证券代码：601318 证券简称：中国平安 编号：临 2025-036 中国平安保险（集团）股份有限公司 关于实施回购股份注销暨股本变动公告 中国平安保险（集团）股份有限公司（以下简称"本公司"或"公司"）董事会 及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并 对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本公司将于 2025 年 9 月 3 日注销根据 2021 年 A 股回购方案回购的 102,592,612 股 A 股股份（以下简称"本次注销"）。本次注销完成后，本 公司总股本将由 18,210,234,607 股变更为 18,107,641,995 股。 本公司已就本次注销导致的减少注册资本事宜取得《国家金融监督管理总局 关于中国平安保险（集团）股份有限公司变更注册资本的批复》（金复〔2025〕 521 号），并已根据上海证券交易所的有关规定递交本次注销的相关申请，上述 102,592,612 股 A 股股份预计将于 2025 年 9 月 3 日完成注销。于本次注销完成日， 本公司股本总数将由 18,210,234,607 股变更为 18,107,641,99 ...

Core Insights - Insurance companies have significantly increased their stock market investments in the first half of the year, reflecting a long-term positive outlook on the stock market [1][5]. Group 1: Investment Trends - As of the end of June, five A-share listed insurance companies had a stock investment scale close to 1.8 trillion yuan, an increase of 405.36 billion yuan compared to the end of last year [1]. - China Life Insurance reported an increase of over 150 billion yuan in equity asset allocation during the first half of the year, leading to significant growth in equity investment returns [3]. - China Pacific Insurance's A-share investment scale grew by 26.1% compared to the beginning of the year, with a 1.2 percentage point increase in its proportion within the total portfolio [5]. Group 2: Future Investment Strategies - China Ping An plans to increase equity allocation, focusing on growth sectors representing new productive forces and high-dividend value stocks [7]. - China Life Insurance maintains an optimistic outlook for the A-share market in the second half of the year, with a focus on sectors such as technological innovation, advanced manufacturing, new consumption, and overseas enterprises for investment opportunities [7].

Core Insights - China Ping An ranked 3rd in the "2025 Best Chinese Brands" list by Interbrand, achieving a brand value of 175.85 billion yuan and a growth rate of 5%, marking its first position in the financial sector and maintaining its lead in the insurance industry for 12 consecutive years [1] Group 1: Brand Value and Market Position - The total brand value of the listed brands in the "2025 Best Chinese Brands" is 34,278.02 billion yuan, with Tencent, Alibaba, and China Ping An occupying the top three positions [1] - China Ping An's unique strategy of "comprehensive finance + medical and elderly care" and its deep application of AI technology are key drivers of its brand resilience and innovation [1] Group 2: Customer-Centric Services - China Ping An has developed a comprehensive financial supermarket service system, focusing on customer needs and providing a "worry-free, time-saving, and cost-effective" service experience [2] - As of June 30, 2025, the number of individual customers reached approximately 247 million, with a retention rate of 97.8% for customers holding four or more contracts [2] Group 3: AI and Technology Integration - The company has built a leading AI capability, utilizing a database of 30 trillion bytes of data covering nearly 247 million individual customers, with over 650 application scenarios [3] - In the first half of 2025, AI service volume reached approximately 882 million, covering 80% of total customer service interactions [3] Group 4: Corporate Social Responsibility - China Ping An has invested nearly 10.8 trillion yuan to support the real economy and has a green investment scale of 144.48 billion yuan as of June 30, 2025 [3] - The company has improved its MSCI ESG rating to AA, ranking first in the Asia-Pacific region for "comprehensive insurance and brokerage" [3] Group 5: Future Outlook - The company aims to deepen its dual strategy of "comprehensive finance + medical and elderly care" and continue its digital transformation to enhance service differentiation and core competitiveness [4]

中国平安始终坚持以客户为中心，构建覆盖全生命周期的"综合金融超市"服务体系。通过升级统一账户 体系、丰富产品矩阵、优化服务流程，实现"一个客户、多个账户、多种产品、一站式服务"的整合解决 方案。截至2025年6月30日，平安个人客户规模达2.47亿，较年初增长1.8%；持有4项及以上合同的高黏 性客户占比达26.6%，客户留存率高达97.8%；服务年限5年以上的客户占比达73.8%，长期留存率保持 在94.6%，充分体现了客户对品牌的高度认可。 整合资源，构建普惠高效的医疗养老生态 作为支付方代表，中国平安协同保险、医疗、投资与科技板块，整合优质服务资源，打造"家庭医生 +养老管家"服务体系，提供"到线、到店、到家、到企"的全方位健康与养老服务。截至2025年6月末， 平安拥有约5万名内外部医生团队，合作医院近3.7万家，实现国内百强医院及全部三甲医院100%覆 【环球网财经综合报道】2025年9月2日，全球知名品牌咨询机构Interbrand（英图博略）正式发布"2025 年中国最佳品牌排行榜"。中国平安以1758.5亿元的品牌价值和5%的稳健增速，首次跃居榜单第三位， 成为榜单中排名最高的金融企业，并连续 ...

Core Insights - A new private equity fund, Hengyi Chiying (Shenzhen) Private Fund Management Co., has completed its registration with the Asset Management Association of China on August 29, 2023 [1] - The fund was established on May 30, 2025, with a registered and paid-in capital of 300 million yuan [1] - Hengyi Chiying will issue a contract-type private securities investment fund directed to Ping An Life, with an initial fund size of 30 billion yuan [1]

Group 1 - The core holdings of active funds in the mid-2025 report are Tencent Holdings, Alibaba, and Xiaomi Group, with Tencent Holdings having the highest total market value of 64.031 billion, held by 1499 active funds [1] - The top three holdings of passive funds in the mid-2025 report are Kweichow Moutai, CATL, and Ping An of China [1] - The top three Hong Kong stock holdings for active funds are also Tencent Holdings, Alibaba, and Xiaomi Group [1] Group 2 - The top three Hong Kong stock holdings for passive funds are Xiaomi Group, Tencent Holdings, and Alibaba [2]

Core Insights - The five major A-share listed insurance companies in China reported a total revenue of 1.33 trillion yuan for the first half of 2025, representing a year-on-year growth of 4.89% [2][3] - The net profit attributable to shareholders reached 178.19 billion yuan, with a year-on-year increase of 3.72%, showing a mixed performance with four companies reporting profit growth and one experiencing a decline [2][3] Revenue Performance - China Ping An led with a revenue of 500.08 billion yuan, a growth of 1.03% year-on-year [4] - China Pacific Insurance followed with 200.50 billion yuan, growing by 3.01% [4] - China Life and China Property & Casualty both exceeded 200 billion yuan in revenue, with growth rates of 2.14% and 10.85% respectively [4] - New China Life Insurance achieved the fastest revenue growth at 25.99%, totaling 70.04 billion yuan [4] Net Profit Analysis - China Ping An's net profit was 68.05 billion yuan, down 8.81% year-on-year, primarily due to one-time accounting impacts and non-operating factors [5][4] - China Life reported a net profit of 40.93 billion yuan, up 6.93% [5] - China Pacific Insurance's net profit increased by 10.95% to 27.88 billion yuan [5] - China Property & Casualty's net profit rose by 16.94% to 26.53 billion yuan [5] - New China Life's net profit surged by 33.53% to 14.80 billion yuan, the highest growth among the five [5] Investment Strategies - All five companies indicated a strategy to increase equity asset allocation in response to a low-interest-rate environment [7][11] - China Life added over 150 billion yuan in equity asset allocation during the first half of 2025 [9] - China Property & Casualty reported a 26.1% increase in A-share investment assets [9] - New China Life emphasized the importance of high-dividend stocks for stable cash flow and net investment returns [10] Dividend Plans - Four out of the five companies announced mid-term dividend plans, totaling approximately 29.34 billion yuan [13] - China Ping An plans to distribute 17.20 billion yuan, with a per-share dividend of 0.95 yuan, a 2.2% increase [14] - China Life's proposed dividend is 0.238 yuan per share, totaling 6.73 billion yuan [14] - New China Life intends to distribute 0.67 yuan per share, amounting to about 2.09 billion yuan [15]

Core Viewpoint - The five major A-share listed insurance companies in China reported a total revenue of 1.33 trillion yuan for the first half of 2025, reflecting a year-on-year growth of 4.89%, while the net profit attributable to shareholders increased by 3.72% to 178.19 billion yuan, with a mixed performance in net profit among the companies [1][3][4]. Revenue and Profit Summary - The total revenue for the five insurance companies reached 1.33 trillion yuan, with a year-on-year increase of 4.89% [3][4]. - China Ping An led with a revenue of 500.08 billion yuan, a growth of 1.03% [3][4]. - China Life and China Pacific Insurance both exceeded 200 billion yuan in revenue, with growth rates of 2.14% and 3.01% respectively [3][4]. - New China Life achieved the fastest revenue growth at 25.99%, totaling 70.04 billion yuan [3][4]. - The net profit attributable to shareholders was 178.19 billion yuan, with a year-on-year increase of 3.72% [3][4]. Individual Company Performance - China Ping An's net profit was 68.05 billion yuan, down 8.81% year-on-year [4][5]. - China Life reported a net profit of 40.93 billion yuan, up 6.93% [6]. - China Pacific Insurance's net profit was 27.89 billion yuan, reflecting a growth of 10.95% [6]. - China Property & Casualty Insurance achieved a net profit of 26.53 billion yuan, up 16.94% [6]. - New China Life's net profit was 14.80 billion yuan, with a significant increase of 33.53% [6]. Investment Strategies - The five insurance companies are increasing their allocation to equity assets in response to a low-interest-rate environment [8][10]. - China Life has added over 150 billion yuan to its equity asset allocation in the first half of 2025 [10]. - China Property & Casualty Insurance has seen a 26.1% increase in its A-share investment assets [11]. - New China Life is focusing on high-dividend stocks to provide stable cash flow and net investment returns [11][13]. Dividend Plans - Four of the five companies have announced mid-term dividend plans, totaling approximately 29.34 billion yuan [15][16]. - China Ping An plans to distribute 0.95 yuan per share, totaling 17.20 billion yuan [16]. - China Life intends to distribute 0.238 yuan per share, amounting to 6.73 billion yuan [16]. - New China Life will distribute 0.67 yuan per share, totaling about 2.09 billion yuan [17]. - China Property & Casualty Insurance has not yet announced its mid-term dividend plan but emphasizes sustainable dividend policies [17].

Core Viewpoint - The insurance industry is experiencing continuous improvement in both liabilities and assets, with significant upward valuation potential remaining. The market's savings demand remains strong, and with regulatory guidance and proactive transformation by insurance companies, liability costs are expected to gradually decrease, alleviating pressure from interest margin losses [1] Group 1: Profitability Indicators - The combined net profit of A-share listed insurance companies grew by 4.4% in the first half of 2025, with Q2 growth improving sequentially, primarily driven by increased investment income. Notably, New China Life Insurance saw a year-on-year increase of 34% due to greater elasticity in equity investments [1] - The net assets of five A-share insurance companies increased by 1.1% compared to the beginning of the year, while the embedded value (EV) grew by 5.7% [1] - Mid-term dividends have generally increased rapidly, with stable payout ratios; New China Life's dividends rose by 24% year-on-year, outpacing peers [1] Group 2: Life Insurance - New business value (NBV) maintained rapid growth, with significant contributions from the bancassurance channel. In Q2, new single premium growth improved sequentially, with over 90% of new business from Taiping being participating insurance [2] - The average NBV of listed insurance companies increased by 31% year-on-year, with notable growth from PICC Life and New China Life at 72% and 58%, respectively [2] - The average value rate of listed insurance companies improved by 4.3 percentage points, driven by factors such as the reduction of preset interest rates and the deepening of integrated operations [2] Group 3: Property Insurance - Property insurance premiums showed steady growth, with a 4% year-on-year increase in premiums for listed insurance companies, and Ping An recorded the highest growth rate at 7% [3] - The average combined cost ratio improved to 96.1%, a year-on-year improvement of 1.5 percentage points, attributed to reduced disaster claims and better expense management [3] - PICC achieved a combined cost ratio of 95.3%, marking the best level for the same period in nearly a decade [3] Group 4: Investment - The investment asset scale of the five listed insurance companies grew by 7.5% compared to the beginning of the year [4] - The average net investment yield for listed insurance companies decreased by 0.2 percentage points year-on-year, primarily due to declining interest rates, while the total investment yield (excluding Taiping) increased by 0.1 percentage points, driven by a recovery in the stock market [4] - There was a significant increase in equity investments, with the average proportion of FVOCI stocks rising by 7.2 percentage points to approximately 41% [4]

下半年多家银行将增加重点领域信贷投放 央视网消息：截至八月底，上市银行半年报已经披露完毕，记者梳理42家上市银行业绩发现，上半年各家银行在自身稳健发展的同时，对 实体经济的支持稳步提升。 半年报数据显示，42家A股上市银行上半年共实现营业收入超2.9万亿元，同比增长超过1%；实现归母净利润1.1万亿元，同比增长0.8%。 其中工行、建行、农行、中行上半年净利润均超过千亿元，六大商业银行的不良贷款率都保持在低位。， 银行的信贷投向对下半年经济增长有着重要的推动作用。那么，上半年各大银行重点支持了哪些领域呢？中国银行行长张辉表示，全力支 持实体经济高质量发展。6月末，投向制造业的贷款比上年末增长12.99%，战略性新兴产业贷款增长22.92%。消费品"以旧换新"贷款较上年全 年增长近3倍，科技金融融资增幅跑赢同业。 记者梳理发现，今年以来，与新质生产力相关的科技领域成为多家银行的重点支持方向，投放力度显著提升。截至6月末，工商银行科技 贷款余额6万亿元，较年初增长超1万亿元；建设银行科技贷款余额5.15万亿元，较上年末增长16.81%；农业银行科技贷款余额4.7万亿元，上 半年新增超过8000亿元，增速超20%。 ...