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].

Group 1 - The core viewpoint of the articles indicates that China Ping An leads the health insurance market in 2025 with a premium income of nearly 159 billion yuan, capturing approximately 16% of the total market share [1][2] - China Life Insurance maintains its position as the industry leader in personal insurance premium scale, with total premiums reaching 729.89 billion yuan, a year-on-year increase of 8.7% [3] - The overall health insurance business in the industry achieved a premium income of 997.3 billion yuan, nearing the one trillion yuan mark [2][3] Group 2 - The top five listed insurance companies generated about 450 billion yuan in health insurance premiums, accounting for approximately 45% of the total health insurance market [3] - China Ping An's health insurance premium income includes nearly 73.4 billion yuan from medical insurance, reflecting a year-on-year growth of 2.7% [3] - China Life's health insurance business total premium reached 120.22 billion yuan, representing a year-on-year growth of 0.9%, which is about 12% of the health insurance market [3] Group 3 - China Pacific Insurance's health insurance business achieved a premium income of 89.33 billion yuan, with a year-on-year growth of 14.4% [4] - New China Life Insurance reported a health insurance premium income of 50.77 billion yuan, showing a year-on-year decline of 3.4% [4] - China Re's health management services provided to over 9.52 million clients saw a revenue increase of 17.2% year-on-year [7] Group 4 - The industry is shifting towards "service-oriented products," focusing on a comprehensive competition involving medical resources, health services, and technological empowerment [5] - China Ping An offers a "four-in-one" medical health service model, which includes services delivered to various locations [5] - China Pacific Insurance's "Medical Compensation Pass" solution has served over 289,000 individuals [6]

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 ...

Investment Rating - The report maintains a positive outlook on the insurance sector, recommending specific companies such as China Ping An, China Pacific Insurance, China Life (H), New China Life, and China Taiping, while suggesting to pay attention to ZhongAn Online and China Taiping [4][6]. Core Insights - The insurance sector in A-shares is projected to achieve a total net profit attributable to shareholders of 425.3 billion yuan in 2025, reflecting a year-on-year growth of 22.4% [4][10]. - The net profit growth is driven by both asset and liability sides, with insurance service performance and investment performance contributing significantly [4][11]. - The new business value (NBV) for A-share insurance companies is expected to grow by 35.8% year-on-year to 126.7 billion yuan, with new single premiums increasing by 11.1% to 696.2 billion yuan [4][43]. - The investment scale in secondary equity for listed Chinese insurance companies is anticipated to increase by 1.5 trillion yuan, with a 63% growth compared to the beginning of the year [4][10]. Summary by Sections Profitability - The total net profit attributable to shareholders of A-share insurance companies is projected to reach 425.3 billion yuan in 2025, with a year-on-year increase of 22.4% [4][10]. - The profit structure is balanced, with pre-tax profit contributions from liabilities and assets at 46.9% and 55.0%, respectively [4][11]. - The insurance service performance is expected to grow by 19.7% year-on-year to 257 billion yuan, while investment performance is projected to increase by 39.3% to 301.2 billion yuan [4][14]. New Business Value (NBV) - The NBV for A-share insurance companies is expected to grow by 35.8% year-on-year to 126.7 billion yuan, driven by a robust increase in new single premiums [4][43]. - The contribution from the bancassurance channel is significant, with a year-on-year increase of 116.8% to 32.8 billion yuan, enhancing its importance in the overall business [4][51]. Investment Scale - The secondary equity investment scale of listed Chinese insurance companies is projected to increase by 1.5 trillion yuan, reflecting a 63% growth compared to the beginning of the year [4][10]. - The total investment income for A-share insurance companies is expected to grow by 21.8% year-on-year to 962.6 billion yuan, with various components contributing to this growth [4][29]. Dividend and Shareholder Returns - The report indicates that cash dividends are a core strategy for market value management among listed insurance companies, with dividend per share (DPS) expected to increase [4][32]. - The dividend yield for listed insurance companies ranges from 2.3% to 6.4%, indicating an attractive return for investors [4][32].

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， ...

Core Viewpoint - The insurance sector is experiencing strong performance due to improvements on both the asset and liability sides, despite a general underperformance in the capital market this year [2][4]. Group 1: Financial Performance - Listed insurance companies have shown significant profit growth, with notable increases in net profit: China Life up 43.9%, China Pacific up 19%, and New China Life up 85% to 90% [4][5]. - China Ping An's net profit grew 6.45% in 2025, influenced by one-time factors, while its adjusted net profit increased by 22.5% [5][6]. - The performance of the insurance sector is closely tied to the stock market, with the A-share market's rise in 2025 contributing to the profitability of listed insurance companies [5][7]. Group 2: Growth Quality - The quality of growth in the insurance sector is improving, with companies enhancing service capabilities and customer retention rates [10][11]. - New business value (NBV), a key indicator of future growth potential, has increased significantly: China Ping An by nearly 30%, China Life by 35%, and AIA by 15% [11][12]. - The shift towards value-oriented growth is supported by a low-interest-rate environment and regulatory changes that promote sustainable practices [11][12]. Group 3: Strategic Developments - Insurance companies are focusing on comprehensive financial services and healthcare, creating a robust service network that enhances customer loyalty [13][16]. - The integration of technology in operations is leading to cost reductions and efficiency improvements, as seen in the declining comprehensive cost ratios of major players [12][13]. - The insurance sector is increasingly recognized as a stabilizing force in the economy, with policies promoting long-term care insurance and enhancing the industry's role in social welfare [14][15]. Group 4: Future Outlook - The insurance industry's market value is expected to rise as it plays a more significant role in the economic and social framework, particularly in response to aging populations and healthcare needs [14][16]. - Companies like China Ping An are positioning themselves as essential service providers, integrating financial and healthcare services to meet evolving consumer demands [15][16]. - The ongoing focus on enhancing service quality and operational efficiency is likely to drive long-term value growth in the insurance sector [18].

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]