股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中国平安保险（集团）股份有限公司 呈交日期: 2026年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601318 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,660,065,083 | RMB | | | 1 RMB | | 10,660,065,083 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 10,660,065,083 | RMB | | | 1 RMB | | 10,660,065,083 | | ...

Core Viewpoint - The transformation journey of China Ping An reflects a blend of opportunities and challenges, with the insurance industry undergoing significant changes by 2025 due to policy shifts and market dynamics [1][3][14]. Group 1: Overall Performance - In 2025, China Ping An reported total premiums of 10,046.06 billion yuan, a year-on-year increase of 5.58% [3][16]. - The net profit reached 1,583.01 billion yuan, growing by 7.88% year-on-year, influenced by non-recurring gains [3][17]. - The total assets amounted to 138,984.71 billion yuan, reflecting a 7.26% increase, while the net assets attributable to shareholders rose by 7.73% to 10,004.19 billion yuan [3][16]. Group 2: Life Insurance Segment - The total premium for life and health insurance was 6,614.38 billion yuan, up 5.04% year-on-year, with new business value soaring by 29.3% to 368.97 billion yuan [5][18]. - The new single premium for the bancassurance channel surged by 162.89%, while the individual insurance channel saw a decline of 17% in new single premiums [5][18]. - The policy continuation rate reached 97.40% for 13 months and 94.90% for 25 months, indicating strong customer retention [5][18]. Group 3: Property Insurance Segment - The total premium for property insurance was 3,431.68 billion yuan, a 6.6% increase, with a notable 39% growth in new energy vehicle insurance premiums [9][21]. - The underwriting profit for property insurance doubled, reaching 107.17 billion yuan, despite a slight decline in net profit by 2.8% due to one-time asset disposals [9][21]. - Non-auto insurance premiums grew by 14.5%, but profitability varied significantly across different types of non-auto insurance [9][22]. Group 4: Investment Performance - The investment asset scale reached 64,899.62 billion yuan, increasing by 13.23%, with total investment income rising by 13.50% to 2,342.51 billion yuan [11][23]. - The structure of investment assets showed a predominance of fixed income, with equity investments increasing significantly by 119% to 9,580.89 billion yuan [11][24]. - The company emphasized a strategy of matching investments with liabilities and economic cycles, focusing on sectors like infrastructure and healthcare [13][25].

2025年中国 保险 公司哪家卖得好？根据最新披露的保费收入排名与销售业绩对比数据，在五大A股上 市险企中， 中国平安 以近1590亿元的健康险保费收入领跑，占据全市场近16%的份额，成为健康险卖 得最好的公司。 中国人寿 在人身险保费规模上稳居行业龙头。当前，各家保险公司正加速向"服务型产 品"转型，竞争核心已转向医疗康养生态与科技赋能的 综合 比拼。 Q:哪家保险卖得好 A:2025年中国保险公司健康险销售业绩对比显示，中国平安在此领域卖得最好，中国人寿则在人身险保 费规模上稳居行业龙头。核心数据支撑如下： ·行业整体概况：2025年，人身险和财产险公司的健康险业务累计实现保费收入9973亿元，距离万亿元 关口仅一步之遥。 ·头部企业集中度：五大上市险企实现健康险保费收入约4500亿元，约占健康险市场总保费的45%。 ·中国平安（健康险居首）：2025年实现健康险保费收入1590亿元，占健康险市场总保费的15.9%。其中 医疗险保费收入近734亿元，同比增长2.7%。 行业转型趋势补充细节： ·中国人寿：公司总保费达7298.87亿元，同比增长8.7%。其健康险业务总保费1202.21亿元，同比增长 0. ...

Investment Rating - The report maintains an "Overweight" rating for the insurance industry [4]. Core Insights - The insurance sector is experiencing significant growth in profitability and net assets, driven by improvements in asset-liability management and a favorable equity market [2][4]. - The report highlights three key themes: the rise of bancassurance, the linkage between assets and liabilities, and the integration of insurance with services [4][6]. Summary by Sections 1. Performance and Shareholder Returns - The overall performance of listed insurance companies in 2025 met expectations, with net profit increasing by 22.4% year-on-year, driven by improved investment performance [7]. - Cash dividends for listed insurance companies reached 125.17 billion yuan, reflecting a 13.5% increase, indicating a focus on shareholder returns [9][11]. 2. Bancassurance and Asset Changes - Bancassurance has emerged as a highlight on the liability side, contributing significantly to the growth of new business value (NBV), which increased by 30.9% year-on-year [13][14]. - The net assets of listed insurance companies grew by over 10% year-on-year, primarily due to profit growth offsetting negative impacts from interest rate fluctuations [25][26]. 3. Key Themes in the Industry - The rise of bancassurance is identified as a new growth driver for listed insurance companies [4][6]. - The report emphasizes the importance of asset-liability management, particularly in the context of fluctuating interest rates and the need for improved matching strategies [4][6]. - The integration of insurance products with services is seen as a critical strategy for enhancing customer loyalty and competitive advantage [4][6]. 4. Investment Recommendations - The report recommends increasing holdings in specific companies, including China Ping An, China Taiping, New China Life, China Pacific Insurance, China Life, and China People's Insurance Group [4][6].

2025年平保的银行保险业务新业务价值(NBV)增长139%，预计2026年将增长超过40%。代理人NBV增 长10%，员工人数自2023年以来仍维持了双位数的增长，该行预计随着参与产品获得市场认可，到2026 年将提升至15%左右。 该公司业绩符合预期，凸显了跨境保险业务的改善、银行和资产管理业务风险的降低，支撑了晨星对平 保2030年税后营业利润率实现高单位数增长的预测。 该公司银行保险业务(Bancassurance)于2023年才开始向其子公司平安银行以外的地区扩张，但平保的银 行保险业务利润率已达29%，与友邦保险(01299)的35%相若，几乎是国内同行15%的两倍，并在银行保 险业务新业务价值方面领先行业。 中国平安 中国平安-R 中国平安 分时图 日K线 周K线 月K线 56.78 0.45 0.80% 2.33% 1.54% 0.78% 0.00% 0.78% 1.54% 2.33% 55.02 55.46 55.89 56.33 56.77 57.20 57.64 09:30 10:30 11:30/13:00 14:00 15:00 0 49万 99万 148万 晨星发布研报称，维持对中 ...

证券研究报告 资负双轮驱动利润增长，上市险企增配二级权益1.5万亿元 保险行业2025年年报综述 证券分析师： 罗钻辉 A0230523090004 孙冀齐 A0230523110001 2026.3.31 核心观点 www.swsresearch.com 证券研究报告 2 ◼ 资产负债双轮驱动A股险企2025年归母净利润合计yoy+22.4%。2025年A股险企归母净利润合计达4253亿元， yoy+22.4%，高基数下依然实现稳步提升；从利源结构来看，保险服务业绩/投资业绩yoy+19.7%/39.3%至2570/3012亿 元，税前利润贡献占比分别达46.9%/55.0%，结构相对均衡。其中，4Q25多数上市险企利润表现阶段性承压，A股险企归 母净利润yoy-102.6%至-7.48亿元，主要受资本市场波动叠加3Q25以来险企持续提升二级市场权益配置规模影响。 ◼ NBV增速亮眼，COR整体延续稳中向好态势。人身险量价齐升，A股险企NBV合计yoy+35.8%至1267亿元；其中，新单保 费合计yoy+11.1%至6962亿元，NBVM(使用NBV/新单近似估计)yoy+3.3%至18.2%，"报行合一 ...

2025年以来，人身险行业加速向"保底+浮动"收益型产品转型，以平安为代表的头部险企，纷纷加大分 红险布局力度，通过优化负债结构、压降刚性成本，缓解资产端投资压力。 近日，中国平安副总经理兼首席财务官付欣在接受《每日经济新闻》记者专访时透露，"2025年，公司 个险渠道分红险业务占比约30%"。对于今年分红险销售计划，付欣进一步表示，2026年将把分红险作 为全年核心主推险种，相关业务占比有望进一步攀升。 谈及中国平安长期践行"AI in All"（全面实现人工智能化）科技战略的优势，付欣表示，"平安坐拥海量 数据、丰富多元的应用场景，以及线上线下联动的流量入口，依托这些核心优势，公司不仅能够从容应 对AI（人工智能）时代的行业变革，还有望成为AI时代的领跑者和核心价值创造者"。 图片来源：受访者供图 2026年全年主推分红险，以"保险+服务"提升竞争力 针对平安2025年分红险转型的落地成效，付欣在受访时作出详细解读。她表示，加码分红险业务，是险 企适配当前低利率市场环境的必然选择。从客户层面来看，分红险可让投保人共享保险公司超额投资收 益，在利率下行周期中，这类产品的竞争优势愈发凸显；从险企经营层面来看， ...

不过今年以来保险板块在资本市场表现一般，截至3.27日，万得保险指数年内收益为负。相比之下， 2025年该指数涨幅达到31%。 受到美伊战争以及石油价格上涨影响，国内外资本市场均较此前更为悲观，而保险板块部分资金投向 资本市场，业绩与股市表现有一定的相关度，因此造成保险板块的下跌。 但理性分析来看，短期因素总会过去，决定板块长期价值的，是板块的成长性、创造盈利的能力。从 这个角度来说， 保险板块依然值得配置 。 为什么这样说呢？ 上市保险企业盈利成长不错 资本市场的表现，与利润息息相关。 保险行业的基本面，还是相当不错的。已发布财报的上市保险公司，大多实现了资负两端的改善、盈 利水平的提升。比如净利润这个指标上，中国人寿增长43.9%，中国太平增长220.9%，新华保险增长 85%至90%，中国太保净利润增长19%，阳光保险增长15.7%。最新财报显示，中国平安2025年净利 润增长6.45%，主要受到一次性因素影响，包括平安健康、平安医保科技、金融壹账通纳入集团合并 报表及出售汽车之家时带来的一次性损益等。扣除一次性影响的扣非净利润增长了22.5%，也是比较 可观的增速水平。 需要说明的是，保险资金中有一部 ...

智通财经APP获悉，晨星发布研报称，维持对中国平安(02318)公允价值预测84港元。平保2025年税后经 营利润率加速增长至10%，主要得益于财产及伤亡保险承保利润的提升，主要受惠于巨灾损失减轻，以 及资产管理业务损失的减少。 该公司业绩符合预期，凸显了跨境保险业务的改善、银行和资产管理业务风险的降低，支撑了晨星对平 保2030年税后营业利润率实现高单位数增长的预测。 该公司银行保险业务(Bancassurance)于2023年才开始向其子公司平安银行以外的地区扩张，但平保的银 行保险业务利润率已达29%，与友邦保险(01299)的35%相若，几乎是国内同行15%的两倍，并在银行保 险业务新业务价值方面领先行业。 2025年平保的银行保险业务新业务价值(NBV)增长139%，预计2026年将增长超过40%。代理人NBV增 长10%，员工人数自2023年以来仍维持了双位数的增长，该行预计随着参与产品获得市场认可，到2026 年将提升至15%左右。 ...

Investment Rating - The report maintains an "Overweight" rating for the insurance sector [1] Core Insights - The insurance industry is expected to see improvements in liability quality and increased equity allocation in investments [1] - The overall net profit of listed insurance companies increased significantly by 26.6% in 2025, driven by enhanced investment returns, although there was a decline in Q4 net profits due to short-term market fluctuations [4][11] - The average dividend yield for listed insurance companies is high, with several companies exceeding 5% [4][21] Summary by Sections 1. Net Profit and Dividend Returns - The net profit of listed insurance companies reached CNY 457.5 billion in 2025, a 26.6% increase year-on-year, with notable growth from companies like Taiping, which saw a 222.6% increase [11][12] - The average dividend payout ratio for listed insurance companies remained stable at 26.2%, with Taiping showing a significant increase of 251% in dividends per share [21][23] 2. Life Insurance - New business premiums and NBV (New Business Value) growth were driven by the bancassurance channel, with companies like Sunshine and Xinhua seeing over 40% growth in new premiums [4][6] - The average contribution of bancassurance to new business premiums increased to 39.1%, up by 7.7 percentage points year-on-year [4][6] 3. Property and Casualty Insurance - Premium income remained stable, with slight variations in the structure of insurance types; for instance, PICC and Ping An saw premium growth of 3.3% and 6.6% respectively [4][6] - The average combined ratio for listed property and casualty insurers improved to 98.1%, indicating profitability in underwriting [4][6] 4. Investment - Investment assets for listed insurers grew by 13% year-on-year, with a notable shift towards equities and funds, increasing their share to 14.4% [4][6] - The average total investment return rose to 5.4%, supported by a strong stock market performance [4][6] 5. Liability Side Improvements - The report indicates a positive trend in the liability side, with expectations for a gradual decrease in liability costs due to sustained market demand for savings products [4][6] - The insurance sector's valuation remains low, with PEV ratios between 0.54-0.77 and PB ratios between 0.95-1.60, highlighting potential investment value [4][6]