新华保险 20260114 摘要 新华保险 2026 年策略侧重分红险，虽价值率略低于传统险，但通过优 化业务结构和匹配高价值保障产品，力求维持整体价值率稳定，并通过 期交保费的稳步增长实现新业务价值的稳健增长。 面对激烈的银保渠道竞争，新华保险将通过深耕现有网点、扩充银保人 力、拓展新网点等方式，抓住居民储蓄搬家和银行对中间业务重视的市 场机遇，实现银保渠道的稳健增长。 新华保险严格费用管理，与近 60 家银行建立良好合作关系，通过强化 总对总策略、增加网点合作和深化与重点银行的战略合作，促进 2026 年业务增量。 新华保险 2026 年资产配置仍以固定收益类资产为主，占比近 80%，权 益类资产占比稳定，将积极响应监管号召，适度提高权益资产比例，并 增加长期股权投资。 新华保险对万科的敞口规模约为四五十亿元，目前项目还本付息正常， 公司将根据新准则和实际情况评估减值风险，目前尚未出现风险事件。 Q&A 新华保险在 2026 年的开门红表现如何？个险和银保渠道的表现是否达到预期？ 新华保险对 2026 年上半年及全年的保费增速和价值增速有何预期？ 考虑到 2025 年基数较高，今年（2026 年）面临一定 ...

Group 1 - The core viewpoint of the articles highlights the strong capital strength and operational confidence of Chinese insurance companies, as evidenced by their implementation of mid-term dividends for 2025, totaling approximately 29.336 billion yuan [1] - The mid-term dividend scale for the insurance industry has increased by 8.8% compared to 2024, indicating robust financial performance [1] - China Ping An has the largest dividend distribution amounting to 17.202 billion yuan, while China Life, China Pacific Insurance, and New China Life have also announced their respective dividend distributions [1] Group 2 - The overall strength of the insurance industry has improved, with total assets reaching 40.40 trillion yuan, a year-on-year increase of 15.42% as of the end of Q3 2025 [2] - Insurance companies have adjusted their investment strategies, leading to a significant increase in investment returns, with the balance of insurance funds invested in the equity market rising substantially [2] - The optimization of liability structures within insurance companies has enhanced their risk resistance and dividend stability, transitioning from traditional life insurance products to dividend-type products [2] Group 3 - The new "National Nine Articles" policy issued in April 2024 has provided clear guidance and institutional support for insurance companies to enhance dividend stability and predictability [3] - This policy has elevated the importance of dividends in corporate strategy, transforming mid-term dividends from optional to essential for listed insurance companies [3] - Future recommendations include establishing a transparent and predictable long-term dividend framework and exploring a combination of cash dividends and stock buybacks to enhance shareholder value [3]

Core Viewpoint - The report from Dongxing Securities highlights the increased role of capital markets as stabilizers during significant changes in Sino-US economic relations, emphasizing the importance of insurance capital in maintaining market stability and improving operational efficiency for insurance companies [1][4]. Summary by Sections Regulatory Changes - The Financial Regulatory Bureau issued a notice adjusting risk factors related to insurance companies, aiming to enhance their long-term investment management capabilities and better align asset-liability management [2]. - The adjustments include differentiated risk factors based on holding periods for investments in the CSI 300 index, the CSI Low Volatility 100 index, and stocks listed on the Sci-Tech Innovation Board [2][3]. Specific Adjustments - For insurance companies holding CSI 300 and CSI Low Volatility 100 index stocks for over three years, the risk factor was reduced from 0.3 to 0.27 [3]. - For stocks on the Sci-Tech Innovation Board held for over two years, the risk factor was lowered from 0.4 to 0.36 [3]. - The risk factors for export credit insurance and overseas investment insurance were also adjusted, with the premium risk factor decreasing from 0.467 to 0.42 and the reserve risk factor from 0.605 to 0.545 [3]. Market Impact - The adjustments are expected to accelerate the entry of insurance capital into the market, thereby stabilizing market fluctuations and enhancing liquidity [4]. - The changes support a wide range of investment styles, including large-cap blue chips, high-dividend stocks, and technology growth, promoting a balanced and healthy development of the equity market [4]. Investment Recommendations - The report suggests focusing on leading companies in the non-banking sector, which are better positioned to leverage policy innovations and capitalize on policy benefits [5]. - Additionally, the investment value of securities and insurance ETFs should be closely monitored due to the growing demand for differentiated investment [5].

Investment Rating - The industry investment rating is "Positive" [6] Core Viewpoints - The recent adjustment of risk factors by the financial regulatory authority aims to enhance the long-term investment management capabilities of insurance companies, thereby better serving the real economy and promoting stable operations [1][4] - The adjustments include differentiated risk factors based on holding periods for specific indices, which will encourage insurance capital to enter the market more rapidly and stabilize market fluctuations [2][4] - The lowered risk factors for insurance companies' investments in major indices and export credit insurance are expected to boost the efficiency of capital utilization and investment returns for insurance companies [5] Summary by Sections Risk Factor Adjustments - The risk factor for insurance companies holding stocks in the CSI 300 index and the CSI Dividend Low Volatility 100 index for over three years has been reduced from 0.3 to 0.27 [3] - The risk factor for insurance companies holding stocks in the Sci-Tech Innovation Board for over two years has been reduced from 0.4 to 0.36 [3] - The risk factor for premium and reserve in export credit insurance has been adjusted from 0.467 to 0.42 and from 0.605 to 0.545, respectively [3] Market Context - The ongoing de-globalization and trade tensions between China and the U.S. have introduced unpredictability into the domestic economic recovery, making insurance capital a key stabilizing factor in the capital market [4] - The adjustments are expected to provide liquidity to the capital market and support the development of domestic enterprises, particularly in alignment with national strategies like the Belt and Road Initiative [4] Investment Recommendations - In the context of significant changes in Sino-U.S. trade relations, the role of insurance capital as a stabilizer in the capital market is emphasized [5] - The report suggests focusing on leading companies in the non-bank financial sector, which are better positioned to leverage policy innovations and enhance their operational performance [5] - The growing trend of ETFs is highlighted, indicating continued investment value in securities and insurance ETFs [5]

Group 1 - The insurance sector is positioned as "patient capital," playing a crucial role in driving the development of new productive forces through diversified investment channels such as equity, debt, funds, and alternative investments [1] - The long-cycle assessment mechanism reform introduced by regulators enhances the stability of investment behaviors and promotes the entry of insurance capital into the market [1] - The recent renaming of the China Insurance Asset Management Association to include bank wealth management subsidiaries fosters collaboration between asset management institutions, creating new opportunities for synergy [1][6] Group 2 - The insurance asset management industry is experiencing high growth, with total assets reaching CNY 35.91 trillion by the end of 2024, a 13.9% increase, marking the highest growth rate since 2017 [4] - Despite overall growth, there is uneven distribution, with many small and medium-sized companies facing challenges due to a scarcity of quality assets and some experiencing interest margin losses [5] - The integration of insurance asset management and bank wealth management presents numerous collaboration opportunities, particularly in areas such as public offerings and pension finance [7] Group 3 - The insurance sector is exploring innovative investment paths to address the asset scarcity issue, including private equity investments, asset securitization, and overseas investments [8] - Green investment is emerging as a new direction for insurance capital allocation, aligning with long-term liabilities and matching the characteristics of insurance capital [10] - Insurance asset management institutions have unique advantages in managing personal pensions, such as familiarity with life tables and long-term yield characteristics of various assets [10] Group 4 - The insurance capital market is advised to focus on its comparative advantages and avoid overextending into all investment instruments, emphasizing the importance of a healthy investment ecosystem [12] - The future development of the insurance asset management industry will require a balance between fulfilling contractual obligations to policyholders and addressing social responsibilities in investment markets [12][13] - Continuous improvement in asset-liability matching management and prioritizing safety while enhancing yield is essential for the growth of insurance capital [13]

Core Viewpoint - The insurance sector is positioned as "patient capital," playing a crucial role in driving new productive forces through diversified investment channels, including equity, debt, funds, and alternative investments [2][3] Group 1: Current Industry Status - The insurance asset management industry is experiencing high growth, with total assets reaching 35.91 trillion yuan by the end of 2024, a 13.9% increase from the beginning of the year, marking the highest growth rate since 2017 [7] - By mid-2025, total assets in the insurance industry reached 39.2 trillion yuan, reflecting a 9.2% increase from the start of the year, indicating sustained high growth [8] - Despite overall growth, there is uneven distribution, with many small and medium-sized companies facing challenges, leading to a degree of "involution" in the industry [8] Group 2: Investment Opportunities and Strategies - The recent renaming of the China Banking and Insurance Asset Management Association aims to foster collaboration between insurance asset management and bank wealth management, creating numerous potential cooperation opportunities [9][10] - The insurance asset management sector is exploring alternative investments and innovative strategies to address the challenges posed by a scarcity of quality assets and interest rate risks [6][12] - The focus on green finance aligns with the long-term liabilities of insurance capital, allowing for better matching of investment cycles with the characteristics of insurance liabilities [13][14] Group 3: Future Trends and Recommendations - The insurance sector must enhance its asset-liability matching management capabilities while prioritizing safety to improve yield, which is essential for sustainable growth [19] - The industry is encouraged to concentrate on its comparative advantages and avoid overextending into all investment tools, focusing instead on stable investment opportunities [17][18] - As the scale of insurance capital continues to grow, the sector's responsibilities towards policyholders and the broader market will become increasingly significant, necessitating a balance between risk-taking and fulfilling contractual obligations [18][19]

Core Viewpoint - China Pacific Insurance (601601) emphasizes its commitment to asset allocation management based on the characteristics of insurance liabilities, aiming to enhance investment returns through strategic equity asset allocation in response to long-term macroeconomic trends [1] Group 1 - The company adheres to asset allocation management aligned with insurance liability characteristics [1] - It conducts macroeconomic trend analysis for large asset allocation decisions [1] - The company aims to reasonably and timely increase equity asset allocation to boost investment returns [1]

Core Viewpoint - Xinhua Insurance has demonstrated strong growth and resilience in the insurance market, achieving significant performance improvements and strategic transformations as it approaches its 29th anniversary [1][2][15]. Financial Performance - In the first half of 2025, Xinhua Insurance reported operating revenue of 700.41 million yuan, a year-on-year increase of 26% [2]. - The company's original insurance premium income exceeded 1,212.62 million yuan, reflecting a substantial growth of 22.7% [2]. - New business value reached 618.2 million yuan, up 58.4% year-on-year, while the embedded value increased to 2,793.94 million yuan, an 8.1% rise from the previous year [2]. - Net profit attributable to shareholders was 147.99 million yuan, marking a 33.5% increase, with a return on equity (ROE) of 15.9%, up nearly 5 percentage points [2]. Asset and Solvency - As of June 30, 2025, Xinhua Insurance's total assets reached 1.78 trillion yuan, a 5% increase from the previous year [3]. - The core solvency ratio stood at 170.72%, up 46.65 percentage points, while the comprehensive solvency ratio was 256.01%, rising 38.46 percentage points, significantly exceeding regulatory requirements [3]. Strategic Initiatives - The "XIN Generation" plan was launched to transform the individual insurance channel, focusing on five upgrades to enhance the marketing team [4][6]. - The individual insurance channel achieved a first-year premium of 145.06 million yuan, a remarkable increase of 70.8% year-on-year [6]. - The number of individual insurance agents reached 133,000, with a monthly performance rate stabilizing at 13.3% and a 74% increase in per capita productivity [6]. Service Ecosystem - Xinhua Insurance has developed a comprehensive service ecosystem covering ten areas, including health management and wealth transfer, to meet diverse customer needs [7][9]. - The "Xinhua Respect" service system targets high-net-worth clients, while "Xinhua Safe" focuses on home-based elderly care [9]. - The company has established a health management service network, expanding to 40 international hospitals for comprehensive health management [9]. Investment Strategy - Xinhua Insurance emphasizes asset-liability matching, optimizing product strategies and asset structures to control costs and enhance returns [13]. - The investment scale exceeded 1.7 trillion yuan, with a 5.1% increase, achieving an annual total investment return rate of 5.9% [13][14]. - The company has established pilot funds with a cumulative scale of nearly 100 billion yuan, focusing on quality listed companies in the secondary market [14]. Future Outlook - As Xinhua Insurance approaches its 30th anniversary, it aims to enhance its core competitiveness through strategic reforms, customer-centric approaches, and robust operational management [15].

Core Viewpoint - China Life Insurance Company Limited reported strong financial performance in the first half of 2025, with total assets exceeding 7 trillion RMB and a net profit increase of 6.9% year-on-year, reflecting the company's robust market position and strategic focus on high-quality development [8][10]. Financial Summary - Total assets reached 7.29 trillion RMB, an increase of 7.7% compared to the previous year [10]. - Net profit attributable to shareholders was 40.93 billion RMB, up 6.9% from 38.28 billion RMB [10][11]. - The company proposed a cash dividend of 0.238 RMB per share, totaling approximately 6.73 billion RMB, pending shareholder approval [2]. Business Performance - Total premium income for the first half of 2025 was 525.09 billion RMB, a 7.3% increase year-on-year, marking the highest level for the same period in history [10][11]. - The first-year premium income reached 81.25 billion RMB, a 20.3% increase compared to the previous year [10]. - The company maintained a leading market share, with long-term effective policies totaling approximately 327 million [8][10]. Investment Strategy - The company emphasized a long-term investment strategy, with a focus on stable returns and risk management, achieving a 7.8% increase in investment assets compared to the beginning of the year [9][10]. - Investment income for the first half of 2025 was reported at 127.51 billion RMB, reflecting a strong performance in asset management [11]. Risk Management - The company has implemented various measures to manage and control risks, including macroeconomic, insurance, market, credit, operational, strategic, reputational, liquidity, information security, ESG, and fraud risks [2][3]. - The solvency ratio remained robust, with a comprehensive solvency adequacy ratio of 190.94% and a core solvency adequacy ratio of 139.54% [10][11]. Social Responsibility and Innovation - The company is committed to enhancing its social responsibility initiatives, focusing on inclusive insurance services and expanding its product offerings to meet diverse customer needs [8][15]. - New product launches included innovative health insurance products and services aimed at specific demographics, such as the elderly and small businesses [15][16].

Core Viewpoint - China Pacific Insurance (CPIC) is experiencing significant interest from investors, with its stock prices reaching historical highs, indicating strong market confidence and growth potential in the insurance sector [2]. Investment Strategy - The investment strategy focuses on increasing allocations in long-duration bonds to mitigate risks associated with the asset-liability duration gap in the life insurance sector [5] - The company aims to enhance its equity investments by increasing the allocation of OCI stocks to approximately 30% of its secondary equity portfolio, while also emphasizing research on technology innovation enterprises for both short-term and long-term gains [5][7] - In fixed income, CPIC is looking to diversify into new asset classes such as REITs to ensure stable returns across market cycles [8]. Dividend Insurance - CPIC has developed a plan to enhance its dividend insurance offerings, with a significant push expected in the third quarter of the year [9] - The company has identified a critical threshold for traditional insurance sales pressure at a predetermined interest rate of 2%, prompting a necessary shift towards dividend insurance [11] - Currently, CPIC has five dividend insurance products available and is preparing an additional 14 products to meet market demands [12]. Commercial Health Insurance - The company is focusing on the integration of commercial health insurance with basic medical insurance, driven by national policy reforms aimed at creating a multi-tiered medical security system [15] - There is a recognition of the growing demand for commercial health insurance, as basic medical insurance may not fully meet the diverse needs of the population [16] - CPIC plans to enhance its product offerings in commercial health insurance, including new drugs and treatment methods, while promoting a more inclusive approach to high-end medical services [17].