近日，广东金融监管局接连发布两则行政处罚信息，剑指人身险行业银保渠道违规乱象。 中国太平洋人寿保险股份有限公司（下称"太平洋人寿"）广州中心支公司、新华人寿保险股份有限公司 （下简"新华保险"）东莞中心支公司及佛山中心支公司相继被罚，相关责任人亦同步受到处罚，凸显监 管层规范银保渠道、严打费用违规的坚定态度。 随着"报行合一"政策落地见效，人身险银保渠道费用得到有效压降。国家金融监督管理总局曾披露，人 身险银保渠道"报行合一"实施后。佣金费率较之前平均水平下降约30%。 但在实际操作中，银保专管员薪酬佣金的合理性、真实性难以精准辨别，给部分险企分支机构留下了违 规操作空间。上述业内人士进一步透露，"虚列银保专管员佣金、为合作银行承担营销费用"等行为，本 质上是险企变相支付额外费用、争抢银行渠道资源的手段，属于银保渠道中典型的"小账"违规，这类行 为不仅导致险企财务数据失实，掩盖真实经营状况，还会破坏市场公平竞争秩序，潜藏费差损风险，最 终可能损害消费者合法权益。 新华保险则有两家分支机构同时被罚，主要违法违规事实均为"虚列银保专管员佣金"。针对上述违法违 规行为，广东金融监管局对新华保险东莞中心支公司罚款25 ...

经济观察网 新华保险2026年战略部署聚焦"保险+投资+服务"三端协同，推进专业化、体系化和市场化 改革，目标是建设"中国一流的金融服务集团"。具体措施包括强化产品创新、渠道转型和风控升级等， 这些改革进程将影响公司长期竞争力。 2026年2月6日至12日，新华保险A股股价从80.15元下跌至78.40元，区间跌幅2.49%；H股从60.45港元跌 至59.40港元，跌幅3.26%。同期保险板块表现弱于大盘，机构综合目标价显示中性观点。 公司结构与治理 监管情况 2026年1月，新华保险因分支机构违规收到9张罚单，主要涉及"给予合同外利益"等问题，累计罚款超 180万元。监管部门指出公司业务品质有所下降，高管职务犯罪风险频发，这一事件可能对公司治理和 声誉产生持续影响。 财务状况 惠誉于2026年2月6日确认新华保险财务实力评级为"A"级，展望稳定，这是公司连续10年获得该评级。 评级反映其良好的经营表现和稳健的偿付能力（2025年第三季度末综合偿付能力充足率为234%），但 需关注权益投资增加带来的风险资本变化。 股票近期走势 如何抓住黄金波段机会？聪明钱的选择，黄金+股票一键搞定>> 2026年1月21日 ...

债券仍是压舱石，权益配置显著提升 [Table_Industry] 保险 ——2025 年四季度保险公司资金运用点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | | --- | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | | 李嘉木(分析师) | 021-38038619 | lijiamu@gtht.com | S0880524030003 | [Table_subIndustry] | 本报告导读： 保费景气增长推动 2025 年保险资金运用余额稳健提升，债券配置稳健，权益配置明 显提升， 看好资产端内外部因素共同推动保险公司盈利向好，维持"增持"。 投资要点： [Table_Summary] 事件：2 月 12 日，金融监管总局发布 2025 年四季度保险公司资金 运用情况。 评 股票研究 /[Table_Date] 2026.02.14 [Table_Invest] 评级： 增持 保费景气增长推动 2025 年保险资金运用余额稳 ...

公 司 研 究 / 非 银 金 融 / 证 券 研 究 报 告 新华保险（601336）深度研究 治理革新+权益弹性+负债质变，三层驱 动重塑成长逻辑 2026 年 02 月 13 日 【投资要点】 【投资建议】 展望未来，若资本市场持续向好，公司业绩具备更强向上弹性。在治 理红利释放、资产端弹性充足、负债端转型深化的持续驱动下，我们 对公司的发展前景保持乐观，预计 2025E-2027E 公司归母净利润分别 为 392.44/423.60/441.30 亿元，yoy+49.6%/+7.9%/+4.2%。综合考虑 PEV/PB/PE 估值后，维持"增持"评级。 挖掘价值投资成长 增持（维持） 东方财富证券研究所 证券分析师：王舫朝 证书编号：S1160524090005 证券分析师：廖紫苑 证书编号：S1160524120004 相对指数表现 -10% 10% 30% 50% 70% 90% 2025/2 2025/8 2026/2 新华保险 沪深300 | 基本数据 | | | --- | --- | | 总市值（百万元） | 242,388.77 | | 流通市值（百万元） | 162,038.64 | ...

Investment Rating - The report maintains a "Buy" rating for the company, reflecting optimism about its future performance and potential for profit growth [2][15]. Core Insights - The company is expected to benefit from governance reforms, asset flexibility, and a transformation in liabilities, which together reshape its growth logic. The projected net profit for 2025E-2027E is estimated at 39.244 billion, 42.360 billion, and 44.130 billion yuan, representing year-on-year growth of 49.6%, 7.9%, and 4.2% respectively [2][15]. - The report highlights a synergistic effect from governance innovation, high equity allocation, and liability transformation, which is anticipated to enhance the company's value and operational efficiency [14][20]. Summary by Sections 1. Mechanism-Asset-Business Three-Layer Linkage - The company has established a three-layer logic of governance innovation, asset capability enhancement, and liability business transformation, creating a unique growth momentum and performance elasticity [20]. - Governance reforms are seen as the foundational engine driving comprehensive transformation, with a focus on professionalization and marketization across all business lines [20][14]. 2. Industry Environment - The insurance industry is transitioning into a phase characterized by "stock game + value priority," with a focus on governance advantages, investment capabilities, and transformation speed as key competitive factors [32]. - The overall performance of the insurance industry remains stable, with premium income reaching 3.74 trillion yuan in the first half of 2025, a year-on-year increase of 5.04% [32]. 3. Company Overview - The company has undergone significant historical evolution, transitioning from rapid expansion to a focus on high-quality development, with governance modernization as a core strategy [52]. - The company has successfully optimized its business structure, shifting from low-value insurance products to a focus on health insurance and individual premium products, resulting in a substantial increase in internal value [52].

Summary of Key Points Core Viewpoint The article discusses the recent developments in China's mother fund industry, highlighting the total management scale of 1161.5 billion yuan, with investments spanning various sectors such as artificial intelligence, new production capacity, and integrated circuits. The article provides insights into fund management recruitment, fund establishment, and LP contributions across different provinces. Fund Management Recruitment - Hebei Province is seeking GP for its Science and Technology Investment Guidance Fund to support strategic and future industries [7] - Sichuan Province is recruiting GP for the Cultural Tourism New Quality Productivity Industry Fund [15] - Chongqing is looking for GP for the Rongchang Mother Fund [17] - Gansu Province is inviting GP for the Jiuquan Science and Technology and Industry Development Fund [20] - Other provinces such as Guangdong, Yunnan, Jiangsu, and Hubei are also actively recruiting GPs for various funds [5][6][43] Fund Establishment - The Jiangsu Super Mother Fund has signed agreements totaling 691 billion yuan, focusing on strategic emerging industries [33][36] - The Yunnan Advanced Manufacturing Equity Investment Mother Fund aims to enhance industrial competitiveness and promote high-quality development [28] - The Shanghai Integrated Circuit Industry Investment Fund has increased its capital to 60.3 billion yuan, marking a significant growth of approximately 1038% [55] LP Contributions - Watson Bio has initiated the establishment of the Yunnan Chuangwo Biological Industry Investment Fund with a target size of 1 billion yuan, contributing 450 million yuan [44] - Jinzhitech plans to invest 240 million yuan to establish an industrial fund in collaboration with local partners [46] - The establishment of the Hohhot Zhongjin Qixin Equity Investment Fund has been announced, with a total investment of 10 billion yuan [51] Other Developments - The establishment of the Ezhou Intelligent Development Equity Investment Fund with a total scale of 30 billion yuan aims to support the AI industry [43] - The Jiangsu Province has successfully registered two industry mother funds with a total scale of 6.5 billion yuan, focusing on smart manufacturing and industrial development [41]

申万宏源发布研报称，25年第四季度资本市场阶段性波动，叠加25年下半年部分险企大幅提升二级市场 权益配置比例，第四季度上市险企利润表现或阶段性承压。该行预计2025年A股上市险企归母净利润同 比增长22.7%至4264亿元，增速较25年前三季度环比下降10.9pct。 内险股集体走低，截至发稿，中国人寿（601628）(02628)跌4.14%，报32.92港元；中国人保（601319） (01339)跌3.52%，报6.56港元；中国太保（601601）(02601)的2.41%，报37.26港元；新华保险 （601336）(01336)跌2.1%，报58.15港元。 值得注意的是，存款搬家叙事持续发酵。关于到期规模的传言从10万亿一路飙到70万亿，背后期待的其 实是"更快的资金再配置"，足以改写不同资产的供需和定价。美银最新报告显示，认为居民定存到期后 70%-80%仍会留在银行体系，真正流向"非存款资产"的规模大约1万亿元。如果其中5000亿元流向保 险，足以让寿险销售端出现"看得见的"弹性。 ...

每经AI快讯，2月13日，港股内险股集体走低。截至发稿，中国人寿(02628.HK)跌4.14%，报32.92港 元；中国人保(01339.HK)跌3.52%，报6.56港元；中国太保(02601.HK)的2.41%，报37.26港元；新华保险 (01336.HK)跌2.1%，报58.15港元。 ...

值得注意的是，存款搬家叙事持续发酵。关于到期规模的传言从10万亿一路飙到70万亿，背后期待的其 实是"更快的资金再配置"，足以改写不同资产的供需和定价。美银最新报告显示，认为居民定存到期后 70%-80%仍会留在银行体系，真正流向"非存款资产"的规模大约1万亿元。如果其中5000亿元流向保 险，足以让寿险销售端出现"看得见的"弹性。 申万宏源发布研报称，25年第四季度资本市场阶段性波动，叠加25年下半年部分险企大幅提升二级市场 权益配置比例，第四季度上市险企利润表现或阶段性承压。该行预计2025年A股上市险企归母净利润同 比增长22.7%至4264亿元，增速较25年前三季度环比下降10.9pct。 智通财经APP获悉，内险股集体走低，截至发稿，中国人寿(02628)跌4.14%，报32.92港元；中国人保 (01339)跌3.52%，报6.56港元；中国太保(02601)的2.41%，报37.26港元；新华保险(01336)跌2.1%，报 58.15港元。 ...

（编辑 丛可心） 证券日报网讯 2月12日，新华保险在互动平台回答投资者提问时表示，公司充分发挥保险资金"长期资 本、耐心资本、战略资本"优势，积极响应保险资金入市的号召，持续优化资产配置结构，增配能够抵 御低利率挑战的优质底仓资产，夯实长期收益基础。 ...