股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 本月底法定/註冊股本總額： RMB 18,210,234,607 致：香港交易及結算所有限公司 公司名稱: 中国平安保险（集团）股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601318 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,762,657,695 | RMB | | 1 | RMB | | 10,762,657,695 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 10,762,657,695 | RMB | ...

星展发布研报称，中国平安（601318）(02318)上半年新业务价值(NBV)同比增长39.8%，期内新业务合 约服务边际(CSM)转为同比正增长，且派息前账面价值同比上升4.8%。另外，资产配置中权益类占比提 升，加上股市表现良好，推动上半年综合收益率达3.1%，上升0.3个百分点。期内，财产保险综合成本 率进一步改善至95.2%，下降2.6个百分点;资产管理与金融赋能业务的经营利润加速增长，成为另一亮 点。该行重申中国平安"买入"评级，目标价维持69港元不变。 ...

智通财经APP获悉，星展发布研报称，中国平安(02318)上半年新业务价值(NBV)同比增长39.8%，期内 新业务合约服务边际(CSM)转为同比正增长，且派息前账面价值同比上升4.8%。另外，资产配置中权益 类占比提升，加上股市表现良好，推动上半年综合收益率达3.1%，上升0.3个百分点。期内，财产保险 综合成本率进一步改善至95.2%，下降2.6个百分点;资产管理与金融赋能业务的经营利润加速增长，成 为另一亮点。该行重申中国平安"买入"评级，目标价维持69港元不变。 ...

郭晓涛评价，今年上半年寿险业务新业务价值增长"令人欣喜"。他进一步指出，在过去两年中，NBEV 的增长速度相当高。在连续两年高速增长且基数已经相当高的情况下,还能够实现这样的增长,实属不 易。 近日，中国平安（601318）举行中期业绩发布会，中国平安联席CEO兼副总经理郭晓涛指出，寿险已经 进入黄金发展期，成为中国中产阶级以上的财富管理的压舱石。寿险提供三重价值。第一重是财富的保 值增值；第二重是对客户及其家人的保障；第三重是医疗健康养老的增值服务。会后，郭晓涛接受21世 纪经济报道记者专访，并进一步回复了市场投资者关注的寿险各渠道表现、分红险转型等热点问题。 从业绩来看，报告期内，中国平安实现总营业收入5,000.76亿元，同比增长1.03%。寿险方面，2025年 上半年，尽管代理人渠道首年保费同比下降26.9%，但新业务价值仍同比增长17.0%，体现出渠道质量 的优化效果；银保渠道首年保费和新业务价值分别同比增长77.6%和168.6%，成为新的增长引擎。 银保渠道"爆发式"增长 谈及达成这一成果的原因，他认为这与四年前就开始进行寿险改革密不可分。一方面寿险改革带来了多 渠道策略的发展红利，另一方面带来 ...

【文/羽扇观金工作室】 截至2025年8月28日，A股五家上市险企已悉数完成半年度业绩披露，数据显示，中国人保、中国人 寿、中国平安、中国太保及新华保险在上半年共计实现归属于母公司股东的净利润1781.93亿元，整体 同比增长3.7%。 具体来看，上市险企的归母净利润呈现"四升一降"的态势，整体经营业绩表现亮眼。 半年报显示，中国人保上半年总投资收益达414.78亿元，同比增长42.7%，年化总投资收益率为5.1%， 同比提升了1.0个百分点。新华保险的总投资收益也达到452.88亿元，同比增长43.3%，年化总投资收益 率为5.9%，同比提升1.1个百分点。中国人寿上半年总投资收益1275.06亿元，同比上升4.2%，总投资收 益率为3.29%。中国太保上半年总投资收益568.89亿元，同比增长1.5%，总投资收益率为2.3%。中国平 安上半年总投资收益为962.16亿元，同比下降1.8%，但其非年化综合投资收益率为3.1%，同比上升了 0.3个百分点。 为了与投资者共享高质量发展成果，四家上市险企披露了中期现金分红计划。 中国人保拟向全体股东派发现金股利每10股0.75元（含税），共计约33.17亿元（含 ...

Core Viewpoint - Ping An Insurance has been upgraded from "A-" to "A" in sustainability ratings, reflecting its strong performance in Environmental, Social, and Governance (ESG) aspects [1] Company Performance - In the first half of 2025, Ping An achieved an operating profit attributable to shareholders of RMB 77.732 billion, a year-on-year increase of 3.7% [3] - The interim dividend was RMB 0.95 per share, up 2.2% year-on-year, marking over ten consecutive years of dividend growth [3] Strategic Initiatives - Ping An is deepening its "integrated finance + health and senior care" strategy to address the diverse needs of an aging population, with nearly 247 million retail customers and an average of 2.94 contracts per customer as of June 30, 2025 [4] - The company integrates medical and senior care resources, with nearly 63% of customers entitled to benefits in the health and senior care ecosystem [4] Green Development - As of June 30, 2025, Ping An's green investments reached RMB 144.482 billion, and its green loan balance was RMB 251.746 billion [5] - The company reported a 13,000-ton reduction in operational carbon emissions year-on-year, achieving a total greenhouse gas emission of approximately 195,000 tons of CO2 equivalent, an 11% reduction year-on-year [5] Technological Advancements - Ping An's "EagleX" risk mitigation platform utilizes big data and machine learning to assess risks from natural disasters, issuing warnings for 259,000 disasters and sending 4.26 billion alert messages in the first half of 2025 [6][7] Social Responsibility - In the first half of 2025, Ping An provided RMB 32.809 billion for rural industrial revitalization and initiated 1,033 public welfare activities through its "San Cun Hui" platform, which has 3.51 million registered users [8] Future Focus - The company aims to enhance corporate governance, risk management, and promote green initiatives to drive sustainable development and create long-term value for stakeholders [9]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中国平安保险（集团）股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601318 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,762,657,695 | RMB | | 1 | RMB | | 10,762,657,695 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 10,762,657,695 | RMB | | | 1 RMB | | 10,762,657,695 | | ...

2025 年 9 月 1 日 养老金融周报（2025.08.25 -2025.08.29） 策略配置研究 贝莱德批评美国养老金管理"政治化" 证券分析师 平安观点： 本期重点： 本周，全球养老金领域共有四项重点事件值得关注。 第一，贝莱德谴责美国养老金管理"政治化"。8 月 27 日，贝莱德发文批 评了美国共和党和民主党官员，称双方都将政治因素注入退休资产的管理 中。此前，贝莱德另辟蹊径，向 43 位州财政部长、审计长和其他两党官员 发出备忘录，询问有关气候变化的问题。最终，共和党人质疑贝莱德是否 过于关注气候变化问题，民主党人则质疑贝莱德对气候变化不够关注。贝 莱德称，两党分歧及其衍生行为令人担忧。 第二，施罗德称 45%退休计划参与者愿意投资私人资产。8 月 25 日，施罗 德发布 2025 年美国退休调查结果，发现在参与 401(k)等退休计划的投资 者中，有 45%愿意配置私募股权和私募债务资产，较去年 36%有所上升。 然而，调查结果还表明参与者多倾向于采取保守的资产配置策略，且对私 人资产缺乏深入了解。 第三，加拿大 CPPI 被指低估气候变化对养老基金回报的影响。8 月 28日， 负责监管加拿大 ...

Core Viewpoint - The five major listed insurance companies in A-shares have shown stable main business performance and aggressive investment strategies in the first half of 2025, reflecting a new logic in asset-liability management and injecting more certainty into the capital market [2][5]. Group 1: Financial Performance - In the first half of 2025, the five major insurance companies achieved a total net profit attributable to shareholders of 178.19 billion yuan, a year-on-year increase of 3.7% [2][4]. - The revenue of the five major insurance companies reached 1.3339 trillion yuan, with China Ping An leading at 500.08 billion yuan, followed by China Pacific Insurance at 324.01 billion yuan [3][4]. - New China Life Insurance emerged as a "dark horse" with a net profit growth of 33.5%, while China Ping An experienced a decline of 8.8% in net profit [2][4]. Group 2: Business Growth and New Strategies - The new business value of the five major insurance companies collectively exceeded 70 billion yuan, with a year-on-year growth rate generally exceeding 20% [6][8]. - The insurance industry is experiencing a steady growth trend, with the total investment balance of insurance companies surpassing 36 trillion yuan by the end of the second quarter [5][12]. - The shift towards high-quality value growth is evident as companies focus on improving the quality of their agent teams and deepening cooperation in bancassurance channels [8][12]. Group 3: Investment Performance - The total investment income of the five major insurance companies reached 367.38 billion yuan, a year-on-year increase of nearly 9% [9][10]. - The companies collectively increased their equity asset allocation, with a total increase of 411.9 billion yuan in stocks, raising the stock balance to 1.85 trillion yuan [9][10]. - Investment returns varied among companies, with China Ping An achieving a non-annualized comprehensive investment return rate of 3.1%, while New China Life reported a total investment return rate of 5.9% [10][11]. Group 4: Dividend Distribution - Four of the five major insurance companies announced mid-term dividend plans, with a total proposed cash distribution of 29.336 billion yuan [11]. - New China Life's mid-term cash dividend per share increased by 24% compared to the previous year, reflecting a commitment to returning value to shareholders [11]. Group 5: Future Outlook - The insurance companies are expected to benefit from channel reforms and the popularity of value-oriented products, which may enhance performance in the second half of the year [12]. - The combination of asset and liability strategies is anticipated to support overall performance, with insurance capital providing long-term funding to the capital market [12].

股价上涨的真正"利器" 在业内人士看来，国内寿险市场告别保费规模比拼时代，率先走出"内卷"漩涡。而在投资者眼中，无论 是贡献保险还是贡献利润，都要超过60%的人身险业务，挖掘到新的业务增长价值，并且实现稳健增 长，才算是给自身股价真正重估的机会。 "在较高基数基础上，寿险新业务价值连续两年保持高速增长，实属不易。寿险改革几年后，多渠道策 略、产品+服务、AI赋能的三重红利正在释放，成为平安近期业绩持续高速增长的核心驱动力。公司对 寿险业务全年的发展充满信心，对新业务价值的持续增长充满信心。"8月27日，中国平安联席CEO郭晓 涛在业绩发布会期间特别强调了对NBV的重视。 华夏时报记者胡金华上海报道 沪港两地上市保险公司半年报陆续发布，在业绩说明会上管理层开始淡化规模保费增速，转而寻求新业 务价值(NBV)的贡献度。 记者梳理发现，头部上市险企上半年新业务价值几乎均录得双位数的增长。比如中国平安寿险及健康险 业务新业务价值223.35亿元，同比增长近39.8%；中国人寿（601628）上半年新业务价值285.46亿元， 同比提升20.3%；中国太保（601601）上半年新业务价值达95.44亿元，同比增长32. ...