Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The current asset side of the insurance industry is the main contradiction, and the company, as a pure life insurance provider, possesses industry-leading sensitivity and elasticity, recommended as a quality beta asset allocation [2][10]. - The company's current stock price corresponds to a 2025 PEV of 0.67 times, which is at a historical low, and the recommendation to buy is sustained [2][10]. Summary by Sections Financial Performance - In the first quarter of 2025, the company achieved a net profit attributable to shareholders of 28.8 billion yuan, a year-on-year increase of 39.5%. The comparable new business value grew by 4.8% year-on-year [6][10]. - The significant decrease in insurance service fees, down 32.8% to 27.58 billion yuan, was the main reason for the profit improvement [10]. - The company's net assets attributable to shareholders increased by 4.5% quarter-on-quarter, primarily due to accounting standard differences [10]. New Business Value - The new business value on a comparable basis increased by 4.8% year-on-year, mainly due to improvements in value rates [10]. - The new single premium was 107.43 billion yuan, a year-on-year decrease of 4.5%, likely influenced by a shift towards dividend insurance products [10]. - The company's surrender rate remained stable at 0.29% [10]. Team and Operational Insights - As of the end of the first quarter of 2025, the individual insurance team size was 596,000, a decrease of 3.1% from the end of 2024 and a year-on-year decrease of 4.2%, indicating stability [10]. - The quality of the team has improved, with effective improvement in retention rates and team enhancement rates, reflecting the success of team reforms [10]. Investment Recommendations - The company is recommended as a high-elasticity target due to its position as a pure life insurance company, which provides significant sensitivity and elasticity in the current insurance industry landscape [10]. - Despite certain pressures in the individual insurance channel, the liability side is not a decisive factor for short-term performance [10].

丨证券研究报告丨 公司研究丨点评报告丨新华保险（601336.SH） [Table_Title] 新华保险 2025 年一季报点评：价值高速增长， 投资表现突出 报告要点 [Table_Summary] 保险行业资产端是主要矛盾，新华作为纯寿险公司，同时权益仓位最高，敏感性及弹性领先寿 险板块，推荐作为优质贝塔资产配置；而负债端考虑基数和发展空间，预期后续保费及价值表 现相对较好。截至 4 月 29 日收盘，新华保险 PEV 估值 0.51 倍，性价比较高，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 [Table_Summary2] 事件描述 新华保险发布 2025 年一季报，公司实现归属净利润 58.8 亿元，同比增长 19%；新业务价值 同比增长 67.9%。 事件评论 丨证券研究报告丨 %% %% %% %% research.95579.com 1 新华保险（601336.SH） cjzqdt11111 [Table_Title 新华保险 2 ...