格隆汇11月25日丨新华保险(601336.SH)在投资者互动平台表示，公司暂无回购计划。公司高度重视长 期市值管理工作，聚焦价值增长，全面提升经营管理质效，提升公司内在价值。 ...

Summary of Xinhua Insurance Conference Call Company Overview - Xinhua Insurance has established a nationwide institutional layout with a diverse and concentrated shareholding structure, where state-owned capital plays a significant role. Central Huijin and Hong Kong Central Clearing Limited together hold over 62% of shares, while state-owned legal entities hold over 14% [2][5][6] - The management team is a mix of internally cultivated and externally recruited talents, ensuring both strategic continuity and asset management optimization [2][5] Financial Performance - In 2023, Xinhua Insurance's revenue and net profit experienced significant fluctuations due to the switch to new accounting standards. However, in 2024, revenue is expected to reach 132.5 billion yuan, a year-on-year increase of 85.3%, and net profit is projected to be 26.23 billion yuan, with a growth of over 200% [2][6] - New business value (NBV) has rebounded after four consecutive years of decline, indicating a positive trend in intrinsic value as well [2][6] Product Development - The company is actively promoting the transformation of dividend insurance, with the proportion of dividend insurance expected to reach 15.1% by the first half of 2025. The first-year premium growth for long-term insurance has significantly increased to 4.63 billion yuan [2][8] - The introduction of products like "Xinhua Hongyun Season" includes major risk products, which are expected to reduce liability costs and enhance competitive positioning in the dividend insurance market [2][8] Asset Allocation - Xinhua Insurance's asset allocation has evolved through three stages: primarily fixed income, diversified expansion, and enhanced equity allocation. By 2024, the proportion of stocks and funds is expected to rise to 18.8% [2][9][11] - The company has responded to regulatory encouragement for long-term capital market participation, accelerating its entry into the market [2][11] Future Projections - Overall premium growth is expected to slow down in 2026, but the bank insurance channel will maintain a high growth rate. The projected growth rates for original premium income from 2025 to 2027 are 17%, 11%, and 6.7% respectively [2][16] - The new business value is expected to grow by 17.1%, 18.6%, and 7.9% over the same period, with net profit projections of 37.1 billion, 40.8 billion, and 43 billion yuan respectively [2][16][17] Investment Strategy - Xinhua Insurance has strengthened its long-term stock investment initiatives, such as the Honghu Fund, with a total scale of 20 billion yuan established in May 2025 [2][15] - The company is involved in various pilot projects aimed at enhancing its investment capabilities and market presence [2][15] Market Position - Xinhua Insurance has been recognized as one of China's 500 most valuable brands, improving its ranking by 15 places to 83rd [2][4] - The company maintains a buy rating with a target price of around 88 yuan, indicating a potential upside of 30% [2][17]

Core Viewpoint - Multiple insurance companies have achieved or are close to achieving their 2025 sales targets, shifting focus to the 2026 sales kickoff, with a strong emphasis on participating in dividend-type life insurance products [1][2] Group 1: Sales Performance - In the first ten months of this year, New China Life Insurance reported a premium income of approximately 181.97 billion yuan, a year-on-year increase of 17%, while China Pacific Insurance's Pacific Life reported a premium income of about 241.32 billion yuan, up 9.9% year-on-year [2] - Many insurance companies have completed over 95% of their new standard premium sales targets for the year, with sales efforts for 2026 already initiated [2][3] - The cumulative premium income for life insurance companies in the first nine months of this year grew by 10.2% year-on-year, despite a decline in January due to regulatory changes [3] Group 2: Product Trends - The trend towards dividend-type insurance products is evident, with over 40% of new life insurance products being dividend-based, and 44% of newly launched life insurance products being dividend-type [4] - Major insurance companies like Ping An and New China Life have committed to increasing the proportion of dividend-type insurance products in their offerings [4] - The introduction of new insurance products for 2026 is focused on dividend-type whole life insurance and dividend-type annuities, which are expected to drive double-digit growth in new premium income and new business value in the first quarter of 2026 [5] Group 3: Market Environment - The low interest rate environment continues to favor insurance products over traditional savings, as insurance rates remain attractive compared to bank deposit rates [5] - The insurance industry is undergoing a transformation in distribution channels, with a focus on enhancing the quality of individual insurance sales teams and recognizing the growing importance of bank insurance partnerships [5]

Core Insights - The report indicates a significant "stronger gets stronger" trend in China's life insurance industry, with the top ten companies accounting for 94.6% of the net profits in the first half of 2025 [1][5] - The top five life insurance companies achieved a combined premium income of 1.25 trillion yuan, showcasing their dominant market position [4][5] Group 1: Industry Overview - The report categorizes life insurance companies into four types: life insurance, property insurance, pension insurance, and health insurance, analyzing their competitiveness based on various dimensions [1] - In the first half of 2025, the life insurance sector's total profit reached 176.31 billion yuan, with 58 companies participating in the competitiveness ranking [1] Group 2: Top Companies Performance - The top five life insurance companies are China Life, Ping An Life, Taiping Life, New China Life, and TaiKang Life, all achieving net profits exceeding 10 billion yuan in the first half of 2025 [2][5] - China Life led with a premium income of 525.09 billion yuan and a net profit of 40.33 billion yuan, maintaining its market leadership [5] - Ping An Life reported a net profit of 50.60 billion yuan, the highest among life insurers [5] Group 3: Financial Metrics - The solvency ratios of the top companies remained robust, with TaiKang Life having a core solvency ratio of 224.38% and a comprehensive solvency ratio of 321.20% [5] - New China Life and Ping An Life also reported comprehensive solvency ratios exceeding 200% [5] Group 4: Investment Performance - New China Life achieved the highest investment return rate of 2.23% among the top five companies, followed by China Life at 2.11% [6] - Overall, the investment returns for the leading companies remained stable within a healthy range [6] Group 5: Market Dynamics - The report highlights a growing divide between large and small insurance companies, with 18 out of 58 companies reporting losses in the first half of 2025 [9] - Companies like Huahui Life, despite high solvency ratios, faced challenges due to low business income, indicating a need for operational revitalization [9] Group 6: Regulatory Impact - The insurance industry is transitioning from scale expansion to value creation, driven by regulatory changes such as the introduction of a dynamic adjustment mechanism for premium rates linked to market rates [10] - The report emphasizes that leading companies are focusing on cost control and risk management to adapt to the evolving market landscape [10]

Core Insights - The launch of the "Xinhua Kang" health management service brand and the "Kang Hu Wu You" nursing insurance product represents a strategic shift towards an integrated health service protection system, focusing on prevention, management, and post-care support [1][2] - The "Kang Hu Wu You" product emphasizes service responsibility, marking a significant innovation in China's insurance industry by combining cash benefits with nursing services [1] - The collaboration between Xinhua Insurance, Zhongcai Life Insurance, and Ailian Health aims to enhance the development of service-based health insurance products, addressing the challenges of an aging population and contributing to a Chinese-style health protection system [1] Company Strategy - The introduction of the "Xinhua Kang" brand and "Kang Hu Wu You" product is a deepening of Xinhua Insurance's top-level strategy, enhancing its comprehensive service system that includes finance, taxation, law, business, medicine, health, education, and culture [2] - This initiative upgrades and expands the "Zun An Rui Yue Kang" service brand matrix, significantly improving the company's competitive edge in insurance products and medical health services [2]

| 代码 | 名称 | 主力净流入（元） | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601318 中国平安 | | = 170.25万 | 0.05% | -8620.72万 | -2.74% | 8450.47万 | 2.69% | | 601628 中国人寿 | | -1301.28万 | -2.37% | 2832.46万 | 5.17% | -1531.18万 | -2.79% | | 601319 中国人保 | | -3669.59万 | -5.14% | 1798.55万 | 2.52% | 1871.03万 | 2.62% | | 601601 中国太保 | | -4434.85万 | -4.63% | 6462.75万 | 6.74% | -2027.91万 | -2.12% | | 601336 新华保险 | | -6998.32万 | -6.58% | 7.75万 | 0.01% | 6990.57万 | 6.57% | 以上内容 ...

证券研究报告·行业跟踪周报·非银金融 非银金融行业跟踪周报 证券行业并购稳步推进；保险业总资产突破 40 万亿 增持（维持） 相关研究 [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：1）宏观经济不及预期；2）政策趋紧抑制行业创新；3）市场 竞争加剧风险。 2025 年 11 月 23 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 罗宇康 执业证书：S0600525090002 luoyk@dwzq.com.cn 行业走势 -14% -10% -6% -2% 2% 6% 10% 14% 18% 22% 2024/11/25 2025/3/25 2025/7/23 2025/11/20 非银金融 沪深300 《中金公司拟换股合并东兴证券、信 达证券，资产规模将破万亿元》 2025-11-20 《金融科技 2026 年投资策略-- 短期 看市场活跃的持续性，中期关注金融 IT》 2025-11-17 东吴证券研究所 1 / 15 请务必阅读正文之后的免责声明部分 ◼ 非银行金融子行业近期表现：最近 5 个交易日（2025 ...

Investment Rating - The report maintains a "Recommendation" rating for the insurance industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [21]. Core Insights - The insurance index fell by 3.06% this week, outperforming the broader market by 0.71 percentage points. Major insurance stocks experienced declines, with notable drops from Sunshine Insurance (-4.8%) and China Pacific Insurance (-4.57%) [1]. - The China Actuarial Society released the "Guidelines for Expense Allocation of Life Insurance Products," which aims to enhance the scientific management of expenses within insurance companies and supports the implementation of the "reporting and operation integration" policy [2][4]. - As of the end of 2024, 34 insurance asset management companies managed a total of CNY 33.30 trillion, reflecting a year-on-year growth of 10.60% [2]. - The report highlights that 172 insurance companies have disclosed their solvency data for Q3 2025, with 14 achieving an AAA risk rating, while 4 companies fell below solvency standards [2]. Summary by Sections Market Performance - The insurance sector's performance was characterized by a 3.06% decline in the insurance index, with individual stocks like China Life and Ping An also showing significant decreases [1]. Regulatory Developments - The newly released guidelines categorize life insurance business expenses into variable and fixed costs, specifying which expenses should not be allocated and providing methods for expense allocation [4]. Financial Data - The total market capitalization of the insurance sector is CNY 32,109.56 billion, with a circulating market value of CNY 22,103.29 billion [6]. Valuation Metrics - The report provides PEV valuations for major life insurance companies, with China Life at 0.83x and Ping An at 0.71x [5]. - For property insurance, the PB valuations are noted, with China Re at 0.58x and PICC at 1.2x [10]. Investment Recommendations - Short-term recommendations focus on companies with performance elasticity, suggesting investments in New China Life, China Property & Casualty, and China Life. Long-term recommendations include China Pacific Insurance and China Ping An based on fundamental and valuation considerations [10].

Core Insights - The article highlights significant developments in the insurance industry, including regulatory updates, company dynamics, and emerging trends in insurance products and services. Regulatory Dynamics - Seven departments support the development of specialized agricultural insurance for the silk industry [4] - The Ministry of Finance welcomes qualified German insurance companies to expand their business in China [8] - The Ministry of Finance has allocated a budget of 45.6 billion for agricultural insurance premium subsidies for 2026 [9] - The central bank maintains the 1-year and 5-year LPR at 3.0% and 3.5% respectively [10] - The Financial Regulatory Bureau reports that the balance of funds utilized by insurance companies reached 37.46 trillion, a 12.6% increase from the beginning of the year [11] Company Dynamics - Sunshine Life plans to invest 20 billion in establishing a pilot fund [23] - Sunshine Life has reduced its stake in Huishang Bank by 11.438 million shares [24] - China Life Insurance provided insurance coverage of nearly 83 trillion for strategic emerging industries in the first three quarters [29] - New China Life has been approved to increase its capital in New China Asset Management (Hong Kong) [30] - Dongwu Property Insurance's Beijing branch has been approved to commence operations [31] Industry Trends - The insurance asset management sector has seen a 10.6% year-on-year increase, managing over 33 trillion in funds [46] - The net profit of PICC Health surged by 200% in the first three quarters [47] - Sixteen insurance companies issued over 600 billion in bonds to supplement capital [49] - The insurance industry is experiencing a shift towards more flexible and innovative insurance products, including a new "per day" drone insurance product launched in Jiangsu [67] - The insurance sector is increasingly focusing on long-term care insurance and products tailored for the elderly [18][19] Personnel Changes - Huang Zhiwei has been approved as the chairman of China Merchants Jinhe Life Insurance [33] - The former general manager of Bank of China Samsung Life, Qiu Zhikun, is now acting chairman [34] - Zhang Yaohui has been appointed as the deputy general manager of Zhonghui Mutual Insurance [37] Product and Service Innovations - New China Life launched a celebratory version of its whole life insurance product, emphasizing dual growth advantages [64] - The 2026 Beijing Inclusive Health Insurance offers a 10% discount on medication purchases for policyholders [65] - Jiangsu has introduced a pioneering "per day" insurance product for drones, enhancing risk management in the low-altitude economy [67]

Core Viewpoint - The insurance industry is shifting towards dividend insurance products as a consensus in response to the ongoing decline in interest rates [1][2]. Group 1: Market Trends - A significant number of new insurance products launched by various life insurance companies are dividend insurance, with over 40 out of 50 life insurance products currently on sale being dividend-type [2]. - Major life insurance companies like Xinhua Insurance, Ping An Life, and China Life have introduced various dividend insurance products, indicating a trend towards these offerings [3]. - The design of dividend insurance products, such as the "Taiping Guowei No.1" from Taiping Life, combines guaranteed benefits with dividends, allowing for both asset security and market participation [3]. Group 2: Product Structure and Performance - The maximum preset interest rate for dividend insurance from leading insurers is generally set at 1.75%, with some joint venture companies offering rates as low as 1.5% [4]. - The reduction in preset interest rates for traditional and dividend insurance products has been noted, with dividend products experiencing a smaller decline, thus enhancing their yield advantage over traditional products [4]. - Dividend insurance provides a combination of guaranteed benefits and non-guaranteed dividends, which helps mitigate the liability pressure on insurance companies [5]. Group 3: Marketing Challenges - The complexity of dividend insurance products poses challenges for insurance agents, requiring them to possess a solid understanding of product configurations and benefits [6][7]. - The shift from traditional fixed-return products to dividend insurance has created difficulties in marketing, as agents must now explain the intricacies of dividend structures to clients [7][8]. - Some agents continue to use outdated marketing strategies, misrepresenting dividend insurance as quick-return products, which may lead to consumer confusion [8]. Group 4: Service Integration - Dividend insurance is evolving beyond mere insurance products to become gateways for integrated services in healthcare, retirement, and wellness, forming a "product + service" model [9][10]. - Companies are increasingly linking their insurance products with healthcare and retirement ecosystems, offering a range of services from family doctors to retirement communities [10][11]. - This integration allows insurers to meet diverse customer needs and enhances the overall value proposition of dividend insurance products [11].