Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The dual return mechanism of "guaranteed + floating" in participating insurance is regaining market share, with participating insurance expected to be a key product for the 2026 sales season [4][12] - Participating insurance products are primarily driven by the company's investment capabilities, with guaranteed returns generally lower than traditional insurance, while floating returns depend on market conditions and the insurer's performance [12][26] - Regulatory policies are continuously guiding the reduction of demonstration returns and actual settlement rates for participating insurance, impacting the overall market dynamics [29][33] Summary by Sections 1. "Guaranteed + Floating" Dual Returns of Participating Insurance - Participating insurance originated from sharing surplus and mitigating interest spread losses, allowing policyholders to receive a portion of the insurer's surplus based on actual performance [12] - The attractiveness of participating insurance is enhanced by its dual return structure, which combines guaranteed and floating returns, with the latter being influenced by the insurer's investment performance [12][26] - In 2026, many listed insurance companies are focusing on participating insurance products, with most products having a predetermined interest rate of 1.75% and demonstration rates between 3.3% and 3.9% [4][5] 2. Value Rate of Participating Insurance - Participating insurance typically has a lower value rate compared to traditional insurance under similar assumptions, as 70% of the investment returns exceeding the guaranteed return are distributed to policyholders [5][12] - The use of the Variable Fee Approach (VFA) for measuring participating insurance reduces financial statement volatility, leading to more stable net profits and net assets [5][6] - The increase in the proportion of participating insurance generally results in reduced fluctuations in net profit and net assets, especially during market volatility [5][6] 3. Supply and Demand Driving Participating Insurance Growth - Participating insurance shows comparative advantages during stock market fluctuations and low-interest periods, with regulatory policies also playing a significant role in its sales growth [6][12] - The demand for participating insurance is bolstered by its attractive features in a low-interest environment, making it a key product for capturing deposits migrating from traditional savings [6][12] - The concentration of leading insurers in the participating insurance market has been increasing, with companies like China Ping An, China Pacific Insurance, and China Life being recommended for their growth potential in this segment [6][12]

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通告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對本通告全部或任何部分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。 董事會會議通告 新華人壽保險股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈， 本公司將於二零二六年三月二十七日（星期五）舉行董事會會議，藉以(其中包 括)考慮及批准本公司及其附屬公司截至二零二五年十二月三十一日止年度的業 績及其發佈，並考慮派發末期股息，以及處理其他事項。 承董事會命 新華人壽保險股份有限公司 楊玉成 董事長 中國北京，2026 年 3 月 17 日 於本通告日期，本公司董事長、執行董事為楊玉成；執行董事為龔興峰；非執行董事為 楊雪、毛思雪、胡愛民和張曉東；及獨立非執行董事為馬耀添、徐徐、郭永清和卓志。 ...

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通告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對本通告全部或任何部分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。 承董事會命 新華人壽保險股份有限公司 楊玉成 董事長 中國北京，2026 年 3 月 17 日 於本通告日期，本公司董事長、執行董事為楊玉成；執行董事為龔興峰；非執行董事為 楊雪、毛思雪、胡愛民和張曉東；及獨立非執行董事為馬耀添、徐徐、郭永清和卓志。 董事會會議通告 新華人壽保險股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈， 本公司將於二零二六年三月二十七日（星期五）舉行董事會會議，藉以(其中包 括)考慮及批准本公司及其附屬公司截至二零二五年十二月三十一日止年度的業 績及其發佈，並考慮派發末期股息，以及處理其他事項。 ...

Investment Rating - The report maintains an "Overweight" rating for the insurance industry [2][3]. Core Insights - Short-term trading factors are suppressing insurance stock valuations, but this is not expected to alter the profit improvement outlook for listed insurance companies. The government work report guides the industry towards high-quality development, with a growth in new insurance premiums through bancassurance channels. The report emphasizes the certainty of profit improvement in the insurance sector, supported by stable interest rates and a gradual recovery in the equity market [3][4][6]. Summary by Sections 1. Short-term Valuation Pressure Does Not Change Profit Improvement Expectations - From March 2 to March 13, the Shenwan Insurance Index (801194.SI) fell from 1401.76 to 1369.48, a decline of -2.30%. In the same period, the CSI 300 index decreased by -1.26%, the Shanghai Composite Index by -2.08%, and the Hang Seng Index by -2.28%. The report identifies trading concerns as the core factor behind the divergence between corporate profit improvement and stock prices, with a high certainty of profit improvement in the insurance sector [7][8]. 2. Industry Event Tracking 2.1. Government Work Report Guides High-Quality Development - The government work report emphasizes the role of insurance in various key areas, including livelihood security and rural revitalization. It sets high-quality development goals for the insurance sector, including improvements in commercial health insurance and agricultural insurance [12]. 2.2. Growth in New Insurance Premiums - In February, 79 life insurance companies reported a total of 69 billion yuan in new premiums through bancassurance channels, a year-on-year increase of 6.9%. Cumulatively, new premiums for January and February reached 281.4 billion yuan, up 21.7% year-on-year [13]. 2.3. Steady Increase in Industry Assets - As of the end of Q4 2025, the total assets of insurance institutions reached 41.31 trillion yuan, reflecting a year-on-year growth of 15.1% [13]. 2.4. Investment in Venture Capital - Several insurance companies, including Xinhua Insurance and Zhonghui Life, have invested in the Beijing-Tianjin-Hebei Venture Capital Guidance Fund, marking their participation in venture capital [14]. 2.5. Capital Increase by Multiple Insurance Companies - By March 13, several insurance institutions, including Ping An Life and Dajia Property Insurance, have initiated capital increases totaling over 5 billion yuan [15]. 3. Company Event Tracking 3.1. New Management at Taiping Life - Wang Xuze has been appointed as the General Manager of Taiping Life, effective March 2026 [16]. 3.2. Launch of New Insurance Product by ZhongAn Insurance - ZhongAn Insurance has launched the "Zhongminbao·High-end Medical Insurance 2026," which covers various medical scenarios for individuals with pre-existing conditions [16]. 4. Investment Recommendations - The report recommends stocks such as Ping An, China Pacific Insurance, Xinhua Insurance, China Property Insurance, China Life, and China People's Insurance Group, citing strong growth in new business value (NBV) and improved underwriting profitability in the property insurance sector [16].

Investment Rating - The report maintains an "Overweight" rating for the insurance industry [2][3]. Core Insights - Short-term trading factors are suppressing insurance stock valuations, but this is not expected to alter the profit improvement outlook for listed insurance companies. The government work report guides the industry towards high-quality development, with a growth in new insurance premiums through bancassurance channels. The report emphasizes the certainty of profit improvement in the insurance sector despite recent valuation pressures [3][6]. Summary by Sections 1. Short-term Valuation Pressure Does Not Change Profit Improvement Expectations - From March 2 to March 13, the Shenwan Insurance Index (801194.SI) fell from 1401.76 to 1369.48, a decline of -2.30%. In the same period, the CSI 300 index decreased by -1.26%, the Shanghai Composite Index by -2.08%, and the Hang Seng Index by -2.28%. The report identifies trading concerns as the core factor behind the divergence between corporate profit improvement and stock prices, with a high certainty of profit improvement in the insurance sector under stable interest rates and a slow bull market assumption [7][8]. 2. Industry Event Tracking 2.1. Government Work Report Guides High-Quality Development - The government work report emphasizes the role of insurance in various key areas, including livelihood security and rural revitalization. It sets high-quality development goals for the insurance sector, including improvements in commercial health insurance and agricultural insurance [12]. 2.2. Growth in New Insurance Premiums - In February, 79 life insurance companies reported a total of 69 billion yuan in new premiums through bancassurance channels, a year-on-year increase of 6.9%. Cumulatively, new premiums for January and February reached 281.4 billion yuan, up 21.7% year-on-year [13]. 2.3. Steady Increase in Industry Assets - As of the end of Q4 2025, the total assets of insurance institutions reached 41.31 trillion yuan, reflecting a year-on-year growth of 15.1% [13]. 2.4. Investment in Venture Capital - Several insurance companies, including New China Life and Zhonghui Life, have invested in the Beijing-Tianjin-Hebei Venture Capital Guidance Fund, marking their formal participation in venture capital [14]. 2.5. Capital Increases by Multiple Insurance Companies - By March 2026, several insurance institutions, including Ping An Life and Dajia Property Insurance, have initiated capital increases totaling over 5 billion yuan [15]. 3. Company Event Tracking 3.1. New Management at Taiping Life - Wang Xuze has been appointed as the General Manager of Taiping Life, effective March 2026, overseeing the company's overall management [16]. 3.2. Launch of New Insurance Product by ZhongAn Insurance - ZhongAn Insurance has launched the "Zhongminbao·High-end Medical Insurance 2026," which covers various medical scenarios for individuals with pre-existing conditions [16]. 4. Investment Recommendations - The report recommends stocks such as Ping An, China Pacific Insurance, New China Life, China Property Insurance, China Life, and China People's Insurance Group, citing strong growth in new business value (NBV) and improved underwriting profitability in the property insurance sector [16].

Investment Rating - The report maintains an "Accumulate" rating for the non-bank financial sector [4] Core Insights - The "14th Five-Year Plan" emphasizes the role of capital markets and the insurance industry in supporting the real economy and social welfare [1] - Key initiatives include the enhancement of patient capital, reform of investment and financing mechanisms, and the development of a multi-layered pension insurance system [3][7] - The insurance sector is set to benefit from policies aimed at expanding coverage for long-term care and commercial health insurance, addressing the aging population [3][15] Summary by Sections Industry Dynamics - The non-bank financial sector, including securities and insurance, experienced fluctuations with declines of -1.93% and -2.10% respectively during the week of March 9-13, 2026 [11] - The ten-year government bond yield increased to 1.8143%, up 3.33 basis points from the previous week [17] Insurance - The government is accelerating the development of a multi-tiered pension insurance system and enhancing the coverage of commercial health insurance [3][15] - The establishment of a long-term care insurance system is a priority, aiming to cover 300 million people [15] - The insurance product landscape is diversifying, with a focus on agricultural insurance and technology insurance [3] Securities - The China Securities Regulatory Commission (CSRC) has introduced new disclosure regulations for public funds, promoting a focus on long-term and value investing [20] - Market activity remains robust, with a daily average trading volume of 30,495.51 billion yuan, although it decreased by 5.65% week-on-week [23] - The number of IPO approvals was six, with a total fundraising amount of 2.277 billion yuan [23] Investment Recommendations - The report suggests a positive outlook for the insurance sector, driven by long-term demand for medical and pension insurance, despite short-term market pressures [7][31] - In the securities sector, the report highlights the benefits for IT companies and brokerages due to increased market risk appetite and trading activity [31] - Specific companies to watch include China Ping An A/H, China Life H, Guotai Junan, and Huatai Securities [7][31]

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, particularly highlighting the investment value of insurance and brokerage firms [1]. Core Insights - The "14th Five-Year Plan" is expected to benefit the insurance and brokerage sectors, enhancing their configuration value [1]. - The report emphasizes the importance of the "14th Five-Year Plan" in driving policy, funding, and market trading, which is anticipated to lead to a double boost for brokerages in 2026 [2]. - The report identifies three main investment themes for brokerages: strong comprehensive capabilities of leading institutions, brokerages with significant earnings elasticity, and firms with strong international business competitiveness [2]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4,669.14 with a fluctuation of +0.19%. The non-bank index closed at 1,887.83, down by -1.93%. The brokerage, insurance, and diversified financial indices reported declines of -1.75%, -2.10%, and -2.73% respectively [5]. Non-Banking Industry News and Key Announcements - The "14th Five-Year Plan" emphasizes the need for a robust financial system, focusing on risk prevention, strong regulation, and high-quality development. It aims to enhance financial services for the real economy and promote various financial sectors, including technology and green finance [7][8]. - The report highlights the need for financial institutions to focus on their core businesses and improve governance, supporting the development of first-class investment banks and institutions [8]. Investment Analysis - For brokerages, 2026 is seen as a pivotal year with potential for significant growth driven by policy and market dynamics. Recommended stocks include Guotai Junan, GF Securities, and CITIC Securities for their strong market positions and performance potential [2]. - In the insurance sector, the report suggests a mid-term positive outlook for value reassessment, recommending China Ping An, New China Life, and China Life Insurance among others [2]. Key Data Tracking - As of March 13, 2026, the average daily stock trading volume was 25,719.27 billion [31]. - The margin trading balance reached 26,646.58 billion as of March 12, 2026 [33].

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, particularly highlighting the investment value of the insurance and brokerage segments [1]. Core Insights - The "14th Five-Year Plan" is expected to benefit the insurance and brokerage sectors, enhancing their configuration value [1]. - The report emphasizes the importance of the "14th Five-Year Plan" in driving policy, funding, and market trading, which is anticipated to create a favorable environment for brokerages in 2026 [2]. - The report identifies three main investment themes for brokerages: strong institutions benefiting from improved competitive dynamics, brokerages with significant earnings elasticity, and firms with strong international business capabilities [2]. Summary by Sections Market Review - During the week of March 9-13, 2026, the Shanghai Composite Index closed at 4,669.14 with a slight increase of +0.19%, while the non-bank index fell to 1,887.83, down -1.93% [6]. - The brokerage, insurance, and diversified financial indices reported declines of -1.75%, -2.10%, and -2.73%, respectively [6]. Non-Banking Industry News and Key Announcements - The "14th Five-Year Plan" emphasizes the construction of a modern financial system, focusing on risk prevention, strong regulation, and high-quality development [8]. - The plan aims to enhance financial services for the real economy, promote technological and green finance, and improve the structure of monetary policy tools [8]. - The report notes that the brokerage sector's market share in non-cash fund distribution has increased, with the top 100 brokerages holding a 23% market share, up 2.02 percentage points from the previous half [2]. Investment Analysis - For brokerages, 2026 is seen as a pivotal year with potential for significant growth driven by policy and market dynamics. Recommended stocks include Guotai Junan, Haitong Securities, and Citic Securities for their strong competitive positions [2]. - The insurance sector is expected to undergo a value reassessment, with recommendations for China Ping An, New China Life, and China Life Insurance, among others [2].

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial sector [1] Core Insights - The non-bank financial sector is expected to see significant valuation improvement, with catalysts anticipated from upcoming quarterly reports [1] - The insurance sector is experiencing rapid growth in total assets and a substantial increase in equity allocation [23][25] - The securities industry is benefiting from increased trading volumes and supportive regulatory developments aimed at enhancing capital market quality [14][16] - The multi-financial sector is transitioning into a stable growth phase, with trust assets continuing to grow and futures trading volumes remaining high [33][37] Summary by Sections Non-Bank Financial Sector Performance - In the recent five trading days (March 9-13, 2026), all sub-sectors of non-bank financials underperformed the CSI 300 index, with declines of 1.72% in securities, 2.05% in insurance, and 2.79% in multi-financials, while the overall non-bank financial sector fell by 1.82% [8][9] Securities Sector - Trading volume has increased month-on-month, with March's average daily trading volume reaching 29,726 billion yuan, a year-on-year increase of 73.84% and a month-on-month increase of 10.55% [14] - The margin financing balance as of March 12, 2026, was 26,647 billion yuan, reflecting a year-on-year increase of 37.75% [14] - The average price-to-book (PB) ratio for the securities industry is projected at 1.2x for 2026, indicating potential for further valuation enhancement [21] Insurance Sector - By the end of 2025, total assets of insurance companies and asset management firms reached 41.3 trillion yuan, a 15.1% increase from the beginning of the year [23] - The insurance sector's premium income for 2025 was 6.1 trillion yuan, a year-on-year growth of 7.4% [24] - The average solvency ratio for insurance companies was 181.1% as of the end of 2025, indicating strong financial health [24] Multi-Financial Sector - The trust industry saw its asset scale reach 32.43 trillion yuan by mid-2025, a year-on-year growth of 20.11% [33] - The futures market recorded a trading volume of 5.03 billion contracts in February 2026, with a transaction value of 55.59 trillion yuan, reflecting a year-on-year increase in transaction value of 7.82% [37] - The report suggests that innovation in risk management will be a key focus for the futures industry moving forward [41] Industry Ranking and Company Recommendations - The report ranks the non-bank financial sectors as follows: insurance > securities > other multi-financials, with key company recommendations including China Ping An, China Taiping, China Life, New China Life, China Pacific Insurance, CITIC Securities, and Tonghuashun [48]

Core Insights - The report emphasizes the potential for short-term fluctuations to build upward momentum in the non-bank financial sector, suggesting a focus on left-side layout opportunities [1] - The industry rating remains at "Buy," consistent with previous assessments [2] Group 1: Market Performance - As of March 14, 2026, the Shanghai Composite Index was at 4095.45, down 0.70%, while the Shenzhen Component Index rose by 0.76% [10] - The CSI 300 Index increased by 0.19%, and the ChiNext Index saw a significant rise of 2.51% [10] - The CITIC II Securities Index fell by 1.67%, and the CITIC II Insurance Index dropped by 2.02% [10] Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - The insurance sector experienced a notable pullback, with the insurance index declining by 2%, underperforming the CSI 300 Index [15] - The report suggests that despite short-term catalysts being lacking, the current valuation presents a cost-effective opportunity [15] - Short-term performance may benefit from an upward trend in equity markets and low performance bases for some insurance companies in the first half of 2025 [15] - Long-term prospects are bolstered by stable long-term interest rates and improvements in the equity market, which are expected to enhance the asset side of insurance companies [15] Securities Sector - The report outlines the China Securities Regulatory Commission's (CSRC) initiatives to support high-quality development in the capital market, emphasizing the importance of the "14th Five-Year Plan" [16][17] - Key measures include enhancing market stability, reforming the Sci-Tech Innovation Board, and optimizing refinancing mechanisms [17] - The report highlights the potential for structural opportunities in the brokerage industry, particularly in investment banking and private equity services, driven by policy encouragement for early-stage investments [17] Group 3: Key Company Recommendations - The report recommends focusing on specific companies within the insurance sector, including China Ping An, China Life, and New China Life, due to their favorable growth prospects [15] - In the securities sector, companies such as CITIC Securities, Huatai Securities, and China Galaxy Securities are highlighted for their potential to benefit from the evolving market landscape [5][6]