Core Businesses Unlock Profit Potential, Accelerating the Development of a China-style HMO Model In the commercial insurance enablement business, Ping An Good Doctor provides Ping An Group's retail customers with online and offline, one-stop, 24/7, proactive medical, health, and senior care services, helping Ping An Group's integrated finance business enhance the differentiated competitiveness of its products, support customer acquisition and retention, and increase customer value. During the period, first- ...

活动议程 11:45-12:00 业绩简述 12:00-12:45 媒体问答环节 活动入口 欢迎进入"全景路演"平台参加路演 中国平安2025年度业绩媒体发布会股票代码：60131803月27日 11:45-12:45 中国平安2025年度业绩媒体发布会于2026年3月27日（星期五）11:45-12:45在全景路演举行，敬请关注！ 活动介绍 中国平安保险（集团）股份有限公司（「中国平安」；上海证券交易所股份代号：601318；香港联合交易所股份代号：2318 / 82318；美国存托凭证交易 代号：PN US）举行2025年度业绩媒体发布会。中国平安管理层将于会上回顾2025年度的经营业绩并展望公司发展前景。 点击"阅读原文"也可进入活动页面 ...

公司点评 | 中国平安 中国平安：银保新时代的引领者 保险股重点跟踪系列 重点追踪：2026 年以来分红险已成为多数险企核心产品，头部险企均加大银保 渠道分红险推广力度，承接居民"存款搬家"下的稳健型储蓄需求。中国平安凭 借独有的综合金融协同优势，在银保合作中有望占据行业核心生态位。 政策与需求共振，银保渠道迈入价值增长新阶段。 政策端，2023 年银保渠道率先实施"报行合一"，要求险企严格执行备案条款 与费率，银保渠道价值贡献显著提升，成为核心价值渠道。头部上市险企凭借品 牌、客户粘性与规模优势，在与银行合作上更具优势，行业格局加速向头部集中。 需求侧，在存款利率下行背景下，分红险"保底+浮动"能精准承接客户"挪储" 需求，当前市场分红险演示利率普遍维持在 3.5%以上，收益确定性与长期增值 属性匹配客户财富管理升级方向，银行也因此成为保险潜在客户的核心载体。 平安优势：双重银保协同体系，铸就行业引领者。 内部协同：依托平安银行海量优质客户筑牢增长根基。公司依托平安银行构建了 业内独有的银保内部协同优势，价值挖掘空间广阔：截至 2025 年中报，平安银 行零售客户规模近 1.3 亿户，零售 AUM 达 4. ...

Investment Rating - The report provides a "Buy" rating for the non-bank financial sector, indicating an expected performance that will exceed the market by more than 10% over the next 12 months [36]. Core Insights - The report emphasizes the importance of strengthening market stability mechanisms and suggests focusing on left-side opportunities within the sector. It highlights that external risk events may fluctuate, but the market's resilience remains strong, with a trend of incremental capital inflow expected to continue [5]. - The introduction of the Financial Law draft is seen as a significant step towards enhancing regulatory frameworks and promoting high-quality development in the financial sector. This law aims to strengthen supervision, prevent risks, and support long-term growth [16][17]. - The insurance sector is advised to be actively monitored, as it continues to increase its equity investment ratio despite market downturns. The report notes that the solvency ratio of life insurance companies remains robust, providing a buffer against potential market pressures [13][5]. Summary by Sections 1. Market Performance - As of March 21, 2026, the Shanghai Composite Index fell by 3.38%, while the Shenzhen Component Index decreased by 2.90%. The CSI 300 Index dropped by 2.19%, and the ChiNext Index rose by 1.26% [10]. 2. Industry Dynamics and Weekly Commentary (a) Insurance - The report indicates that the insurance sector is guided by the two sessions to pursue high-quality development. The solvency ratio of life insurance companies is at 115%, significantly above the regulatory threshold of 50%, allowing for continued investment in equities [13]. - The proportion of insurance funds allocated to stocks and funds has increased to 14.8%, up by 2.1 percentage points from the previous year. The report suggests that the current valuation of the insurance sector presents a good cost-performance ratio [13]. (b) Securities - The Financial Law draft aims to enhance financial regulation and promote high-quality development. It establishes a comprehensive legal framework for financial activities, emphasizing risk prevention and regulatory clarity [16][17]. - The report notes that the Hong Kong Securities and Futures Commission has reported a significant increase in the virtual asset market, with a daily trading volume increase of 89.5% year-on-year, indicating a growing market and regulatory framework [21][23]. 3. Key Company Valuations and Financial Analysis - The report includes detailed valuations for key companies in the sector, with several companies rated as "Buy," including China Ping An, China Life, and Huatai Securities, among others. The expected earnings per share (EPS) and price-to-earnings (PE) ratios for these companies indicate strong growth potential [6].

[Table_Page] 投资策略周报|证券Ⅱ 证券研究报告 [Table_Title] 非银金融行业 请注意，严漪澜并非香港证券及期货事务监察委员会的注 册持牌人，不可在香港从事受监管活动。 | [Table_DocReport] 相关研究： | | | --- | --- | | 非银金融行业:短期震荡积蓄 | 2026-03-15 | | 上涨动能，关注板块左侧布 | | | 局机遇 | | | 非银金融行业:两会定调高质 | 2026-03-08 | | 量发展方向，看好非银板块 | | | 配置机会 | | | 非银金融行业:AI 助力金融公 | 2026-03-01 | | 司降本增效，板块波动后迎 | | | 配置机遇 | | 1 / 1 3 ⚫ 港股金融：建议关注港股优质红利股中国船舶租赁以及受益于流动性 识别风险，发现价值 请务必阅读末页的免责声明 （H）。 加强稳市机制建设，关注板块左侧机遇 [Table_Summary] 核心观点： [Table_PicQuote] 相对市场表现 [Table_Author] 分析师： 陈福 SAC 执证号：S0260517050001 SFC CE N ...

今年以来，资本市场对中国平安的关注度持续升温。最新机构评级数据显示，2026年1月1日至3月20日 期间，共有8家知名券商发布11份关于中国平安的研究报告，全部给予正面评级。 从参与评级的机构来看，涵盖了国信证券、华泰证券、国金证券、华创证券、西部证券、广发证券、国 泰海通证券、东吴证券等国内主流研究机构，其中国信证券和华泰证券分别发布3份和2份研报，对中国 平安的关注度最高。时间分布上，1月份4份、2 月份2份、3月份5份，呈现逐月递增趋势，显示市场对 公司的关注度持续提升。 机构评级以买入为主，整体判断高度一致 多元业务布局获认可，多维度打造增长新引擎 从研报内容来看，机构普遍看好中国平安的多维度业务布局，核心增长亮点获得行业一致肯定。 西部证券在首次覆盖报告中指出，中国平安正积极布局AI技术与综合金融的深度融合，有望开启成长 新周期； 而随着 "十五五"规划的出炉，华创证券研究所于近期发布《保险行业周报："十五五"规划出炉，关 注"养老""医保"等关键词》深度研究报告，从行业内专业视角出发，深度解读"十五五"规划下的保险业 新机遇，重点推荐中国平安。 东吴证券则看好中国平安银保业务快速增长带动整体业绩持 ...

从研报内容来看，机构普遍看好中国平安的多维度业务布局，核心增长亮点获得行业一致肯定。 西部证券在首次覆盖报告中指出，中国平安正积极布局AI技术与综合金融的深度融合，有望开启成长 新周期； 而随着 "十五五"规划的出炉，华创证券研究所于近期发布《保险行业周报："十五五"规划出炉，关 注"养老""医保"等关键词》深度研究报告，从行业内专业视角出发，深度解读"十五五"规划下的保险业 新机遇，重点推荐中国平安。 东吴证券则看好中国平安银保业务快速增长带动整体业绩持续向上，同时高权重、低持仓特性或将进一 步催化估值修复提升。 今年以来，资本市场对中国平安的关注度持续升温。最新机构评级数据显示，2026年1月1日至3月20日 期间，共有8家知名券商发布11份关于中国平安的研究报告，全部给予正面评级。 从参与评级的机构来看，涵盖了国信证券、华泰证券、国金证券、华创证券、西部证券、广发证券、国 泰海通证券、东吴证券等国内主流研究机构，其中国信证券和华泰证券分别发布3份和2份研报，对中国 平安的关注度最高。时间分布上，1月份4份、2 月份2份、3月份5份，呈现逐月递增趋势，显示市场对 公司的关注度持续提升。机构评级以买入为主， ...

Group 1 - Industry Investment Rating: Overweight [2] - Core Viewpoint: The demand for savings is driving the NBV (New Business Value) prosperity, and the importance of asset-liability linkage is increasing [2][4] - Investment Recommendations: Recommended companies include Ping An, China Pacific Insurance, New China Life, China Property & Casualty, China Life, and People's Insurance Company of China [3][4] Group 2 - Life Insurance: The growth in savings demand is expected to drive NBV growth, with the bancassurance channel being a significant driver [3][4] - Property Insurance: Premium scale is expected to grow steadily, with leading companies improving their combined ratio (COR) [3][4] - Economic recovery is anticipated to lead to stable profit and EV growth for listed insurance companies in 2026 [3][4] Group 3 - The liability side continues to grow, with an improvement in liability costs: It is expected that savings demand will drive NBV growth in 2026, with the bancassurance channel being a key driver [3][4] - The importance of asset-liability linkage is rising: The uncertainty in investment returns and the difficulty in reducing liability costs are raising concerns about insurance company profitability [3][4] - The expected growth in premium income for 2026 is driven by the migration of residents' asset allocation towards savings-type insurance, especially participating insurance [18]

智通财经APP讯，中国平安(02318)公布平安银行2025年业绩，营业收入约1314.42亿元，同比减少 10.4%;归属于该行股东的净利润为426.33亿元，同比减少4.2%;每股收益2.07元，拟每 10 股派发现金股 利 3.60 元。 ...

智通财经APP讯，中国平安(02318)公布平安银行2025年业绩，营业收入约1314.42亿元，同比减少 10.4%;归属于该行股东的净利润为426.33亿元，同比减少4.2%;每股收益2.07元，拟每 10 股派发现金股 利 3.60 元。 ...