专题：香港大埔火灾，金融机构火速驰援 12月2日金融一线消息，新华保险发布公告称，公司2025年12月2日以电子邮件方式向全体董事发出第八 届董事会第四十次会议（以下简称"会议"）通知和材料，会议于2025年12月2日在北京市以现场方式召 开，审议通过了《关于新华资产管理（香港）有限公司支援香港火灾捐赠事项的议案》。 责任编辑：王馨茹 专题：香港大埔火灾，金融机构火速驰援 12月2日金融一线消息，新华保险发布公告称，公司2025年12月2日以电子邮件方式向全体董事发出第八 届董事会第四十次会议（以下简称"会议"）通知和材料，会议于2025年12月2日在北京市以现场方式召 开，审议通过了《关于新华资产管理（香港）有限公司支援香港火灾捐赠事项的议案》。 A股证券代码:601336 A股证券简称:新华保险 编号:2025-063号 H股证券代码: 01336 H股证券简称:新华保险 新华人寿保险股份有限公司 第八届董事会第四十次会议决议公告 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 ...

Core Insights - The report emphasizes the dual-driven business model of the insurance industry, focusing on both assets and liabilities, with a long-term outlook on liability cost optimization driving valuation recovery [8][9] - The insurance sector is currently at a cyclical turning point, with improving operational quality and a focus on cost reduction strategies, particularly in life insurance [9][10] Industry Overview - The insurance sector's total market capitalization is approximately 32,040.19 billion, with a circulating market value of 22,048.26 billion [4] - The report indicates a significant increase in the insurance index, with a 13.8% rise over the past 12 months, although it has underperformed relative to the broader market in the last six months [5] Company Profit Forecasts and Valuations - Key companies such as China Life, China Pacific, and Ping An are projected to have varying EPS growth rates, with China Life expected to see EPS of 6.34 in 2025 and 4.10 in 2026, while Ping An is forecasted to reach 8.02 in 2025 and 8.83 in 2026 [3] - The report maintains a "Buy" recommendation for several companies, including China Life and China Pacific, based on their projected performance and valuation metrics [3] Investment Themes - The report highlights the importance of the "cost reduction trifecta" in life insurance, focusing on product innovation, channel expansion, and dynamic adjustment of preset interest rates [8][9] - In property insurance, the "reporting and operation integration" is expected to optimize costs and enhance profitability, particularly in non-auto insurance segments [9][10] Short-term and Long-term Outlook - Short-term performance is closely tied to equity market trends, with expectations of continued growth in 2025, but potential pressure on performance in 2026 due to investment factors [9][10] - Long-term, the report anticipates that improvements in life insurance costs will drive valuation recovery, with a projected NBV growth rate of over 15% for listed insurance companies in 2026 [9][10] Regulatory Environment - The introduction of a dynamic adjustment mechanism for preset interest rates is expected to alleviate liability costs and enhance the attractiveness of dividend insurance products [24][38] - Recent regulatory guidance aims to stabilize dividend levels in insurance products, preventing excessive competition and ensuring sustainable growth [38][39]

表决情况：同意 11 票，反对 0 票，弃权 0 票。 A股证券代码：601336 A股证券简称：新华保险 编号：2025-063号 H股证券代码： 01336 H股证券简称：新华保险 特此公告。 新华人寿保险股份有限公司 第八届董事会第四十次会议决议公告 新华人寿保险股份有限公司董事会 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。 2025 年 12 月 2 日 新华人寿保险股份有限公司（以下简称"公司"）于 2025 年 12 月 2 日以电 子邮件方式向全体董事发出第八届董事会第四十次会议（以下简称"会议"）通 知和材料，会议于 2025 年 12 月 2 日在北京市以现场方式召开，全体董事一致同 意召开本次会议。会议应到董事 11 人，现场出席董事 11 人，公司高级管理人员 列席了会议。会议的召集、召开符合《中华人民共和国公司法》《新华人寿保险 股份有限公司章程》和《新华人寿保险股份有限公司董事会议事规则》的有关规 定，所作的决议合法、有效。 会议由公司董事长杨玉成主持，经与会董事审议和现场表决 ...

Core Viewpoint - The insurance sector experienced a slight increase of 0.56% on December 2, with China Life Insurance leading the gains, while the overall stock market indices saw declines [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3897.71, down 0.42% - The Shenzhen Component Index closed at 13056.7, down 0.68% [1] Group 2: Individual Stock Performance - China Life Insurance (code: 601628) closed at 43.88, up 0.43% with a trading volume of 10.54 million shares and a transaction value of 464 million yuan - China Pacific Insurance (code: 601601) closed at 35.61, up 1.25% with a trading volume of 317,200 shares and a transaction value of 1.131 billion yuan - China Ping An (code: 601318) closed at 58.80, up 0.29% with a trading volume of 373,800 shares and a transaction value of 2.201 billion yuan - New China Life Insurance (code: 601336) closed at 65.27, down 0.76% with a trading volume of 97,500 shares and a transaction value of 640 million yuan - China Reinsurance (code: 61319) closed at 8.36, up 1.58% with a trading volume of 1.4902 million shares and a transaction value of 12.48 million yuan [1] Group 3: Capital Flow Analysis - The insurance sector saw a net outflow of 271 million yuan from institutional investors, while retail investors contributed a net inflow of 200 million yuan - The net inflow from speculative funds was 71.69 million yuan [1] Group 4: Detailed Capital Flow for Individual Stocks - China Life Insurance had a net inflow of 19.34 million yuan from institutional investors, but a net outflow of 1.74 million yuan from retail investors - New China Life Insurance experienced a net inflow of 6.37 million yuan from institutional investors, with a net outflow of 2.30 million yuan from retail investors - China Reinsurance faced a net outflow of 39.24 million yuan from institutional investors, but a net inflow of 73.65 million yuan from retail investors - China Ping An had a net outflow of 98.39 million yuan from institutional investors, with a net inflow of 89.17 million yuan from retail investors - China Pacific Insurance saw a significant net outflow of 160 million yuan from institutional investors, while retail investors contributed a net inflow of 77.44 million yuan [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 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"公司"）于 2025 年 12 月 2 日以电 子邮件方式向全体董事发出第八届董事会第四十次会议（以下简称"会议"）通 知和材料，会议于 2025 年 12 月 2 日在北京市以现场方式召开，全体董事一致同 意召开本次会议。会议应到董事 11 人，现场出席董事 11 人，公司高级管理人员 列席了会议。会议的召集、召开符合《中华人民共和国公司法》《新华人寿保险 股份有限公司章程》和《新华人寿保险股份有限公司董事会议事规则》的有关规 定，所作的决议合法、有效。 会议由公司董事长杨玉成主持，经与会董事审议和现场表决，形成如下会议 决议： 海外監管公告 本公告乃新華人壽保險股份有限公司（「本公司」）依據《香港聯合交易所有限公司 ...

Core Viewpoint - The life insurance industry appears to be thriving with reported profits of 460 billion RMB in the first three quarters of the year, but a deeper analysis reveals a concerning decline in net assets under the CGAAP standards, indicating underlying financial pressures [1][2]. Summary by Sections 1. Changes in Net Assets under CGAAP - Despite a reported increase of 222 billion RMB in net assets for companies that disclosed third-quarter results, most life insurance companies experienced a decline in net assets under the old CGAAP standards, primarily due to rising long-term interest rates and poor performance in equity investments [2][3]. - The average return of high-dividend stocks, heavily weighted in the life insurance sector, fell significantly, with only a few companies outperforming the 18% return of the CSI 300 index in the third quarter [2][3]. 2. Implementation of New Accounting Standards (IFRS 17) - Several established life insurance companies have adopted the IFRS 17 accounting standards, leading to higher reported profits compared to the old CGAAP standards. This shift has resulted in changes in liability assessment curves that positively impact comprehensive income [3][4]. - The transition to IFRS 17 allows for the exclusion of certain losses from financial statements, enhancing the reported profitability of companies that have adopted the new standards [4][5]. 3. Net Asset Operational Changes - The operational change in net assets for the life insurance sector was negative 99 million RMB, with only 20 companies reporting positive growth. The "old seven" companies saw a 4% increase, while foreign and small domestic companies experienced declines of 16% and 11%, respectively [10][11]. - The banking-affiliated companies faced the most significant decline in net assets, with a drop of 24%, attributed to their high leverage ratios and the reclassification of HTM assets to AFS [11][12]. 4. Factors Influencing Net Asset Changes - The average yield curve for interest rates increased by 25 basis points, leading to a decline in the market value of existing AFS bonds, estimated to be a loss of 200 to 300 billion RMB for the industry [14][15]. - If the asset and liability assessment curves had remained unchanged, the net assets of the companies could have increased by 500 to 600 billion RMB, primarily driven by excess returns from equity investments [15][16]. 5. Future Implications of IFRS 17 - Starting in 2026, all insurance companies in China will implement IFRS 17, which is expected to provide better alignment between asset and liability assessment curves, potentially offering a protective effect on net assets, especially for traditional insurance products [19][21]. - The focus on duration matching will become increasingly important under the new standards, as it will significantly influence the net assets and solvency of companies in the future [18][19].

Core Insights - The insurance sector experienced a decline of 0.56% on December 1, with China Life Insurance leading the losses [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Insurance Sector Performance - China Pacific Insurance (601601) closed at 35.17, up 1.21% with a trading volume of 316,800 shares - China Life Insurance (601628) closed at 43.69, up 0.39% with a trading volume of 105,100 shares - New China Life Insurance (601336) closed at 65.77, up 0.15% with a trading volume of 130,800 shares - Ping An Insurance (601318) closed at 58.63, down 0.61% with a trading volume of 445,800 shares - China Reinsurance (601319) closed at 8.23, down 4.97% with a trading volume of 2,512,500 shares [1] Capital Flow Analysis - The insurance sector saw a net outflow of 71.94 million yuan from institutional investors, while retail investors contributed a net inflow of 25.40 million yuan [1] - The detailed capital flow for individual stocks shows: - New China Life Insurance had a net inflow of 4.39 million yuan from retail investors but a net outflow of 4.47 million yuan from institutional investors [2] - China Reinsurance experienced a net outflow of 2.03 million yuan from institutional investors and a net inflow of 131 million yuan from retail investors [2] - Ping An Insurance had a net outflow of 5.31 million yuan from institutional investors but a net inflow of 99.46 million yuan from retail investors [2]

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 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12月1日 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. 股份分類 | 普通股 | 股份類別 | A | ...

截至月份: 2025年11月30日 狀態: 新提交 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12月1日 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 FF301 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 1,034,107,260 | | 0 | | 1,034,107,260 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 1,034,107,260 | | 0 | | 1,034,107,260 | | 2. 股份分類 | 普通股 | ...

Investment Rating - The report maintains an "Overweight" rating for the insurance industry [1] Core Insights - In October 2025, the premium income for life insurance companies decreased, but the pre-sale for the "opening red" period is progressing steadily, indicating a positive outlook for new policy premium growth [5] - The total original premium for life insurance from January to October 2025 reached 425.19 billion yuan, a year-on-year increase of 9.6%, while the scale premium was 480.10 billion yuan, up 8.8% year-on-year [5] - The report anticipates that market demand remains strong, with the attractiveness of insurance products still evident compared to bank deposits, supporting optimistic expectations for new policy premium growth [5] Summary by Sections Life Insurance - In October 2025, the original premium scale for life insurance companies was 149.1 billion yuan, down 4.6% year-on-year, with the decline attributed to companies focusing on preparations for the 2026 "opening red" period [5] - The new investment contributions from policyholders increased by 2% year-on-year, with unit-linked insurance seeing a 17% increase [5] Health Insurance - Health insurance premiums in October 2025 increased by 0.5% year-on-year, with a total year-to-date increase of 2.3% [5] - The report notes that the China Banking and Insurance Regulatory Commission's recent guidelines are expected to stimulate growth in the health insurance market [5] Property Insurance - Property insurance premiums in October 2025 decreased by 5.5% year-on-year, with both auto and non-auto insurance experiencing declines [5] - The report highlights that the growth in auto insurance premiums is expected to be supported by the increasing penetration of new energy vehicles [5] Financial Performance - The report indicates that both liabilities and assets are continuously improving, with significant upward potential in valuations [5] - The estimated valuation for the insurance sector as of November 28, 2025, is between 0.55-0.94 times PEV and 1.07-2.00 times PB, which is considered historically low [5]