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， ...

A股股票代码：601336 A股股票简称：新华保险 编号：2025-023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 召开2025年第一季度业绩说明会的公告 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： 一、业绩说明会类型 新华人寿保险股份有限公司（以下简称"公司"）拟于 2025 年 4 月 30 日在 上海证券交易所网站（www.sse.com.cn）披露 2025 年第一季度报告。为了便于 广大投资者更全面深入地了解公司 2025 年第一季度业绩和经营情况，公司拟于 2025 年 4 月 30 日召开业绩说明会，就投资者普遍关心的问题进行交流。 二、业绩说明会召开的时间、地点 （一）会议召开时间：2025 年 4 月 30 日（星期三）8:30-9:30 三、公司出席人员 公司高级管理人员和独立董事 四、投资者参加方式 投 资 者 可 于 2025 年 4 月 30 日 8:30-9:30 登 录 网 络 直 播 平 台 （https://s ...

保费收入增长未必带来保险服务收入增长——这是上市险企2024年年报显示的最新信息。 德勤分析上市险企2024年年报称，新准则保险服务收入涉及拆分投资成分和保险风险收入分期确认，尽管各上市主 体保费收入均维持一定程度的增长，新准则下的保险服务收入却出现了较大的分化。同时，保费收入增长未必带来 保险服务收入增长。 2024年是上市险企执行新保险合同准则的第二年。同比信息显示，不同于保费收入的悉数增长，上市险企的保险服 务收入指标在2024年出现分化。其中，财险公司的保险服务收入均增长，寿险公司则多家出现下滑。 分析人士表示，目前保险服务收入指标还未受到太多关注，外界对该指标的构成、拆分和趋势也尚不清晰，行业尚 需适应。未来，总体仍要将关注度转向保险服务收入指标。 财险增、寿险降 随着新保险合同准则《企业会计准则第25号——保险合同（2020）》实施，上市保险公司利润表中体现保险收入的 指标，从旧准则下的保险业务收入（或保费收入）变为"保险服务收入"。 A股五大上市险企2024年年报显示，不同公司的保险服务收入在2024年出现分化。 首先是财险和寿险分化。纯寿险公司中国人寿和新华保险的保险服务收入下降；中国平安、中 ...

Core Insights - The growth in premium income does not necessarily lead to an increase in insurance service income, as revealed in the 2024 annual reports of listed insurance companies [1][4]. Group 1: Insurance Service Income Trends - In 2024, the insurance service income showed divergence among listed insurance companies, with property insurance companies experiencing growth while life insurance companies saw declines [2][4]. - Among the three major property insurance companies, all reported increases in insurance service income: China Pacific Insurance at 191.4 billion yuan (up 8.1%), Ping An Property at 328.1 billion yuan (up 4.7%), and China Re at 485.2 billion yuan (up 6.1%) [2]. - Conversely, four out of five listed life insurance companies reported declines in insurance service income, with China Life down 2%, Ping An Life down 0.1%, China Taiping down 2.3%, and Xinhua Insurance down 0.5%. However, China Re Life reported a significant increase of 23% [2][3]. Group 2: Impact of New Accounting Standards - The implementation of the new insurance contract standards has changed how insurance income is reported, shifting from premium income to insurance service income, which is recognized based on the progress of service delivery rather than upon receipt of premiums [4][5]. - The difference in accounting treatment means that while premium income can be recognized immediately, insurance service income is recognized over the service period, leading to potential discrepancies between the two metrics [4][5]. - The insurance industry is still transitioning to the new standards, and there is a lack of understanding and focus on the insurance service income metric among industry participants [5][6]. Group 3: Future Outlook - As the industry adapts to the new standards, the importance of insurance service income is expected to increase, particularly for life insurance companies that are moving towards high-quality development and should focus on value premiums rather than just scale [6][7]. - The complexity of the insurance service income metric, which involves various assumptions and calculations, has contributed to its lower visibility compared to traditional premium income [5][6].

Core Viewpoint - The 2025 Beijing Sub-Center Marathon successfully showcased the city's cultural and natural charm while highlighting the role of Xinhua Insurance as the official insurance sponsor, providing comprehensive support and services to participants throughout the event [1][10]. Group 1: Event Overview - The marathon attracted 15,000 runners and covered a distance of 42.195 kilometers, passing through iconic locations such as the Grand Canal Cultural Tourism Scenic Area and the Urban Green Heart Forest Park [1]. - Xinhua Insurance's volunteers actively supported runners along the route, ensuring a safe and smooth experience for all participants [1]. Group 2: Pre-Event Activities - Xinhua Insurance created an engaging "Xinhua Insurance & Chinese Athletics Association Member Service Station" display area, featuring interactive games and branded merchandise, which drew many participants to experience and engage [2]. Group 3: Community Engagement - The "Xinhua Running Team," composed of clients, running enthusiasts, and employees, made its debut, promoting a healthy lifestyle and demonstrating Xinhua Insurance's commitment to public fitness [3]. Group 4: On-Site Support - Cheerleaders from Xinhua Insurance energized the atmosphere with synchronized dances and enthusiastic cheers, serving as a strong support team for the runners [4]. - Volunteers provided essential services at supply stations, ensuring that every runner received necessary support during the race [5]. Group 5: Post-Event Experience - Xinhua Insurance's brand booth became a popular spot for runners post-race, featuring services like bib encapsulation and interactive technology, enhancing the overall experience with a modern and innovative touch [6]. - The integration of AI technology and interactive elements at the booth contributed to a vibrant and engaging environment, reinforcing the brand's image [6]. Group 6: Commitment to Safety - Xinhua Insurance's professional claims team was stationed at key points along the marathon route to ensure prompt response to any emergencies, demonstrating the company's commitment to safety and social responsibility [8].

Group 1 - The second batch of insurance fund long-term investment reform pilot has made significant progress, with TaiKang Asset Management receiving approval to establish a wholly-owned private fund management subsidiary [1][2] - TaiKang Asset will issue a contract-type private securities investment fund with an initial investment scale of 12 billion yuan (approximately 1.2 billion USD) from TaiKang Life, focusing on long-term investment strategies [2][3] - The pilot program aims to enhance the efficiency of insurance fund usage and improve asset-liability matching under new accounting standards, with a total approved scale of 162 billion yuan (approximately 16.2 billion USD) for the second batch [3][6] Group 2 - The first batch of pilot programs began in October 2023, with China Life and Xinhua Insurance each contributing 25 billion yuan (approximately 2.5 billion USD) to establish a 50 billion yuan (approximately 5 billion USD) company fund, which officially started investing in March 2024 [3][4] - The second batch has expanded from 5 billion yuan (approximately 500 million USD) to 162 billion yuan (approximately 16.2 billion USD), with the number of participating insurance companies increasing from 2 to 8 [3][5] - The pilot program is designed to facilitate the entry of long-term funds into the market, addressing investment barriers faced by insurance companies and enhancing their role as stabilizers in the capital market [6][8] Group 3 - The new contract-type funds will allow insurance companies to mitigate the impact of market volatility on their profit statements through specific accounting measures, such as equity method accounting and OCI classification [7][8] - The pilot program is expected to promote a positive interaction between insurance funds and the capital market, enhancing the depth and breadth of insurance capital participation [8]

Core Viewpoint - Xinhua Insurance is focusing on the development of dividend insurance products to meet the changing needs of consumers in a low-interest-rate environment, emphasizing long-term wealth management and retirement planning [2][3][4] Group 1: Product Development - Xinhua Insurance launched two new dividend insurance products: Shengshi Glory Smart Winning Whole Life Insurance and Shengshi Anying Pension Annuity Insurance, aimed at providing lifelong protection and wealth planning solutions [2] - The Shengshi Anying Pension Annuity Insurance allows for annual contributions up to 12,000 yuan and offers tax benefits of up to 5,400 yuan, enhancing retirement security while leveraging personal pension tax policies [3] Group 2: Market Trends - There is a shift in consumer demand from "single protection" to "comprehensive life cycle needs," prompting insurance companies to innovate products and services to better meet diverse customer requirements [4] - The State Council's "New National Ten Articles" encourages the development of floating income products, guiding insurance funds to leverage their long-term investment advantages [2] Group 3: Investment Performance - Xinhua Insurance's investment assets exceeded 1.6 trillion yuan, a year-on-year increase of 21.1%, with total investment return rates at 5.8%, up by 4 percentage points [3] - The comprehensive investment return rate reached 8.5%, reflecting a year-on-year growth of 5.9%, showcasing the company's strong investment strategy and financial strength [3]

A股股票代码：601336 A股股票简称：新华保险 编号：2025-022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 关于董事会秘书任职资格获核准的公告 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。 新华人寿保险股份有限公司（以下简称"本公司"）于近日收到国家金融监 督管理总局（以下简称"金融监管总局"）《关于刘智勇新华人寿保险股份有限公 司董事会秘书任职资格的批复》（金复[2025]237 号），金融监管总局已核准刘智 勇先生担任本公司董事会秘书的任职资格，刘智勇先生董事会秘书的任职自 2025 年 4 月 10 日起生效。 刘智勇先生的简历请参见本公司于 2024 年 12 月 10 日在上海证券交易所网 站（www.sse.com.cn）发布的《新华保险关于董事会秘书变更的公告》。 特此公告。 新华人寿保险股份有限公司董事会 2025 年 4 月 16 日 ...

Investment Rating - The report maintains a "Recommendation" rating for the non-bank financial industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [2][58]. Core Insights - The insurance sector has underperformed the market, with significant declines in stock prices for major companies such as AIA (-15.93%), China Pacific Insurance (-16.17%), and Ping An (-4.14%) [3][10]. - The report highlights a decrease in the 10-year government bond yield to 1.6568%, down 612 basis points from the previous week, which may impact the financial sector [3][10]. - The report suggests a focus on companies like Ping An, China Pacific Insurance, and New China Life, with a recommendation to pay attention to China Reinsurance [3][10]. Summary by Sections Key Company Earnings Forecasts, Valuation, and Investment Ratings - China Pacific Insurance: Current stock price is 30.43 CNY, with projected EPS of 4.87 CNY for 2025, rated as "Recommendation" [4]. - New China Life: Current stock price is 48.16 CNY, with projected EPS of 6.39 CNY for 2025, rated as "Recommendation" [4]. - Ping An: Current stock price is 49.83 CNY, with projected EPS of 7.56 CNY for 2025, rated as "Strong Buy" [4]. - GF Securities: Current stock price is 15.34 CNY, with projected EPS of 1.45 CNY for 2025, rated as "Recommendation" [4]. - CITIC Securities: Current stock price is 25.11 CNY, with projected EPS of 1.82 CNY for 2025, rated as "Recommendation" [4]. Industry Basic Data - The non-bank financial sector consists of 72 companies, with a total market capitalization of 52,964.03 billion CNY and a circulating market capitalization of 39,161.16 billion CNY [5]. Relative Index Performance - The absolute performance of the non-bank financial sector over 1 month is +10.1%, while the 12-month performance is -13.9% [6]. Market Trends - The report notes that the securities sector has underperformed the market, with a decline of 5.35% in the securities index, lagging behind the overall market by 2.47 percentage points [3][10]. - The insurance index also fell by 4.77%, underperforming the market by 1.89 percentage points [3][10]. Key Company Logic Analysis - The report provides a detailed analysis of major companies, emphasizing the expected growth in EPS for companies like GF Securities and CITIC Securities, with target prices set at 20.51 CNY and 31.9 CNY respectively [10].