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. ...

Core Viewpoint - Xinhua Insurance is actively promoting the entry of long-term funds into the market by investing in private equity funds, aligning with national policies to support capital market stability and development [2][8]. Financial Performance - In Q1 2025, Xinhua Insurance reported operating revenue of 33.402 billion yuan, a year-on-year increase of 26.1%, and a net profit of 5.882 billion yuan, up 19% [4][5]. - The company achieved a total insurance premium income of 73.218 billion yuan in Q1 2025, reflecting a growth of 28% year-on-year, with first-year premiums for long-term insurance soaring by 149.6% to 27.236 billion yuan [6][7]. Investment Performance - Xinhua Insurance's annualized total investment return for Q1 2025 was 5.7%, while the annualized comprehensive investment return was 2.8% [3][5]. - The total investment income for 2024 reached 79.687 billion yuan, a significant increase of 251.6% compared to the previous year, with total investment return rates rising to 5.8% and 8.5% respectively [5]. Asset Management Initiatives - The company plans to invest up to 10 billion yuan in the "Honghu II" private equity fund, which aims to invest in high-quality listed companies in the A-share market, supporting long-term investment strategies [2][8]. - Xinhua Insurance, along with China Life, previously established the "Honghu I" fund with a total investment of 50 billion yuan, focusing on quality listed companies in the secondary market [9][10].

Core Insights - The five major listed insurance companies in A-shares reported a net profit exceeding 840 billion yuan in Q1 2025, showing a year-on-year growth of approximately 1.4% [2] - The performance structure of these insurance companies has improved, with the contribution of fee-based profits increasing [1][2] Financial Performance - The total net profit for the five major listed insurance companies was approximately 841.76 billion yuan, with China Life leading at about 288.02 billion yuan, followed by China Ping An and China Pacific Insurance [2] - Investment income for these companies reached approximately 838.75 billion yuan, marking a significant recovery from previous losses, with both China Life and China Property & Casualty achieving over fourfold increases in investment income [2][5] Business Structure Optimization - The insurance service revenue for the five major companies showed positive growth, with total premium income increasing, particularly for China Life and China Pacific Insurance [5][6] - New business value (NBV) has generally improved, indicating effective management and product structure optimization, despite a decline in new single premium income for some companies [6][7] Property and Casualty Insurance Sector - The property and casualty insurance sector has seen stable premium income growth, with notable increases for companies like China Property & Casualty and Ping An Property & Casualty [7][8] - The comprehensive cost ratio for property and casualty insurance has improved, with significant reductions noted for major players, contributing to enhanced underwriting profit [7][8]

丨证券研究报告丨 公司研究丨点评报告丨新华保险（601336.SH） [Table_Title] 新华保险 2025 年一季报点评：价值高速增长， 投资表现突出 报告要点 [Table_Summary] 保险行业资产端是主要矛盾，新华作为纯寿险公司，同时权益仓位最高，敏感性及弹性领先寿 险板块，推荐作为优质贝塔资产配置；而负债端考虑基数和发展空间，预期后续保费及价值表 现相对较好。截至 4 月 29 日收盘，新华保险 PEV 估值 0.51 倍，性价比较高，维持买入推荐。 分析师及联系人 [Table_Author] 吴一凡 谢宇尘 SAC：S0490519080007 SAC：S0490521020001 SFC：BUV596 请阅读最后评级说明和重要声明 [Table_Summary2] 事件描述 新华保险发布 2025 年一季报，公司实现归属净利润 58.8 亿元，同比增长 19%；新业务价值 同比增长 67.9%。 事件评论 丨证券研究报告丨 %% %% %% %% research.95579.com 1 新华保险（601336.SH） cjzqdt11111 [Table_Title 新华保险 2 ...

Investment Rating - The report suggests a focus on three main investment lines: prioritize ZhongAn Online for high profit growth potential, consider property and casualty insurance stocks for defensive high dividend yields, and pay attention to life insurance companies like New China Life and China Taiping for their strong new business quality and potential double-digit profit growth in 2025 [4]. Core Insights - In Q1 2025, five A-share listed insurance companies achieved a total net profit of 84.18 billion yuan, a year-on-year increase of 1.4%. The profit growth rates varied significantly among companies, with notable increases for Taiping Life (+87.5%) and PICC (+43.4%), while Ping An experienced a decline of 26.4% [1][11]. - The investment performance showed a mixed picture, with total investment income growth rates ranging from +64% for PICC to -27% for Ping An, influenced by rising interest rates leading to FVPL bond losses [2][26]. - The new business value (NBV) for life insurance continued to show good growth, with Taiping, Ping An, and PICC experiencing increases of 39.0%, 34.9%, and 31.5% respectively, while New China Life's growth was more modest at 4.8% [3][30]. - In the property and casualty insurance sector, premium growth was mixed, with PICC and Ping An showing increases of 3.7% and 7.7% respectively, while Taiping's growth was only 1.0% [4][12]. Summary by Sections Overall Performance - The total net profit for five A-share listed insurance companies in Q1 2025 was 84.18 billion yuan, reflecting a 1.4% year-on-year increase. The individual profit figures and growth rates were as follows: PICC (12.85 billion yuan, +43.4%), China Life (28.80 billion yuan, +39.5%), New China Life (5.88 billion yuan, +19.0%), Taiping (9.63 billion yuan, -18.1%), and Ping An (27.02 billion yuan, -26.4%) [1][11]. Performance Attribution - The insurance service performance generally showed positive growth, while investment performance was mixed. In Q1 2025, the insurance service performance growth rates were: Ping An (+2.9%), Taiping (-10.6%), PICC (+26.1%), China Life (+123.9%), and New China Life (+5.2%) [21]. Asset Side - Investment assets showed steady growth, with the total investment asset scale for four A-share listed insurance companies increasing by 3.2% compared to the beginning of the year. New China Life had the fastest growth at 3.6% [25]. Life Insurance - The overall NBV continued to show good growth, with Taiping, Ping An, and PICC experiencing increases of 39.0%, 34.9%, and 31.5% respectively. New China Life's growth was more modest at 4.8% [30][31]. Property and Casualty Insurance - Premium growth was mixed, with PICC and Ping An showing increases of 3.7% and 7.7% respectively, while Taiping's growth was only 1.0%. The combined ratio (COR) for PICC, Ping An, and Taiping improved due to reduced disaster losses and enhanced cost control [4][12].

Group 1: Market Overview - The Asia-Pacific stock market experienced a significant rally on May 2, with the Hong Kong Hang Seng Index rising by 1.22% and the Hang Seng Tech Index surging by 3%, marking the largest single-day gain in nearly three months [1] - Chinese concept stocks saw explosive growth in after-hours trading, with the three-times leveraged FTSE China 50 ETF (YINN) soaring nearly 7%, and major companies like XPeng, Li Auto, and Alibaba all rising over 4% [1][2] - The insurance sector also saw strong performance, with major players like China Life and New China Life leading the gains, driven by high dividend yields and favorable policy developments [3][4] Group 2: XPeng Motors Performance - XPeng Motors reported a record monthly delivery of 35,045 vehicles in April, a staggering year-on-year increase of 273% and a month-on-month rise of 6% [2] - The success of XPeng's models, particularly the MONA M03 and P7+, has significantly contributed to its market position, with the MONA M03 achieving over 100,000 deliveries in just eight months [2] - XPeng's growth is attributed to its competitive pricing and advanced technology, positioning it favorably against rivals like Tesla [2] Group 3: Insurance Sector Dynamics - The insurance sector's rally is characterized by a dual focus on high dividends and policy benefits, with companies like China Life offering a dividend yield of 6.2%, which is significantly higher than the 10-year government bond yield [3] - Recent regulatory guidance has encouraged insurance companies to increase their equity investments, suggesting a potential influx of capital into the stock market [3][4] - The insurance industry is viewed as a safe haven for foreign capital, especially in light of geopolitical risks and the need for stable growth assets [4] Group 4: Gold Sector Decline - In contrast to the stock market rally, gold stocks experienced a sharp decline, with companies like Tongguan Gold and Shandong Gold dropping over 4% due to fluctuations in international gold prices [5][6] - The recent volatility in gold prices, influenced by U.S. economic data and geopolitical developments, has led to a reassessment of gold as a safe-haven asset [6] - Funds are shifting from gold to riskier assets, as evidenced by the overall positive performance of the Asia-Pacific stock markets [6] Group 5: Foreign Investment Trends - The influx of foreign capital into Chinese assets is gaining momentum, with significant net inflows into the Chinese stock market reported [7][8] - Major international banks have upgraded their ratings for Chinese stocks, citing improved government policies and corporate earnings as key factors [7][8] - The current valuation of Chinese stocks is seen as attractive compared to global counterparts, with the Hang Seng Index trading at a price-to-earnings ratio of only 9 times [8]