| [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 913789 | 1028925 | 1066394 | 1137642 | 1215854 | | 同比（%） | 3.8% | 12.6% | 3.6% | 6.7% | 6.9% | | 归母净利润（百万元） | 85665 | 126607 | 135166 | 154369 | 176971 | | 同比（%） | -22.8% | 47.8% | 6.8% | 14.2% | 14.6% | | 每股 EV（元/股） | 76.34 | 78.12 | 82.73 | 87.51 | 92.30 | | PEV | 0.71 | 0.69 | 0.65 | 0.62 | 0.58 | [Table_Summary] 投资要点 证券研究报告·公司点评报告·保险Ⅱ 中国平安（601318） 中国平安发行 H 股可转债，集团资本实力进 一步充实 买入（维持） 2025 年 ...

| [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 913789 | 1028925 | 1066394 | 1137642 | 1215854 | | 同比（%） | 3.8% | 12.6% | 3.6% | 6.7% | 6.9% | | 归母净利润（百万元） | 85665 | 126607 | 135166 | 154369 | 176971 | | 同比（%） | -22.8% | 47.8% | 6.8% | 14.2% | 14.6% | | 每股 EV（元/股） | 76.34 | 78.12 | 82.73 | 87.51 | 92.30 | | PEV | 0.71 | 0.69 | 0.65 | 0.62 | 0.58 | [Table_Summary] 投资要点 ◼ 【事件】6 月 4 日中国平安公告称，拟发行 117.65 亿港元 H 股可转债， 用于补充集团资本需求，支持医疗和养老战略发展。 2025 ...

[Table_Summary] 投资要点 证券研究报告·公司点评报告·保险Ⅱ 中国平安（601318） 中国平安发行 H 股可转债，集团资本实力进 一步充实 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 913789 | 1028925 | 1066394 | 1137642 | 1215854 | | 同比（%） | 3.8% | 12.6% | 3.6% | 6.7% | 6.9% | | 归母净利润（百万元） | 85665 | 126607 | 135166 | 154369 | 176971 | | 同比（%） | -22.8% | 47.8% | 6.8% | 14.2% | 14.6% | | 每股 EV（元/股） | 76.34 | 78.12 | 82.73 | 87.51 | 92.30 | | PEV | 0.71 | 0.69 | 0.65 | 0.62 | 0.58 | ◼ 【事件】6 ...

港股保险股震荡走弱，众安在线(06060.HK)、中国财险(02328.HK)跌超2%，中国平安(02318.HK)、云锋 金融(00376.HK)跌超1%。 ...

证券代码：601318 证券简称：中国平安 公告编号：临 2025-024 中国平安保险（集团）股份有限公司 关于拟根据一般性授权发行 11,765,000,000 港元于 2030 年到期的零息 H 股可转换债券的公告 中国平安保险（集团）股份有限公司（以下简称"本公司"）董事会及全体董事保 证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真 实性、准确性和完整性承担法律责任。 重要内容提示： 本公司拟根据一般性授权发行可转换为本公司 H 股股份的债券，不涉及本公 司 A 股发行。 一、本次发行概述 2025 年 6 月 3 日（交易时间后），本公司与经办人签署认购协议。根据认购 协议，本公司已同意向经办人发行或根据经办人指示发行，且经办人已同意认购 并支付，或促使认购人认购并支付债券，但须遵守认购协议中规定的若干条件。 经办人已开展入标定价，关于债券的条款（包括但不限于本金金额和初始转 换价）已在入标定价后确定。 发行人拟发行的债券本金总额为 11,765,000,000 港元，可于条款及条件所载 情形下转换为 H 股。初始转换价为每股 H 股 55.02 港元（可予调整）。 假设债券 ...

假设债券按每股H股55.02港元的初始转换价悉数转换且不再发行其他股份，则债券将可转换为约2.14亿 股转换股份，约占公司于本公告日期现有已发行H股数目的2.87%及现有已发行股本的1.17%；以及约占 公司于债券获悉数转换后经发行转换股份扩大后已发行H股数目的2.79%及已发行股本的1.16%(亦假设 公司股本未因2024年可转换债券而发生的转换、拟议注销A股或其他任何原因而发生变动)。转换股份 将属缴足，并在各方面与相关登记日期已发行H股享有同等地位。 待债券发行完成后，公司拟将发行债券所得款项净额用于满足集团未来以金融为核心的业务发展需求， 用于补充集团的资本需求；支持集团医疗、养老新战略发展的业务需求；同时用作一般公司用途。董事 会认为，债券发行有助于优化集团资本结构以及丰富集团融资渠道，并为集团的持续业务发展提供支 持。 格隆汇6月4日丨中国平安(02318.HK)发布公告，2025年6月3日，公司与经办人签署认购协议。根据认购 协议，(其中包括)公司已同意向经办人发行或根据经办人指示发行，且经办人已同意认购并支付或促使 认购人认购并支付债券(即本金总额为117.65亿港元于2030年到期的零息可转 ...

截至月份: 2025年5月31日 狀態: 新提交 致：香港交易及結算所有限公司 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 公司名稱: 中国平安保险（集团）股份有限公司 呈交日期: 2025年6月3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 | | 2. 股份分類 | 普通股 | | ...

Investment Rating - The investment rating for the company is "Buy" (首次) [5] Core Views - The company's 2025 life insurance NBV shows resilience, and the dividend policy is positive [5] - In Q1 2025, the company's OPAT and NBV performance was strong, with a 2.4% year-on-year growth in OPAT to 37.9 billion yuan, despite a decline in group revenue and net profit [6] - The life insurance business remains a core pillar, contributing 71.7% of net profit and 70.9% of OPAT in Q1 2025 [7] Summary by Sections Market Performance - The closing price on May 29, 2025, was 53.52 yuan, with a total market capitalization of 974,611.76 million yuan [3] Financial Performance - In Q1 2025, the group revenue and net profit decreased by 5.2% and 26.4% year-on-year, respectively, to 232.8 billion yuan and 27 billion yuan [6] - The life insurance business achieved a 34.9% growth in NBV, contributing to a 5% OPAT growth [6][7] Business Outlook - The life insurance capacity may face pressure in 2025, requiring strategic products to support sales [7] - The company expects to see rapid growth in its bancassurance market share, with a 171% year-on-year increase in NBV in Q1 2025 [7] - The NBV margin improved by 11.4 percentage points year-on-year to 28.3% in Q1 2025, indicating potential for further margin enhancement [7] Dividend Policy - The company maintains a positive dividend policy, with a commitment to increasing the absolute value of cash dividends annually [10] - The current dividend yield for A-shares and H-shares is 4.76% and 6.00%, respectively [10] Earnings Forecast - The forecasted net profit for 2025 is 135.1 billion yuan, with a year-on-year growth of 6.7% [11] - The projected earnings per share for 2025 is 7.42 yuan, with a P/E ratio of 7.2 [11]

Core Viewpoint - China Ping An celebrates its 37th anniversary, aiming to become an internationally leading "comprehensive finance + medical and elderly care" service group by 2025, with a strong focus on pension finance since the establishment of Ping An Pension Insurance in 2004 [2][3] Group 1: Company Development - Ping An Pension Insurance has been a key player in China's pension finance sector, becoming the first professional pension insurance company in the country and actively participating in the national pension strategy [3] - The company has established 35 branches nationwide and has served 4.55 million group clients, providing diverse pension financial services to 45.4 thousand group clients and 83.07 million individual clients [3] - As of the end of Q1 2025, the company reported a registered capital of 11.6 billion yuan, total assets of 89.6 billion yuan, and net assets of 20.9 billion yuan, with solvency ratios significantly exceeding regulatory requirements [4] Group 2: Industry Context - China is entering a deep aging society, with 310 million people aged 60 and above by the end of 2024, highlighting the growing importance of pension security [6] - The pension industry in China is projected to reach a market size of over 20 trillion yuan by 2027, becoming a significant driver of domestic demand and investment [6] Group 3: Green Finance Initiatives - Ping An Pension Insurance is committed to sustainable development, with its 2024 Green Finance Report indicating 166,000 group insurance policies and premium income of 1.27 billion yuan from green industry insurance [5] - The company has actively engaged in green investment and product innovation, contributing to the green transformation of the economy [5] Group 4: Investment Management - The company emphasizes a "beneficiary-centered" approach in annuity management, focusing on professional, sustainable, and stable investment strategies [7] - Ping An Pension Insurance has built a strong investment management team, achieving top-tier performance in long-term investment returns and managing a significant scale of annuity assets [7] Group 5: Product Innovation - The company has developed various commercial pension insurance products to address risks such as interest rate and longevity risks, offering flexible payout mechanisms [8] - Future plans include integrating pension insurance products with health management and elderly care services to provide comprehensive solutions for clients [8]

Core Viewpoint - Recently, Ping An Elderly Equity Investment Fund (Beijing) Partnership (Limited Partnership) was established with a capital contribution of 6 billion yuan, focusing on private equity investment, investment management, and asset management activities [1] Company Summary - The new fund is jointly funded by China Ping An Life Insurance Co., Ltd., a subsidiary of China Ping An (601318), and Beijing Zhiying Enterprise Management Co., Ltd. [1]