摩根士丹利发布研报称，对中国平安看法转为更加正面，相信集团能抓住财富管理、医疗保健及养老服 务领域的关键机遇，并看到投资者的担忧正在消退，为重新估值铺平了道路; 重申对H股和A股的"增 持"评级，并将H股目标价上调27%至89港元，A股目标价上调21%至85元人民币。 ...

考虑到平安在中短期内预测14%至15%的股东权益回报率及低于10%的资金成本，大摩相信其市盈率估 值能从目前仅约7倍回升至双位数; 又认为集团透过强化综合金融和增值服务，可以拓展更广大的市 场。 大摩表示，中国平安H股仍是其首选，并将平安加入其中国/香港焦点名单; 又预测集团营运股东权益回 报率(ROE)预计在2028年达到14%至15%;核心新业务价值复合年增长率(VNB CAGR)将在未来两年反弹 至21%;寿险合同服务边际(CSM)余额(将在未来释放的留存利润)将在2026年恢复至1.9%的增长;集团营运 利润将在未来两年复合年增长率改善至11%，而这些预测都表明了集团正在发生的转变。 智通财经APP获悉，摩根士丹利发布研报称，对中国平安(02318,601318.SH) 看法转为更加正面，相信 集团能抓住财富管理、医疗保健及养老服务领域的关键机遇，并看到投资者的担忧正在消退，为重新估 值铺平了道路; 重申对H股和A股的"增持"评级，并将H股目标价上调27%至89港元，A股目标价上调21% 至85元人民币。 ...

大摩看好金融+医养行业空间：1）居民财富将保持年均8%增长；2）"超级老龄化"趋势带来养老刚性需 求；3）中高端医疗服务需求增长。平安在四个方面有独特优势：1）综合金融模式，覆盖客户全生命金 融理财需求；2）以客户为中心，深挖客户价值、钱包份额；3）轻资产医疗养老服务能力快速建设，未 来有望成为第二增长曲线；4）AI in All，科技赋能效率提升。市场担心的主要风险已经过去：1）地产 风险逐步出清；2）科技子公司更加赋能主业；3）偿付能力风险有限；4）利差损风险可控。 中国平安AH股今日盘中跳涨，A股涨1.5%，报59.45元；H股涨2.6%，报58.15港元。 摩根士丹利发表研报，将中国平安(2318.HK)加入中国内地/中国香港重点关注名单，仍列为首选。该行 将中国平安A股目标价从70元上调至85元，H股目标价从70港元上调至89港元。大摩认为，现在更加看 好中国平安，相信平安可以抓住居民理财、医疗健康和养老领域的关键增长机会。同时，市场的主要担 忧正在逐步出清，为估值提升铺平道路。 此外，大摩预测平安未来主要财务指标将逐步向好，其中：营运ROE逐年提升，2028年恢复至14- 15%；2026年NBV ...

近日，"第十九届深圳国际金融博览会暨2025中国金融机构年会"在深圳举行。在"中国保险业资产负债 管理年会"分论坛上，平安集团副首席投资官路昊阳发表了《发挥长线资金优势，积极践行耐心资本担 当》的主题演讲。他表示，借鉴海外市场的经验，在低利率环境下增配权益资产是不二选择，中国股票 的吸引力愈发凸显。 （原标题：平安集团副首席投资官路昊阳： 低利率周期增配权益 是各国险企必经之路） 证券时报记者 杨庆婉 "我们不是来股市'炒股'的，而是来选择可以长期投资的公司，用长期主义分享其利润的增长和估值的 扩张。"路昊阳表示，成本相对刚性、资金体量大、负债久期长是保险资金的主要特性，决定了保险资 金天生就是"耐心资本"。同时，保险资金是"负债驱动、追求稳健"的资金，意味着今天收的保费，未来 要能变成稳定的现金流去支付给客户，"客户在春天播种，秋天须有收获"。 据路昊阳介绍，市场上还是较为缺乏长久期资产去匹配如此大体量的保险负债。2024年末寿险行业平均 负债久期16.3年，目前行业规模调整后久期缺口为9.2年。20世纪以来，中国保险资金规模进入高速增长 期，截至2025年三季度末保险资金运用余额达37万亿元，其中股票投资 ...

"平安集团所管理的保险资产现已超6万亿元，其中二级市场权益投资规模超8000亿元。"路昊阳透露， 平安集团内部制定了"五大匹配"原则，即资产与负债久期匹配、投资与收益要求匹配、投资与流动性需 求匹配、投资与风险安全要求匹配、投资与财务报表要求匹配。 当前，保险行业普遍面临低利率环境下资产收益无法满足负债成本要求的困境，资产负债匹配的挑战不 断加大。而全球保险机构在穿越低利率环境方面早有探索，特别是美国、日本等经历过低利率周期的国 家。日本在20世纪90年代经济泡沫破裂后、利率持续走低，其国内保险业经历了严重危机，多家保险公 司破产，剩下的险企在投资方面做对了两件事：一是大幅增加海外配置，赚取息差，缓解负债匹配压 力；二是增配国内高股息股票作为"压舱石"，有效覆盖了负债成本。美国险企面对低利率时，更多是选 择主动调降负债，在保证成本的同时大幅增配权益，与客户共同承担风险，同时利用权益的波动性弥补 低利率环境下产品吸引力的不足。德国险企虽略有保守但不缺灵活，一方面通过利率债严格把控久期缺 口，另一方面通过适当加大二级市场权益投资和挖掘一级市场的股权投资机会，全面提升长期收益水 平。 "增配权益是各国险企度过低利率 ...

56家险企 2025年上半年理赔报告 ①理赔总额超1100亿 理赔件数超3509万件 ②14个"千万级"赔案 49家第一大赔案均超"百万" ③泰康人寿 最大赔案高达3079万 ④ 平均获赔率98.8% | ი | | | | | | | --- | --- | --- | --- | --- | --- | | 12 | 中意人寿 | 17.18 | 12 | 太平人寿 | 44.70 | | 31 | 障 大保健康 | 2 116.70 | 13 | 个 财信人寿 | - 238.70 | | 14 | 建信人寿 | 12.66 | 14 | 招商信诺 | 28.62 | | જરા | 呢 工银安盛 | 3 12.00 | 15 | 『 富德生命 | 1318.51 | | 16 | 中汇人寿 | 11.45 | 1 ୧ | 合众人寿 | 16.06 | | 37 | 中邮人寿 | 3 11.00 | 173 | ( 幸福人寿 | 1313.07 | | 18 | 中信保诚 | 10.60 | 18 | 农银人寿 | 12.00 | | 19 | 百年人寿 | 3 10.40 | 193 | 瑞众人寿 | ...

Group 1 - China Ping An announced that renowned table tennis player Ma Long has become the company's brand ambassador, aligning with its mission to promote health and a better life for customers [1] - The company has recently launched the eShengbao series of medical insurance products, which feature low premiums and high coverage, catering to the growing health protection needs of customers [1][4] - The eShengbao series allows for flexible combinations of insurance plans, enabling customers to tailor their coverage according to their specific needs and financial capabilities [5] Group 2 - The eShengbao Huixiang version offers a first-year premium of only 410 yuan for a 30-year-old male with basic medical insurance, with a total payout limit of up to 8 million yuan [4] - The eShengbao series includes a comprehensive health service plan called "Anyou Medical," which provides a full range of medical assistance services, covering pre-hospital, in-hospital, and post-hospital care [5] - This collaboration signifies China Ping An's commitment to enhancing health protection services and integrating insurance expertise with sportsmanship to build a stronger health safety net for families [5]

Market Overview - The Hang Seng Index increased by 175.17 points, or 0.68%, closing at 25,935.9 points with a total turnover of HKD 179.306 billion [1] - The National Enterprises Index rose by 77.93 points, or 0.86%, closing at 9,106.48 points [1] - The Hang Seng Tech Index gained 80.51 points, or 1.45%, closing at 5,615.43 points [1] Blue-Chip Stocks - Tencent Holdings rose by 0.16%, closing at HKD 612 [1] - Hong Kong Exchanges and Clearing increased by 0.54%, closing at HKD 406.4 [1] - China Mobile saw a rise of 0.17%, closing at HKD 87 [1] - HSBC Holdings increased by 0.27%, closing at HKD 111.5 [1] Local Hong Kong Stocks - Cheung Kong Holdings increased by 0.3%, closing at HKD 40.7 [1] - Sun Hung Kai Properties decreased by 0.2%, closing at HKD 98.65 [1] - Henderson Land Development rose by 0.62%, closing at HKD 29.34 [1] Chinese Financial Stocks - Bank of China increased by 0.67%, closing at HKD 4.51 [1] - China Construction Bank rose by 1.02%, closing at HKD 7.92 [1] - Industrial and Commercial Bank of China increased by 0.91%, closing at HKD 6.22 [1] - Ping An Insurance rose by 0.44%, closing at HKD 56.65 [1] - China Life Insurance increased by 1.67%, closing at HKD 26.76 [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation decreased by 0.22%, closing at HKD 4.5 [1] - China National Petroleum Corporation rose by 0.23%, closing at HKD 8.8 [1] - CNOOC Limited increased by 0.92%, closing at HKD 21.9 [1]

Core Viewpoint - China Ping An's stock performance shows a slight increase of 0.34% with a trading volume of 1.271 billion yuan and a market capitalization of 1,060.202 billion yuan [1] Dividend Analysis - The dividend yields for China Ping An over the past three years are 5.15%, 6.03%, and 4.84% respectively [2] - The top ten circulating shareholders include Central Huijin Asset Management Co., Ltd. and China Securities Finance Corporation [2] - The company owns Fintech subsidiary OneConnect, providing electronic banking, account services, credit reporting, loans, and interbank transactions to small and medium-sized banks [2] - China Ping An has stakes in several unicorn companies, including Lufax, Ping An Good Doctor, and a health insurance company, with Lufax valued at 39.4 billion USD as of March 2019 [2] Fund Flow Analysis - Today's net inflow from major funds is -55.288 million yuan, accounting for 0.05%, with a continuous three-day reduction in major fund holdings [2] - The industry has seen a net outflow of -107 million yuan over the same period [2] Technical Analysis - The average trading cost of the stock is 52.64 yuan, with a recent decrease in holdings, though the rate of decrease has slowed [4] - The current stock price is near a support level of 58.40 yuan, and a drop below this level may trigger a downward trend [4] Company Overview - China Ping An Insurance (Group) Co., Ltd. is based in Shenzhen, Guangdong, and was established on March 21, 1988, with its IPO on March 1, 2007 [5] - The company's main business includes insurance, banking, securities, and trust services, with revenue composition as follows: life and health insurance 45.76%, property insurance 34.46%, banking 13.87%, asset management 5.27%, and financial empowerment 3.85% [5] - As of September 30, 2025, the number of shareholders is 696,200, a decrease of 3.43%, with an average of 15,401 circulating shares per person [5] - For the period from January to September 2025, the company reported a net profit of 132.856 billion yuan, a year-on-year increase of 11.47% [5] Dividend Distribution - China Ping An has distributed a total of 391.904 billion yuan in dividends since its A-share listing, with 134.54 billion yuan distributed over the past three years [6] - The sixth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 456 million shares, a decrease of 182 million shares from the previous period [6]

与此同时，险企也紧扣政策导向，围绕新能源车"三电系统"、使用场景等特有风险，不断丰富相关产 品。比如，今年9月，人保财险在江苏常州推出了全国首单新能源汽车产业链保险产品——"智车保"， 为某新能源汽车动力电池企业提供超9亿元的定制化保险方案。深圳保险业也出台了全国首个针对车网 互动场景的专属保险产品，填补新能源汽车参与电网互动的风险保障空白。 值得关注的是，随着有关政策的落实推进与行业实践探索，我国新能源车险行业承保亏损难题已迎来关 键节点。今年三季报发布期间，中国平安、中国太保宣布新能源车险已进入承保盈利区间，并且成本进 一步呈现可持续优化的态势。 一年的转型实践，已经充分印证了《行动方案》"加快业务转型升级"路径的科学性与有效性。在2025金 融街论坛上，金融监管总局财险监管司司长尹江鳌表示，预计今年新能源车险保费将达2000亿元左右， 增速超过30%。业内人士分析指出，新能源车险仍是未来车险业务的主要增长点。随着相关技术的升级 与数据的积累，行业盈利态势有望进一步扩大。 除了新能源车险业务实现关键突破外，过去一年，财险业也在线上化、数智化转型等方面取得了突破性 进展。平安产险、太保产险等险企已将AI作为 ...