According to the Huayuan Securities Research Report, Xinhua Insurance's insurance service performance has achieved double-digit year-on-year growth, and there has been a lot of recent investment activity. The insurance contract insurance service performance issued by the company in January-September increased 12.4% year on year to 15.7 billion yuan, and net profit attributable to mother decreased 32% year on year to 22.3 billion yuan. Driven by positive factors such as net profit retention and the issuance of 10 billion yuan of unfixed capital bonds, shareholders' equity attributable to the parent company at the end of September 2026 increased 24.5% from the end of 2025 to 138.9 billion yuan. The value of the company's new business achieved positive year-on-year growth in the first three quarters of 2026. The annualized total return on investment and the annualized comprehensive return on investment in the first three quarters were 3.5% and 5.0%, respectively. The company's overall performance was in line with expectations. The company's insurance contract insurance service performance in the first three quarters of 2026 achieved double-digit year-on-year growth, and achieved positive year-on-year growth in new business value driven by long payment periods and long-term banking insurance. The company has recently made many investment-side moves. The company's net profit for 2026-2028 is estimated to be 242/306/34 billion yuan, respectively, with year-on-year growth rates of -33.4%/26.7%/11.2%, respectively, and the embedded value per share in 2026-2028 is 99.9/108.7/118.4 yuan. The current stock price corresponds to PEV valuations of 0.52, 0.48, and 0.44 times, maintaining a “buy” rating.

According to the Huayuan Securities Research Report, Xinhua Insurance's insurance service performance has achieved double-digit year-on-year growth, and there has been a lot of recent investment activity. The insurance contract insurance service performance issued by the company in January-September increased 12.4% year on year to 15.7 billion yuan, and net profit attributable to mother decreased 32% year on year to 22.3 billion yuan. Driven by positive factors such as net profit retention and the issuance of 10 billion yuan of unfixed capital bonds, shareholders' equity attributable to the parent company at the end of September 2026 increased 24.5% from the end of 2025 to 138.9 billion yuan. The value of the company's new business achieved positive year-on-year growth in the first three quarters of 2026. The annualized total return on investment and the annualized comprehensive return on investment in the first three quarters were 3.5% and 5.0%, respectively. The company's overall performance was in line with expectations. The company's insurance contract insurance service performance in the first three quarters of 2026 achieved double-digit year-on-year growth, and achieved positive year-on-year growth in new business value driven by long payment periods and long-term banking insurance. The company has recently made many investment-side moves. The company's net profit for 2026-2028 is estimated to be 242/306/34 billion yuan, respectively, with year-on-year growth rates of -33.4%/26.7%/11.2%, respectively, and the embedded value per share in 2026-2028 is 99.9/108.7/118.4 yuan. The current stock price corresponds to PEV valuations of 0.52, 0.48, and 0.44 times, maintaining a “buy” rating.