智通财经APP获悉，交银国际发布研报称，众安在线(06060)上半年纯利为6.68亿元人民币，表现超越去 年全年，并胜于预期。公司上半年承保利润超出预期，因此该行下调其全年综合成本率预测;众安银行 亏转盈，料将进入盈利周期，提升盈利贡献。该行上调众安在线盈测，预计公司今年盈利为12.3亿元人 民币，同比增长1倍，目标价由16港元调升至23港元，维持"买入"评级。 ...

智通财经8月22日讯(编辑 童古 汤赞淇)以下为各家机构对港股的最新评级和目标价： 美银证券：升名创优品评级至中性 目标价上调至46.9港元 摩根士丹利就快手-W(01024.HK)发布研报称，将公司今年资本支出指引由100亿元上调至120亿元人民 币，显示可灵和其他AI应用的需求强劲。该行表示，将快手2025年至27年各年每股盈测上调3%至6%之 间，其目标价上调至76港元，维持其评级为与大市同步。 国证国际：维持小米集团买入评级 目标价62.3港元 民生证券就小鹏汽车(09868.HK)发布研报称，该行看好公司在车型周期、组织革新和智能化Beta驱动下 迎来业绩和估值的双重提升。预计公司2025-2027年收入分别为888.3/1406.4/1925.1亿元，归母净利润分 别为-5.3/71.2/125.9亿元，维持推荐评级。 交银国际：维持中国生物制药买入评级 交银国际就中国生物制药(01177.HK)发布研报称，公司在创新药和生物类似药的放量驱动下，上半年收 入录得双位数增长；受益于投资收益，公司整体利润实现高增长，但在研发投入加大的影响下，核心制 药业务的分部利润在短期内略有承压。交银国际上调中生制 ...

◆企业动态 中国平安人寿保险股份有限公司增持中国人寿2992.9万股 财经网×企业预警通App ◆监管之声 金融监管总局：正研究制定相关文件，从多方面提出健康保险下一步发展路径 近日，金融监管总局发布了一批对政协第十四届全国委员会第三次会议、十四届全国人大三次会议相关 提案建议的答复。金融监管总局表示，正在研究制定《关于提升健康保险服务保障水平的指导意见》， 拟从推动供需更加适配、提升行业经营能力、加强健康保险监管、优化健康保险发展环境等方面，提出 健康保险下一步发展路径，进一步明确健康保险各险种的发展重点方向和任务。 ◆行业关注 险资今年举牌30次助力牛市 A股市值首破百万亿 2025年，保险资金在资本市场的参与度显著提升，年 内举牌次数达30次，创近年新高，主要集中于银行等低估值、高股息板块。险资作为"耐心资本"推动A 股总市值首次突破百万亿，上证指数创近十年新高，市场呈现"慢牛长牛"特征。 东吴人寿计划在全国银行间债券市场公开发行不超过30亿元的10年期资本补充债券，由第一大股东苏州 国际发展集团提供全额无条件连带责任保证担保且免收担保费，以降低发债成本、补充资本、提升偿付 能力。 8月15日，中国平安 ...

8月22日，众安在线(06060)盘中上涨2.09%，截至14:02，报20.5元/股，成交9.16亿元。 众安在线财产保险股份有限公司是中国首家互联网保险公司，主要通过互联网进行业务，专注于应用新 技术重塑保险价值链，提供个性化、定制化、智能化的新保险。2020年，众安服务约5.24亿用户，出具 约79.49亿张保单，并通过其全资子公司众安科技，将经过业务验证的科技对外输出，与全球444家客户 签约。 本文源自：金融界 作者：行情君 截至2025年中报，众安在线营业总收入18.27亿元、净利润6.68亿元。 8月21日，交银国际证券维持买入评级,目标价上调至23港元。 ...

瑞银发布研报称，众安在线(06060)上半年税后净利润同比增长11倍至6.68亿人民币，达到市场对其全年 盈测的68%。综合成本率较去年同期改善2.3个百分点至95.6%，可能好过市场预期，银行业务脱离亏 损。该行将众安在线目标价由13.1港元上调至22.3港元，以反映长期稳定币/加密货币机会;股票市场的 政策利好;及滚动估值。 ...

智通财经APP获悉，瑞银发布研报称，众安在线(06060)上半年税后净利润同比增长11倍至6.68亿人民 币，达到市场对其全年盈测的68%。综合成本率较去年同期改善2.3个百分点至95.6%，可能好过市场预 期，银行业务脱离亏损。该行将众安在线目标价由13.1港元上调至22.3港元，以反映长期稳定币/加密货 币机会;股票市场的政策利好;及滚动估值。 ...

瑞银发表报告指，众安在线上半年税后净利润按年增长11倍至6.68亿元，达到市场对其全年盈测的 68%。综合成本率较去年同期改善2.3个百分点至95.6%。该行将众安在线目标价由13.1港元上调至22.3 港元，以反映长期稳定币/加密货币机会；股票市场的政策利好；及滚动估值；由于估值合理，维持"中 性"评级。 ...

支持股价走高的是，众安在线交出了一份总保费和归母净利润"双增"的业绩答卷。 财报显示，今年上半年，众安在线实现总保费166.61亿元，同比增长9.30%。同时，得益于稳健的投资收益与数字银行业务扭亏，众安在线实现归母净利润 达6.68亿元，较2024年同期提升1103.5%。 值得一提的是，众安在线旗下数字银行ZA Bank上半年实现历史突破并扭亏为盈，净利润达0.49亿港元。 此外，资产配置的变化，为众安在线带来了1.69亿元的投资收益。上半年，众安在线降低了固收类资产的配置，占比由76.6%降至72.4%，同时将股票投资规 模由17.13亿元提高至26.73亿元，将权益型基金投资规模由6.8亿元提高至9.42亿元。 作为首家互联网财险公司，众安在线的业务可以概括为健康生态、数字生活生态和汽车生态三大板块。 在保费增长背后，三大板块的业务结构和保费贡献也悄然发生了变化。 首先，健康生态成为众安在线保费贡献最多的板块。 8月21日，率先披露2025年中期报告的众安在线（6060.HK）早盘高开，截至收盘，股价上涨6.98%，收于20.08港元。 随着产品的切换，众安在线健康险的赔付率也有所提升，上半年综合赔付 ...

Core Viewpoint - In the first half of 2025, ZhongAn Online reported significant growth in net profit and underwriting profit, driven by improved insurance business performance and the profitability of ZA Bank, marking a positive trend in the company's financial health [1][2]. Financial Performance - The company achieved operating revenue of 16.18 billion yuan, a year-on-year increase of 0.9% [1]. - Net profit attributable to shareholders reached 670 million yuan, a remarkable year-on-year growth of 1103.5% [1]. - Underwriting profit was 660 million yuan, up 109.1% year-on-year [2]. - The annualized net investment return rate was 2.0%, an increase of 0.2 percentage points year-on-year, while the total investment return rate was 3.4%, up 0.6 percentage points [1]. Insurance Segment Performance - The domestic property insurance business generated an underwriting profit of 660 million yuan, benefiting from an improved claims ratio [2]. - The combined cost ratio improved by 2.3 percentage points to 95.6%, with the combined claims ratio decreasing by 6.0 percentage points to 54.7% [2]. - Total premium income reached 16.66 billion yuan, a year-on-year increase of 9.3% [2]. Business Segment Insights - The health ecosystem saw premium income of 6.27 billion yuan, a significant increase of 38.3% year-on-year, becoming the largest segment with a premium share of 37.7% [2][3]. - The digital life ecosystem experienced a decline in premium income to 6.21 billion yuan, down 16.3% year-on-year, primarily due to a decrease in e-commerce related policies [3]. - The consumer finance ecosystem reported premium income of 2.70 billion yuan, up 23.6% year-on-year, driven by economic recovery and increased consumer demand [3]. - The automotive ecosystem benefited from rising domestic car sales, achieving premium income of 1.48 billion yuan, a year-on-year increase of 34.2% [3]. Self-operated Channel Development - The share of premium income from self-operated channels increased to 22.2%, with income from these channels reaching 3.70 billion yuan, up 16.9% year-on-year [4]. - The average premium per customer rose by 42.9% to 953 yuan, with a customer renewal rate of 89.7% [4]. Technology and R&D - The technology segment reduced its losses by 32.2% to 60 million yuan, with R&D investment amounting to 400 million yuan, a decrease of 14.2% year-on-year [4]. - Revenue from technology output reached 500 million yuan, a year-on-year increase of 12.2%, benefiting from the ongoing digital transformation in the global financial sector [4]. Future Outlook - The company is expected to see further improvements in profitability as R&D investments enhance the insurance value chain [5]. - Net profit forecasts for 2025-2027 have been raised to 820 million, 850 million, and 970 million yuan respectively [5]. - The current stock price corresponds to a price-to-book ratio of 1.36, 1.33, and 1.29 for 2025-2027, maintaining a "buy" rating [6].

Core Insights - The company reported a significant increase in net profit attributable to shareholders, growing over 11 times year-on-year to 668 million yuan, driven by improved insurance business profits, ZA Bank turning profitable, and a substantial reduction in technology business losses [1][4] - Total premium income reached 16.661 billion yuan in the first half of 2025, marking a 9.3% year-on-year increase, with market share further enhanced [1] - The company achieved a comprehensive cost ratio of 95.6%, improving by 2.3 percentage points year-on-year, indicating ongoing optimization in underwriting quality and cost control [1] Insurance Business Performance - Insurance service revenue amounted to 15.041 billion yuan, with underwriting profit increasing by 109.1% to 656 million yuan, reflecting strong performance in the insurance sector [1] - Health insurance premiums grew by 38.3% to 6.275 billion yuan, becoming the largest contributor to the overall premium structure [2] - The automotive ecosystem saw a premium increase of 34.2%, with new energy vehicle insurance premiums soaring by 125.4%, accounting for over 18% of total premiums [2] Technology and Banking Developments - The technology business's losses narrowed, with total revenue from technology output reaching 496 million yuan, a 12.2% year-on-year increase [3] - ZA Bank achieved a net profit of 49 million HKD for the first time, with net income growing by 82.1%, driven by strong non-interest income [3] - Total investment income for the company was 639 million yuan, up 3.1% year-on-year, with a stable investment asset structure [3] Future Outlook - The company maintains a strong performance outlook, with expected EPS of 0.91, 1.09, and 1.30 yuan per share for 2025 to 2027, and a current price-to-book ratio of 1.14, 1.06, and 0.98 [4] - Continued investment in AI and big data technologies is expected to enhance operational efficiency and user experience across all business processes [4]