Group 1 - The core point of the article is that New China Life Insurance (601336.SH) experienced a stock price decline of 2.05%, closing at 62.19 yuan, making it the largest loser in the insurance sector today [1] - The insurance sector as a whole saw a decline of 1.06% [1]

证券之星消息，9月15日保险板块较上一交易日下跌0.87%，新华保险领跌。当日上证指数报收于 3860.5，下跌0.26%。深证成指报收于13005.77，上涨0.63%。保险板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601318 | 中国平安 | 57.33 | -0.61% | 54.68万 | 31.48 Z | | 601628 | 中国人寿 | 38.89 | -0.84% | 15.23万 | 5.95亿 | | 601601 | 中国太保 | 37.00 | -0.86% | 33.63万 | 12.47 Z | | 601319 | 中国人保 | 8.15 | -0.97% | 83.34万 | 6.80亿 | | 601336 | 新华保险 | 62.19 | -2.05% | 20.45万 | 12.82 乙 | 从资金流向上来看，当日保险板块主力资金净流出11.88亿元，游资资金净流入3.13亿元，散户资金净流 入8.75亿元。保险板块个股资金流 ...

二是组织一次权威生动的政策宣导。强化从业人员教育，组织专业培训、专题宣讲，积极落实宣传"三 适当"原则，强化风险责任意识；面向消费者组织系列线上线下活动，普及各类金融产品的基础知识， 引导消费者树立理性消费和投资观念。 新华保险近日全面启动公司2025年金融教育宣传周活动，以"五个一"为主线，按下金融教育宣传周活动 启动键，跑出助力人民群众美好生活加速度。 三是开展一轮贴近生活的风险提示。主动参与"风险提示送上门"活动，为消费者送达金融知识和防非常 识，制作"以案说险小剧场"情景短剧，线上发布系列视频、图文，线下发放单页折页等形式，以喜闻乐 见的形式向消费者提示各类非法中介危害和互联网贷款乱象。 一是营造一片浓厚热烈的活动氛围。采取多种方式进行活动宣传预热，通过多种形式举行活动启动仪 式，利用线下网点渠道展现活动口号、宣传海报、金融教育作品，通过官方网站、官方微信公众号等专 题展示推送活动主题和内容，积极营造浓厚热烈的活动氛围。 四是宣传一批为民办实事亮点举措。践行"金融为民"理念，通过内、外部媒体，广泛宣传聚焦老年人、 残疾人、新市民、外籍来华人士等各类重点群体推出的有特色、可落地的金融惠民利民举措，以宣传 ...

Core Viewpoint - Xinhua Insurance's stock price has shown volatility, with a year-to-date increase of 30.41% but a recent decline in the last five and twenty trading days [1] Group 1: Stock Performance - On September 15, Xinhua Insurance's stock price fell by 2.00%, reaching 62.22 CNY per share, with a trading volume of 9.44 billion CNY and a turnover rate of 0.72% [1] - The total market capitalization of Xinhua Insurance is approximately 1940.98 billion CNY [1] - Year-to-date, the stock has increased by 30.41%, but it has decreased by 0.81% over the last five trading days and by 7.41% over the last twenty trading days [1] - Over the last sixty days, the stock price has increased by 13.27% [1] Group 2: Financial Performance - As of June 30, Xinhua Insurance reported a net profit attributable to shareholders of 147.99 billion CNY, representing a year-on-year growth of 33.53% [2] - The company has not reported any operating revenue for the first half of 2025 [2] - Cumulatively, Xinhua Insurance has distributed 359.39 billion CNY in dividends since its A-share listing, with 139.13 billion CNY distributed over the last three years [2] Group 3: Shareholder Information - As of June 30, the number of shareholders for Xinhua Insurance is 61,000, a decrease of 15.88% from the previous period [2] - The average number of circulating shares per shareholder is 34,325, which has increased by 18.96% compared to the previous period [2] - Hong Kong Central Clearing Limited is the fourth-largest circulating shareholder, holding 60.51 million shares, an increase of 6.70 million shares from the previous period [2]

高盛上调对新华保险今年净利润预测25%，反映上半年业绩超预期及第三季至今的股市收益。考虑到债 券收益率反弹带来略高投资收益，该行上调对新华保险明年及后年净利润预测6%至7%。该行亦将公司 今年至2027年新业务价值预测上调8%至10%，基于新保费销售增加，部分被因银保渠道销售贡献增加 导致利润率预测下降所抵销。该行对新华保险目标价由26.5港元上调至29港元，维持"沽售"评级。 ...

Investment Rating - The industry investment rating is "Outperform the Market" [3][22]. Core Viewpoints - The report indicates that macro narratives, disappointing domestic economic data for July, the Federal Reserve's open stance on interest rate cuts, and abundant market liquidity are key factors driving market strength. The report anticipates that after fluctuations, non-bank financials, represented by brokerages, are likely to show an upward trend [1][9]. - The report emphasizes the importance of focusing on the strengthening trends in the brokerage and financial IT sectors, recommending specific stocks such as Guolian Minsheng and those with valuation expansion potential like Dongfang Securities and Huatai Securities [1][10]. Summary by Sections 1. Main Points - The report covers the performance of the CSI 300 index at 4522 points (up 1.38%), the insurance index at 1288.79 points (down 0.7%), and the brokerage index at 7251.34 points (up 0.66%) for the week of September 8-12, 2025 [7]. - The report notes that the U.S. CPI for August met expectations, but initial jobless claims data was unexpectedly poor, reinforcing expectations for three interest rate cuts by the Federal Reserve before the end of the year [7][8]. 2. Key Investment Portfolio 2.1 Insurance Sector - The insurance sector is viewed as having attractive valuation recovery potential, with specific recommendations for stocks such as China Ping An, China Pacific Insurance, and New China Life Insurance [12]. 2.2 Brokerage Sector - The report highlights the potential of mid-sized securities firms benefiting from innovation and market conditions, recommending stocks like Dongfang Wealth and Zhejiang Securities. It also suggests focusing on leading firms with diversified revenue structures such as Huatai Securities and China Galaxy Securities [13].

Investment Rating - The report maintains a positive outlook on the investment banking and brokerage industry [7] Core Insights - The recent implementation of the public fund fee reform in three phases is driving high-quality development in the industry. Brokerage firms continue to show high growth in their mid-year performance, and market enthusiasm remains high. The valuation still offers cost-effectiveness, suggesting a focus on leading companies and high-performing stocks in the sector. In the insurance sector, the overall trend supports the logic of deposit migration, increased equity allocation, and improved new policy costs, enhancing the certainty of long-term ROE improvement and accelerating valuation recovery [2][4] - From the perspective of profitability and dividend stability, the report continues to recommend Jiangsu Jinzu, which has stable profit growth and dividend rates, China Ping An, which maintains a high dividend yield, and China Pacific Insurance, which has clear advantages in business model and market position. Additionally, based on performance elasticity and valuation levels, the report recommends Xinhua Insurance, China Life, Hong Kong Stock Exchange, CITIC Securities, Dongfang Wealth, Tonghuashun, and Jiufang Zhitu Holdings [4] Summary by Sections Industry Overview - The non-bank financial index increased by 0.3% this week, with an excess return of -1.1% relative to the CSI 300, ranking 24th out of 31 industries. Year-to-date, the non-bank financial index is up 8.2%, with an excess return of -6.7%, also ranking 21st out of 31 [5] - Market enthusiasm has slightly declined, with an average daily trading volume of 23,264.15 billion yuan, down 10.63% week-on-week, and an average turnover rate of 2.45%, down 34.86 basis points [5] Key Industry News & Company Announcements - The China Securities Regulatory Commission released the "Classification Evaluation Regulations for Futures Companies" [6] - Company announcements include Guosen Securities completing the registration procedures for issuing new shares to acquire 96.08% of Wanhe Securities, and Xibu Securities completing the transfer of shares for the acquisition of Guorong Securities [6] Brokerage Data Tracking - The report highlights a slight recovery in margin financing, with a balance of 2.34 trillion yuan, up 2.67% week-on-week. The stock pledge market remains cautious, with expectations of continued contraction in stock pledge scale, but improved asset yield rates are anticipated to enhance income performance [45][49]

Core Viewpoint - The significant growth in the bancassurance channel's performance in the first half of 2025 is a common characteristic among the five major listed insurance companies in A-shares, driven by factors such as "reporting and banking integration," strong demand for wealth management, and the recovery of the "one-to-many" model in bancassurance [1][6]. Group 1: Performance Metrics - China Ping An's bancassurance channel NBV increased by 168.6% year-on-year [3] - China Life's new single premium in the bancassurance channel grew by 111.1% year-on-year [3] - China Pacific Insurance's new insurance business in the bancassurance channel rose by 95.6% [3] - New China Life's first-year premium for long-term insurance in the bancassurance channel surged by 150.3% [3] - China People's Insurance's NBV on a comparable basis increased by 107.7% year-on-year [3] Group 2: Factors Driving Growth - Three main factors are driving the significant growth in the bancassurance channel: 1. "Reporting and banking integration" enhances the business value of the bancassurance channel [6] 2. The low-interest-rate environment has led to strong demand for wealth management, with insurance products offering relative advantages over bank deposits [6] 3. The recovery of the "one-to-many" model has opened up growth opportunities [6] Group 3: Channel Strategy - The bancassurance channel is becoming a consensus among listed insurance companies, with significant increases in both the number of partnerships with banks and per capita productivity [3][4] - The diversification of bancassurance channels is a growing trend, with a focus on not only state-owned and joint-stock banks but also city commercial banks and rural commercial banks [4] - The insurance industry is shifting towards a multi-channel strategy, recognizing the need to cater to different customer segments through various distribution channels [8]

Core Insights - The insurance premium income in Guizhou Province from January to July 2025 reached 39.589 billion yuan, showing a year-on-year growth of 2.88% [1] - Life insurance accounted for the highest share of the total insurance premium income in Guizhou, amounting to 15.828 billion yuan, which represents 39.98% of the total [1] Company Insights - Listed companies mentioned include Tianmao Group (000627), China Ping An (601318), China Pacific Insurance (601601), China Life (601628), China Insurance (601319), and Xinhua Insurance (601336) [1] - The report by Zhiyan Consulting provides an analysis of the development and investment prospects of the Chinese insurance industry from 2025 to 2031 [1] Industry Insights - The cumulative original insurance premium income in Guizhou Province from 2020 to July 2025 is illustrated in a statistical chart [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services for investment decisions [1]

Regulatory Dynamics - Three departments will jointly conduct a financial education publicity week from September 15 to 21, 2025, focusing on enhancing financial knowledge and protecting consumer rights [6] - Two departments announced a list of pilot projects for intelligent elderly care service robots, including 32 key technology projects [7] - The Financial Regulatory Bureau revised the consumer rights protection evaluation method for financial institutions, introducing seven evaluation elements [10] - The Central Bank will increase financial support for regions undergoing comprehensive reform trials for market-oriented resource allocation [12] - Beijing Shunyi will provide up to 50 million for new registered financial institutions [13] Company Dynamics - China Ping An increased its stake in Postal Savings Bank of China to 16.01% by purchasing 7,068.81 million HKD worth of shares [19] - Great Wall Life raised its stake in New天绿色能源 to 11.11% with an investment of 1,271.97 million HKD [20] - China Pacific Insurance plans to issue 155.56 billion HKD in zero-coupon convertible bonds to support its insurance business [23] - China Life Asset Management initiated a debt investment plan worth 2.1 billion for the Longxi口航电 hub project [24] - China Taiping showcased its achievements at the 2025 Service Trade Fair [29] Industry Dynamics - The insurance industry saw a 43.61% year-on-year increase in penalties in August 2025, totaling 44.33 million [49] - Insurance companies have issued over 273 billion HKD in zero-coupon convertible bonds this year [50] - Insurance capital is increasingly being allocated to ETFs, with a significant rise in holdings [51] - The trend of "insurance buying insurance" is re-emerging, with insurers increasing equity asset allocations [53] - 86 property insurance companies reported a combined net profit of over 527 billion, with only 8 companies reporting losses [64] Product and Service Innovations - Ping An Life launched the e生保 series of medical insurance products, featuring a new "安有医" service [67] - China Life introduced a new mid-range medical insurance product [66] - The "沪家保3.0" product was launched, increasing total coverage by nearly 15% without changing the premium [66]