本文字数：1529，阅读时长大约3分钟 作者 | 第一财 经 杜川 8月29日，新华保险（601336.SH；01336.HK）A股股价当日收盘报68.24元，涨幅5.49%，盘中最 高触及71.16元。 今年以来，新华保险在A股、港股表现亮眼，市场评价其股价高歌猛进，成为保险股的风向标。在8 月29日的中期业绩发布会上，新华保险董事长杨玉成对此回应称："不能说我们公司的股价高歌猛 进，我认为公司很具有投资价值。" 事实上，作为年内股价涨势"凶猛"的上市险企，新华保险的投资表现也受到市场关注。半年报数据显 示，新华保险上半年年化总投资收益率5.9%，同比提升1.1个百分点。在业绩发布会上，新华保险管 理层详解了公司在资产端的具体策略。 2025.08. 30 鸿鹄基金收益指标高于基准 在监管鼓励保险资金、中长期资金入市的背景下，新华保险积极首批即获批参与保险资金长期投资试 点，与中国人寿联合成立鸿鹄基金作为试点基金。 新华资产总经理陈一江介绍了鸿鹄基金的最新情况。据介绍，今年年中试点基金一期完成建仓任务， 取得良好收益。截至二季度末，二期基金已做到主体建仓，基本上完成建仓工作。三期基金于7月初 启动，目前进展 ...

重视高股息股票配置价值 从投资端来看，2025年上半年，新华保险年化总投资收益率5.9%，同比提升1.1个百分点；总资产达1.78万亿元，较上年末提升5%。 新华保险副总裁秦泓波指出，传统上作为投资组合"压舱石"的固定收益资产，随着利率中枢下行，安全垫正在明显变薄，同时负债端成本具有较大刚性，行 业"利差损"压力巨大。 面对这样的挑战，秦泓波表示，新华保险总的思路是资产负债联动。在固定收益方面，要继续保持战略定力，做好超长期债券的跨周期匹配；积极强化交易 能力，通过多品种、多策略组合和对交易性机会的捕捉，增厚整体收益。 在权益投资方面，则是通过优化配置结构，在有效控制波动的前提下，获取长期稳健的超额收益。秦泓波表示，新华保险会更加重视高股息股票的配置价 值，在利率中枢下行背景下，优质高股息股票不仅能提供稳定的股息现金流和稳定的净投资收益率，在新会计准则下还可以通过划入OCI（其他综合收益） 8月29日，新华保险A股报收68.24元，上涨5.49%，盘中最高触及71.16元，年内累计涨幅达41.54%；H股报收48.14港元，上涨1.35%，年内累计涨幅高达 114.84%。 屡创新高的股价，自然也吸引了市场的 ...

Core Viewpoint - Xinhua Insurance's stock has shown significant growth in both A-shares and H-shares, with a year-to-date annualized total investment return of 5.9%, reflecting its strong investment value despite market challenges [1][2]. Group 1: Investment Performance - Xinhua Insurance's A-share price closed at 68.24 yuan on August 29, with a 5.49% increase, reaching a peak of 71.16 yuan during the day [1]. - The company reported a year-on-year increase of 1.1 percentage points in its annualized total investment return, reaching 5.9% for the first half of the year [1]. Group 2: Asset Management Strategy - The company is focusing on asset-liability linkage to address challenges posed by declining interest rates and rigid liabilities [2][3]. - Xinhua Insurance plans to maintain a strategic focus on long-term bonds while optimizing equity investment structures to achieve stable excess returns [3]. - The investment in high-dividend stocks has increased from 30.64 billion yuan at the beginning of the year to 37.47 billion yuan by mid-year, marking a growth of 6.83 billion yuan [3]. Group 3: Fund Initiatives - Xinhua Insurance has been approved to participate in long-term investment pilot programs, establishing the Honghu Fund in collaboration with China Life [4]. - The first phase of the pilot fund has completed its investment, achieving good returns, while the second phase has also reached its investment goals [4]. - The third phase of the fund, initiated in July, focuses on large listed companies with stable governance and operations, with Xinhua Insurance planning to invest a total of 46.25 billion yuan [4]. Group 4: Future Investment Plans - In 2025, Xinhua Insurance has made significant moves in asset allocation, acquiring shares in Hangzhou Bank and Beijing Holdings [5][6]. - The company acquired 330 million shares of Hangzhou Bank for approximately 4.3 billion yuan, increasing its stake to 5.87% [5][6]. - Xinhua Insurance also increased its stake in Beijing Holdings to 5% through market purchases, indicating confidence in the long-term prospects of these companies [6].