（文章来源：每日经济新闻） 每经AI快讯，12月15日，沪指低开高走，盘中一度翻红，创业板指跌超1%。沪深两市半日成交额1.18 万亿，较上个交易日缩量529亿。从板块来看，保险板块大涨，中国平安涨近5%创4年多新高。大消费 方向走强，其中乳业概念快速拉升，阳光乳业涨停；白酒概念开盘活跃，皇台酒业涨停；零售表现强 势，百大集团3连板。商业航天概念延续活跃，华菱线缆、中超控股双双3连板。下跌方面，算力硬件概 念集体下挫，长飞光纤触及跌停。板块方面，保险、乳业、零售等板块涨幅居前，算力硬件、影视院线 等板块跌幅居前。截至收盘，沪指跌0.11%，深成指跌0.71%，创业板指跌1.29%。 ...

2025.12. 15 本文字数：1402，阅读时长大约2分钟 作者 | 一财 阿驴 11:31 A股午盘丨创业板指半日跌1.29% 截至午盘，上证指数跌0.11%，深证成指跌0.71%，创业板指跌1.29%。 盘面上，大消费走强，白酒、零售方向活跃；商业航天概念继续活跃，雷科防务、通宇通讯等涨停。保 险板块走强，中国平安涨近5%，创4年多新高。CPO概念股深度回调，摩尔线程、超硬材料、锂矿等 板块跌幅靠前。 | 板块名称 | 涨幅 | 张束 | 涨停数 | | --- | --- | --- | --- | | 277 | +3.84% | -0.11% | પ્ | | 保险 | +3.57% | -0.04% | D | | 橡胶制品 | +3.01% | -0.08% | n | | 饮料制造 | +2.92% | -0.07% | પ્ય | | 零售 | +2.47% | +0.05% | 5 | | 啤酒概念 | +1.93% | -0.09% | 2 | | 特钢概念 | +1.89% | +0.00% | 2 | | 化学纤维 | +1.85% | -0.05% | - | | 钢铁 | + ...

12月15日，早盘指数弱势震荡，逾2600股飘红，半日成交1.2万亿，较昨日缩量529.3亿。截至午间收 盘，上证指数跌0.11%，深证成指跌0.71%，创业板指跌1.29%。 分析人士认为以下原因可能影响市场： 加密货币市场亦全线崩跌，比特币大跌超2%。有分析指出，受甲骨文推迟建设OpenAI数据中心的消息 影响，市场的主基调是避险。 与此同时，日本央行的加息预期进一步加剧了市场谨慎情绪。目前，外界普遍预期日本央行将在本周五 召开的议息会议上，宣布加息25个基点。 盘面上，保险板块大涨，中国平安涨近5%创4年多新高；大消费方向走强，其中乳业概念快速拉升，阳 光乳业涨停；白酒概念活跃，皇台酒业涨停；零售表现强势，百大集团3连板；商业航天概念延续活 跃，华菱线缆、中超控股双双3连板。品等跟涨。下跌方面，影视院线、算力硬件等板块回调。 展望后市，中信证券认为，明年外需继续超预期的难度在加大，但内需可期待的因素在增多。 热门板块 1、白酒板块反弹 白酒板块反弹，皇台酒业领涨，酒鬼酒、古井贡酒、舍得酒业等跟涨。 点评：消息面上，12日晚间，有消息人士称，贵州茅台近期将推出一个涵盖短期和中长期的控量政策。 短期方面，贵 ...

Market Overview - The A-share market showed a mixed performance with the Shanghai Composite Index down 0.11% at 3884.93 points, the Shenzhen Component down 0.71% at 13164.03 points, and the ChiNext Index down 1.29% at 3153.07 points, as of midday trading [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.18 trillion yuan, with nearly 2700 stocks rising [1] Sector Highlights - The insurance sector experienced significant gains, with China Ping An rising nearly 5%, reaching a four-year high [1][3] - The consumer sector showed strength, particularly in the dairy industry, with Yangguang Dairy hitting the daily limit, and the liquor sector also active, led by Huangtai Liquor [1][2] - Retail stocks were robust, with Baida Group achieving three consecutive trading limits [1][4] - The commercial aerospace sector continued to perform well, with Hualing Cable and Zhongchao Holdings both achieving three consecutive trading limits [1] - Conversely, the computing hardware sector saw a collective decline, with Longfei Optical Fiber hitting the daily limit down, and the film and television sector also faced declines [1] Regulatory and Policy Updates - The insurance sector's positive performance was supported by a recent notification from the financial regulatory authority, which adjusted risk factors for insurance companies investing in certain indices [3] - The Ministry of Commerce and other departments issued a notice to strengthen the collaboration between commerce and finance to boost consumption [4] Institutional Insights - CITIC Securities noted that while external demand may face challenges, there are increasing factors to expect better internal demand in the coming year [5] - CITIC Jian Investment believes the underlying logic of a bull market remains intact, with expectations for a new wave of market activity as adjustments have largely completed [6] - Guotai Junan expressed optimism about the market's cross-year momentum, particularly in technology, brokerage, insurance, and consumer sectors [8]

内险股早盘继续走高，截至发稿，新华保险（01336）上涨3.53%，报50.50港元；中国太保（02601）上 涨3.06%，报35.66港元；中国平安（02318）上涨2.82%，报65.55港元；中国人寿（02628）上涨 1.13%，报28.62港元。 内险股早盘继续走高，截至发稿，新华保险（01336）上涨3.53%，报50.50港元；中国太保（02601）上 涨3.06%，报35.66港元；中国平安（02318）上涨2.82%，报65.55港元；中国人寿（02628）上涨 1.13%，报28.62港元。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 ...

每经AI快讯，内险股继续走高。截至发稿，新华保险(01336.HK)涨4.65%，报51.05港元；中国太保 (02601.HK)涨4.34%，报36.1港元；中国平安(02318.HK)涨3.37%，报65.9港元；中国人寿(02628.HK)涨 2.4%，报28.98港元。 ...

北京商报讯（记者 李秀梅）12月15日，A股三大股指低位震荡，保险板块逆势走强。截至北京商报记者 发稿，A股保险板块中，中国平安、中国太保涨幅均超4%，中国人寿、中国人保和新华保险涨幅也超 过了2%。 | 保险指数 | 7422.23 | 292.44 | 4.10% | | --- | --- | --- | --- | | 886055 | | | | | 中国平安 | 66.71 | 2.80 | 4.38% | | 601318 | | | | | 新华保险 601336 | 69.24 | 1.92 | 2.85% | | 中国人寿 601628 | 46.30 | 1.00 | 2.21% | | 中国太保 | 39.85 | 1.61 | 4.21% | | 601601 | | | | | 中国人保 601319 | 8.78 | | 图片来源:万得股票App | ...

Summary of Ping An Insurance Group Co of China Ltd Conference Call Company Overview - **Company**: Ping An Insurance Group Co of China Ltd - **Industry**: Insurance - **Market Cap**: US$158,490 million - **Stock Rating**: Overweight - **Price Target**: HK$89.00, representing a 40% upside from the current price of HK$63.75 as of December 12, 2025 [7][42] Key Insights Growth Potential - Ping An's growth and profitability potential are believed to be underestimated by the market, indicating substantial valuation upside [1] - Long-term structural growth is supported by: - Strong growth in household assets in China - Attractive insurance products compared to retirement savings alternatives - Value-added health and senior care options [2] - Expected 23% growth in Value of New Business (VNB) for 2026, with banca channel growth at 74% and agency channel growth at 6% [20] Investment Strategy - Ping An is shifting towards more flexible equity investments and stable bond yields, which should enhance investment returns and reduce concerns regarding Embedded Value (EV) [3] - The company has increased its stock holdings significantly, with a shift towards growth stocks, now holding approximately 45% in growth versus 55% in dividend stocks [25] Risk Management - Property exposure remains a concern for investors, but de-risking efforts across Life, Bank, Trust, and Asset Management (AM) segments are ongoing [4][26] - The AM segment is expected to reflect risks largely by 2027, with 40-50% provision recognized between 2021-2027 [4][26] - Concerns about potential further losses in the AM segment due to property market deterioration are noted, but the scenario is considered overly bearish [27] Financial Metrics - Projected operating ROE could rise to 14-15% in the medium term, driven by lower losses from the AM segment and improvements in the Life business [14] - Dividend per share (DPS) is expected to increase, supported by sufficient capital levels [30][36] Market Dynamics - Investors are expected to shift focus from beta trading to VNB growth and business quality, reducing concerns about interest rate spread loss risks [19] - The banca channel is anticipated to benefit top insurers, with Ping An expected to achieve a higher-than-peer margin of approximately 30% starting in 2025 [21] Valuation Methodology - Different valuation methodologies indicate similar upside potential, with a 40% upside in H-share base case value and 33% in A-share base case value [42] - The company is valued using a three-stage Dividend Discount Model (DDM) with varying dividend payout assumptions [51] Additional Considerations - Ping An's home-based elderly care services have expanded to 100 cities, contributing approximately RMB 240 billion in premium inflows since 2021 [13] - The company is seen as a key player in China's senior care market, leveraging its strong bargaining power in healthcare services [12] This summary encapsulates the key points from the conference call, highlighting Ping An's growth potential, investment strategies, risk management, financial metrics, market dynamics, and valuation methodologies.

Core Viewpoint - The insurance stocks continue to rise, with significant gains observed in major companies, indicating a positive market sentiment and potential for growth in the sector [1] Group 1: Stock Performance - Xinhua Insurance (01336) increased by 4.65%, reaching HKD 51.05 - China Pacific Insurance (601601) (02601) rose by 4.34%, reaching HKD 36.1 - Ping An Insurance (601318) (02318) saw a 3.37% increase, reaching HKD 65.9 - China Life Insurance (601628) (02628) grew by 2.4%, reaching HKD 28.98 [1] Group 2: Research Insights - Guojin Securities released a report indicating an upward trend in the "opening red" season, maintaining a positive recommendation for the sector - The report anticipates a significant number of fixed deposits maturing next year, making dividend insurance attractive for low-risk investors seeking long-term wealth preservation and growth - It is expected that the new single premium and NBV for the "opening red" will achieve double-digit growth, with large companies increasing their market share [1][1] Group 3: Regulatory Changes - Shenwan Hongyuan Securities published a report noting that regulatory authorities have recently lowered the risk factors for insurance companies holding long-term equity assets - This change is expected to release a substantial amount of incremental capital, estimated in the hundreds of billions, in the short term - The report highlights that with the replenishment of insurance capital and increased willingness to allocate, high-dividend stocks with stable returns and defensive attributes will become a key focus for investment [1][1]

Core Viewpoint - The insurance sector is experiencing a positive trend, with significant stock price increases for major companies, driven by favorable market conditions and regulatory changes [1] Group 1: Stock Performance - Xinhua Insurance (01336) increased by 4.65%, reaching HKD 51.05 - China Pacific Insurance (02601) rose by 4.34%, reaching HKD 36.1 - Ping An Insurance (02318) saw a 3.37% increase, reaching HKD 65.9 - China Life Insurance (02628) grew by 2.4%, reaching HKD 28.98 [1] Group 2: Market Outlook - Guojin Securities maintains a positive recommendation, citing an upward trend in the "opening red" season, with expectations of double-digit growth in new single premiums and NBV due to the upcoming maturity of a large number of fixed deposits [1] - The attractiveness of dividend insurance is highlighted for low-risk investors seeking long-term wealth preservation and growth, with major companies expected to increase market share amid a shift in the industry [1] Group 3: Regulatory Impact - Shenwan Hongyuan Securities reports that recent regulatory adjustments have lowered risk factors for insurance companies holding long-term equity assets, potentially releasing over RMB 100 billion in incremental capital [1] - The report emphasizes that with enhanced capital allocation willingness, high-dividend sectors with stable returns will become a key focus for insurance capital [1]