Financial Performance - In Q1 2025, the company achieved operating revenue of RMB 33,402 million, representing a 26.1% increase compared to RMB 26,479 million in the same period last year[4] - The net profit attributable to shareholders of the parent company was RMB 5,882 million, up 19.0% from RMB 4,942 million year-on-year[4] - The net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was RMB 5,923 million, reflecting a 19.6% increase from RMB 4,953 million in the previous year[4] - Total revenue for the three months ended March 31, 2025, reached RMB 33,402 million, a significant increase from RMB 26,479 million in the same period of 2024, representing a growth of approximately 26.5%[32] - Net profit for the three months ended March 31, 2025, was RMB 5,883 million, compared to RMB 4,943 million for the same period in 2024, reflecting an increase of about 19.0%[32] Earnings and Profitability - The basic and diluted earnings per share attributable to shareholders of the parent company were both RMB 1.89, a 19.6% increase from RMB 1.58 year-on-year[5] - The company reported a basic earnings per share of RMB 1.89 for the three months ended March 31, 2025, compared to RMB 1.58 for the same period in 2024, reflecting an increase of about 19.6%[33] - The company experienced a total comprehensive loss of RMB 16,355 million for the three months ended March 31, 2025, compared to a loss of RMB 11,060 million in the same period of 2024[33] Cash Flow and Liquidity - The company's cash flow from operating activities was RMB 33,588 million, down 10.8% from RMB 37,658 million in the same period last year[5] - The net cash flow from operating activities for the three months ended March 31, 2025, was RMB 33,588 million, a decrease from RMB 37,658 million in the same period of 2024[35] - The company’s investment activities generated a net cash outflow of RMB 25,266 million for the three months ended March 31, 2025, compared to a net inflow of RMB 8,262 million in the same period of 2024[35] - The net cash flow from financing activities was negative at RMB 5,085 million for the three months ended March 31, 2025, compared to a negative RMB 42,439 million for the same period in 2024[36] - The ending balance of cash and cash equivalents reached RMB 41,644 million, up from RMB 25,355 million a year earlier[36] Investment Performance - The annualized total investment return for Q1 2025 was 5.7%, while the annualized comprehensive investment return was 2.8%[25] - Investment income for the three months ended March 31, 2025, was RMB 9,772 million, compared to RMB 9,650 million in the same period of 2024, showing a slight increase of 1.3%[32] Insurance Premiums and Business Growth - The company reported a 28.0% year-on-year increase in original insurance premium income, totaling RMB 73,218 million in Q1 2025[17] - The first-year premium income for long-term insurance reached RMB 27,236 million, a significant increase of 149.6% year-on-year[17] - The new business value increased by 67.9% year-on-year, driven by rapid growth in first-year premium income and improved business quality[18] - The original insurance premium income for Q1 2025 was RMB 73,218 million, representing a 28.0% increase compared to RMB 57,193 million in Q1 2024[21] - Individual insurance channel achieved premium income of RMB 44,553 million in Q1 2025, up 11.9% year-on-year from RMB 39,821 million[24] - The first-year premium for long-term insurance in the individual channel reached RMB 12,017 million, a significant increase of 131.5% compared to RMB 5,191 million in the same period last year[24] - The bancassurance channel reported premium income of RMB 26,889 million, reflecting a 69.4% year-on-year growth from RMB 15,875 million[24] - The first-year premium for long-term insurance in the bancassurance channel was RMB 15,057 million, up 168.2% from RMB 5,615 million in Q1 2024[24] - Group insurance channel generated premium income of RMB 1,776 million, an 18.6% increase from RMB 1,497 million in the previous year[22] Assets and Liabilities - The total assets at the end of the reporting period were RMB 1,753,416 million, an increase of 3.6% from RMB 1,692,297 million at the end of the previous year[5] - The company’s total liabilities as of March 31, 2025, were RMB 1,673,537 million, compared to RMB 1,596,028 million at the end of 2024[30] - The total equity attributable to shareholders of the parent company was RMB 79,849 million as of March 31, 2025, down from RMB 96,240 million at the end of 2024[30]

A股股票代码：601336 A股股票简称：新华保险 编号：2025-026号 H股股票代码： 01336 H股股票简称：新华保险 新华人寿保险股份有限公司 关于对外投资的公告 新华人寿保险股份有限公司董事会及全体董事保证本公告内容不存 在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准 确性和完整性承担法律责任。 重要内容提示： 投资标的情况：新华人寿保险股份有限公司（以下简称"本公司"）拟出 资不超过 100 亿元（含)（人民币，下同）认购由国丰兴华（北京）私募基 金管理有限公司（以下简称"国丰兴华"或"基金管理人"）发起设立的私 募基金（以下简称"基金"或"私募基金"）的份额。 相关风险提示：截至本公告发布日，本公司及相关方尚未就认购基金份 额完成合同签署，合同内容以各方最终签署的正式合同为准；设立基金尚 需履行基金备案等监管相关手续，具体实施情况和进度存在一定的不确定 性。 一、对外投资概述 1、对外投资基本情况 为积极响应国家推动中长期资金入市的政策理念，贯彻长期投资理念，通过 低频交易、长期持有的方式以获得稳健股息收益，提升长期投资回报，实现资金 保值增值，本公司拟出资不超过 100 亿 ...

数据统计显示，中证港股通非银行金融主题指数近一个月下跌5.99%，近三个月上涨2.53%，年至今上 涨0.89%。 据了解，中证港股通非银行金融主题指数从港股通证券范围中选取符合非银行金融主题的不超过50家上 市公司证券作为指数样本，以反映港股通范围内非银行金融主题上市公司的整体表现。该指数以2014年 11月14日为基日，以3000.0点为基点。 从指数持仓来看，中证港股通非银行金融主题指数十大权重分别为：香港交易所（17.05%）、中国平 安（15.05%）、友邦保险（14.84%）、中国人寿（7.95%）、中国财险（7.32%）、中国人民保险集团 （5.79%）、中国太保（5.22%）、新华保险（4.85%）、中信证券（2.62%）、中国太平（2.55%）。 从中证港股通非银行金融主题指数持仓的市场板块来看，香港证券交易所占比100.00%。 金融界4月29日消息，上证指数低开震荡，中证港股通非银行金融主题指数 (港股通非银，931024)下跌 0.07%，报2930.08点，成交额75.14亿元。 从中证港股通非银行金融主题指数持仓样本的行业来看，保险占比65.20%、其他资本市场占比 21.56%、 ...

第二批保险资金长期投资改革试点又见进展。 4月29日，新华保险披露，拟出资100亿元认购由国丰兴华（北京）私募基金管理有限公司发起设立的私募基金 的份额。基金名称为国丰兴华鸿鹄志远二期私募证券投资基金（暂定名，下称"鸿鹄二期基金"）。 鸿鹄二期基金成立规模200亿元，新华保险与中国人寿拟各出资100亿元认购基金份额。 券商中国记者此前从中国太保处了解到，在获得监管同意试点的批复后，中国太保集团组织旗下太保寿险和太 保资产两家子公司积极推动具体事项落地。目前，设立私募基金公司相关申报材料已经报送金融监管总局。 公告称，鸿鹄二期基金为权益类私募证券投资基金，投资范围为中证A500指数成份股中符合条件的大型上市 公司A+H股。标的公司应当公司治理良好、经营运作稳健、股息相对稳定、股票流动性相对较好，与保险资 金长期投资需求相适应。若基金有闲置资金，可投资于货币市场基金、银行存款、国债逆回购等现金管理类投 资品种。 该基金存续期限为10年，按照基金合同约定履行相应变更手续后，私募基金存续期限可以相应延长。 对于这项投资，新华保险表示，为积极响应国家推动中长期资金入市的政策理念，贯彻长期投资理念，通过低 频交易、长期持 ...

Group 1 - The core viewpoint of the news is that insurance capital is actively entering the market, with New China Life Insurance planning to invest up to 10 billion yuan in a private fund initiated by Guofeng Xinghua [1][3][4] - The private fund, tentatively named "Honghu Zhiyuan Phase II," has a total scale of 20 billion yuan, with both New China Life and China Life Insurance each contributing 10 billion yuan [3][4] - The investment strategy of the fund focuses on long-term investment, aiming for stable dividend income and capital appreciation through low-frequency trading and long-term holding [3][4] Group 2 - The fund will invest in large listed companies that are part of the CSI A500 index, specifically targeting A+H shares that meet certain criteria [3][4] - New China Life's investment aligns with national policies promoting long-term capital market participation and reflects the company's strategic direction towards long-term, value, and prudent investments [4] - The Honghu Fund, a previous initiative by New China Life and China Life, has successfully invested 50 billion yuan and achieved performance exceeding benchmarks, indicating a positive trend in insurance capital investments [4] Group 3 - The Honghu Fund has increased its holdings in Shaanxi Coal and maintained its position in China Telecom, becoming a significant shareholder in both companies [5][6] - As of the first quarter of 2025, the Honghu Fund held 116.34 million shares of Shaanxi Coal, with a market value of 2.30 billion yuan, despite a decline in stock price [5] - The fund also holds 76.17 million shares of China Telecom, with a market value of 5.98 billion yuan, reflecting a stable investment strategy amidst market fluctuations [6]

险资入市又有了新进展。 4月29日晚，新华保险公告称，公司拟出资不超过100亿元认购由国丰兴华（北京）私募基金管理有限公司发起 设立的私募基金的份额。该基金成立规模为200亿元，新华保险与中国人寿拟各出资100亿元认购私募基金份 额。 公告显示，该基金投资范围为中证A500指数成份股中符合条件的大型上市公司A+H股。 据了解，该私募基金的名称暂定为国丰兴华鸿鹄志远二期私募证券投资基金（简称"鸿鹄志远二期"），由国丰 兴华发起设立。鸿鹄志远二期存续期限为10年，私募基金贯彻长期投资理念，通过低频交易、长期持有的方式 以获得稳健股息收益。 鸿鹄志远二期的规模为200亿元，新华保险与中国人寿拟各出资100亿元认购私募基金份额。基金投资范围为， 中证A500指数成 份 股中符合条件的大型上市公司A+H股。 据新华保险公告，鸿鹄志远二期的投资标的应当公司治理良好、经营运作稳健、股息相对稳定、股票流动性相 对较好，与保险资金长期投资需求相适应。 新华保险表示，本次投资事项符合国家推动中长期资金入市的相关政策，以及未来本公司整体战略发展方向。 本公司坚持长期投资、价值投资和稳健投资的理念，积极发挥好长期资本、耐心资本、高能 ...

保险行业点评 万能险机制功能和定位迎来重构 2025 年 04 月 27 日 分析师：张凯烽 研究助理：李劲锋 执业证号：S0100524070006 执业证号：S0100124080012 邮箱：zhangkaifeng@mszq.com 邮箱：lijinfeng_2@mszq.com [Table_Author] 推荐 维持评级 ➢ 事件：2025 年 4 月 25 日，国家金融监督管理总局发布《关于加强万能型 人身保险监管有关事项的通知》（以下简称《通知》），就产品开发、保障水平、账 户管理、资金运用和销售行为等方面进行了规范和调整。 ➢ 产品管理：强化万能险保障属性，拉长万能险期限。1）万能险定义，产品 设计和开发规范化：《通知》明确万能险定义，通过四项特征（如名称含"万能 型"、保障功能、单独账户、最低收益保证）来正式确定万能险产品，引导万能险 产品设计规范化发展，有利于杜绝部分产品设计和功能"异化"，同时有望加强消 费者权益保护，减少相关产品误导。2）万能险机制的适用险种，同时引导产品 长期化：《通知》仅允许终身寿险、两全保险和年金保险设计为万能型，定期寿险 被剔除，同时保障期限不得低于 5 年。 ...

导语 ：当5200亿国有大行注资落地，险资与城商行的"东风"又何时到来？ 一边是银行业净息差持续走低，另一边却是险资逆势扫货。 4月15日，杭州银行（600926.SH）发布公告称，新华保险（601336.SH）受让该公司3.3亿股获批。 杭州银行，是今年以来被险资举牌的第4家银行。其中，招商银行还被平安人寿"举牌"了两次。 以下文章来源于阿尔法工场金融家 ，作者金妹妹 追踪保险银行业圈内动态，剖析最新风向，分享有料、有价值的"内行人"洞察见解。 作 者 | 金妹妹 阿尔法工场金融家 . 来源 | 阿尔法工场金融家 金妹妹从近年来上市公司的年报中统计，在险资持股市值前10位的个股中，有7只都是银行股。 在去年险资纷纷开启的新一轮"举牌潮"中，银行股已颇受青睐。进入2025年后，这一趋势表现得更 为明显。 银行业受到的种种经营挑战，并不影响险资入局银行股的决心。高企的分红率、新会计准则带来的 平滑效应、以及银行和保险的战略协同，都让险资对银行动心不已。 银行同样也需要长期稳定的资金支持，以度过经济周期下转型不可避免的阵痛。 金妹妹从业内了解到，在本轮国有大行注资落地前，今年初，几家具有代表性的大型保险公司受邀 ...

文/刘思嘉 中年职场的保险退路彻底断了。 曾几何时，"三个月买宝马"的财富传说与"时间自由"的柔性承诺，让保险业成为互联网、教培、地 产等裁员重灾区人员的首选避风港，而卖保险也被定义为中年人职场尽头的"兜底"。但如今，这条 退路正以肉眼可见的速度崩塌。 最新年报显示，2024年，五大上市险企人身险代理人数量已连续第五年呈下降趋势。而从全行业来 看，代理人数量已较2019巅峰时期的千万级减少超七成，相当于每月超10万从业者离开行业。 与此同时，行业资源正加速向高知代理人群体集中。据统计，在非标准体核保、法商税务规划等复杂 领域，掌握相关知识的3.8%的持证者收割了行业90%的高端订单，再加上AI的加速入局，保险作 为"职场退路"的温情面纱已被彻底撕碎。 01 保险神话"祛魅" 曾经，在大多数人眼中卖保险是门槛低的"维生"职业，不少人都将保险销售视为职业尽头的转型选 择或临时性过渡工作，因此导致保险代理人群体数量庞大、鱼龙混杂，2019年规模逼近千万大关。 据《2024中国保险中介市场生态白皮书》数据，2019年开始保险代理人数量呈现逐年下降趋势，截 至2023年末，人身险公司保险营销人员人数为281.34万人， ...