Core Viewpoint - The article highlights the formation of a "slow bull" market in China's capital market, with the MSCI China Index expected to rise by 30% over the next two years, driven by a reassessment of asset values by global funds [2][3]. Group 1: Company Performance - China Ping An reported a significant increase in operational profit for the first three quarters of 2025, reaching CNY 116.26 billion, a year-on-year growth of 7.2%, and net profit of CNY 132.86 billion, up 11.5% [3]. - The third quarter saw a remarkable net profit growth of 45.4%, indicating strong market response to the company's performance [3]. - The company's stock price surged following the earnings report, with a peak increase of over 3% on the day of the announcement [3]. Group 2: Core Business Resilience - The insurance sector remains a solid foundation for China Ping An, showcasing resilience through improved operational efficiency and channel restructuring [6][11]. - The life insurance and health insurance sectors demonstrated robust growth, with new business value increasing by 46.2% year-on-year, surpassing the mid-year growth rate of 39.8% [7]. - The agent channel's new business value grew by 23.3%, while the bancassurance channel saw a staggering increase of 170.9% in new business value [9]. Group 3: Integrated Financial and Healthcare Ecosystem - The integration of comprehensive finance and healthcare services is a key strategy for China Ping An, enhancing customer engagement and operational efficiency [12][19]. - The company has achieved significant penetration in the healthcare sector, with nearly 127 billion CNY in health insurance premiums and extensive service coverage in 85 cities [18]. - Customers benefiting from the healthcare ecosystem show a much higher retention rate and contract numbers compared to those without access to these services [19]. Group 4: Market Dynamics and Valuation - China Ping An's growth trajectory aligns with macro policies and industry regulations, creating a favorable environment for business expansion [23]. - The company is viewed as an attractive investment opportunity, with several institutions maintaining "buy" ratings and projecting significant price increases based on strong core indicators [24]. - The ongoing bull market and the demand for stable cash returns make Ping An's consistent dividend policy appealing to investors [26]. Group 5: Technological Empowerment - The integration of AI technology is transforming various aspects of Ping An's operations, enhancing efficiency, cost management, and risk assessment [26]. - AI is also pivotal in creating a seamless connection within the healthcare ecosystem, further solidifying the company's competitive edge [26]. - The strategic use of technology is expected to yield sustainable growth and a robust competitive position in the market [27].

非银金融/保险Ⅱ 中国平安（601318.SH） 增配权益带动业绩超预期，NBV 增速进一步扩张 2025 年 10 月 29 日 投资评级：买入（维持） | 日期 | 2025/10/28 | | --- | --- | | 当前股价(元) | 57.76 | | 一年最高最低(元) | 61.49/47.00 | | 总市值(亿元) | 10,458.97 | | 流通市值(亿元) | 6,157.25 | | 总股本(亿股) | 181.08 | | 流通股本(亿股) | 106.60 | | 近 3 个月换手率(%) | 37.0 | 数据来源：聚源 -20% -10% 0% 10% 20% 30% 2024-10 2025-02 2025-06 中国平安 沪深300 相关研究报告 《财险 COR 改善明显，持续增配高股 息资产—中国平安 2025 年半年报点 评》-2025.8.27 《债市波动拖累短期业绩，寿险多渠 道发展效果显著—中国平安 2025 年 1 季报点评》-2025.4.26 《下调 EV 假设提高可信度，资负两 端表现符合预期 —中国平安 2024 年 报点评》-2025.3.20 ...

Core Insights - The insurance sector experienced a rise of 0.92% on October 29, with China Ping An leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Insurance Sector Performance - China Ping An (601318) closed at 58.95, with a gain of 2.06% and a trading volume of 1.0444 million shares, amounting to a transaction value of 6.172 billion [1] - New China Life Insurance (601336) closed at 70.05, up 1.49%, with a trading volume of 169,100 shares [1] - China Pacific Insurance (601601) closed at 37.60, up 0.80%, with a trading volume of 590,700 shares [1] - China Life Insurance (601628) closed at 45.22, up 0.27%, with a trading volume of 175,700 shares [1] - China Reinsurance (601319) closed at 8.83, up 0.46%, with a trading volume of 589,300 shares [1] Fund Flow Analysis - The insurance sector saw a net outflow of 505 million from institutional investors, while retail investors contributed a net inflow of 434 million [1] - Among individual stocks, New China Life Insurance had a net inflow of 27.46 million from institutional investors, while China Ping An experienced a net outflow of 306 million [2] - China Life Insurance saw a net inflow of 19.49 million from retail investors, despite a net outflow of 51.38 million from institutional investors [2]

10月29日，广东省企业联合会、省企业家协会召开发布会，公布2025广东企业500强，随同公布的还有广东民营企业100强、广 东制造业企业100强、广东服务业企业100强和2025广东创新企业100强。 南都湾财社记者注意到，和2024年排名相比，华为今年前进一名，位列广东500强第三，南方电网去年位列第三，今年排第 四。腾讯和比亚迪排名互换，比亚迪今年位列第5，腾讯今年位列第6。万科掉出前10，今年位列11位。美的集团则由去年的第 11位进入前10榜单，排名第9。 深圳领跑，广佛莞珠稳居前列 作为观察广东经济结构与企业竞争力的重要窗口，今年榜单呈现出诸多变化。 广东省企业联合会、省企业家协会驻会副会长许泽群透露，过去一年，广东企业500强总营业收入达19.36万亿元，增速较前一 年明显回升，资产总额突破68万亿元，研发投入费用总额达到5849.6亿元，体现了广东企业创新驱动战略地位不断深化。 佛山63家，凭借美的、海信家电等制造企业稳居第三梯队，东莞、惠州、珠海等地也有多家企业入围，表现稳定。 广东500强净利润呈企稳趋势 今年，广东企业500强净利润总额呈"先回升后企稳"特征，扭转了此前连续两年下滑的态势 ...

证 券 研 究 报 告 中国平安（601318）2025 年三季报点评 强推（维持） 投资驱动，增速转正 目标价：74.3 元 事项： ❖ 2025Q1-3，集团实现归母净利润同比+11.5%至 1329 亿元，归母营运利润同比 +7.2%至 1163 亿元；人身险 NBV 同比+46.2%至 357 亿元；财产险 COR 同比 -0.8pct 至 97%；实现非年化净投资收益率 2.8%（同比-0.3pct），综合投资收益 率 5.4%（同比+1pct）。 评论： 公司研究 保险Ⅲ 2025 年 10 月 29 日 | 总股本(万股) | 1150152 | | --- | --- | | 已上市流通股(万股) | 347877 | | 总市值(亿港元) | 515 | | 流通市值(亿港元) | 156 | | 资产负债率(%) | 90.06 | | 每股净资产(元) | 4.85 | | 12 个月内最高/最低价 单击此处输入文字。 | 4.54/2.2 | 当前价：57.76 元 华创证券研究所 证券分析师：陈海椰 邮箱：chenhaiye@hcyjs.com 执业编号：S0360525070004 ...

来自券商中国的统计，今年以来，险资举牌已达31次，突破2020年的阶段性高点，达到了2015年有举牌 披露记录以来的新高。 所以，如果你想效仿险资抄作业，较为青睐H股银行，可以选择港股通金融ETF其是ETF中H股银行含量 最高的一只——权重在60%左右；如果希望风格分散，那么港股央企红利ETF则更为合适，其的选股范 围圈定在港股通范围内央企，在市值管理考核的要求下，分红更为长虹。 港交所披露信息，近日，平安资产买入327.8万股招商银行H股，持股比例升至18.04%。根据平安资产 受托资产情况来看，此次投资背后的委托人大概率仍是险资。券商分析师认为，险资红利策略可能已经 告别"买买买"的1.0阶段，进入精挑细选、左右平衡的2.0阶段。 从投资风格来看，中国平安为扫货式风格，选定股票后持续买入重仓持有。中国平安今年举牌标的全部 为金融股，包括邮储银行H股、招商银行H股、农业银行H股、中国太保H股和中国人寿H股。其他公司 选股风格较为分散，例如长城人寿举牌标的包括中国水务、大唐新能源、秦港股份和新天绿能等股票， 涉及公用事业、交通运输等行业。 从投资领域来看，今年险资共举牌24只股票，涉及领域主要为金融业和公用事 ...

Core Insights - Guangdong's top 500 enterprises are accelerating their transition towards innovation-driven and value-creating models, becoming key carriers for the development of new productive forces [1] - The total operating revenue of the top 500 enterprises reached 19.36 trillion yuan, with total assets exceeding 68 trillion yuan and total R&D investment amounting to 584.96 billion yuan [1][3] Revenue Growth - The total revenue of Guangdong's top 500 enterprises has increased from 16.73 trillion yuan in 2021 to 19.36 trillion yuan in 2025, marking a historical high with a growth rate of 3.36% in 2025, a significant rebound from 0.37% in 2024 [3][5] - The revenue growth reflects the resilience and innovative vitality of these enterprises amid complex international situations and domestic reform challenges [3] Asset Expansion - The total assets of Guangdong's top 500 enterprises grew from 56.62 trillion yuan in 2021 to 68.33 trillion yuan in 2025, accumulating an increase of over 11 trillion yuan over five years [5] - This growth indicates a continuous strengthening of the comprehensive strength of these enterprises [5] R&D Investment - The total R&D expenditure of Guangdong's top 500 enterprises is projected to reach 584.96 billion yuan by 2025, with a focus on basic research and key core technology areas [5] - The knowledge-intensive sectors, particularly scientific research and technical services, show a high R&D intensity of 19.00%, with R&D expenses amounting to 191.65 billion yuan [6] Tax Contributions - Despite the growth in assets and revenue, the total tax contributions of these enterprises have steadily decreased from 901.27 billion yuan in 2021 to 681.19 billion yuan in 2025, reflecting a cumulative reduction of over 220 billion yuan [6] Regional Coordination - The report highlights a significant disparity in the distribution of enterprises, with 98.25% of revenue and 98.91% of net profit concentrated in the Pearl River Delta region, while other regions like East Guangdong and West Guangdong have less than 0.3% [8][10] - To address this imbalance, the report suggests establishing a regional collaborative system that combines innovation radiation from the Pearl River Delta with the unique characteristics of East and West Guangdong [10]

Investment Rating - The report maintains a "Buy" rating for the company, with an upward adjustment of profit forecasts for 2025-2027 [6]. Core Insights - The company's net profit attributable to shareholders for Q3 2025 increased by 45.4% year-on-year, reaching 648.09 billion yuan, while the operating profit rose by 15.2% to 385.32 billion yuan, indicating strong performance [4][5]. - For the first three quarters of 2025, the company achieved a net profit of 1,328.56 billion yuan, a year-on-year increase of 11.5%, and an operating profit of 1,162.64 billion yuan, up 7.2% [4]. - The company’s new business value (NBV) for Q3 2025 surged by 58.3% year-on-year, reflecting robust growth momentum driven by anticipated interest rate cuts [5][8]. Financial Performance Summary - The company’s total revenue for 2025 is projected to be 1,064.09 billion yuan, with a year-on-year growth rate of 3.4% [7]. - The net profit attributable to shareholders is expected to reach 142.92 billion yuan in 2025, representing a 12.9% increase compared to the previous year [7]. - The company’s price-to-earnings (P/E) ratio for 2025 is estimated at 7.32, while the price-to-embedded value (P/EV) is projected to be 0.69 [7]. Business Segment Performance - The life insurance, property insurance, and banking segments reported operating profits of 787.68 billion yuan, 150.74 billion yuan, and 222.21 billion yuan respectively, with year-on-year growth rates of 1.9%, 8.3%, and a decline of 3.5% [4]. - The asset management segment showed improvement, turning profitable with a contribution of 49.7 billion yuan to operating profit [4]. Investment Asset Growth - The company’s investment assets grew by 11.9% year-to-date, reaching 6.41 trillion yuan, with non-annualized net and comprehensive investment returns of 2.8% and 5.4% respectively [6].

广东500强企业正加速向创新驱动与价值创造跃迁，成为新质生产力发展的关键载体。10月29 日，广东省企业联合会、广东省企业家协会发布《2025广东500强企业发展报告》， 中国平 安、华润、华为、南方电网、比亚迪、腾讯、富士康、招商银行、美的、广汽位列前十 。 报告显示，500强企业总营业收入达19.36万亿元，资产总额突破68万亿元，企业研发投入总额 高达5849.61亿元。 过去一年，面对错综复杂的国际形势和艰巨繁复的国内改革发展稳定任务，广东500强企业攻 坚克难、深耕主业，展现出穿越周期的韧性和创新发展的活力。 2021至2025年间，广东企业500强营业收入总额从16.73万亿元持续攀升至19.36万亿元， 总量 创历史新高 ，2025年增速为3.36%，较2024年的0.37%明显回升，显示出较强的周期韧性。 规模实力稳步增长 营收总额突破1 9万亿元，创历史新高 资产规模同样稳步扩张 。2021至2025年，广东企业500强资产总额从56.62万亿元持续扩大至 68.33万亿元，五年间累计增长超过11万亿元，显示出企业综合实力持续夯实。 在"硬指标"稳步增长的背后， 是企业对科技创新的投入 。2 ...

险资举牌次数再创新高。据券商中国记者统计，今年以来，险资举牌已达31次，突破2020年的阶段性高 点，达到了2015年有举牌披露记录以来的新高。 券商中国记者查询港交所披露易信息发现，近日，平安资产买入327.8万股招商银行H股，持股比例升至 18.04%。根据平安资产受托资产情况来看，此次投资背后的委托人大概率仍是险资。 券商分析师认为，险资红利策略可能已经告别"买买买"的1.0阶段，进入精挑细选、左右平衡的2.0阶段。 险资举牌次数创新高 记者根据保险行业协会披露信息统计，剔除关联方与一致行动人重复数据后，今年以来险资举牌达到31次，同 比增长超50%。 根据规定，保险公司持有或者与其关联方及一致行动人共同持有一家上市公司已发行股份的5%，以及之后每 增持达到5%时，视为举牌并需公告。在实际操作中，部分公司投资H股每增持达5%时也会公告。 从举牌方式来看，险资主要通过二级市场投资，此外也有认购新股、协议转让等方式，还有一例是换股被动触 发举牌。 据记者查询了解，目前险资仍在积极开展权益投资。例如，10月10日，阳光人寿买入1966万股中国儒意 港股 股票，持股比例升至9.08%。同日，平安人寿买入641. ...