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的任何損失承擔任何責任。 NEW CHINA LIFE INSURANCE COMPANY LTD. 01336 《公司章程》修訂獲核准及不再設立監事會的公告 茲提述新華人壽保險股份有限公司（「本公司」）日期為2025年10月9日的通函（「該通函」）， 以及本公司日期為2025年9月30日及2025年10月31日的公告。 本公司於近日收到國家金融監督管理總局《關於新華人壽保險股份有限公司修改公司章程 的批覆》（金覆[2026]29號），國家金融監督管理總局已核准本公司2025年第三次臨時股東 大會對《新華人壽保險股份有限公司章程》（「《公司章程》」）的修訂。 本公司於2025年10月31日召開的2025年第三次臨時股東大會審議通過了《關於修訂〈公司 章程〉及撤銷監事會的議案》。本公司根據相關法律法規、監管規定和公司治理實踐對《公 司章程》的部分條款進行了修訂。具體修訂內容參見該通函。 本公司修訂後的《公司章程》自國家金融監督管理 ...

1月16日，新华保险公告称，于2025年1月1日至2025年12月31日期间累计原保险保费收入为人民币1958.99亿元，同比 增长15%。 （新华保险） ...

Investment Rating - The report maintains an "Overweight" rating for the industry [1]. Core Insights - The current preset interest rate for ordinary life insurance products is 1.89%, a slight decrease from the previous value of 1.90%, indicating a narrowing decline in the preset interest rate research values over recent quarters [4]. - The report highlights that the long-end interest rates have stabilized since 2025, with a gradual upward trend established in the second half of 2025, suggesting a positive outlook for the industry [4]. - The report emphasizes the implementation of a dynamic adjustment mechanism linking preset interest rates to market rates, which is expected to guide companies in prudent pricing and asset-liability management [4]. - The likelihood of a "buy-stop" season in 2026 is considered low, as the preset interest rate research value is close to the maximum allowable rate for current products, making significant adjustments unlikely [4]. Summary by Sections Industry Overview - The report notes that the preset interest rate research values have shown a decreasing trend, with recent declines of 21bps, 14bps, 9bps, and 1bps, indicating a gradual stabilization [3]. - The financial regulatory authority has issued guidelines to link preset interest rates with market rates, which is expected to enhance the industry's pricing strategies [4]. Market Trends - The report indicates that the 5-year LPR remains at 3.5%, the 5-year fixed deposit benchmark rate at 1.3%, and the 10-year government bond yield at 1.85%, all showing stability compared to the previous quarter [4]. - The report suggests that the insurance sector has experienced a positive cyclical recovery since December of the previous year, with expectations for improved performance and valuation recovery [4]. Investment Recommendations - The report recommends continued attention to key players in the insurance sector, including China Life, China Pacific Insurance, Ping An Insurance, New China Life, China Property & Casualty Insurance, and AIA Group, as they are expected to benefit from the anticipated market conditions [4].

Group 1 - The core point of the article highlights that as of January 20, a total of 107 stocks in the Shanghai and Shenzhen markets have experienced net buying through financing for five consecutive days or more [1] - The stock with the longest consecutive net buying days is Huatian Hotel, which has seen net buying for 12 consecutive trading days [1] - Other notable stocks with significant consecutive net buying days include China Merchants Bank, Ping An Bank, Focus Media, New China Life Insurance, Hongfuhuan, Kaile Shares, New Industry, and China Ping An [1]

Core Viewpoint - The insurance industry in China has strengthened its role in financial services, focusing on disaster prevention, rural revitalization, and inclusive protection, thereby enhancing its function as an economic stabilizer and social stabilizer [1] Group 1: Disaster Prevention and Mitigation - In 2025, natural disasters affected 67.03 million people, resulting in 763 deaths or missing persons, with direct economic losses amounting to 241.62 billion yuan [2] - The insurance industry has established an integrated disaster prevention and mitigation system, adhering to principles of prompt and reasonable compensation [2] - China Pacific Insurance led the establishment of a catastrophe insurance community, providing risk coverage for 74.52 million households, with claims amounting to 200 million yuan [2] Group 2: Support for National Strategies - The insurance sector has provided significant risk protection for key areas, including food security, with claims exceeding 13.3 billion yuan for crops [4] - In the green transition, the insurance industry has supported carbon neutrality goals, with over 900 million green insurance claims processed [4] - Insurance services have extended to high-end and intelligent sectors, with claims exceeding 11.6 billion yuan for technology-related activities [5] Group 3: Inclusive Financial Protection - The insurance industry has expanded its coverage for vulnerable groups, with over 15.17 million elderly clients receiving claims exceeding 11.3 billion yuan [6] - New citizens, including delivery workers and ride-hailing drivers, received over 2.2 billion yuan in claims for employment protection [7] - Inclusive insurance programs have reached over 34 million people, with claims exceeding 1.14 billion yuan [7]

Core Insights - The insurance industry has significantly improved claims processing speed and service efficiency by 2025, with "fast and full compensation" becoming a standard service feature [1][2][3] Group 1: Claims Processing Efficiency - In the life insurance sector, Xinhua Insurance reports that claims for small medical insurance under 5,000 yuan are settled in an average of 0.5 days, with 17% of claims processed within one hour and 70% within eight hours [1] - Ping An Life achieved a record claim payment in just 8 seconds, while ICBC-AXA's medical insurance claims can be settled in as little as 8 minutes for major claims [1] - China Life Property Insurance processed a claim in just 2.5 minutes, demonstrating strong emergency service capabilities even in complex disaster scenarios [2] Group 2: Digital Transformation and Technology Integration - The rapid improvement in claims speed is attributed to the implementation of digital transformation strategies and advanced technologies in the insurance sector [3] - Ping An Life introduced the DeepSeek model for intelligent claims review, achieving 93% of automated claims processed within 60 seconds [3] - China Life Health's intelligent claims review increased by 33.2% year-on-year, with an intelligent input rate exceeding 69% [3] Group 3: Expanded Insurance Services - Insurance services are evolving beyond mere financial compensation to encompass comprehensive health management and proactive risk reduction [4] - China Pacific Insurance aims to bridge the digital divide by providing personalized services for the elderly and vulnerable groups, reaching 947,000 people through online claims services [4] - The integration of technology is reshaping every aspect of the claims value chain, from reporting to payment, creating a more efficient and customer-friendly insurance service environment [4]

Core Insights - The total claims amount for life insurance companies in 2025 has increased significantly, with four companies exceeding 10 billion yuan in claims [1] - The data reflects not only the payout capabilities of insurance companies but also the health risks faced by different demographics [2] Group 1: Claims Data Overview - China Life Insurance reported over 62.24 million claims totaling over 100.4 billion yuan; Ping An Life paid out 4.958 million claims amounting to 41.51 billion yuan; Taiping Life had 4.243 million claims totaling 20.1 billion yuan; and Xinhua Insurance processed 5.01 million claims totaling 14.7 billion yuan [1] - The trend indicates that commercial insurance has shifted from being a low-frequency rescue tool to a high-frequency payment method for everyday medical expenses [3] Group 2: Medical Insurance Insights - Medical insurance claims are predominantly high-frequency and low-amount, with Taiping Life's medical claims accounting for 94.4% of total claims, and 93% of Taikang Life's claims being medical [3] - The age distribution of medical claims shows that the under-17 demographic accounts for 39.4% of claims, primarily due to respiratory infections and accidental injuries [4] Group 3: Critical Illness Insurance Analysis - Critical illness insurance remains the highest payout category among life insurance companies, with Ping An Life's payouts exceeding 20.86 billion yuan, accounting for over 50% of total claims [5] - The report indicates that male policyholders should be cautious of lung cancer, thyroid cancer, and liver cancer, while female policyholders should focus on thyroid cancer, breast cancer, and lung cancer [5] - The average payout for critical illness claims is notably low, with many claims falling below 300,000 yuan, highlighting a significant gap between average payouts and actual treatment costs [6][7]

2025年上市险企保费、利润等业绩指标均有望实现增长。据统计，截至1月20日，中国太保、新华保 险、众安在线、中国太平等上市险企已披露2025年全年保费或利润相关数据，整体呈现保费、利润"双 增"态势。在2025年权益市场稳步上行的背景下，上市险企投资收益成为增厚利润的关键驱动因素。市 场人士认为，2025年前三季度A股和H股均表现较好，上市险企业绩明显受益于权益市场上涨，例如A 股五大上市险企前三季度合计实现归母净利润创历史新高。而从2025年四季度来看，A股和H股表现均 好于2024年同期，因此上市险企2025年业绩有望保持高增长。 关键词阅读：上市险企 业绩 利润 责任编辑：栎树 ...

Investment Rating - The report maintains an "Outperform" rating for the non-bank financial sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The report highlights the strengthening of the "slow bull" market foundation due to new financing regulations, which are expected to stabilize the capital market and promote long-term healthy development [12][13]. - The insurance sector is undergoing a significant transformation, with a notable trend of branch institution exits, indicating a shift from extensive expansion to a more concentrated and quality-focused approach [42][43][44]. Summary by Sections 1. Securities Business Overview and Weekly Review - The financing margin ratio has been raised to 100%, reinforcing the foundation of a "slow bull" market. This adjustment aims to lower market leverage and protect investor rights, promoting long-term stability [12]. - The China Securities Regulatory Commission (CSRC) emphasizes risk prevention, strong regulation, and high-quality development as the main themes for 2026, aiming to enhance the capital market's stability and service to the real economy [13][14]. - CITIC Securities reported a net profit of 30.05 billion CNY for 2025, marking a 38.46% year-on-year increase, reflecting a recovery in the securities industry amid a rising market [15][17]. 2. Insurance Business Overview and Weekly Review - The insurance industry has seen over 3,100 institutions exit in 2025, the highest in six years, indicating a long-term structural adjustment away from extensive physical network expansion [42]. - The exit trend is primarily driven by life insurance companies, focusing on optimizing low-efficiency branches, particularly in third and fourth-tier cities [43]. - This transformation is pushing insurance companies towards digitalization and intelligent management, redefining the role of physical branches to focus on complex business consultations and service integration [44]. 3. Market Liquidity Tracking - The central bank's net injection in the open market was 1,112.8 billion CNY, with significant reverse repos contributing to liquidity [49]. - The interbank lending rates showed mixed performance, with the weighted average rate for interbank lending at 1.33% [54].

Group 1 - The Ministry of Finance will continue to implement a more proactive fiscal policy in 2026, focusing on increasing total volume, optimizing structure, improving efficiency, and enhancing momentum to support employment, enterprises, markets, and expectations [1] - The A-share market has seen structural opportunities emerge, particularly in popular sectors such as brain-computer interfaces, commercial aerospace, and embodied intelligence, with several listed companies becoming attractive to institutional investors [1] - Despite recent market fluctuations, industry insiders believe that investment opportunities in sectors like brain-computer interfaces and satellites remain significant due to policy support and technological breakthroughs [1] Group 2 - In 2025, quantitative index enhancement strategies performed exceptionally well in the A-share market, with an average return rate of 45.08%, and nearly 90% of products achieving positive excess returns [2] - Small and mid-cap index enhancement strategies have outperformed, highlighting the continued prominence of industry leaders, while AI integration in strategy design has become mainstream [2] - The private equity industry anticipates structural opportunities in 2026, but also warns of challenges from strategy crowding and style shifts [2] Group 3 - The Ministry of Finance has introduced six policies to support small and micro enterprises, including loan interest subsidies and investment guarantees, aimed at boosting private investment and consumption [3] - Major listed insurance companies are expected to see growth in premium and profit metrics in 2025, benefiting from a strong equity market performance [3] - The overall performance of listed insurance companies is projected to maintain high growth due to favorable market conditions in 2025 [3] Group 4 - Shanghai has launched an action plan to enhance the competitiveness of non-ferrous metal commodities, aiming to strengthen the link between spot and futures markets [4] - The action plan is designed to elevate Shanghai's global pricing influence in the non-ferrous metals sector [4] Group 5 - As of January 20, 2025, 525 A-share companies have disclosed earnings forecasts, with around 200 expecting growth and over 100 projecting net profit increases exceeding 100% [5] - The technology sector, particularly driven by AI, is maintaining high growth, while industries like photovoltaics and liquor are facing performance pressures due to market fluctuations [5] - The global precious metals market has shown strength, with gold and silver prices reaching new historical highs [5] Group 6 - The industrial application of silver is significant, with over 60% of demand coming from industries like photovoltaic energy, which is currently facing cost pressures due to rising silver prices [7] - Companies in the photovoltaic sector are exploring alternatives to silver, such as copper and aluminum, due to cost considerations [7] Group 7 - The high-tech manufacturing sector in China is experiencing robust growth, particularly in robotics, with significant increases in the production of gear reducers and various types of robots [8] - The market for reducers is projected to grow to 151 billion yuan by 2025, with specific increases in the sales of harmonic and RV reducers [8] - Several listed companies are actively expanding their operations in the robotics reducer market [8]