非银金融行业周报 非银上半年业绩喜人，看好板块后续表 现 2025 年 09 月 01 日 【投资要点】 东方财富证券研究所 挖掘价值 投资成长 强于大市（维持） 证券分析师：王舫朝 证书编号：S1160524090005 证券分析师：廖紫苑 证书编号：S1160524120004 联系人：汪筠婷 相对指数表现 -10% 6% 22% 38% 54% 70% 2024/9 2025/3 2025/8 非银金融 沪深300 相关研究 《市场延续活跃，看好非银板块配置价值》 2025.08.24 《A 股再现"双 2 万亿"，金融数据释放积 极信号》 2025.08.17 《稳定币浪潮有望重塑全球经济金融秩序 ——稳定币系列报告（二）》 2025.08.12 《两融余额重返 2 万亿，市场活跃度持续 攀升》 2025.08.11 《政治局会议传递积极信号，香港稳定币 条例正式生效》 2025.08.03 行 业 研 究 / 非 银 金 融 / 证 券 研 究 报 告 市场观点：7 月规模以上工业企业利润同比-1.5%，降幅较 6 月收窄 2.8pct，连续两个月收窄。本周国务院发布深入实施"人工智能+"行动 的意 ...

Investment Rating - The report indicates a positive outlook for the insurance sector, recommending strong beta stocks and companies with good business quality, particularly focusing on leading life insurance companies and those with favorable dividend policies [4]. Core Insights - The combined net profit of five A-share listed insurance companies increased by 3.7% in H1 2025, with Q2 showing a year-on-year growth of 5.9%, primarily driven by improvements in the asset side [1][11]. - The growth rates of net profit for major companies in H1 2025 were as follows: Xinhua 33.5%, China Property & Casualty 32.3%, PICC 16.9%, Taiping 12.2%, Taikang 11.0%, Sunshine 7.8%, China Life 6.9%, Ping An -8.8%, and AIA -23.1% [1][11]. - The operating profit for Ping An and Taiping grew by 3.7% and 7.1% respectively, with all listed insurance companies achieving positive growth in operating profit [2][16]. Financial Performance - **Net Profit**: The net profit of five listed insurance companies increased by 3.7% in H1 2025, with Q2 showing a 5.9% increase [1][11]. - **Contract Service Margin**: The contract service margin showed positive growth across the board, with the highest growth rates seen in PICC (+12.0%) and Sunshine (+10.3%) [19]. - **Net Assets**: The growth rates of net assets varied, with PICC leading at +6.1%, while Sunshine and Xinhua experienced declines of -10.1% and -13.3% respectively [1][23]. Revenue Analysis - **Insurance Service Performance**: The insurance service performance showed overall growth, with notable increases in companies like Sunshine (+13.3%) and PICC (+1.7%) [25]. - **Investment Performance**: Investment performance varied significantly, with Ping An and Taiping showing declines, while companies like Xinhua and PICC reported positive investment results [26]. Life Insurance - **New Business Value (NBV)**: The NBV growth rates for listed insurance companies in H1 2025 were led by PICC (+62.7%), Sunshine (+47.2%), and Ping An (+39.8%) [29][30]. - **Margin Improvement**: The margin for new business improved due to strong demand for savings products and a reduction in the preset interest rate [29]. Non-Life Insurance - **Premium Growth**: The non-auto insurance premium growth was mixed, with overall low growth in the property and casualty insurance sector [4]. - **Combined Operating Ratio (COR)**: The COR improved year-on-year, with China Property & Casualty showing the best performance at 94.8% [4]. Investment Recommendations - The report recommends focusing on leading life insurance companies with good business quality, strong beta stocks like Xinhua Insurance, and companies with favorable dividend policies such as China Taiping [4].

Core Insights - As of June 30, 2025, Xinhua Insurance's investment scale exceeded 1.7 trillion yuan, representing a 5.1% increase from the end of the previous year, with an annualized total investment return rate of 5.9%, up 1.1 percentage points year-on-year [2][14] - The company reported an operating income of 70.041 billion yuan, a year-on-year increase of 26%, and a net profit attributable to shareholders of 14.8 billion yuan, up 33.5% year-on-year [2] - Xinhua Insurance plans to distribute a mid-term cash dividend of 0.67 yuan per share, totaling approximately 2.09 billion yuan, which accounts for 14.1% of the company's net profit for the first half of 2025 [2] Financial Performance - Original insurance premium income reached 121.262 billion yuan, a 22.7% increase year-on-year, with new business value at 6.182 billion yuan, up 58.4% [5][6] - The company's internal value stood at 279.394 billion yuan, an 8.1% increase from the end of the previous year [5] - The first-year premium income for long-term insurance surged by 113.1% to 39.622 billion yuan, with first-year regular premium income increasing by 64.9% [4][6] Investment Strategy - Xinhua Insurance's investment strategy includes a focus on high-quality assets to withstand low-interest-rate challenges, with a total investment scale of over 1.7 trillion yuan [9] - The company has actively participated in the Honghu Fund, with a planned total investment of 46.25 billion yuan across three phases [3][12] - The investment portfolio consists of 50.6% bonds, 11.6% stocks, and 7.0% funds, with a notable increase in core equity size by 4.0% to 319.4 billion yuan [9][10] Product Development - The company has successfully transformed its dividend insurance offerings, with significant growth in first-year premium income from individual channels [8] - The contribution of dividend insurance products is expected to increase, with a focus on enhancing product competitiveness and innovation in sales and service [8] - Xinhua Insurance aims to improve asset-liability matching and mitigate risks associated with interest rate fluctuations through strategic adjustments [8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock performance that will exceed the market index by more than 15% over the next six months [6][9]. Core Insights - The company has accelerated its transformation towards dividend insurance, achieving rapid growth in both new business value (NBV) and net profit. In the first half of 2025, the company reported an operating income of 70.041 billion yuan, a year-on-year increase of 26.0%, and a net profit attributable to shareholders of 14.799 billion yuan, up 33.5% year-on-year [4][5]. Summary by Relevant Sections Financial Performance - In the first half of 2025, the company achieved original insurance premium income of 121.262 billion yuan, a year-on-year increase of 22.7%. The new business value reached 6.182 billion yuan, reflecting a year-on-year growth of 58.4% [5]. - The company’s return on equity (ROE) for the trailing twelve months (TTM) stands at 35.90% [2]. Business Segments - The rapid growth in new single premium income was driven by long-term insurance, which saw first-year premium income of 39.622 billion yuan, a significant increase of 113.1%. The first-year regular premium and lump-sum premium increased by 64.95% and 353.3%, respectively [5]. - The company has enriched its dividend insurance product offerings, leading to a 24.9% year-on-year increase in dividend insurance premium income, with new single scale increasing by an extraordinary 231,250.0% [5]. Distribution Channels - The individual insurance channel's NBV was 3.105 billion yuan, up 11.69% year-on-year, with long-term insurance first-year premium income reaching 14.506 billion yuan, a 70.8% increase [5]. - The bancassurance channel achieved a historical breakthrough in NBV, reporting 3.267 billion yuan, a year-on-year increase of 137.08%, with new single premium income rising by 150.3% [5]. Investment Strategy - The company has shifted its investment strategy towards high-dividend OCI-type equity instruments, increasing its investment in high-dividend OCI equity tools from 30.640 billion yuan at the beginning of the year to 37.466 billion yuan, an increase of 6.826 billion yuan [5]. - As of June 2025, the company's investment in bonds and stocks accounted for 50.6% and 11.6% of its portfolio, respectively [5]. Dividend Policy - The company plans to distribute an interim cash dividend of 0.67 yuan per share, totaling approximately 2.09 billion yuan, which represents 14.1% of the net profit attributable to shareholders for the first half of 2025 [7].

Investment Rating - The report maintains an "Overweight" rating for the insurance sector [1] Core Insights - The insurance industry is experiencing a transformation towards dividend products, which is helping to alleviate interest spread pressures and enhance investment resilience through increased allocation to OCI stocks [1] Summary by Sections 1. Overall Performance of Listed Insurance Companies in H1 2025 - The total net profit of major listed insurance companies in H1 2025 reached CNY 188.5 billion, a year-on-year increase of 4.4% [11] - The net profit growth was primarily driven by improved investment returns, with a notable performance from New China Life, which saw a 33.5% increase [11][12] - The net assets of listed insurance companies increased by 0.8% compared to the beginning of the year, reaching CNY 21,954 billion [14] 2. Life Insurance: NBV Growth and Contribution from Bank Insurance Channels - New business value (NBV) continued to grow rapidly, with New China Life's new single premium insurance seeing a year-on-year increase of 100.5% [22] - The proportion of dividend insurance in new business has significantly increased, with China Life's dividend insurance accounting for over 50% of its new single premium [29] - The bank insurance channel has shown explosive growth, contributing significantly to new business and NBV growth [22][34] 3. Property Insurance: Steady Premium Growth and Improved Cost Ratios - Property insurance premiums grew steadily, with a year-on-year increase of 4% for listed companies [3] - The comprehensive cost ratio improved to an average of 96.1%, benefiting from reduced disaster claims and better expense management [3] 4. Investment: Increased Allocation to Stock Investments - Listed insurance companies have significantly increased their stock investments, with the proportion of FVOCI stocks rising by 7.2 percentage points to approximately 41% [4] - The total investment assets of listed insurance companies grew by 7.5% compared to the beginning of the year [4] - The average net investment return decreased by 0.2 percentage points, primarily due to declining interest rates, while total investment returns showed a mixed performance [4] 5. Investment Recommendations - The report suggests that the fundamental improvements in the insurance sector indicate a positive investment outlook for insurance stocks, with valuations at historical lows [5]

【文/羽扇观金工作室】 截至2025年8月28日，A股五家上市险企已悉数完成半年度业绩披露，数据显示，中国人保、中国人 寿、中国平安、中国太保及新华保险在上半年共计实现归属于母公司股东的净利润1781.93亿元，整体 同比增长3.7%。 具体来看，上市险企的归母净利润呈现"四升一降"的态势，整体经营业绩表现亮眼。 半年报显示，中国人保上半年总投资收益达414.78亿元，同比增长42.7%，年化总投资收益率为5.1%， 同比提升了1.0个百分点。新华保险的总投资收益也达到452.88亿元，同比增长43.3%，年化总投资收益 率为5.9%，同比提升1.1个百分点。中国人寿上半年总投资收益1275.06亿元，同比上升4.2%，总投资收 益率为3.29%。中国太保上半年总投资收益568.89亿元，同比增长1.5%，总投资收益率为2.3%。中国平 安上半年总投资收益为962.16亿元，同比下降1.8%，但其非年化综合投资收益率为3.1%，同比上升了 0.3个百分点。 为了与投资者共享高质量发展成果，四家上市险企披露了中期现金分红计划。 中国人保拟向全体股东派发现金股利每10股0.75元（含税），共计约33.17亿元（含 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 601601 | 中国太保 | 39.60 | -1.76% | 37.72万 | | 15.05亿 | | 601318 | 中国平安 | 58.51 | -2.29% | 94.85万 | | 55.67亿 | | 61319 | 中国人保 | 8.75 | -2.56% | 102.16万 | | 26668 | | 601628 | 中国人寿 | 40.97 | -2.64% | 27.89万 | | 11.50亿 | | 601336 | 新华保险 | 65.75 | -3.65% | 32.92万 | | 21.85 Z | 证券之星消息，9月1日保险板块较上一交易日下跌2.48%，新华保险领跌。当日上证指数报收于 3875.53，上涨0.46%。深证成指报收于12828.95，上涨1.05%。保险板块个股涨跌见下表： | 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 ...

Core Insights - Xinhua Insurance has shown impressive performance in both A-shares and H-shares, being recognized as a bellwether for insurance stocks in the market [1] - The company reported a significant turnaround in premium income growth, achieving a 1.9% year-on-year increase in the first eight months of 2024, totaling 130.28 billion yuan [1] - The company’s chairman, Yang Yucheng, emphasized the investment value of Xinhua Insurance, despite market perceptions of rapid stock price increases [1] Premium Income Performance - In August 2024, Xinhua Insurance achieved premium income of 18.407 billion yuan, marking a substantial year-on-year growth of 122.0% [2] - The company has maintained a high growth trajectory in premium income throughout the year, with monthly figures showing consistent increases: January (39.449 billion yuan), February (51.124 billion yuan), March (73.218 billion yuan), April (85.379 billion yuan), May (99.090 billion yuan), and June (121.262 billion yuan) [2] - Year-on-year growth rates for the first six months of 2025 were 32%, 29%, 28%, 27%, 26%, and 23% respectively [2]

Core Viewpoint - The five major listed insurance companies in A-shares have shown stable main business performance and aggressive investment strategies in the first half of 2025, reflecting a new logic in asset-liability management and injecting more certainty into the capital market [2][5]. Group 1: Financial Performance - In the first half of 2025, the five major insurance companies achieved a total net profit attributable to shareholders of 178.19 billion yuan, a year-on-year increase of 3.7% [2][4]. - The revenue of the five major insurance companies reached 1.3339 trillion yuan, with China Ping An leading at 500.08 billion yuan, followed by China Pacific Insurance at 324.01 billion yuan [3][4]. - New China Life Insurance emerged as a "dark horse" with a net profit growth of 33.5%, while China Ping An experienced a decline of 8.8% in net profit [2][4]. Group 2: Business Growth and New Strategies - The new business value of the five major insurance companies collectively exceeded 70 billion yuan, with a year-on-year growth rate generally exceeding 20% [6][8]. - The insurance industry is experiencing a steady growth trend, with the total investment balance of insurance companies surpassing 36 trillion yuan by the end of the second quarter [5][12]. - The shift towards high-quality value growth is evident as companies focus on improving the quality of their agent teams and deepening cooperation in bancassurance channels [8][12]. Group 3: Investment Performance - The total investment income of the five major insurance companies reached 367.38 billion yuan, a year-on-year increase of nearly 9% [9][10]. - The companies collectively increased their equity asset allocation, with a total increase of 411.9 billion yuan in stocks, raising the stock balance to 1.85 trillion yuan [9][10]. - Investment returns varied among companies, with China Ping An achieving a non-annualized comprehensive investment return rate of 3.1%, while New China Life reported a total investment return rate of 5.9% [10][11]. Group 4: Dividend Distribution - Four of the five major insurance companies announced mid-term dividend plans, with a total proposed cash distribution of 29.336 billion yuan [11]. - New China Life's mid-term cash dividend per share increased by 24% compared to the previous year, reflecting a commitment to returning value to shareholders [11]. Group 5: Future Outlook - The insurance companies are expected to benefit from channel reforms and the popularity of value-oriented products, which may enhance performance in the second half of the year [12]. - The combination of asset and liability strategies is anticipated to support overall performance, with insurance capital providing long-term funding to the capital market [12].

Core Viewpoint - The Hong Kong stock market is showing strength, particularly in cyclical sectors such as consumer discretionary, metals, pharmaceuticals, coal, and steel, with the launch of the Tianhong Central Enterprise Dividend ETF (159281) on September 2, 2023, which aims to track high dividend-yielding central enterprises [1] Group 1: ETF and Index Details - The Tianhong Central Enterprise Dividend ETF has an annual management fee of 0.5% and a custody fee of 0.1% [1] - The ETF closely tracks the Hong Kong Stock Connect Central Enterprise Dividend Index (931233), which selects stable dividend-paying companies controlled by central enterprises within the Stock Connect framework [1] - As of the end of Q2 2025, the index's sector distribution includes banking, transportation, non-bank financials, telecommunications, and oil and petrochemicals, with the top ten constituents accounting for 31% of the index [1] Group 2: Performance Metrics - The index has a dividend yield exceeding 7% as of the end of Q2 2025 [3] - Historical performance shows that the index achieved an annualized return of 14.27% over the past five years, with an annualized volatility of 22.02% as of July 9, 2025 [3] Group 3: Investment Outlook - The investment value of Hong Kong central enterprise dividends is expected to continue benefiting from inflows of southbound capital, structural market conditions, and a focus on investor returns through improved dividend policies [4] - The Hong Kong market is anticipated to rise further in the second half of the year, driven by three positive factors, including the AI cycle benefiting technology stocks and the low-interest-rate environment enhancing dividend attractiveness [4]