值得注意的是，各家保险公司的总投资收益率呈现出明显的分化态势。新华保险和中国人保的年化总投资收益率分别达到了5.9%和5.1%，均实现了同比显 著增长。相比之下，中国人寿和中国太保的总投资收益率则相对较低，分别为3.29%和2.3%。中国平安虽然未披露年化总投资收益率，但其上半年保险资金 投资组合实现了3.1%的非年化综合投资收益率，同比上升0.3个百分点。 近期，A股市场五大上市保险公司的2025年半年度报告已悉数公布，引起了业界的广泛关注。作为资本市场中的重要耐心资本，上市保险公司的投资动态一 直备受瞩目。 数据显示，上半年这五大保险公司积极响应险资入市政策，股票投资金额显著增长。截至二季度末，五大保险公司的股票投资总额达到了18464.29亿元，与 年初相比增加了4118.58亿元，增幅接近三成。这一积极的市场布局，不仅反映了保险公司对权益市场的信心，也彰显了其对中长期投资价值的认可。 在投资业绩方面，五大保险公司上半年均取得了不俗的成绩。合计实现总投资收益3673.77亿元，同比增长近9%。其中，中国人寿以1275.06亿元的总投资收 益位居榜首，占比超过三成，这主要得益于其庞大的投资资产规模。而新华 ...

一方面上市险企需要通过合适的分红水平稳定投资者信心，支撑当前股价；另一方面也需要考虑投资收 益波动、偿付能力水平等潜在情况，适时调整。保险公司需在股东回报与自身业务发展之间找好平衡 点。 A股五大上市险企在发布2025年半年度报告的同时，还发布了2025年中期利润分配方案。9月2日，据北 京商报记者梳理，中国平安、中国人寿、中国人保和新华保险拟进行中期利润分配，合计分红金额约为 293.36亿元（含税）。 在浙大城市学院副教授林先平看来，本次四大上市险企合计约293亿元中期分红属"稳健偏积极"，与上 半年盈利匹配，兼顾了股东回报与资本安全。 就分红连续性而言，中国平安已经连续多年中期分红，新华保险、中国人寿、中国人保则是去年增加了 中期分红，4家公司均保持了中期分红政策的连续性。苏商银行特约研究员武泽伟表示，稳定的分红对 上市险企市值管理具有多重意义：其一，直接回报股东，增强市场信心，有助于塑造企业稳健经营的形 象，吸引长期价值投资者；其二，通过提升投资者回报巩固市场地位。 需平衡自身经营情况 对于上市险企来说，高分红能更好地回报投资者，有利于提升市值，但分红也意味着部分盈余资金流 出，可能对公司的内生资本积 ...

新华保险 中国人保 中国人寿 中国平安 中国太保 新华保险 分时图 日K线 周K线 月K线 65.12 -0.63 -0.96% 2.07% 1.38% 0.68% 0.00% 0.68% 1.38% 2.07% 64.39 64.84 65.30 65.75 66.20 66.66 67.11 09:30 10:30 11:30/13:00 14:00 15:00 0 14万 29万 43万 A股五大上市险企在发布2025年半年度报告的同时，还发布了2025年中期利润分配方案。9月2日，据北 京商报记者梳理，中国平安（601318）、中国人寿（601628）、中国人保（601319）和新华保险 （601336）拟进行中期利润分配，合计分红金额约为293.36亿元（含税）。 一方面上市险企需要通过合适的分红水平稳定投资者信心，支撑当前股价；另一方面也需要考虑投资收 益波动、偿付能力水平等潜在情况，适时调整。保险公司需在股东回报与自身业务发展之间找好平衡 点。 中期分红近三百亿 今年上半年，在投资端，资本市场回暖，多家上市险企投资收益大幅增长；在负债端，随着预定利率下 调、负债成本优化等影响，保险业务关键指标向 ...

A股五大上市险企在发布2025年半年度报告的同时，还发布了2025年中期利润分配方案。9月2日，据北京商报记者梳理，中国平安、中国人寿、 中国人保和新华保险拟进行中期利润分配，合计分红金额约为293.36亿元（含税）。 一方面上市险企需要通过合适的分红水平稳定投资者信心，支撑当前股价；另一方面也需要考虑投资收益波动、偿付能力水平等潜在情况，适时 调整。保险公司需在股东回报与自身业务发展之间找好平衡点。 中期分红近三百亿 今年上半年，在投资端，资本市场回暖，多家上市险企投资收益大幅增长；在负债端，随着预定利率下调、负债成本优化等影响，保险业务关键 指标向好，上半年，A股五大上市险企合计实现净利润1781.92亿元，同比增长3.7%。 净利润增长，上市险企给投资者的分红情况如何？北京商报记者了解到，目前A股五大上市险企中，除中国太保外，其余四家险企中国平安、中 国人寿、中国人保和新华保险均宣布了中期分红。 具体来看，中国平安将向股东派发中期股息每股现金0.95元，总额为172.02亿元。据中国平安副总经理兼首席财务官付欣介绍，公司今年拟派发 的每股中期股息同比增长2.2%。同时，公司上市以来累计分红已超过了400 ...

Core Viewpoint - The five major listed insurance companies in A-shares announced a mid-term profit distribution plan, with a total dividend amount of approximately 29.336 billion yuan (including tax) [1][2]. Group 1: Mid-term Dividend Distribution - The five major listed insurance companies, excluding China Pacific Insurance, announced mid-term dividends, with China Ping An distributing 17.202 billion yuan, China Life 6.727 billion yuan, China Pacific Insurance 3.317 billion yuan, and Xinhua Insurance 2.090 billion yuan [2][3]. - The total net profit of these companies reached 178.192 billion yuan in the first half of the year, reflecting a year-on-year growth of 3.7% [2]. Group 2: Importance of Stable Dividends - Stable dividends enhance market confidence and attract long-term value investors, contributing to the companies' market position [3]. - The continuous dividend policy of these companies is seen as a strategy for effective market value management [3]. Group 3: Balancing Dividends and Business Development - High dividends can improve shareholder returns but may restrict internal capital accumulation and investment capacity [4]. - The implementation of new financial instrument standards has increased profit volatility, affecting the stability of dividend policies [4]. Group 4: Future Outlook - Despite increased profit volatility due to new financial standards, companies can maintain dividend policy continuity through smoothing mechanisms and adjusting dividend ratios [5]. - The industry is expected to focus more on shareholder returns, with a long-term goal of stable growth in per-share dividends [5].

丨证券研究报告丨 公司研究丨点评报告丨新华保险（601336.SH） [Table_Title] 新华保险 2025 年中报点评：投资及价值增长领 先行业 报告要点 [Table_Summary] 保险行业中长期逻辑是盈利能力改善，短期主线是市场 beta，新华作为纯寿险公司，同时权益 仓位较高，敏感性及弹性领先寿险板块，推荐作为优质贝塔资产配置。寿险的本质是长期经营 业务，折现率带来的浮盈或浮亏都只是短期波动，不必过度关注。当前新华保险对应 2025 年 PEV 估值 0.73 倍，维持买入推荐。 分析师及联系人 [Table_Author] 吴一凡 谢宇尘 SAC：S0490519080007 SAC：S0490521020001 SFC：BUV596 请阅读最后评级说明和重要声明 %% %% %% %% 2025-09-02 公司研究丨点评报告 research.95579.com 1 新华保险（601336.SH） cjzqdt11111 [Table_Title 新华保险 2025 2] 年中报点评：投资及价值增长领 先行业 [Table_Summary2] 事件描述 新华保险发布 2025 年中报 ...

Quantitative Models and Construction Methods - **Model Name**: Expected High Dividend Portfolio **Model Construction Idea**: The model aims to construct a portfolio with high expected dividend yield by leveraging historical dividend data, fundamental indicators, and short-term factors like reversal and profitability[5][10][16] **Model Construction Process**: 1. **Dividend Yield Calculation**: - Phase 1: Calculate dividend yield based on annual report profit distribution announcements - Phase 2: Predict and calculate dividend yield using historical dividend data and fundamental indicators[5][10] 2. **Screening Process**: - Exclude suspended and limit-up stocks from the CSI 300 constituents[15] - Remove the top 20% of stocks with the highest short-term momentum (21-day cumulative return)[15] - Exclude stocks with declining profitability (quarterly net profit YoY growth < 0)[15] 3. **Final Selection**: - Rank the remaining stocks by expected dividend yield - Select the top 30 stocks with the highest expected dividend yield and construct an equally weighted portfolio[11] **Model Evaluation**: The model demonstrates strong historical performance with significant excess returns and controlled drawdowns, making it a robust strategy for high-dividend stock selection[13] Model Backtesting Results - **Expected High Dividend Portfolio**: - Cumulative Return: 358.90% - Cumulative Excess Return (vs CSI 300 Total Return Index): 107.44% - Annualized Excess Return: 8.87% - Maximum Rolling 1-Year Drawdown of Excess Return: 12.26% - Monthly Excess Win Rate: 60.19%[13] Quantitative Factors and Construction Methods - **Factor Name**: Expected Dividend Yield Factor **Factor Construction Idea**: Predict future dividend yield by combining historical dividend data, fundamental indicators, and short-term influencing factors[5][16] **Factor Construction Process**: 1. Calculate historical dividend yield based on profit distribution announcements[5][10] 2. Predict future dividend yield using fundamental indicators and historical dividend patterns[5][10] 3. Incorporate two short-term factors: - **Reversal Factor**: Accounts for short-term price reversals - **Profitability Factor**: Reflects the company's earnings performance[5][16] **Factor Evaluation**: The factor effectively identifies high-dividend stocks and serves as a reliable input for portfolio construction[16] - **Factor Name**: Red Dividend Timing Framework (Composite Signal) **Factor Construction Idea**: Combines multiple single-factor signals to assess the market's outlook on dividend stocks[25][28] **Factor Construction Process**: 1. Evaluate five single-factor signals: - **Inflation**: PPI YoY (High/Low) - **Liquidity**: M2 YoY (High/Low) - **M1-M2 Gap**: Scissors Difference (High/Low) - **Interest Rate**: US 10-Year Treasury Yield (High/Low) - **Market Sentiment**: Dividend Stock Turnover Ratio (Up/Down)[28] 2. Assign binary signals (1 for bullish, 0 for bearish) to each factor 3. Aggregate the signals into a composite indicator[28] **Factor Evaluation**: The framework provides a systematic approach to timing dividend stock investments, though the September 2025 signal suggests a cautious stance[25][28] Factor Backtesting Results - **Expected Dividend Yield Factor**: - August 2025 Portfolio Average Return: 5.69% - Excess Return (vs CSI 300 Index): -4.80% - Excess Return (vs CSI Dividend Index): +4.70%[5][16] - **Red Dividend Timing Framework (Composite Signal)**: - Latest Signal (September 2025): 0 (Neutral)[25][28]

Core Insights - The insurance sector experienced a slight decline of 0.0% on September 2, with Xinhua Insurance leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Insurance Sector Performance - China Pacific Insurance (601601) closed at 39.83, up 0.58% with a trading volume of 305,500 shares and a transaction value of 1.211 billion [1] - Ping An Insurance (601318) closed at 58.66, up 0.26% with a trading volume of 649,000 shares and a transaction value of 3.798 billion [1] - China Life Insurance (601628) closed at 40.93, down 0.10% with a trading volume of 171,400 shares and a transaction value of 700 million [1] - China Property & Casualty Insurance (601319) closed at 8.72, down 0.34% with a trading volume of 694,000 shares and a transaction value of 607.1 million [1] - Xinhua Insurance (601336) closed at 65.12, down 0.96% with a trading volume of 221,000 shares and a transaction value of 1.443 billion [1] Fund Flow Analysis - The insurance sector saw a net outflow of 29.4883 million from institutional investors and 32.3821 million from retail investors, while retail investors had a net inflow of 61.8704 million [1] - Xinhua Insurance had a net inflow of 19.1986 million from institutional investors but a net outflow of 52.1033 million from retail investors [2] - China Life Insurance experienced a net inflow of 8.5450 million from institutional investors, while retail investors had a net inflow of 867.68 million [2] - China Property & Casualty Insurance had a net outflow of 4.4457 million from institutional investors and a net inflow of 2.70927 million from retail investors [2] - Ping An Insurance faced a net outflow of 13.3982 million from institutional investors but a net inflow of 9.74701 million from retail investors [2] - China Pacific Insurance had a net outflow of 39.3880 million from institutional investors and a net inflow of 30.4738 million from retail investors [2]

中国人保副总裁 才智伟：截至6月末，我们A股投资的规模较年初增长了26.1%，A股投资在总组合中的占比提高了1.2个百分点。 上半年，中国平安股票投资总额比年初提升48.5%，上半年增加股票投资超过280亿元，新华保险也增加了股票等资产的长期投资。多家 保险公司还表示，作为耐心资本，未来还将围绕新质生产力等领域上市公司加大资产配置。 （央视财经《正点财经》）保险资金是中长期资金的重要组成部分，在刚刚披露的上市保险公司半年报中，记者发现，上半年，多家保险 公司持续加大股市投入。 数据显示，截至6月末，五家A股上市保险公司股票投资规模接近1.8万亿元，相比去年末增加4053.56亿元，增配力度显著，显示出保险资 金作为中长期资金，对股票市场的长期看好和积极布局。 中国人寿副总裁 刘晖：我们加大了投资力度，上半年我们在权益资产规模配置上新增超过了1500亿元，权益投资收益也获得了显著增 长。 中国人寿副总裁 刘晖：我们对下半年的A股市场仍保持乐观，将持续关注市场上涨板块中的板块轮动，比如说像包括科技创新、先进制 造、新消费、出海企业等方向的投资机会。 转载请注明央视财经 编辑：潘煦 中国平安总经理兼联席首席执行官 ...

花旗发表研究报告指出，在新华保险公布上半年业绩后，更新了估值模型，上调其2025及26财年每股盈 测分别8%及4%，主要反映最新的资本市场趋势。花旗对其目标价从49.6港元轻微上调至50.7港元，评 级为"中性"，因估值偏高。 ...