投资要点： "产品加服务",打造平安新的价值增长 中国平安(601318) ——中国平安更新报告 | [Table_Authors] 姓名 | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 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_Target] 目标价格(元): | 88.53 | 本报告导读： 中国平安战略定位 "综合金融"+"医疗养老"，依据三大竞争优势打造的"产品 +服务"模式将带来盈利长期的稳定增长，构成中国平安新的价值增长极。 催化剂：推动商业健康险的制度性政策 风险提示：资本市场波动；利率曲线持续下移。 | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | - ...

刚满62岁的"保险老将"杨铮，掌舵5万亿级寿险机构多年之后，终于完成退休返聘使命。南都湾财社记 者日前从平安人寿了解到，杨铮退休后返聘任职期满，拟卸任公司董事长、董事等相关职务。根据平安 人寿《公司章程》的规定，副董事长兼副总经理蔡霆代行董事长职责。 平安人寿方面表示，杨铮在担任公司董事长期间恪尽职守、勤勉尽责，主导推动"渠道+产品"战略落地 显效，公司对杨铮任职期间所作的贡献表示衷心感谢。 史伟玉则是"75后"，自1999年加入平安，系内部历练成长的典型"女将"。 值得注意的是，自2024年以来平安人寿管理层变动频繁，干部年轻化人事棋局渐明朗。2024年10月，曾 有阿里等互联网公司零售业务背景的宫秋伟出任平安人寿董事长特别助理跻身高管阵列。平安人寿对此 表示，此次引进人才是为了结合战略推进和经营管理需要，持续完善人才梯队体系，进一步深化寿险改 革。 对于未来"一把手"和高管矩阵，平安人寿解释称，将不断加强公司领导班子建设，推进公司战略落地， 迈向高质量发展。目前公司正有序推进董事长的聘任工作，后续将按照相关法律法规规定和监管要求及 时履行信息披露义务。 在中国平安的光环之下，这家头部寿险机构的继任者一直备 ...

刚满62岁的"保险老将"杨铮，掌舵5万亿级寿险机构多年之后，终于完成退休返聘使命。南都湾财社记 者日前从平安人寿了解到，杨铮退休后返聘任职期满，拟卸任公司董事长、董事等相关职务。根据平安 人寿《公司章程》的规定，副董事长兼副总经理蔡霆代行董事长职责。 平安人寿方面表示，杨铮在担任公司董事长期间恪尽职守、勤勉尽责，主导推动"渠道+产品"战略落地 显效，公司对杨铮任职期间所作的贡献表示衷心感谢。 杨铮（图片来自网络） 蔡霆（图片来自网络） 早在去年3月5日，平安人寿宣布，经公司董事会审议，选举执行董事、副总经理蔡霆兼任公司副董事 长；副总经理史伟玉拟出任公司总经理。 南都湾财社记者了解到，作为"85后"少帅，彼时蔡霆还不足40岁，曾被业内称为"火箭式晋升"。 蔡霆于1985年10月出生，系上海交通大学安泰经济与管理学院人力资源管理专业学士毕业。从他的履历 看，曾在平安集团总部、银行和寿险板块均有历练。 自2014年加入平安以后，蔡霆历任平安集团首席 创新执行官办公室项目经理、平安集团战略发展中心研究助理/高级项目经理、平安集团员工服务部副 总经理（主持工作）、平安银行人力资源部总经理、平安集团副首席财务执行官、平 ...

（文章来源：证券日报） 证券日报网讯 2月25日，中国平安在互动平台回答投资者提问时表示，平安集团高度重视股东回报，公 司每股股息已连续超10年保持上涨，2025年中期每股股息同比提升2.2%。公司将保持稳定、一致的分 红政策。 ...

Core Insights - The top three companies with the highest short positions as of February 13 are COSCO Shipping Holdings (01919), CATL (03750), and Ping An Insurance (02318), with short ratios of 19.07%, 16.71%, and 15.47% respectively [1][2] Group 1: Companies with Highest Short Ratios - COSCO Shipping Holdings (01919) has a short position of 526 million shares, representing a short ratio of 19.07% [2] - CATL (03750) has a short position of 26.05 million shares, with a short ratio of 16.71% [2] - Ping An Insurance (02318) has a short position of 1.152 billion shares, reflecting a short ratio of 15.47% [2] - Dongfang Electric (01072) has a short position of 62.39 million shares, with a short ratio of 15.29% [2] - Sunny Optical Technology (02382) has a short position of 16.4 million shares, maintaining a short ratio of 15.17% [2] Group 2: Companies with Increased Short Positions - WuXi AppTec (02359) saw the largest increase in short ratio, rising by 2.66% to 12.45% [2][3] - Chifeng Jilong Gold Mining (06693) increased its short ratio by 1.63% to 3.60% [2][3] - Changfei Optical Fiber (06869) experienced a 1.55% increase in short ratio, reaching 4.13% [2][3] - Meitu (01357) had a short ratio increase of 1.38% to 8.00% [2][3] - Weimob (02013) saw a 1.33% increase in its short ratio, now at 12.16% [2][3] Group 3: Companies with Decreased Short Positions - Tianqi Lithium (09696) had the largest decrease in short ratio, dropping by 2.29% to 2.91% [3][4] - Vanke (02202) saw a reduction of 2.17% in its short ratio, now at 14.25% [3][4] - Jiangsu Ninhui Expressway (00177) decreased its short ratio by 1.02% to 10.61% [3][4] - Ganfeng Lithium (01772) experienced a decrease of 1.01% in its short ratio, now at 8.81% [3][4] - Country Garden (02007) saw a reduction of 0.91% in its short ratio, now at 1.02% [3][4]

来源：滚动播报 据香港交易所披露，花旗集团对中国平安保险(集团)股份有限公司 - H股的多头持仓比例于2026年2月16 日从5.93%增至6.09%。 ...

据香港交易所披露，摩根大通（JPMorgan）对中国平安保险(集团)股份有限公司 - H股的多头持仓比例 于2026年2月20日从8.55%增至8.69%。 来源：滚动播报 ...

Investment Rating - The industry investment rating is "Positive" (maintained) based on the recovery of new business growth, reduced interest rate sensitivity, and prudent actuarial assumptions [5][30]. Core Viewpoints - The report highlights that the valuation of Chinese insurance companies is expected to improve, drawing comparisons with AIA Group's strong performance since its listing. AIA's embedded value (PEV) multiple was approximately 1.48 times at the end of 2025, indicating high growth potential and lower sensitivity to interest rates, which could benefit the valuation of Chinese insurers [5][6]. - The new business value (NBV) of Chinese life insurance companies is recovering rapidly, driven by improved distribution channels and product offerings, with expectations for continued growth in 2026 [5][13]. - Effective asset-liability duration management and the transformation towards participating insurance have reduced the sensitivity of Chinese insurers' values to interest rates, which is favorable for valuation [15][17]. - Prudent adjustments to actuarial assumptions have brought Chinese insurers' assumptions closer to those of AIA, enhancing the credibility of their valuations [22][30]. Summary by Sections Section 1: AIA's Performance and Valuation - AIA has shown strong stock performance since its listing, with a PEV multiple of approximately 1.48 times at the end of 2025, indicating a favorable outlook for valuation improvements in Chinese insurers [5][6]. Section 2: Recovery of New Business and Growth Indicators - Chinese life insurance companies are experiencing a rapid recovery in new business growth, with NBV for AIA increasing by 18% year-on-year to USD 4.314 billion in the first three quarters of 2025. The NBV for 2024 was approximately 113% of the 2019 figure, indicating strong growth potential [8][13]. - Major Chinese insurers are expected to see NBV growth of 30%-80% in 2025, with positive growth in CSM for China Life and Ping An in the first half of 2025 [13][18]. Section 3: Interest Rate Sensitivity and Actuarial Assumptions - The sensitivity of Chinese insurers' values to interest rates has decreased due to effective duration management and a successful shift towards participating insurance. For instance, AIA's NBV only decreased by 1.9% with a 50 basis point drop in interest rates [15][17]. - Chinese insurers have made prudent adjustments to their actuarial assumptions, aligning them more closely with AIA's, which enhances the reliability of their valuations. For example, China Life's investment return assumption has been adjusted to 4% from 5% [22][30].

进入2026年，保险圈迎来一波密集的人事变动。就在马年春节来临之际，中国平安人寿保险股份有限公司（下称平安人寿）宣布杨铮退休后返聘任职期满， 拟卸任公司董事长、董事等相关职务。根据平安人寿《公司章程》的规定，副董事长兼副总经理蔡霆代行董事长职责。 杨铮出生于1964年2月，至今年2月年满62周岁。1994年7月加入平安后曾先后担任平安产险上海分公司总经理、平安产险总经理助理、平安银行东区副总经 理、平安好车董事长兼CEO、平安产险总经理、平安健康险董事长兼CEO等职务。2020年12月初，杨铮临危受命出任公司党委书记、董事长兼CEO等职务， 主导推动了公司"渠道+产品"战略的落地显效。 转型，也更敢于推动组织变革，这与寿险业面临的低利率环境、当前"渠道重构、产品升级、科技赋能"的转型需求高度契合。 平安人寿此次表示将不断加强公司领导班子建设，推进公司战略落地，迈向高质量发展。目前正有序推进董事长正式聘任工作，后续将按规定履行信息披露 义务。 作为头部寿险机构代表，截至2025年三季度末，平安人寿总资产5.85万亿元，较年初增长12.71%，净资产为4298.36亿元，较年初增长26.9%。 前三季度实现保险业 ...

2026年2月12日，国家金融监督管理总局潍坊监管分局发布批复称，《平安养老保险股份有限公司山东 分公司关于撤销潍坊中心支公司的请示》(平保养鲁分发〔2026〕4号)收悉。经审核，现批复如下: 二、接此批复文件后，平安养老保险股份有限公司潍坊中心支公司应立即停止一切经营活动，于15个工 作日内向国家金融监督管理总局潍坊监管分局缴回许可证，并按照有关法律法规要求办理相关手续。 一、同意撤销平安养老保险股份有限公司潍坊中心支公司。 ...