每经AI快讯，10月13日，新华保险（601336）(601336.SH)公告称，预计2025年前三季度归属于母公司 股东的净利润为299.86亿元至341.22亿元，同比增长45%至65%。业绩增长主要因公司深化改革发展， 提升保险业务价值与经营质量，推进分红险转型，同时优化资产配置，投资收益在去年同期高基数上继 续大幅增长。 ...

智通财经APP讯，新华保险(01336)发布公告，经公司初步测算，公司2025年前三季度实现归属于母公司 股东的净利润预计为299.86亿元至341.22亿元(人民币，下同)，与2024年同期相比，预计增加93.06亿元 至134.42亿元，同比增长45%至65%;公司2025年前三季度实现归属于母公司股东的扣除非经常性损益的 净利润预计为289.98亿元至331.41亿元，与2024年同期相比，预计增加82.85亿元至124.28亿元，同比增 长40%至60%。 公司2025年前三季度业绩预计增长的主要原因是：公司深入践行金融国企使命担当，聚焦主责主业，强 化"以客户为中心"的战略导向，紧密围绕提升市场竞争力的核心目标，巩固并全面深化专业化、市场 化、系统化改革，扎实做好金融"五篇大文章"。公司聚焦保险业务价值增长和品质提升，升级强基工 程，强化制度经营和队伍自主经营能力提升，在产品、服务、队伍、生态、科技、运营等领域全面做好 保险负债端的经营管理，加快推进分红险转型，坚定走高质量、内涵式发展道路;同时坚定看好中国经 济未来前景，充分发挥保险资金"长期资本、耐心资本、战略资本"优势，积极响应保险资金入市的号 ...

新华保险公告，预计前三季度净利润较上年同期大幅增长。公司深入践行金融国企使命担当，聚焦主责 主业，强化"以客户为中心"的战略导向，聚焦保险业务价值增长和品质提升。前三季度中国资本市场回 稳向好，使得公司2025年前三季度投资收益在去年同期高增长基础上继续同比大幅增长，进而实现了 2025年前三季度净利润同比较大增长。 ...

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公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 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。 NEW CHINA LIFE INSURANCE COMPANY LTD. 01336 2025年前三季度業績預增公告 新華人壽保險股份有限公司（「本公司」）根據《證券及期貨條例》（香港法例第571章）第 XIVA部項下的內幕消息條文及《香港聯合交易所有限公司證券上市規則》第13.09條及 13.10B條，做出本公告。 一、本期業績預告情況 （一）業績預告期間：2025年1月1日至2025年9月30日。 （二）業績預告情況：經本公司初步測算，本公司2025年前三季度實現歸屬於母公司 股東的淨利潤預計為299.86億元至341.22億元（人民幣，下同），與2024年同期 相比，預計增加93.06億元至134.42億元，同比增長45%至65%；本公司2025年 前三季度實現歸屬於母公司股東的扣除非經常性損益的淨利潤預計為289.98億 元至331.41億元，與2024年同期相比，預計增加82.85億元至12 ...

二、新华人寿保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 一、同意新华人寿保险股份有限公司陈仓营销服务部将营业场所变更为：陕西省宝鸡市陈仓区公园路1 号院2幢房屋2层1-6号。 2025年9月30日，国家金融监督管理总局宝鸡监管分局发布批复称，《新华人寿保险股份有限公司陕西 分公司关于陈仓营销服务部变更营业场所的请示》（新保陕字〔2025〕97号）收悉。经审核，现批复如 下： ...

Core Viewpoint - Xinhua Insurance's stock price has shown fluctuations, with a year-to-date increase of 28.78% and a recent decline over the past 20 days, indicating mixed market sentiment towards the company [1]. Financial Performance - As of June 30, Xinhua Insurance reported a net profit of 14.799 billion yuan, representing a year-on-year growth of 33.53% [2]. - The company has distributed a total of 35.939 billion yuan in dividends since its A-share listing, with 13.913 billion yuan distributed over the past three years [3]. Shareholder Information - The number of shareholders decreased by 15.88% to 61,000 as of June 30, while the average number of circulating shares per person increased by 18.96% to 34,325 shares [2]. - Hong Kong Central Clearing Limited is the fourth largest circulating shareholder, holding 60.5095 million shares, an increase of 6.6977 million shares from the previous period [3]. Stock Market Activity - On October 13, Xinhua Insurance's stock price fell by 2.01% to 61.44 yuan per share, with a trading volume of 758 million yuan and a turnover rate of 0.59% [1]. - The stock experienced a net outflow of 60.0765 million yuan in principal funds, with significant selling pressure observed [1].

每经AI快讯，10月13日，港股内险股全线走低，截至发稿，新华保险(01336.HK)跌3.77%，报45.98港 元；中国财险(02328.HK)跌3.1%，报17.79港元；中国太保(02601.HK)跌2.93%，报30.48港元；中国人寿 (02628.HK)跌2.54%，报21.5港元。 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [9] Core Insights - The upcoming Q3 reports are expected to show continued high growth in brokerage performance, enhancing the sector's allocation value. The insurance sector reflects a trend of deposit migration, increased equity allocation, and improved new policy costs, leading to a higher certainty of long-term ROE improvement and accelerated valuation recovery. Overall, the cost-effectiveness of allocations is gradually increasing [2][6] - Recommendations include companies with stable profit growth and dividend rates such as Jiangsu Jinzu, China Ping An, and China Pacific Insurance, as well as firms with significant advantages in business models and market positions [6] - The report recommends specific stocks including Xinhua Insurance, China Life, Hong Kong Stock Exchange, CITIC Securities, Dongfang Wealth, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation levels [2][6] Market Performance - The non-bank financial index increased by 0.5% last week, with a relative excess return of +1.0% compared to the CSI 300, ranking in the middle of the industry [7] - Year-to-date, the non-bank financial index has risen by 7.4%, but with a relative excess return of -9.9% compared to the CSI 300, indicating a lower ranking [7] - The average daily trading volume in the market has increased to 26,029.82 billion yuan, up 18.98% week-on-week, with a daily turnover rate of 2.71%, up 42.99 basis points [7] Key Industry News & Company Announcements - The China Banking and Insurance Regulatory Commission issued a notice on strengthening the regulation of non-auto insurance business [8] - China Pacific Insurance's Chief Actuary Zhang Yuanhan has resigned [8]

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial industry [1] Core Insights - The report highlights the regulatory push for high-quality development in health insurance and the implementation of "reporting and operation integration" in non-auto insurance, which is expected to improve industry profitability [1][4] Summary by Sections Non-Bank Financial Subsector Performance - In the recent two trading days (October 9-10, 2025), all non-bank financial sub-sectors outperformed the CSI 300 index, with the securities sector rising by 0.55%, insurance by 0.72%, and diversified finance by 1.68%, while the overall non-bank financial sector increased by 0.71% [9][10] Non-Bank Financial Subsector Views Securities - Trading volume has increased year-on-year, with the average daily trading volume for October 2025 reaching CNY 30,222 billion, a 35.10% increase compared to October 2024 [14] - The margin trading balance as of October 9, 2025, was CNY 24,455 billion, up 58.00% year-on-year [14] - The average price-to-book (PB) ratio for the securities industry is projected at 1.4x for 2025 [19] Insurance - The regulatory body has issued guidelines to promote high-quality development in health insurance, aiming for a multi-tiered health insurance market by 2030 [21] - Health insurance premiums totaled CNY 7,598 billion from January to August 2025, reflecting a 2.4% year-on-year growth [25] - The implementation of "reporting and operation integration" in non-auto insurance is expected to enhance profitability, with total premiums for non-auto insurance reaching CNY 6,195 billion, accounting for 50.8% of total premiums [24] Diversified Finance - The trust industry saw its asset scale reach CNY 29.56 trillion by the end of 2024, a 23.58% increase year-on-year, although profits declined significantly [32] - The futures market recorded a trading volume of 839 million contracts and a turnover of CNY 65.08 trillion in August 2025, marking year-on-year increases of 13.98% and 21.38%, respectively [35] Industry Ranking and Key Company Recommendations - The report ranks the insurance sector highest, followed by securities and diversified finance, recommending companies such as China Ping An, New China Life, China Pacific Insurance, CITIC Securities, Tonghuashun, and Jiufang Zhitu Holdings [48]

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, indicating an "Overweight" rating for the industry, suggesting it will outperform the overall market [4][55]. Core Insights - The report highlights strong growth in the brokerage sector, with a significant increase in new A-share accounts and trading volumes, indicating a robust market environment. The net profit for the brokerage sector is expected to show high year-on-year growth for the first nine months of 2025 [4]. - The insurance sector is undergoing regulatory changes aimed at improving profitability, particularly in non-auto insurance, which is expected to benefit leading companies in the industry [4]. - The report identifies three main investment themes in the brokerage sector: 1) Stronger institutions benefiting from improved competition, 2) Brokerages with high earnings elasticity, and 3) Companies with strong international business capabilities [4]. Market Review - The Shanghai Composite Index rose by 1.47% during the period from September 29 to October 10, 2025, while the non-bank index increased by 3.18%. The brokerage sector saw a rise of 4.42%, while the insurance sector increased by 0.89% [7]. - The average daily trading volume for the Shanghai and Shenzhen stock exchanges reached 26,034.09 billion yuan, reflecting a year-on-year increase of 56.08% [15][31]. Non-Bank Industry Data - As of October 10, 2025, the financing balance in the margin trading market was 24,455.47 billion yuan, showing a year-on-year increase of 31.2% [15]. - The report notes that the average daily trading volume for the first nine months of 2025 was 26,034.09 billion yuan, indicating a vibrant trading environment [31]. Regulatory Developments - The Financial Regulatory Bureau has implemented a new framework for non-auto insurance, focusing on improving underwriting profitability and establishing stricter fee management and compliance measures [4][17]. - The report mentions the central bank's liquidity measures, including significant net injections through various monetary policy tools, which aim to maintain market liquidity [16][19].