12月24日，新华保险完成董事会换届。据新华保险公告披露，当日该公司第九届董事会第一次会议在北京以现场 形式召开，经与会董事审议及现场投票，选举杨玉成担任新华保险第九届董事会董事长。 新华保险董事长杨玉成，图源公司年报。 新华保险公告截图。 同时，会议审议通过了《关于公司第九届董事会专业委员会组成人员的议案》，杨玉成将兼任战略与ESG委员会 主任委员及投资与资产负债管理委员会委员。 同日，新华保险召开2025年第四次临时股东大会，审议并通过《关于发行境内无固定期限资本债券的议案》等多 项议案。根据议案，公司拟在境内发行规模不超过人民币100亿元（含100亿元）的无固定期限资本债券。所募资 金将主要用于补充公司核心资本，提升偿付能力充足率，并计划主要配置于债券等固定收益类资产。 曾是券商总裁 公开资料显示，杨玉成生于1971年，本科毕业于甘肃工业大学（现兰州理工大学）自动控制系工业电气自动化专 业，2000年1月获得中国人民大学世界经济专业经济学硕士学位，2014年9月在长江商学院高级管理人员工商管理 专业取得高级管理人员工商管理硕士学位。 1995年4月至1998年6月，杨玉成在财政部清算核资办公室、国家国有 ...

证券日报网讯12月24日，中国人寿（601628）在互动平台回答投资者提问时表示，鸿鹄基金为公司与新 华人寿共同设立的私募证券基金，基金选择优质上市公司股票进行投资并长期持有，是保险资金践行长 期投资、实现保值增值的举措之一。 ...

对偿付能力的占用一直是险资在进行权益投资时的一大重要考量因素，也在一定程度上掣肘了险资的权 益投资步伐。 险资权益投资部分的偿付能力风险因子下降10%的政策落地。 12月5日，国家金融监管总局发布《关于调整保险公司相关业务风险因子的通知》（下称《通知》）， 将保险公司持仓时间超过三年的沪深300指数成分股、中证红利低波动100指数成分股的风险因子从0.3 下调至0.27；保险公司持仓时间超过两年的科创板上市普通股的风险因子从0.4下调至0.36，降幅均为 10%。 早在5月7月的国新办发布会上，国家金融监管总局局长李云泽就已预告下一步"将股票投资的风险因子 进一步调降10%，鼓励保险公司加大入市力度"，此次《通知》正是该政策的落地。 "《通知》优化降低权益因子，有助于提升险资权益配置意愿。若释放最低资本全部增配沪深300股票， 对应资金为1086亿元。"中泰证券非银金融行业首席分析师葛玉翔回复第一财经称。 如何计算加权平均持仓时间？金融监管总局相关负责人表示，以投资科创板上市普通股为例，保险公司 季度末持仓的科创板股票按照先进先出原则，采用加权平均的方式计算其过去四年持仓时间（超过四年 的按照四年计算），持仓 ...

Core Viewpoint - The life insurance industry has experienced a significant increase in net profits and investment returns in the first three quarters of 2025, with an annualized investment return rate averaging nearly 5% [1][2][10]. Group 1: Profit Growth - In the first three quarters of 2025, the net profit of 72 life insurance companies reached 461.96 billion, an increase of approximately 176.5 billion compared to the same period last year, representing a year-on-year growth of nearly 6.2% [5][6]. - The net profit has already surpassed the total for the entire year of 2024, driven by the growth in both new business value and investment returns [7][11]. Group 2: Investment Returns - The annualized investment return rate for life insurance companies in the first three quarters of 2025 was 4.96%, an increase of nearly 1.3 percentage points compared to the same period last year [11][10]. - If the investment return rate increases by 1 percentage point, the investment income could potentially grow by 320 billion, based on the 32.6 trillion fund utilization balance of life insurance companies in the first half of 2025 [11][9]. Group 3: Performance of Listed Insurance Companies - The total investment income of five listed insurance companies exceeded 880 billion in the first three quarters of 2025, an increase of 230 billion year-on-year [15][17]. - Among these, China Life's total investment income was approximately 360 billion, an increase of 106.5 billion, while Ping An's total investment income was around 200 billion, an increase of about 45 billion [17][20]. Group 4: Sources of Investment Income - The growth in investment income is primarily attributed to realized gains from trading, as net investment returns have declined due to falling interest rates on bonds [22][20]. - The trading activity in the third quarter was notable, with insurance companies exiting 166 listed companies and entering 179 new positions, indicating a high level of trading activity [28][29]. Group 5: Long-term Investment Strategies - Insurance companies are increasingly leveraging their long-term capital advantages to invest in sectors such as energy and telecommunications, with significant allocations made through funds like the Honghu Fund [31][30]. - The regulatory environment has also supported long-term investments, with pilot programs expanding to 222 billion, allowing for greater investment flexibility [31][32]. Group 6: Future Outlook - The investment return rates for insurance companies are expected to stabilize and potentially recover by the end of 2025, driven by increased investment activities and favorable market conditions [33][34].

Group 1 - The core viewpoint of the articles is that Xinhua Insurance is expected to report significant profit growth for the first three quarters of 2023, driven by favorable conditions in the capital market and increased investment returns [1][2] - Xinhua Insurance anticipates a net profit attributable to shareholders of between 29.986 billion and 34.122 billion yuan for the first three quarters, representing a year-on-year increase of 9.306 billion to 13.442 billion yuan, or 45% to 65% [1] - The company expects its net profit for the third quarter alone to be between 15.186 billion and 19.322 billion yuan, indicating a quarterly growth rate of 58% to 101% [1] Group 2 - The increase in profits is attributed to the recovery of the Chinese capital market, which has led to a substantial rise in investment income for Xinhua Insurance [1] - The annualized total investment return for Xinhua Insurance in the first half of the year was 5.9%, up 1.1% year-on-year, positioning it among the top four insurance companies [1] - Xinhua Insurance's total assets reached 1.78 trillion yuan by the end of June, a 5% increase from the previous year, with stock investments amounting to 199.248 billion yuan, reflecting a 10.2% growth since the beginning of the year [1] Group 3 - Since last year, Xinhua Insurance has been actively investing in the capital market, acquiring stakes in companies such as China National Pharmaceutical Group and Shanghai Pharmaceuticals, focusing on high-dividend assets [2] - The company has established the Honghu Fund in collaboration with China Life, which has successfully completed its initial investment phase and is now progressing with subsequent phases [2] - From April 2025 to September 2023, the A-share market has experienced a "slow bull" trend, with the CSI 300 index rising approximately 18%, creating favorable conditions for insurance capital investments [2] Group 4 - On the liability side, Xinhua Insurance has benefited from adjustments in predetermined interest rates, leading to a continuous increase in premium income [2] - From January to August 2023, Xinhua Insurance reported original insurance premium income of 158 billion yuan, a year-on-year increase of 21%, with August alone generating 20.3 billion yuan, up 10.2% year-on-year [2]

Core Viewpoint - Insurance capital institutions are increasingly active in the capital market, adopting a long-term investment perspective and focusing on major national strategies and new productivity frontiers [1][2] Group 1: Investment Scale and Strategy - China Life Asset Management has over 6.5 trillion yuan in total managed assets, with nearly 4 trillion yuan serving the real economy [1] - The company aims to be a leader in capital market reform, a long-term investor, and a contributor to market stability [1] Group 2: Long-term Investment Initiatives - The launch and expansion of the insurance capital long-term investment reform pilot is a significant reform measure in the insurance sector [2] - China Life Asset has initiated the Honghu Fund, creating a new model for stable long-term investment in stocks, with three phases already established [2] - The fund focuses on high-quality, stable dividend blue-chip stocks to reduce short-term price volatility and promote sustainable investment returns [2] Group 3: Focus on Technological Innovation - China Life Asset has been actively investing in technology innovation, establishing various investment plans to support major national strategies [3] - The company has initiated projects like the "China Life-Hu Fa No. 1 Equity Investment Plan" to explore the synergy between insurance funds and government funds [3] Group 4: Investment Methodology - The company has developed a unique investment methodology that emphasizes research-driven investment and a comprehensive research team [4][5] - The "dual-line allocation" investment methodology integrates asset-liability management and aligns with national strategic needs [5] Group 5: Digital Transformation - China Life Asset has initiated a digital transformation strategy since 2018, focusing on building the CLIMB platform to enhance investment management efficiency [7][8] - The platform utilizes advanced technologies like cloud computing and AI, achieving significant operational efficiencies and supporting daily transactions exceeding 30 billion yuan [8]

Core Viewpoint - Insurance capital institutions are increasingly active in the capital market, adopting a long-term investment perspective and focusing on major national strategies and new productivity frontiers [1][2] Group 1: Investment Scale and Strategy - China Life Asset Management has over 6.5 trillion yuan in total managed assets, with nearly 4 trillion yuan serving the real economy [1] - The company aims to be a leader in capital market reform, a long-term investor, and a contributor to market stability [1][2] Group 2: Long-term Investment Initiatives - The launch and expansion of the Honghu Fund represents a new model for long-term stable investment of insurance funds in stocks [2] - The Honghu series funds focus on high-quality, stable dividend blue-chip stocks to reduce short-term price volatility and promote sustainable investment returns [2] Group 3: Focus on Technological Innovation - China Life Asset has established several investment plans targeting technological innovation, including partnerships with government funds [3] - The company is involved in significant projects that align with national strategies, such as hydropower and clean energy investments [3] Group 4: Investment Methodology - The company has developed a unique investment methodology that emphasizes research-driven investment and a comprehensive research team [4][5] - A "dual-line allocation" investment methodology has been implemented, focusing on asset-liability management and aligning investments with national priorities [6] Group 5: Digital Transformation and Efficiency - The company initiated a digital transformation strategy in 2018, launching the CLIMB platform to enhance investment management efficiency [7] - The platform integrates advanced technologies like cloud computing and AI, achieving significant operational efficiencies and supporting daily transactions exceeding 30 billion yuan [7][8] Group 6: Industry Leadership and Collaboration - China Life Asset actively promotes industry standards and collaborates on digital transformation initiatives within the asset management sector [8] - The establishment of joint innovation laboratories aims to foster new investment management systems and innovative products [8]

Core Viewpoint - Insurance capital institutions are increasingly active in the capital market, adopting a long-term investment perspective and focusing on major national strategies and new productivity frontiers [1][2] Group 1: Investment Scale and Strategy - China Life Asset Management has over 6.5 trillion yuan in total managed assets, with nearly 4 trillion yuan serving the real economy [1] - The company aims to be a leader in capital market reform, a long-term investor, and a contributor to market stability [1][2] Group 2: Long-term Investment Initiatives - The launch and expansion of the Honghu Fund represents a new model for stable long-term investment of insurance funds in stocks [2] - The fund focuses on high-quality, stable dividend blue-chip stocks to reduce short-term price volatility and promote sustainable investment returns [2] Group 3: Focus on Technological Innovation - China Life Asset Management has established several investment plans targeting technological innovation and regional development, such as the "China Life - Shanghai Integrated Circuit Industry Investment Fund" [3] - The company is committed to supporting major national strategies and projects through significant investments in infrastructure and clean energy [3] Group 4: Investment Methodology - The company has developed a unique investment methodology that emphasizes research-driven investment and a comprehensive research team [4][5] - The "dual-line allocation" investment methodology integrates asset-liability management with national strategic needs, enhancing resource allocation efficiency [5][6] Group 5: Digital Transformation - The company initiated a digital transformation strategy in 2018, launching the CLIMB platform to enhance investment management efficiency through advanced technologies [6][7] - The platform supports over 300 billion yuan in daily transactions and has significantly improved operational efficiency through automation and AI applications [7][8] Group 6: Industry Leadership and Collaboration - China Life Asset Management actively promotes industry standards and collaborates on digital transformation initiatives, contributing to the overall advancement of the asset management sector [8]

Group 1 - The core viewpoint of the articles highlights the increasing activity of insurance funds in the capital market through private equity funds, particularly the notable performance of the Honghu Fund [1][3] - The Honghu Fund has become a significant player, ranking among the top ten shareholders in at least seven listed companies, showcasing the strength of insurance funds as key institutional investors [1][3] - The first phase of the Honghu Fund, initiated by China Life and Xinhua Insurance, has a total scale of 50 billion yuan, with impressive financial results reported for the first half of the year, including operating income of 1.203 billion yuan and net profit of 968 million yuan [1][3] Group 2 - The second and third phases of the Honghu Fund are progressing rapidly, with the second phase totaling 20 billion yuan and the third phase 40 billion yuan, indicating strong support from various insurance companies [3] - The investment strategy of the Honghu Fund focuses on large-cap A+H shares within the CSI A500 index, targeting companies with good governance, stable operations, and high dividend yields [3] - The selected companies, such as Yili, Shaanxi Coal, and China Telecom, have dividend yields exceeding 4%, with market capitalizations above 1 billion yuan, making them attractive investment targets for the Honghu Fund [3] Group 3 - The long-term investment reform pilot for insurance funds is expected to introduce substantial medium- to long-term capital into the market, enhancing market stability and focusing on sectors like technological innovation and advanced manufacturing [4] - The approval of additional pilot projects since 2025 has led to a total pilot amount of 222 billion yuan, with seven insurance-related private equity fund management companies established to inject more vitality into the capital market [4] - The long-term investment pilot is anticipated to alleviate the payment pressure and accounting volatility constraints faced by insurance companies, promoting a "long money, long investment" mechanism [4]

Core Insights - As of June 30, 2025, Xinhua Insurance's investment scale exceeded 1.7 trillion yuan, representing a 5.1% increase from the end of the previous year, with an annualized total investment return rate of 5.9%, up 1.1 percentage points year-on-year [2][14] - The company reported an operating income of 70.041 billion yuan, a year-on-year increase of 26%, and a net profit attributable to shareholders of 14.8 billion yuan, up 33.5% year-on-year [2] - Xinhua Insurance plans to distribute a mid-term cash dividend of 0.67 yuan per share, totaling approximately 2.09 billion yuan, which accounts for 14.1% of the company's net profit for the first half of 2025 [2] Financial Performance - Original insurance premium income reached 121.262 billion yuan, a 22.7% increase year-on-year, with new business value at 6.182 billion yuan, up 58.4% [5][6] - The company's internal value stood at 279.394 billion yuan, an 8.1% increase from the end of the previous year [5] - The first-year premium income for long-term insurance surged by 113.1% to 39.622 billion yuan, with first-year regular premium income increasing by 64.9% [4][6] Investment Strategy - Xinhua Insurance's investment strategy includes a focus on high-quality assets to withstand low-interest-rate challenges, with a total investment scale of over 1.7 trillion yuan [9] - The company has actively participated in the Honghu Fund, with a planned total investment of 46.25 billion yuan across three phases [3][12] - The investment portfolio consists of 50.6% bonds, 11.6% stocks, and 7.0% funds, with a notable increase in core equity size by 4.0% to 319.4 billion yuan [9][10] Product Development - The company has successfully transformed its dividend insurance offerings, with significant growth in first-year premium income from individual channels [8] - The contribution of dividend insurance products is expected to increase, with a focus on enhancing product competitiveness and innovation in sales and service [8] - Xinhua Insurance aims to improve asset-liability matching and mitigate risks associated with interest rate fluctuations through strategic adjustments [8]