智通财经APP获悉，香港联交所最新资料显示，8月25日，中国平安保险(集团)股份有限公司增持中国人 寿(02628)1145.3万股，每股作价24.8563港元，总金额约为2.85亿港元。增持后最新持股数目约为5.27亿 股，最新持股比例为7.08%。 （原标题：中国平安保险增持中国人寿(02628)1145.3万股 每股作价约24.86港元） ...

香港联交所最新资料显示，8月25日，中国平安保险(集团)股份有限公司增持中国人寿（601628） (02628)1145.3万股，每股作价24.8563港元，总金额约为2.85亿港元。增持后最新持股数目约为5.27亿 股，最新持股比例为7.08%。 ...

Core Viewpoint - The insurance sector, particularly China Ping An, is showing strong performance amid a "slow bull" market, with significant growth in key financial metrics and a focus on high-quality development strategies [1][4][20]. Financial Performance - As of August 28, 2025, the Shanghai Composite Index has risen by 14.67%, while the Shenzhen Component Index and the ChiNext Index have increased by 20.71% and 32.01%, respectively [1]. - China Ping An reported a net profit attributable to shareholders of 777 billion yuan for the first half of 2025, reflecting a year-on-year growth of 3.7% in operating profit [2][4]. - The company announced an interim dividend of 0.95 yuan per share, marking a 2.2% increase and continuing a decade-long trend of rising dividends [2]. Business Segments - The new business value for life and health insurance increased by 39.8% year-on-year, with the new business value rate rising by 9.0 percentage points [6][8]. - The property and casualty insurance segment achieved a premium income of 1718.57 billion yuan, a 7.1% increase, with the auto insurance segment growing by 3.6% [14][15]. Strategic Initiatives - China Ping An is implementing a "comprehensive finance + medical and elderly care" dual-driven strategy, aiming to enhance customer retention and value [16][17]. - The company has focused on channel reforms, with significant growth in the bancassurance channel, which saw a 168.6% increase in new business value [9][12]. Market Trends - The low interest rate environment is shifting asset allocation preferences, with insurance products like dividend insurance becoming more attractive to investors [20][25]. - The insurance sector is expected to benefit from increased allocations from public funds, as regulatory changes encourage higher exposure to insurance stocks [22][24]. Technology and Innovation - AI technology is enhancing the efficiency of insurance operations, with 94% of life insurance policies being underwritten in seconds [11][13]. - The integration of AI in customer service has led to significant cost reductions and improved service delivery [11]. Conclusion - The growth in China Ping An's value is driven by a combination of quality improvements in the insurance business, ecosystem collaboration, and optimized capital allocation, positioning the company for sustained performance in a changing market landscape [26].

Core Viewpoint - China Ping An demonstrates resilience and growth in a challenging macroeconomic environment, achieving a significant increase in new business value and stable profit growth, reflecting the effectiveness of its dual strategy of "comprehensive finance + medical care and elderly care" [1][4][16] Financial Performance - For the six months ending June 30, 2025, China Ping An reported an operating profit of 77.732 billion RMB, a year-on-year increase of 3.7%, and a net profit of 68.047 billion RMB [1] - The company announced an interim cash dividend of 0.95 RMB per share, marking a 2.2% increase and representing ten consecutive years of dividend growth [1] Business Growth - The new business value of life and health insurance reached 22.335 billion RMB in the first half of 2025, with a year-on-year growth of 39.8% [4] - The new business value rate (based on standard premiums) increased by 9 percentage points, driven by improved channel quality [4] - The agent channel's new business value grew by 17.0%, while the bank insurance channel saw a remarkable increase of 168.6% [4][5] Customer Retention and Engagement - The company added 15.71 million new customers in the first half of 2025, a 12.9% increase year-on-year, with a customer retention rate of 94.6% [7] - Customers holding four or more contracts with the group accounted for 26.6% of the total, with a retention rate of 97.8% [7] Insurance Sector Performance - The property and casualty insurance segment reported a premium income of 171.857 billion RMB, a 7.1% increase, while insurance service income rose by 2.3% [7] - The overall combined cost ratio improved by 2.6 percentage points to 95.2% [7] Banking Sector Performance - Ping An Bank achieved an operating income of 69.385 billion RMB and a net profit of 24.870 billion RMB in the first half of 2025 [8] - The non-performing loan ratio decreased by 0.01 percentage points to 1.05%, with a provision coverage ratio of 238.48% [8] Medical and Elderly Care Strategy - Approximately 63% of Ping An's nearly 247 million personal customers utilized services from its medical and elderly care ecosystem [11] - Health insurance premium income reached nearly 87 billion RMB, with medical insurance premiums exceeding 41 billion RMB, reflecting a 3.3% year-on-year growth [11] Technological Advancements - The application of AI technology has significantly enhanced operational efficiency, with AI-driven service volume reaching approximately 8.82 billion interactions, covering 80% of total customer service [14][15] - The AI tool "QianZhi" improved sales script generation efficiency by five times, contributing to a 92% year-on-year increase in productivity for the bank insurance channel [14][15] Strategic Outlook - The company plans to continue focusing on its dual strategy of "comprehensive finance + medical care and elderly care," while enhancing digital transformation and service efficiency [16]

Core Insights - Insurance capital is increasingly focusing on high-dividend stocks to secure stable returns and mitigate the impact of declining bond yields [1][4] - As of August 27, 368 stocks are heavily held by insurance funds, with significant investments in non-bank financials, banks, telecommunications, and utilities [1][3] - The total market value of insurance holdings reached 1.18 trillion yuan, with 554.1 billion shares held [1] Investment Trends - Major insurance companies like China Life and Ping An have substantial holdings in their respective companies, with China Life holding 92.8% of China Life's circulating shares [3] - Telecommunications operators, including China Unicom, China Telecom, and China Mobile, have become key targets for insurance investments in Q2 [2][3] - The most popular stock among insurance funds is Shenhuo Co., with four insurance institutions holding a combined 104 million shares [2] Sector Allocation - The top three sectors for insurance capital investments are non-bank financials (796.21 billion yuan), banks (224.57 billion yuan), and telecommunications (33.64 billion yuan) [3] - Insurance funds have shown a preference for stable, high-dividend blue-chip stocks, particularly in financial and utility sectors [7][8] Regulatory and Market Influences - Recent policies encourage insurance funds to invest more in the stock market, with a target of 30% of new premiums allocated to A-shares starting in 2025 [4][5] - The insurance sector's asset allocation is shifting towards equities, with a significant increase in stock investments noted in the first half of the year [6] Future Outlook - Insurance capital is expected to continue increasing its equity allocation, driven by rising premium income and a favorable market environment [8] - The potential for substantial and sustained inflows from insurance funds into the capital market is anticipated, enhancing market stability [8]

Core Viewpoint - The National Financial Supervision Administration of Shandong has approved the relocation of the marketing service department of China Ping An Life Insurance Co., Ltd. in Shandong Province to a new address in Jinan [1] Group 1 - The new business location for the marketing service department is at 20th floor, rooms 2002-01, 2003, 2004, and 2005, Jinan Ping An Financial Center Tower, No. 1097, Shanzuo Road, Lixia District, Jinan City, Shandong Province [1] - China Ping An Life Insurance Co., Ltd. is required to complete the necessary change procedures within 10 working days from the date of receiving the approval [1] - The company must ensure smooth business operations and effectively communicate with customers to maintain normal financial order [1]

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相关变更手续，自收到本批复之日起10个 工作日内到国家金融监督管理总局山东监管局办理许可证换领事宜，并按照有关规定及时进行公告。 三、中国平安人寿保险股份有限公司应妥善处理好善后事宜，确保各项业务平稳开展。同时，做好对客 户的宣传解释工作，以维护正常的金融秩序。 一、同意中国平安人寿保险股份有限公司济南市章丘支公司第一营销服务部将营业场所变更为：山东省 济南市历城区洪家楼街道七里堡路27号洪楼科金大厦19楼1901号东侧。 2025年8月20日，国家金融监督管理总局山东监管局发布批复称，《关于中国平安（601318）人寿保险 股份有限公司济南市章丘支公司第一营销服务部营业场所变更的请示》（平保寿鲁分发〔2025〕74号） 材料收悉。经审核，现批复如下： ...

| 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2025-08-28 | 中国平安 | 601318 | 58.31 1516.06 | 26 | 光大证券股份有限 | 光大证券股份有限 公司宁波柳汀街证 | | | | | | | 公司宁波柳汀街证 | | | | | | | | 44 22 11, 40 | 44 == 11, +0 | 8月28日，中国平安大宗交易成交26万股，成交额1516.06万元，占当日总成交额的0.4%，成交价58.31元，较市场收盘价58.84元折价0.9%。 ...

Group 1 - The core viewpoint of the article is that China Ping An's after-tax operating profit for the first half of the year increased by 3.7% year-on-year to 77.7 billion RMB, with a 4.9% growth in the second quarter, meeting expectations [1] - The new business value saw a significant increase of 39.8% year-on-year, reaching 22.3 billion RMB, which greatly exceeded expectations [1] - CMB International raised its target price for China Ping An from 65.1 HKD to 71 HKD, maintaining a "Buy" rating [1]

Core Viewpoint - China Ping An's (601318)(02318) after-tax operating profit for the first half of the year increased by 3.7% year-on-year to 77.7 billion RMB, with a 4.9% growth in the second quarter, meeting expectations [1] - The new business value surged by 39.8% year-on-year to 22.3 billion RMB, significantly exceeding expectations [1] - The target price has been raised from 65.1 HKD to 71 HKD, maintaining a "Buy" rating [1] Financial Performance - After-tax operating profit for the first half of the year: 77.7 billion RMB, up 3.7% year-on-year [1] - Second quarter growth: 4.9% year-on-year [1] - New business value: 22.3 billion RMB, up 39.8% year-on-year [1] Analyst Rating - Target price adjustment: from 65.1 HKD to 71 HKD [1] - Rating maintained: "Buy" [1]