Core Viewpoint - Bank of America Securities has raised its earnings forecast for China Pacific Insurance (601601) by 12% for this year, citing an increase in investment return predictions [1] Summary by Sections Earnings Forecast - The earnings estimates for 2026 to 2027 have been adjusted upward by 1% to 4% [1] - The target price for Hong Kong stocks has been increased from HKD 40.4 to HKD 41.2, maintaining a "Buy" rating [1] - The target price for A-shares has been raised from RMB 35.2 to RMB 35.9, continuing a "Underperform" rating [1] Financial Performance - China Pacific Insurance reported a 19% year-on-year increase in net profit for the first nine months [1] - The profit for the third quarter alone saw a year-on-year growth of 35% [1] - The after-tax operating profit reached RMB 28.5 billion, reflecting a 7% year-on-year increase [1] Dividend Expectations - The company's dividend is expected to increase by 12% year-on-year, as it is dependent on profit and after-tax operating profit [1]

智通财经APP获悉，美银证券发布研报称，基于投资回报预测上升，将今年中国太保(02601,601601.SH) 盈测上调12%，并将2026至27年盈测上调1%至4%，港股目标价由40.4港元上调至41.2港元，重申"买 入"评级，而A股目标价亦由35.2元人民币上调至35.9元人民币，续予"跑输大市"评级。 美银证券指，中国太保首九个月纯利同比增19%，单计第三季则盈利同比增35%。该行认为，虽然中国 太保的整体增长速度较同行慢，但质量仍然稳健，季度增长相对稳定。该行提到，中国太保的除税后经 营溢利达285亿元人民币，同比增长7%。由于公司的派息取决于盈利和除税后经营溢利，因此预计其股 息将同比增12%。 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][5] Core Insights - The company achieved a net profit of RMB 17.815 billion in Q3 2025, representing a year-on-year growth of 35%, driven by strong equity investment performance and significant growth in insurance service performance [1] - The annualized total investment return for the first three quarters was 5.2%, an increase of 0.5 percentage points year-on-year, while the operating profit after tax (OPAT) for Q3 increased by 8.2% year-on-year, showing an improvement from the first half of the year [1][4] - The new business value (NBV) for life insurance increased by 29.4% year-on-year in Q3, indicating robust growth, while the combined ratio (COR) for property insurance improved to 97.6%, a decrease of 1 percentage point year-on-year [1][2][3] Summary by Sections Life Insurance - The NBV for life insurance showed a year-on-year increase of 29.4% in Q3, slightly down from 32.3% in the first half of 2025. New single premiums decreased by 3.7%, but the NBV profit margin improved by approximately 7.2 percentage points [2] - The agent channel saw a 13.5% year-on-year growth in new single premiums, indicating a recovery from previous declines. The company expects a 32% year-on-year growth in NBV for 2025 [2] Property Insurance - Property insurance premiums decreased by 1.2% year-on-year, primarily due to the company's strategic reduction of high COR businesses. The COR for the first three quarters was 97.6%, reflecting improved underwriting performance [3] - The company anticipates a COR of 97.7% for 2025, with expectations of further improvements following the implementation of a new non-auto insurance policy [3] Investment Performance - The report highlights a significant increase in investment performance, with insurance service performance rising by 54% year-on-year and investment performance increasing by 84% year-on-year in Q3 [4] - The non-annualized net investment return for the first three quarters was 2.6%, a decrease of 0.3 percentage points year-on-year, while the total investment return was 5.2%, reflecting favorable equity investments [4] Profit Forecast and Valuation - The earnings per share (EPS) forecasts for 2025, 2026, and 2027 have been adjusted to RMB 5.50, RMB 5.64, and RMB 6.20 respectively, reflecting increases of 13%, 14%, and 15% [5] - The target price remains unchanged at RMB 47 for A-shares and HKD 42 for H-shares, based on discounted cash flow (DCF) valuation methods [5]

证券之星消息，10月31日保险板块较上一交易日下跌2.14%，中国太保领跌。当日上证指数报收于 3954.79，下跌0.81%。深证成指报收于13378.21，下跌1.14%。保险板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601628 | 中国人寿 | 43.97 | -0.92% | 21.87万 | 9.70亿 | | 601318 | 中国平安 | 57.83 | -1.40% | 57.25万 | 33.31 乙 | | 616109 | 中国人保 | 8.44 | -2.99% | 105.61万 | 9.02亿 | | 601336 | 新华保险 | 67.81 | -4.36% | 32.39万 | 22.28 Z | | 601601 | 中国太保 | 35.50 | -5.96% | 86.16万 | 30.97亿 | 从资金流 ...

Investment Rating - The investment rating for China Pacific Insurance (601601.SH) is maintained at "Buy" [2][6] Core Insights - The report highlights a sequential improvement in the growth rate of individual insurance new policies, with the proportion of participating insurance continuing to rise [1][7] - For the first three quarters of 2025, the company's net profit attributable to shareholders reached 45.7 billion, a year-on-year increase of 19.3%, significantly expanding from the mid-year growth rate of 11.0% [6][8] - The report predicts that the new business value (NBV) will grow by 30.3%, 16.8%, and 15.2% for the years 2025-2027, with corresponding embedded value (EV) growth rates of 7.1%, 9.7%, and 10.6% [6][9] Financial Performance Summary - The total market capitalization of China Pacific Insurance is approximately 363.17 billion, with a circulating market capitalization of 258.4 billion [3] - The company achieved a scale premium of 263.9 billion in life insurance, a year-on-year increase of 14.2%, and an NBV of 15.4 billion, a year-on-year increase of 31.2% [7] - The investment assets of the group reached 2.97 trillion at the end of the third quarter, with a net investment yield of 2.6% and a total investment yield of 5.2% [8][9] Valuation Metrics - The current price-to-embedded value (P/EV) ratios for 2025-2027 are projected to be 0.60, 0.55, and 0.50 respectively [6][9] - The report also indicates a current dividend yield of 2.86% [6]

得益于今年资本市场的表现，A股上市险企均收获了净利润的双位数增长，中国太保也不例外。 尽管前期未发布业绩预喜公告，但根据中国太保（601601.SH，02601.HK）10月30日晚间发布的三季报 数据，该公司前三季度归母净利润实现同比19.3%的增长，其中第三季度同比增长35.2%。 中国太保在三季报中将第三季度净利润高增的原因归结于资本市场上涨和保险服务业绩增长影响。 在业绩发布会上，中国太保相关负责人表示，今年前三季度银保渠道的增长一是来自于队伍数量和人均 产能的增长；二是来自于国有大行业务的增长。 "在银保期缴保费中，我们过去传统优势在股份制银行，而今年国有行的业务占比从去年的22%提升到 36%左右。"该负责人表示，明年，中国太保银保渠道的核心发展策略仍然是网点增长，对与国有行的 合作网点数量目前预设的增速为35%~40%左右。 责任编辑：秦艺 "对于保险资金来说，成长股必须要高度重视，因为中国经济未来的高质量增长，就是以深化科技创新 为核心的，因此保险资金必须要做好核心策略与'卫星策略'的平衡。"苏罡表示，今年中国太保发掘A股 市场和H股市场的动态变化，持续推进科技创新、能源转型、医药健康、汽车资 ...

Core Insights - China Pacific Insurance (601601.SH) reported a total operating revenue of 344.90 billion yuan for Q3 2025, marking an increase of 34.34 billion yuan compared to the same period last year, achieving a 3-year consecutive growth and a year-on-year increase of 11.06% [1] - The net profit attributable to shareholders reached 45.70 billion yuan, up by 7.39 billion yuan from the previous year, representing a 2-year consecutive increase and a year-on-year growth of 19.29% [1] - The net cash inflow from operating activities was 169.40 billion yuan, an increase of 40.65 billion yuan year-on-year, achieving a 4-year consecutive growth and a year-on-year increase of 31.57% [1] Financial Ratios - The latest debt-to-asset ratio stands at 89.74%, ranking second among disclosed peers [3] - The return on equity (ROE) is 16.08%, an increase of 2.07 percentage points compared to the same period last year [3] - The diluted earnings per share (EPS) is 4.75 yuan, an increase of 0.77 yuan year-on-year, achieving a 3-year consecutive growth and a year-on-year increase of 19.35% [3] - The total asset turnover ratio is 0.12 times, ranking second among disclosed peers [3] Shareholder Structure - The number of shareholders is 102,000, with the top ten shareholders holding a total of 7.255 billion shares, accounting for 75.42% of the total share capital [3] - The top ten shareholders and their respective holdings are as follows: - Hong Kong Central Clearing (Agent) Co., Ltd.: 28.8% - Sheneng (Group) Co., Ltd.: 14.0% - Huabao Investment Co., Ltd.: 13.3% - Shanghai State-owned Assets Management Co., Ltd.: 6.34% - Shanghai Haiyan Investment Management Co., Ltd.: 4.87% - China Securities Finance Corporation: 2.82% - Hong Kong Central Clearing Co., Ltd.: 1.67% - Shanghai Jiushi (Group) Co., Ltd.: 1.52% - Shanghai International Group Co., Ltd.: 1.01% - Yunnan Hehe (Group) Co., Ltd.: 0.95% [3]

10月30日晚间，A股五大上市险企三季报全部披露完毕。在去年同期高增长基础上，今年五大上市险企 再度交出亮眼答卷：数据显示，前三季度，五大上市险企合计实现归母净利润超4200亿元，同比增长近 34%。 在投资端，前三季度，五大上市险企加大权益市场布局力度，取得较好的投资收益。在负债端，五大上 市险企持续推动寿险产品结构转型，新业务价值实现同比增长，多家上市险企的财产险业务综合成本率 进一步优化，承保利润整体改善。 投资收益增长带动净利润向好 中国太保表示，今年以来，公司坚守战略资产配置定力，有纪律且灵活调整战术资产配置策略，积极配 置长期固收资产，延展资产久期，强化权益主动管理，持续做好低估值、高股息、长期盈利前景好的权 益类投资品种配置，推进多元化配置策略，取得稳健业绩。 五大上市险企三季度单季归母净利润同样实现较大幅度增长。其中，中国人寿实现归母净利润1268.73 亿元，同比增长91.5%，在五大上市险企中增幅最高；新华保险实现归母净利润180.58亿元，同比增长 88.2%。另外三家上市险企归母净利润也均有不同程度增长。 对于五大上市险企的业绩增长，市场早有预期。此前，部分险企曾披露前三季度业绩预增公 ...

每经头条（nbdtoutiao）——多地出现"负电价"，既然卖电"不挣钱"，为何电厂不愿停机？ （记者 曾健辉） 每经AI快讯，中国太保（SH 601601，收盘价：37.75元）10月31日发布公告称，公司第十届第十八次董 事会会议于2025年10月30日在上海召开。会议审议了《关于中国太平洋保险（集团）股份有限公司高管 人员2024年度绩效考核结果的议案》等文件。 2025年1至6月份，中国太保的营业收入构成为：寿险占比96.49%，商业车险占比19.6%，健康险占比 7.74%，交强险占比7.13%，农险占比7.13%，产险占比14.63%。 ...

Core Viewpoint - China Pacific Insurance (601601.SH) reported significant growth in both revenue and net profit for the third quarter of 2025, indicating strong operational performance and financial health [1] Financial Performance - For Q3 2025, the company achieved a revenue of 144.408 billion yuan, representing a year-on-year increase of 24.60% [1] - The net profit attributable to shareholders for Q3 2025 was 17.815 billion yuan, reflecting a year-on-year growth of 35.20% [1] - Basic earnings per share for Q3 2025 stood at 1.85 yuan [1] Year-to-Date Performance - For the first three quarters of 2025, the company reported a total revenue of 344.904 billion yuan, which is an 11.10% increase compared to the same period last year [1] - The net profit attributable to shareholders for the first three quarters was 45.7 billion yuan, showing a year-on-year growth of 19.30% [1] - Basic earnings per share for the first three quarters were 4.75 yuan [1]