西部证券 股份有限公司给予 中国平安 A股买进的初始评级。 ...

西部证券股份有限公司给予中国平安A股买进的初始评级。 ...

格隆汇3月9日｜香港交易所信息显示，花旗集团在中国平安H股的持股比例于03月03日从5.96%升至 6.00%。 ...

Investment Rating - The report maintains an "Overweight" rating for the insurance industry [2][3]. Core Insights - The 2026 government work report emphasizes the goal of enhancing the quality and expanding the coverage of the insurance industry, further promoting high-quality development [3][4]. - The report highlights multiple areas where insurance plays a crucial role, including livelihood security, rural revitalization, and risk prevention [4]. - Key tasks for 2026 include improving the multi-tiered medical security system, increasing the minimum monthly basic pension for urban and rural residents by 20 yuan, and enhancing agricultural insurance measures [5][6]. Summary by Relevant Sections Livelihood Security Insurance - The report outlines the establishment of a long-term mechanism for basic medical insurance participation and the introduction of an innovative drug directory for commercial health insurance, with long-term care insurance covering 300 million people [5][6]. - It also mentions the need to combat fraud in medical insurance and to accelerate the development of commercial health insurance [6]. Pension Insurance - The minimum standard for basic pensions will be increased by 20 yuan, and a personal pension system will be implemented nationwide [5][6]. Agricultural Insurance - Measures to promote agricultural insurance development will be formulated to enhance comprehensive disaster prevention and reduction capabilities [6]. Catastrophe Insurance - The report calls for the establishment of a catastrophe insurance guarantee system to maintain national security and social stability [6]. Export Credit Insurance - There will be increased support for credit and insurance to stabilize foreign trade and expand the use of the Renminbi in cross-border transactions [6]. Capital Market and Risk Management - The report emphasizes the need for orderly risk resolution and capital replenishment in the financial sector, with a focus on enhancing the stability of insurance companies [5][6]. - It highlights the importance of insurance funds as a significant source of long-term capital, with a recommendation for a more stable allocation of equity assets [5][6]. Investment Recommendations - The report recommends stocks such as Ping An Insurance, China Pacific Insurance, New China Life, China Property & Casualty Insurance (H), China Life, and China Re (H) for investment [5].

郝思婧 投资咨询资格编号 S1060521070001 策略配置 2026 年 3 月 8 日 A 股策略周报 "两会"定调明晰，助力扩大投资和科技产业化 证券分析师 陈骁 投资咨询资格编号 S1060516070001 CHENXIAO397@pingan.com.cn HAOSIJING374@pingan.com.cn 平安观点： 策 略 报 告 策 略 周 报 证 券 研 究 报 告 本周回顾：A 股先跌后涨，油价上涨引领结构性行情。近一周，美以伊 战事升级，油气价格快速上行并引发通胀担忧，WTI 原油和布油单周涨 幅分别约 36%和 27%，全球股市普遍调整，标普 500 指数单周下跌 2%， 韩国综合指数下跌 10.6%。A 股方面，上半周受外部风险释放影响下跌， 后随着国内"两会"释放积极政策信号反弹，上证指数震荡收跌-0.9%， 中证红利指数上涨 0.6%；结构上，石油石化行业领涨（8.1%），煤炭、 公用事业、银行等也有正收益，TMT 和有色金属行业调整较多。 海外方面：中东紧张局势升级引发市场风偏降温和通胀担忧，美国非农 遇冷引发经济前景担忧，市场关注滞胀风险。一是美以伊战事升级，对 地区 ...

2026年2月28日，国家金融监督管理总局青岛监管局发布批复称，《中国平安（601318）人寿保险股份 有限公司青岛分公司关于平度支公司郭庄营销服务部地址变更的请示》(平保寿青岛分发〔2026〕13号) 收悉。经审核，现批复如下： 一、同意中国平安人寿保险股份有限公司平度支公司郭庄营销服务部将营业场所变更为：青岛市平度市 太原路17号1号楼12层1201户、1202户、1203户、1219户、1220户、1221户、1222户。 二、中国平安人寿保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 ...

证券研究报告 港股通 中国平安 (601318 CH/2318 HK) 25 年预览：全年盈利稳步增长，四季 度有所回落 华泰研究 动态点评 2026 年 3 月 06 日│中国内地/中国香港 保险 中国平安公告将于 2026 年 3 月 26 日发布年度业绩，我们预计 2025 年公司 归母净利润同比增速达 6.8%，低于 2025 年前三季度的表现（11.5%）。公 司在经历 3Q25 加仓二级权益后，利润表现对股市波动更为敏感，我们认为 4Q25 利润表现或受股市扰动，预计同比有所下滑。此外，资产减值压力仍 然存在，或在四季度显现；公司四季度股价上行，导致发行的可转债价值下 跌，亦会对该季度利润产生压力。需要指出的是，2024 年利润已经属于历 史较高水平，会带来基数压力。剔除短期投资波动和非经常性影响，我们预 计 2025 营运利润有望保持稳健增长（+8.8%）。展望 2026 年，分红险有 望推动 NBV 保持有韧性的增长，财险承保表现有望向好，维持"买入"。 投资波动、减值、转债损失扰动 4Q25 利润表现 公司 2025 年三季度积极加仓交易性二级权益资产，在此背景下，公司利润 表现对股市波动更 ...

Investment Rating - The investment rating for the company is "Buy-A/Buy-H" [3] Core Views - The report highlights that the company is increasing its stake in high-quality life insurance companies and is continuously enhancing its equity investments [1][7] - The company is expected to see continued growth in its fundamentals in 2026, driven by stable growth in liabilities and an upward trend in the asset side due to stable long-term interest rates and a recovering equity market [7] - The report projects a significant increase in new business value and earnings per share (EPS) over the next few years, with EPS expected to reach 8.15 CNY by 2027 [2][7] Financial Forecast - Embedded Value (EV) is projected to grow from 1,390,126 million CNY in 2023 to 1,815,124 million CNY in 2027, with a growth rate of 8.47% in 2027 [2] - New business value is expected to increase from 31,080 million CNY in 2023 to 35,505 million CNY in 2027 [2] - Net profit attributable to shareholders is forecasted to rise from 85,665 million CNY in 2023 to 147,564 million CNY in 2027, reflecting a growth rate of 5.10% in 2027 [2] - The report anticipates a gradual increase in the company's equity investment ratio, which is expected to reach 27% of total investment assets by the end of 2025 [7]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the macroeconomic outlook and government policies impacting various sectors, particularly focusing on the construction, energy, and real estate industries. Core Insights and Arguments 1. **GDP Growth Target**: The GDP growth target for 2026 is set at 4.5%-5.0%, aligning with expectations. However, there is a notable gap in fiscal spending versus debt increase, necessitating reliance on tax revenue recovery and central government support for local tax sources [1][2][3]. 2. **Dual Carbon Policy**: The dual carbon policy has shifted from "energy consumption control" to "carbon emission control," enhancing quantitative constraints. This is expected to benefit sectors like carbon accounting software, carbon trading, smart grids, and hydrogen energy [1][4]. 3. **Coal Sector Outlook**: The coal sector is viewed as having a "second growth curve," driven by AI-related electricity demand growth, which offsets dual carbon pressures. Domestic and import supply reductions are anticipated, with coal prices expected to rise from a bottoming phase, suggesting over 50% upside potential for coal stocks [1][20][21]. 4. **Debt Market Expectations**: The bond market has already priced in the subdued fiscal expectations, with a short-term forecast for 10-year government bond yields to retreat to 1.85%-1.9%. There remains room for interest rate cuts throughout the year [1][12][14]. 5. **Construction and Building Materials**: The focus is on major projects under the "15th Five-Year Plan," with significant investment opportunities in western development, major canals, and high-standard farmland construction. The construction materials sector is nearing a profitability inflection point, with leading companies like Oriental Yuhong expected to benefit [1][22][26]. 6. **Consumer Sector Trends**: Consumer spending is expected to show a "high-low" rhythm, with potential weakness in Q2. Opportunities in high-end travel and service consumption are highlighted, particularly with the expansion of spring break trials [2][15]. 7. **Investment Directions**: The report emphasizes investment in new infrastructure, urbanization, and livelihood improvements, with a focus on projects like major railways and hydropower. The total investment in these areas is projected to exceed 8 trillion yuan [22][24]. 8. **Real Estate Policy Changes**: The real estate sector's focus has shifted from risk prevention to stabilizing the market, with a new emphasis on a "people-centered" approach. The reform of housing provident funds is highlighted as a key support mechanism [27][30][31]. Other Important but Potentially Overlooked Content 1. **Tax Revenue Recovery**: The anticipated recovery in tax revenue due to price increases and economic expansion is crucial for addressing the fiscal gap [2][3]. 2. **AI and Energy Demand**: The demand for coal is expected to increase due to AI-driven electricity needs, indicating a shift in energy consumption patterns [20]. 3. **Urban Renewal Initiatives**: The report outlines significant urban renewal projects, with a focus on old neighborhood renovations and infrastructure safety, potentially driving demand for construction materials [23][34]. 4. **Green Energy Initiatives**: The introduction of "green fuels" and a multi-energy approach is noted, with major state-owned enterprises involved in clean energy projects [24]. 5. **Market Sentiment**: The overall market sentiment reflects cautious optimism, with expectations for gradual recovery in various sectors, particularly in construction and real estate [1][10][12]. This summary encapsulates the key points discussed in the conference call, providing insights into the macroeconomic environment and sector-specific developments that may influence investment strategies moving forward.

Core Insights - Ping An Insurance has coordinated efforts to assist corporate clients in evacuating from conflict zones in the Middle East due to escalating tensions [1] Group 1: Evacuation and Support Efforts - The Group issued 59 risk warnings and 23 risk analysis reports while handling 52 customer inquiries related to the situation in the Middle East [1] - Two employees of corporate clients were safely evacuated from high-risk areas within 24 hours [1] - Ping An has been monitoring customer situations in high-risk regions and is prepared to deploy global resources for emergency needs [1] Group 2: Risk Management and Advisory - On January 12, Ping An issued a high-risk advisory and began providing timely alerts to customers in the Middle East [1] - The Group conducted thorough risk assessments and prepared evacuation resources to ensure rapid support [1] Group 3: Company Overview - Ping An is one of the largest financial services companies globally, with over RMB 12 trillion in total assets as of December 2024 [1] - The Group ranked 27th in the Forbes Global 2000 list and 47th in the Fortune Global 500 list in 2025 [1] - Ping An aims to be a world-leading provider of integrated finance, health, and senior care services [1]