.3 million yuan to 3.1 million yuan [2][3] Enrollment and Coverage - "Hu Hui Bao" is characterized by low thresholds, high coverage, and broad accessibility, allowing all Shanghai basic medical insurance participants to enroll regardless of age, health status, or occupation [2][3] - The premium has remained unchanged since 2022 at 129 yuan per year, while the coverage has been enhanced, with the deductible decreasing from 20,000 yuan in 2022 to 12,000 yuan in 2024 [2][3] Service and Claims - The program has expanded its service offerings, including coverage for specific high-cost medications and advanced treatments, with the number of covered domestic specialty drugs increasing from 41 to 48 in 2025 [3][4] - Claims processing has improved significantly, with an average case resolution time of just 2.3 days and a 90% application rate for electronic medical data, enhancing the overall user experience [5][6] Financial Sustainability - "Hu Hui Bao" operates under a co-insurance model involving multiple insurance companies to ensure risk sharing and sustainable operations [4][10] - The program aims for a "break-even" model, balancing high claim rates with low premiums, which is essential for maintaining its long-term viability [10][11] Innovations and Benefits - New benefits for 2025 include a 10% discount on original research drugs and online consultations with top-tier specialists, catering to the healthcare needs of various demographics, especially those with mild conditions [7][10] - The program has also expanded its family account pooling, allowing for broader coverage among relatives, enhancing its appeal to families [11]

文 ｜ 童成墩 薛姣 田良 陆昊 林永健 一季报总体超预期，有三个验证：新业务价值高增长验证了头部公司正受益市场洗牌，部分头部公 司分红险转型成效验证了公司从类自营走向类资管商业模式的可行性，核心偿付能力充足率的大幅 改善验证了头部公司过去五年拉长资产久期积累了大量浮盈。我们重申保险板块强于大市的判断 上市保险公司均有配置价值。 ▍ 我们认为保险板块处于长期慢牛的起点。 根据我们外发的《 非银行金融行业保险动态跟踪—保险股：开启慢牛之路 》（2 0 2 5 - 0 3 - 1 5）， 我们认为保险板块处于长期慢牛的起点。主要逻辑包括：1）市场大幅洗牌，银保和经纪渠道份 额在向头部公司集中；2）市场处于单边降息周期走向低利率波动的拐点上，保险产品需求正逐 步从传统险转向分红险；3）监管持续推进费用"报行合一"、压降保单预定利率，幸存者公司有 望通过积累低手续费、低负债成本实现新一轮发展。 ▍ 从2 0 2 5年一季报情况来看，行业表现基本上与以上判断一致。 新业务价值普遍快速增速，超出市场预期。 2 0 2 5年以来，行业淡化开门红色彩，部分公司一季 度代理人渠道新单保费下降，市场对新业务价值预期偏悲观，但一季 ...

Core Insights - Xinhua Insurance reported strong financial performance for Q1 2025, with original insurance premium income of 73.218 billion yuan, a year-on-year increase of 28% [1] - The company achieved an operating income of 33.4 billion yuan, up over 26% year-on-year, and a net profit attributable to shareholders of 5.882 billion yuan, reflecting a 19% increase [1] - For the full year 2024, Xinhua Insurance's operating income reached 132.555 billion yuan, a significant year-on-year growth of 85.3%, and net profit attributable to shareholders was 26.229 billion yuan, up 201.1% [2] Financial Performance - In Q1 2025, the first-year premium for long-term insurance was 27.236 billion yuan, showing a remarkable growth of 149.6%, with the first-year regular premium at 19.471 billion yuan, increasing by 117.3% [1] - The annual report for 2024 indicated that Xinhua Insurance's total assets reached 1.69 trillion yuan, with a net profit of 26.229 billion yuan, both marking historical highs [2] - The company reported a new business value of 6.253 billion yuan for 2024, reflecting a year-on-year growth of 106.8% [2] Investment and Solvency - Xinhua Insurance's comprehensive investment return rate for 2024 was 8.5%, a significant increase of 5.9 percentage points compared to the previous year [2] - The solvency ratios were robust, with a comprehensive solvency adequacy ratio of 217.55% and a core solvency adequacy ratio of 124.07% [2] - As of the end of 2024, the company's total liabilities were 1.596 trillion yuan, leading to a net asset value of 96.269 billion yuan, which decreased by 8.4% from the previous year [2] Comparison with Peers - Xinhua Insurance's net profit growth for 2024 outpaced that of four other major A-share listed insurance companies, with their respective net profits showing increases of 88.2%, 108.9%, 47.8%, and 64.9% [2] - The company's net asset value has decreased by 12.64% from its peak in 2021, now standing at 91.895 billion yuan [3] - Xinhua Insurance had the lowest net investment return rate among the five major listed insurance companies in 2024, recorded at 3.2%, down 0.2 percentage points from 2023 [3]

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5月6日 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4月30日 狀態: 新提交 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. ...