新华保险发布2025 年三季报，公司实现归属净利润328.6 亿元，同比增长58.9%；实现新业务价值 50.8%。 事件描述 2、权益市场大幅波动、利率大幅下行。 重点推荐弹性较高的新华保险。保险行业中长期逻辑是盈利能力改善，短期主线是市场beta。本次业绩 证明保险板块在权益市场表现良好时的弹性与利润释放能力，新华作为纯寿险公司，同时权益仓位较 高，敏感性及弹性领先寿险板块，推荐作为优质贝塔资产配置。 当前新华保险对应2025 年PEV 估值0.76 倍，维持买入推荐。 风险提示 1、行业政策大幅调整； 事件评论 投资收益表现突出，利润增速领先行业。前三季度，新华保险实现归属净利润328.6 亿元，同比增长 58.9%，投资收益表现良好是主要原因。前三季度，公司年化总投资收益率8.6%，环比中报继续提升， 且数值处于行业前列。综合投资收益率为6.7%，同样处于较高水平，需要注意的是新华综合投资收益 率包含了配置型债权工具产生的浮盈，与其他上市险企口径有所差异，不便于直接对比。 新业务价值持续高增，业务品质继续改善。公司实现保费收入1727.1 亿元，同比增长18.6%，其中长险 新单保费同比增长59.8% ...

丨证券研究报告丨 [Table_scode 公司研究丨点评报告丨新华保险（ Msg1] 601336.SH） [Table_Title] 新华保险 2025 年三季报点评：资产端弹性 突出，负债端增长良好 报告要点 1 [Table_Summary] 重点推荐弹性较高的新华保险。保险行业中长期逻辑是盈利能力改善，短期主线是市场 beta。 本次业绩证明保险板块在权益市场表现良好时的弹性与利润释放能力，新华作为纯寿险公司， 同时权益仓位较高，敏感性及弹性领先寿险板块，推荐作为优质贝塔资产配置。当前新华保险 对应 2025 年 PEV 估值 0.76 倍，维持买入推荐。 分析师及联系人 [Table_Author] 吴一凡 谢宇尘 SAC：S0490519080007 SAC：S0490521020001 SFC：BUV596 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_scodeMsg2] 新华保险（601336.SH） cjzqdt11111 [Table_Title 新华保险 2025 2] 年三季报点评：资产端弹性突 出，负债端增长良好 [Ta ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The long-term logic of the insurance industry is the improvement of profitability, while the short-term focus is on market beta. As a pure life insurance company with a high equity position, the company shows superior sensitivity and elasticity compared to the life insurance sector, making it a recommended quality beta asset allocation [2][12]. - The essence of life insurance is long-term business operations, and fluctuations in present value due to discount rates are merely short-term volatility that should not be overly emphasized [2]. - The company achieved a PEV valuation of 0.73 times for 2025, maintaining a "Buy" recommendation [2]. Summary by Sections Financial Performance - The company reported a net profit attributable to shareholders of 14.8 billion yuan, a year-on-year increase of 33.5%. The new business value reached 6.18 billion yuan, growing by 58.4% year-on-year [6][12]. - The annualized total investment return rate was 5.9%, up by 1.1 percentage points year-on-year, leading the industry in both absolute value and growth [12]. - The company's premium income was 121.26 billion yuan, an increase of 22.7% year-on-year, with long-term insurance new single premiums growing by 113.1% and periodic new single premiums increasing by 64.9% [12]. Business Quality - The company has shown continuous improvement in business quality, with a decrease in the surrender rate by 0.1 percentage points compared to the same period last year, and improvements in both 13-month and 25-month continuation rates [12]. - The individual insurance and bancassurance channels performed strongly, with individual insurance periodic new single premiums increasing by 70.8% and bancassurance periodic new single premiums growing by 55.4% [12]. Market Position - The company is recommended for its high elasticity and sensitivity in the insurance sector, with a focus on long-term profitability improvement and market beta [2][12].