以"爱和责任"为纽带，生态圈建设跑出"加速度" 近日，新华保险北京分公司全面推进包括"新华尊""新华安""新华瑞""新华悦"等权益服务品牌的生态体 系的焕新升级，涵盖"医、康、养、财、税、法、商、教、乐、文"十大领域。 针对高净值客户，新华保险特别推出了"新华尊"私享会员服务，整合市场顶级资源，为客户及其家人提 供全生命周期的健康管理、家族财富稳健传承、全球商旅出行等多方面需求服务。数据显示，目前北京 分公司已有55%的高客体验了该服务，其中视频医生与健康体检功能尤为受欢迎。 为解决老年人面临的疾病无助、行动不便等痛点，新华保险还精心打造了"新华安"居家养老服务，围绕 健康管理、安全监测、适老化改造、生活服务及居家照护等五大方面，提供全方位、立体化的服务方 案。 此次升级在增加全国服务网络布局的基础上，同步优化服务规则，支持实时晋级、权益差异化共享，并 联合新东方打造"全周期教育规划"，深化"保险+生态"战略，持续践行"以客户为中心"的高质量发展路 径，守护人民美好生活。 新华保险北京分公司也积极探索属地特色化服务，创新推出"新京派·寿康养护旅"客户服务体系，"保险 +公益+社区"品牌服务模式、"五大宝贝"品 ...

目前新华保险存量业务主要是 3.5%预定利率产品，新单传统险产品预定利率 则降至 2.5%左右。由于存量业务占比较大，新单对整体负债成本影响较慢。 从分红险和万能险来看，由于公司积累了优质高收益资产，分红部分需将至少 70%的收益分给客户，因此整体来看分红险产品负债成本略高，但保证部分仍 以 2.5%为主。整体而言，目前公司的存量业务负债成本在三点多左右，与行 业平均水平相近。 未来三到五年内，从传统险角度看，预计负债成本将呈下降 趋势。而分红险部分则需根据每年的投资收益情况进行调整，不易预判。但总 体来看，自几年前开始，公司已进入一个逐渐下降的趋势，并预计这种平滑下 降趋势将继续。 新华保险 20250708 摘要 新华保险通过拉长资产端久期（配置 30 年、50 年长期利率债）和增加 以公允价值计量的其他债权投资（OCI 类资产，2024 年增加约千亿） 等措施，有效对冲了低利率环境带来的净资产压力，保持了净资产的相 对稳定。 公司存量业务主要为 3.5%预定利率产品，新单传统险产品预定利率降 至 2.5%左右。分红险因需将至少 70%收益分给客户，负债成本略高。 整体存量业务负债成本在 3%左右，预计未 ...

Core Viewpoint - The influx of 222 billion insurance funds into the capital market through long-term stock investment trials is a self-rescue action by the insurance industry in the context of declining interest rates and increasing risks of interest spread losses [1][29]. Group 1: Long-term Investment Trials - The long-term investment reform trial for insurance funds involves setting up private equity investment funds primarily targeting the secondary stock market, with a total approved scale of 222 billion yuan across three batches [1][9]. - The first batch includes China Life and New China Life with a combined scale of 50 billion yuan, while the second batch consists of eight companies totaling 112 billion yuan, and the third batch is expected to reach 60 billion yuan [1][9]. - The increase in long-term funds is expected to enhance the proportion of equity assets in insurance companies' investment portfolios, potentially improving investment returns [1]. Group 2: Impact on Insurance Products - The rise in equity investment returns may encourage insurance companies to promote floating yield products, which could drive innovation and sales growth in liability-side insurance products [2]. - Insurance companies are expected to actively adjust their product structures to reduce reliance on interest spreads, with a focus on increasing the proportion of dividend-type products [24][27]. - Companies like China Life and New China Life are shifting their investment strategies towards high-dividend stocks to counteract the profit decline caused by traditional insurance spread losses [8][19]. Group 3: Policy Support - The central government has issued guidelines to promote long-term capital market investments by insurance institutions, aiming to establish them as stable long-term investors [9]. - By 2025, it is targeted that 30% of new premiums from large state-owned insurance companies will be allocated to A-share investments [9]. - Regulatory adjustments have increased the allowable proportion of equity assets for insurance funds, providing additional capital market space [9][10]. Group 4: Investment Preferences - The first batch of trial funds, such as Honghu Zhiyuan, has shown a preference for high-dividend assets, achieving returns above benchmarks [13][15]. - The second and third batches are also focusing on high-dividend assets while incorporating investments in emerging industries aligned with national development strategies, such as high-end manufacturing and artificial intelligence [17][18]. - The investment strategies of various insurance companies indicate a shift towards stable, high-dividend stocks to mitigate risks associated with low interest rates [15][19]. Group 5: Competitive Landscape - The influx of long-term funds is likely to exacerbate the "Matthew Effect" in the insurance industry, favoring larger companies with stronger financial and research capabilities [28][29]. - Smaller insurance companies may struggle to compete effectively, facing challenges in product sales and investment outcomes due to limited resources and expertise [29]. - The overall competitive advantage and risk resilience of companies participating in the long-term investment trials are expected to strengthen, leading to a more pronounced market share expansion for leading firms [27][29].

Core Insights - Xinhua Insurance has signed a fund contract with Guofeng Xinghua and Guangfa Bank to establish the Guofeng Xinghua Honghu Zhi Yuan Phase III Private Securities Investment Fund No. 1, with a total fund size of 22.5 billion yuan, in which Xinhua Insurance will invest 11.25 billion yuan [1] - The Honghu Fund Phase III No. 1 focuses on large listed companies that are constituents of the CSI A500 index, emphasizing good corporate governance, stable operations, consistent dividends, and good stock liquidity [1] - The management company, Guofeng Xinghua, was established in 2023 with a registered capital of 10 million yuan, jointly funded by Xinhua Asset Management and China Life Asset Management, each holding 50% equity [1] Fund Development - The Honghu Fund has been approved for three phases, with a total scale exceeding 100 billion yuan, including Phase I with a size of 50 billion yuan and Phase II with 20 billion yuan [1][2] - The third phase of the Honghu Fund has a total approved amount of 40 billion yuan, with participation from multiple small and medium-sized insurance companies alongside Xinhua Insurance and China Life [2] - The total amount for the insurance capital long-term investment reform pilot program will increase to 222 billion yuan after the approval of the third phase [2]

行 业 及 产 业 非银金融 2025 年 07 月 06 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 研究支持 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 罗钻辉 (8621)23297818× luozh@swsresearch.com 关注非银中报业绩对估值的催化 看好 —— 非银金融行业周报（2025/6/30-2025/7/6） 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 冉兆邦 A0230524090003 ranzb@swsresearch.com - ⚫ 保险：本周申万保险 II 指数收跌 0.27%，跑输沪深 300 指数 1.81pct。 2Q25 资本市场表现稳健，建议关注部分险企业绩表现超预期带来的估值提振。2Q25 沪深 300 指数/中证红利指数/中证 800 收涨 1. ...

丨证券研究报告丨 吴一凡 谢宇尘 盛晓双 行业研究丨行业周报丨投资银行业与经纪业 [Table_Title] 回调后可积极配置，关注绩优权重及优质红 马 报告要点 [Table_Summary] 本周板块调整回落。政策端证监会召开扩大会议，研究部署资本市场贯彻落实具体举措，券商方面估值和 机构持仓位于低位，交易量维持高位，投行和海外业务环比改善，中报有望延续高景气，继续看好板块机 会；保险方面当前估值隐含市场对长期投资的悲观假设，考虑中远期利差水平，当前估值仍安全，看好集 中度和负债成本改善。从盈利和分红的稳定性维度出发，推荐江苏金租、中国平安及中国财险。综合业绩 弹性及估值分位，推荐新华保险、中国人寿、香港交易所、中信证券、东方财富、同花顺、九方智投控股。 分析师及联系人 [Table_Author] SAC：S0490519080007 SAC：S0490521020001 SFC：BUV596 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 投资银行业与经纪业 cjzqdt11111 [Table_Title 回调后可积极配置，关注绩优权重及优质红马 2] ...

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 继续看好保险股估值修复；期待非银中报较 好表现 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2025 年 07 月 06 日 证券分析师 孙婷 东吴证券研究所 1 / 15 执业证书：S0600524120001 sunt@dwzq.com.cn 研究助理 罗宇康 执业证书：S0600123090002 luoyk@dwzq.com.cn 行业走势 -7% 1% 9% 17% 25% 33% 41% 49% 57% 65% 2024/7/8 2024/11/5 2025/3/5 2025/7/3 非银金融 沪深300 相关研究 《权益 ETF 系列：行情轮动较快，存 在结构性机会》 2025-07-06 《2025 年 7 月大类资产配置展望》 2025-07-03 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 年 06 月 30 日-2025 年 07 月 04 日）非银金融板块各子行业中仅保险行业跑赢沪深 300 指 数。保险行业上涨 1.73%，证券行业下跌 0 ...

Core Viewpoint - The insurance sector in A-shares has shown significant growth since April, with companies like New China Life Insurance nearing historical highs and China People's Insurance Group reaching a six-year peak, indicating a bullish market trend for insurance stocks [1] Group 1: Market Dynamics - The recent rise in insurance stocks is attributed to both funding and fundamental factors. Institutional investors have increased their allocation to insurance stocks due to their potential to outperform indices and higher elasticity in a low-interest-rate environment [2] - Insurance companies are expected to enhance their equity allocation, positioning themselves as a "second flag bearer" in the bull market due to the expansion of equity risk appetite among various institutions [2] Group 2: Fundamental Factors - The insurance sector is benefiting from macroeconomic improvements and a favorable capital market environment, with expectations of enhanced performance for insurance companies as the economy recovers [3] - The cost of liabilities for life insurance is expected to improve, with a projected decrease in the preset interest rate for insurance products, which could lower the rigid liability costs [3] - The growing emphasis on commercial health insurance is creating new growth opportunities, supported by national policies that promote a multi-tiered medical security system [3] Group 3: Future Outlook - Analysts emphasize the importance of asset-liability matching for insurance stocks, which is crucial for determining their "real value" in a low-interest-rate environment [4] - The ongoing policy guidance aimed at reducing liability costs and expense ratios is expected to enhance profit levels in the life insurance sector, with projections indicating a potential turning point in effective business value returns by 2025 [4]

Core Viewpoint - The A-share insurance stocks have shown significant gains since April, with New China Life Insurance nearing historical highs and China People's Insurance Group reaching a six-year high, indicating a bullish market trend for insurance stocks [1] Group 1: Market Performance - A-share insurance sector rose by 0.74% recently, with intraday gains exceeding 1%, attracting market attention [1] - In the H-share market, both New China Life and China People's Insurance have seen approximately 200% growth over the past year, reaching historical highs [1] Group 2: Funding and Investment Logic - Analysts attribute the rise in insurance stocks to both funding and fundamental logic, with a focus on market fund allocation behavior [2] - Insurance stocks are favored by active equity funds due to their potential to outperform indices and higher elasticity in a low-interest, low-credit spread environment [2] - Institutional investors previously had lower allocations to the insurance sector compared to index weights, indicating room for increased equity allocation [2] Group 3: Fundamental Factors - The insurance sector is expected to benefit from macroeconomic recovery and improved capital market conditions, with a positive outlook for company performance [3] - The insurance industry's operating characteristics are significantly pro-cyclical, suggesting that both liability and investment sides will improve with economic recovery [3] - Recent data indicates a marginal improvement in the interest spread that previously suppressed insurance stock valuations, with expected decreases in life insurance liability costs [3] Group 4: Long-term Growth Drivers - The emphasis on commercial health insurance is creating new growth opportunities, supported by national policies promoting a multi-tiered medical security system [3] - Companies like China People's Insurance have highlighted the potential for closer integration between basic medical insurance and commercial health insurance, indicating substantial growth potential in this area [3] Group 5: Future Outlook - Analysts emphasize the importance of asset-liability matching for insurance stocks' true value, particularly in a low-interest environment [4] - The improvement in liability costs and the stable returns from asset allocation are expected to enhance profitability stability for insurance companies [4] - Predictions suggest that the effective business value yield may reach a turning point by 2025, with a potential upward trend in interest spreads starting in 2026 [4]

Group 1 - The company, Xinhua Life Insurance Co., Ltd., has approved an investment in a private fund initiated by Guofeng Xinghua (Beijing) Private Fund Management Co., Ltd. [1] - The fund, named Guofeng Xinghua Honghu Zhiyuan Phase III Private Securities Investment Fund No. 1, has a total scale of 22.5 billion RMB, with the company committing to invest 11.25 billion RMB [1] - The investment decision was made during the 34th meeting of the company's 8th Board of Directors [1] Group 2 - The fund's establishment is subject to regulatory procedures, including fund registration, which introduces a degree of uncertainty regarding the implementation timeline [2] - Other major terms of the fund contract have not undergone significant changes compared to the previously disclosed announcement [2]