Core Insights - China Ping An reported a significant increase in operational profit and net profit for the first three quarters of 2025, with operational profit reaching 116.264 billion yuan, a year-on-year growth of 7.2%, and net profit at 132.856 billion yuan, up 11.5% [1] Financial Performance - The operational profit for Q3 alone grew by 15.2%, while the net profit for the same quarter saw a substantial increase of 45.4% year-on-year [1] - As of September 30, the group's net assets attributable to shareholders reached 986.406 billion yuan, reflecting a 6.2% growth after dividends [1] Business Segments - The life and health insurance sectors showed strong performance, with new business value reaching 35.724 billion yuan, marking a 46.2% increase year-on-year [1] - The agent channel's new business value grew by 23.3%, while the per capita new business value increased by 29.9% [1] - The bancassurance channel experienced a remarkable growth of 170.9%, contributing 35.1% to the new business value of Ping An's life insurance [1] Product and Service Development - Ping An launched several upgraded wealth and pension products, including the "An Yi Zun Xiang" dividend annuity product and the new "e Sheng Bao" series of medical insurance products catering to various customer segments [2] - The company focused on enhancing capabilities in medical health, home care, and high-quality elderly care services, serving over 16 million customers in health management by the end of Q3 2025 [2] - Home care services have expanded to cover 85 cities nationwide, with nearly 240,000 customers qualifying for home care services [2] - The high-quality elderly care community projects have been established in five cities, with the Shanghai project "Jing'an 8" now operational and the Shenzhen project expected to begin trial operations by the end of the year [2]

Core Insights - The company reported significant growth in operating profit and strong performance in life insurance and investment returns for the first three quarters of 2025 [1] Financial Performance - The group achieved an operating profit attributable to shareholders of 116.264 billion yuan, a year-on-year increase of 7.2%, with a 15.2% growth in the third quarter [1] - The net profit attributable to shareholders reached 132.856 billion yuan, reflecting an 11.5% year-on-year growth, with a substantial 45.4% increase in the third quarter [1] - As of September 30, 2025, the group's net assets attributable to shareholders stood at 986.406 billion yuan, showing a 6.2% increase after dividends, indicating resilience in the balance sheet and sustainable profitability [1] - The total operating revenue for the first three quarters was 832.94 billion yuan, representing a 7.4% year-on-year growth [1] Life Insurance Business - The new business value for life and health insurance saw a robust growth of 46.2% in the first three quarters [1] - The average new business value per agent increased by 29.9% year-on-year [1] - The new business value from the bancassurance channel surged by 170.9% year-on-year [1] Investment Performance - The investment portfolio of the insurance funds achieved a non-annualized comprehensive investment return rate of 5.4%, up by 1.0 percentage points year-on-year [1]

证券代码：601318 证券简称：中国平安 公告编号：临 2025-045 会议由本公司监事会主席孙建一主持，与会监事经充分讨论，审议通过了如 下议案： 中国平安保险（集团）股份有限公司 第十一届监事会第九次会议决议公告 中国平安保险（集团）股份有限公司（以下简称"本公司"或"公司"）监事会及全 体监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。 本公司第十一届监事会第九次会议（以下简称"会议"）书面通知于 2025 年 10 月 14 日发出，会议于 2025 年 10 月 28 日在深圳市召开。会议应出席监事 5 人，实到监事 5 人，会议有效行使表决权票数 5 票。本公司部分高级管理人员列 席了会议，会议的召集、召开程序符合《中华人民共和国公司法》和《中国平安 保险（集团）股份有限公司章程》（以下简称"《公司章程》"）的相关规定，会 议合法、有效。 一、审议通过了《关于审议〈公司 2025 年第三季度报告〉的议案》 监事会意见如下： （1）《公司 2025 年第三季度报告》的编制和审核程序符合法律、行政法规、 中国证券监督管理委员会和《公司 ...

证券代码：601318 证券简称：中国平安 公告编号：临 2025-044 会议由本公司董事长马明哲主持，与会董事经充分讨论，审议通过了如下议 案： 一、审议通过了公司 2025 年第三季度报告及截至 2025 年 9 月 30 日止九个月的 未经审计业绩公告 表决结果：赞成 15 票、反对 0 票、弃权 0 票 中国平安保险（集团）股份有限公司 第十三届董事会第十一次会议决议公告 特此公告。 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。 本公司第十三届董事会第十一次会议（以下简称"会议"）书面通知于 2025 年 10 月 14 日发出，会议于 2025 年 10 月 28 日在深圳市召开。会议应出席董事 15 人，实到董事 15 人，会议有效行使表决权票数 15 票。本公司全体监事和高 级管理人员列席了会议。会议的召集、召开程序符合《中华人民共和国公司法》 和《中国平安保险（集团）股份有限公司章程》的相关规定，会议合法、有效。 中国平安保险（集团）股份有限公司董事会 本公 ...

Core Insights - China Ping An reported a revenue of 832.94 billion yuan for the first three quarters of 2025, marking a year-on-year growth of 7.4% [2] - The net profit attributable to shareholders reached 132.86 billion yuan, reflecting an 11.5% increase year-on-year, with a significant 45.4% growth in the third quarter alone [2] - The company’s net assets attributable to shareholders stood at 986.41 billion yuan as of September 30, 2025, showing a 6.2% increase after dividends [2] Insurance Sector Performance - The new business value for life and health insurance grew by 46.2% in the first three quarters of 2025, with agency per capita new business value increasing by 29.9% [2] - The bank insurance channel saw a remarkable 170.9% growth in new business value [2] - Property insurance premium income reached 256.25 billion yuan, up 7.1% year-on-year, with a comprehensive cost ratio of 97.0%, improving by 0.8 percentage points [2] Banking Sector Challenges - Ping An Bank reported a revenue of 100.67 billion yuan and a net profit of 38.34 billion yuan, both showing a decline [3] - The non-performing loan ratio was 1.05%, a slight decrease of 0.01 percentage points from the beginning of the year [3] - The bank's credit and other asset impairment losses decreased by 18.8% year-on-year to 25.99 billion yuan [3] Investment and Strategic Initiatives - The insurance investment portfolio achieved a non-annualized comprehensive investment return of 5.4%, up by 1.0 percentage points year-on-year, with the portfolio size exceeding 6.41 trillion yuan, a growth of 11.9% from the start of the year [3][4] - The company is focusing on long-term stable investment returns by increasing equity allocation while managing risks [4] - Ping An's home care services have expanded to 85 cities, serving nearly 240,000 clients, and high-quality health and wellness community projects are underway in five cities [4] Technological Advancements - The implementation of AI in claims processing has resulted in a reduction of fraud losses by 9.15 billion yuan [4] - AI service interactions exceeded 1.292 billion, covering 80% of total customer service volume, with an AI penetration rate of 10% [4] - AI-assisted sales reached 99.07 billion yuan, and the company has developed an "AI + human" system to enhance policy renewal rates by 23% [4]

Core Insights - China Ping An reported a revenue of 832.94 billion yuan for the first three quarters of 2025, marking a year-on-year growth of 7.4% [1] - The operating profit attributable to shareholders reached 116.26 billion yuan, up 7.2% year-on-year, while net profit attributable to shareholders increased by 11.5% to 132.86 billion yuan [1] - The company’s net assets attributable to shareholders stood at 986.41 billion yuan as of September 30, 2025, reflecting a 6.2% growth after dividends [1] Insurance Sector Performance - The life and health insurance segment showed significant improvement, with new business value growing by 46.2% year-on-year [1] - The agency channel's new business value increased by 29.9%, while the bancassurance channel saw a remarkable growth of 170.9% [1] - The property insurance segment reported a premium income of 256.25 billion yuan, a 7.1% increase, with a comprehensive cost ratio of 97.0%, improving by 0.8 percentage points [2] Banking Sector Insights - Ping An Bank's revenue for the first three quarters was 100.67 billion yuan, with net profit declining to 38.34 billion yuan [2] - The non-performing loan ratio was 1.05%, a slight decrease of 0.01 percentage points from the beginning of the year [2] - The bank intensified efforts in recovering non-performing assets, with credit and other asset impairment losses down by 18.8% to 25.99 billion yuan [2] Investment Performance - The investment portfolio of insurance funds achieved a non-annualized comprehensive investment return of 5.4%, up by 1.0 percentage points year-on-year [2] - The scale of the investment portfolio exceeded 6.41 trillion yuan, reflecting an 11.9% increase since the beginning of the year [2] - The company emphasized its strategy of increasing equity allocation while managing risks to ensure stable long-term investment returns [2] Strategic Developments - Ping An's home care services have expanded to cover 85 cities, with nearly 240,000 clients qualifying for services [3] - The company has initiated high-quality health and wellness community projects in five cities, with the Shanghai project already operational [3] - In the green development and rural revitalization sectors, the company reported premium income of 55.28 billion yuan from green insurance and provided 47.39 billion yuan in rural industry support [3] AI Integration - The company reported a reduction of 9.15 billion yuan in losses due to intelligent fraud prevention in property insurance [3] - AI service interactions exceeded 1.292 billion, covering 80% of total customer service volume, with a code penetration rate of 10% [3] - AI-assisted sales reached 99.07 billion yuan, and the implementation of an "AI + human" system improved policy renewal rates by 23% [3]

Investment Rating - The report maintains an "Overweight" rating for the Guangfa CSI Hong Kong Stock Connect Non-Bank ETF (513750.SH) [1] Core Insights - The insurance sector is experiencing a recovery in profitability, driven by strong performance in Q3 2025, with major companies like China Life, New China Life, and China Property & Casualty reporting net profit growth rates of 106%, 101%, and 122% respectively [11][12] - The report emphasizes the importance of the PEV (Price of Embedded Value) valuation system for insurance companies, which reflects long-term profitability potential more accurately than traditional PE or PB metrics [20][22] - The report highlights the low valuation levels of the insurance sector, with average PEV ratios for A/H shares at 0.72x and 0.51x, indicating a significant margin of safety and potential for value appreciation [34][37] - The Guangfa CSI Hong Kong Stock Connect Non-Bank Index focuses heavily on the insurance sector, providing a unique investment opportunity with a high concentration of insurance assets [41][47] Summary by Sections 1. Q3 Performance and Investment Value of Insurance Stocks - The report notes that listed insurance companies achieved high net profit growth in Q3 2025, exceeding expectations despite a high base from the previous year [11][12] - The increase in investment income from equity investments is identified as a key driver of this growth, with insurance funds significantly increasing their equity allocations [13][17] - The high proportion of FVTPL (Fair Value Through Profit or Loss) assets among insurance companies enhances profit elasticity, allowing for direct reflection of market gains in profit figures [17][19] 2. Guangfa CSI Hong Kong Stock Connect Non-Bank ETF (513750.SH) Overview - The ETF is noted for its unique focus on insurance, with a significant portion of its holdings in major insurance companies, making it a rare investment vehicle in the market [41][47] - The ETF has shown strong liquidity and growth, with an average daily trading volume of 1.818 billion yuan and a fund size of 21.214 billion yuan as of October 24, 2025 [5][41] - The ETF's performance is highlighted, with a cumulative return of 66.68% and an annualized return of 36.83%, positioning it favorably compared to other financial sector ETFs [5][41]

Financial Performance - Total operating income for Q3 2025 was RMB 31,283 million, a decrease of 9.2% year-on-year[8] - Net profit attributable to shareholders for Q3 2025 was RMB 13,469 million, down 2.8% year-on-year[8] - The company achieved operating revenue of CNY 1,006.68 billion for the first nine months of 2025, a year-on-year decrease of 9.8% due to declining loan interest rates and adjustments in business structure[19] - Net profit for the same period was CNY 383.39 billion, reflecting a year-on-year decline of 3.5%[19] - Total operating income for the first nine months of 2025 was RMB 100,668 million, a decrease of 9.1% compared to RMB 111,582 million in the same period of 2024[106] - Net profit for the first nine months of 2025 was RMB 38,339 million, a decline of 3.5% from RMB 39,729 million in the same period of 2024[106] - Operating income for Q3 2025 was RMB 30,661 million, a decrease of 6.7% compared to RMB 33,932 million in Q3 2024[109] - Net profit for the first nine months of 2025 was RMB 37,259 million, a decline of 2.6% from RMB 38,238 million in the first nine months of 2024[109] Asset Quality - The non-performing loan ratio stood at 1.05% as of September 30, 2025, remaining stable compared to previous periods[14] - The non-performing loan ratio stood at 1.05%, a slight decrease of 0.01 percentage points from the end of the previous year, indicating stable asset quality[20] - The bank's personal loan non-performing ratio decreased to 1.24% as of September 30, 2025, down 0.15 percentage points from the end of the previous year and down 0.03 percentage points from June 30, 2025[84] - The average mortgage loan non-performing rate was 0.45% as of September 2025, down from 0.47% at the end of the previous year[82] - The bank's provision coverage ratio was 229.60% as of September 2025, indicating strong risk mitigation capacity[78] Capital and Liquidity - The capital adequacy ratio was 13.48% as of September 30, 2025, exceeding the regulatory requirement of 10.75%[14] - The bank's core tier 1 capital adequacy ratio was 9.52% as of September 30, 2025, above the minimum requirement of 7.75%[14] - The bank's core tier 1 capital adequacy ratio is 9.52% as of September 30, 2025, up from 9.12% at the end of the previous year[87] - The leverage ratio increased to 6.80% as of September 30, 2025, compared to 6.47% at the end of the previous year, driven by growth in tier 1 capital[88] - The liquidity coverage ratio is 115.64% as of September 30, 2025, down from 136.15% at the end of the previous year[90] Deposits and Loans - The bank's total deposits increased by 0.6% to RMB 3,554,955 million compared to the end of 2024[11] - The personal deposit balance was 1.28 trillion yuan as of September 2025, a decrease of 0.6% year-on-year, while the average daily personal deposit balance for January to September was 1.31 trillion yuan, an increase of 4.2% year-on-year[27] - Corporate loan balance was 1.69 trillion yuan as of September 2025, an increase of 5.1% year-on-year, while corporate deposit balance was 2.28 trillion yuan, up 1.3%[32] - The bank's total loan and advance principal amounted to CNY 3.42 trillion as of September 2025, reflecting a 1.3% increase from the previous year[82] - Total deposits reached CNY 3.63 trillion in the first nine months of 2025, with a focus on low-cost deposit acquisition[75] Cash Flow - Net cash flow from operating activities for the first nine months of 2025 decreased by 47.7% to RMB 71,783 million[8] - Cash flow from operating activities for the first nine months of 2025 was RMB 71,783 million, a decrease of 47.7% compared to RMB 137,158 million in the same period of 2024[111] - The total cash inflow from operating activities was RMB 313,063 million in 2025, down 40.9% from RMB 529,143 million in 2024[113] Investment and Financing - The bank's financial investments in trading assets rose to RMB 698,487 million from RMB 629,571 million, indicating a growth of approximately 10.9%[102] - The bank issued RMB 30 billion in green financial bonds on September 23, 2025, with a fixed interest rate of 1.78% for a three-year term[98] - The total financing amount for on-balance and off-balance sheet credit reached CNY 49,000.33 billion by the end of September 2025[57] Customer and Market Growth - As of September 2025, the number of retail customers reached 127.59 million, a year-on-year increase of 1.6%, with retail customer assets under management (AUM) at 4.21 trillion yuan, up 0.5% from the previous year[26] - The number of wealth management clients reached 1.49 million as of September 2025, a growth of 2.4%, with private banking clients at 103,300, up 6.7% year-on-year; AUM for private banking clients was 1.97 trillion yuan[28] - The number of corporate clients reached 935,700 as of September 2025, a growth of 9.7% year-on-year[34] Risk Management - The bank has implemented targeted management measures for overdue loans, including tailored recovery and restructuring plans[86] - The bank continues to enhance its risk monitoring system and improve the effectiveness of non-performing asset disposal[84] Digital Transformation - The company plans to enhance its digital transformation and risk management strategies to support sustainable growth in retail banking[22] - The registered users of the Ping An Pocket Bank APP reached 180.30 million by September 2025, a growth of 3.6%, with monthly active users at 40.31 million[30]

中国平安：第三季度净利润648.1亿元人民币。 ...

Core Insights - China Ping An reported a significant growth in operating profit and strong performance in life insurance new business value for the first three quarters of 2025, with operating profit reaching CNY 116.26 billion, a year-on-year increase of 7.2% [1][2] - The net profit attributable to shareholders for the first three quarters was CNY 132.86 billion, reflecting an 11.5% year-on-year growth, with a notable 45.4% increase in the third quarter alone [1][2] Financial Performance - As of September 30, 2025, the group's net assets attributable to shareholders stood at CNY 986.41 billion, showing a 6.2% growth after dividends, indicating resilience in the balance sheet and sustainable profitability [2] - The total revenue for the first three quarters was CNY 832.94 billion, marking a 7.4% year-on-year increase [2] Life Insurance Business - The new business value for life and health insurance surged by 46.2% in the first three quarters, with agents' average new business value increasing by 29.9% and the bank insurance channel's new business value skyrocketing by 170.9% [2] Investment Performance - The investment performance of insurance funds significantly improved, achieving a non-annualized comprehensive investment return rate of 5.4% for the first three quarters, up by 1.0 percentage points year-on-year [2]