消息面上，中国平安上半年整体经营稳健，集团实现归属于母公司股东的营运利润777.32亿元，同比增 长3.7%，归属于母公司股东的净利润680.47亿元。寿险及健康险业务新业务价值同比大增39.8%。此 外，现金分红水平稳定增长，中国平安将向股东派发中期股息每股现金0.95元，同比增长2.2%。 业绩公布后，美银发表研报，预期中国平安全年税后营运利润增长4%，推动全年股息维持稳定增长； 将2025至27年盈利预测上调4%。另外，该行将其H股目标价由62.4港元上调至64.9港元，重申"买入"评 级；A股目标价由60.3元上调至62.7元。(格隆汇) 中国平安A股涨超3.8%，报61.1元，创月内新高；H股涨超3%，报57.9港元。 ...

Macroeconomic Insights - The average import tax rate in the U.S. increased by 6.6 percentage points compared to the end of 2024, which is lower than market expectations[5] - If the average import tax rate rises by 10% this year, it could push the PCE year-on-year growth rate to 3.1% and the core PCE to 3.4% under stable demand conditions[7] Consumer and Business Impact - As of June, U.S. businesses bore approximately 63% of the tariff costs, while consumers accounted for less than 40%[6] - The consumer price sensitivity may lead businesses to absorb a significant portion of tariff costs, affecting pricing strategies[6] Durable Goods and Construction Sector - Domestic demand for construction remains weak, with steel and glass prices declining, while cement prices have rebounded due to enhanced production management[9] - Retail sales of passenger vehicles increased, with a year-on-year growth of 8% in daily sales from August 11 to August 17[10] Insurance Sector Performance - The insurance industry reported a total premium income of CNY 420.85 billion from January to July 2025, reflecting a year-on-year growth of 6.8%[14] - Life insurance premiums reached CNY 258.61 billion in July, marking a significant year-on-year increase of 33.5%[15] Steel Industry Outlook - China's crude steel production from January to July 2025 was 594 million tons, a decrease of 3.1% year-on-year, indicating a contraction in production capacity[25] - The steel industry is expected to stabilize in 2025 due to a combination of demand recovery and supply-side reductions[27]

Core Insights - The investment trends of listed insurance companies are a focal point for the market, with stock assets exceeding 1.8 trillion yuan as of June 30, marking an increase of over 400 billion yuan and a growth rate of 28.7% compared to the end of the previous year [1] - The combined stock and fund holdings of major insurance companies have also shown rapid growth, with China Life, Ping An, China Pacific Insurance, and China Property & Casualty Insurance having stock and fund allocation ratios of 13.6%, 12.6%, 11.8%, and 10.7% respectively, reflecting increases of 0.9 to 2.7 percentage points [1] - The proactive entry of insurance capital into the market is driven by two main factors: the low interest rate environment and new accounting standards necessitating increased equity asset allocation, along with policies that facilitate long-term investments [1][2] Industry Overview - As of the end of June, the total market value of stocks held by life insurance companies reached 2.87 trillion yuan, an increase of 605.2 billion yuan, representing a growth rate of 26.69%, significantly outpacing the 8.85% growth in total fund utilization [1] - The central government's push for long-term funds to enter the market, initiated in September of last year, has led to effective policies that have removed barriers for insurance capital, promoting a stable investment environment [2] - The active participation of insurance capital is expected to enhance its role as a market stabilizer and guide the market towards a trend of long-term and value investing, contributing to the healthy development of the capital market [2]

Group 1: A-Share Market Performance - A-shares saw collective gains on August 28, with trading volume exceeding 3 trillion yuan, led by the technology sector [1] - The A-share market has outperformed global markets this year, with significant inflows into emerging markets, particularly from the iShares core MSCI Emerging Markets ETF, which saw over $8.6 billion in net inflows [1] - On August 27, there was a market pullback, particularly in small-cap stocks, with the CSI 2000 index down 2.32% and the Wind micro-cap index down nearly 4% [1] Group 2: Private Enterprises and Financial Performance - The "2025 China Top 500 Private Enterprises" list revealed that 194 companies control 273 A-share listed companies, with a revenue threshold of 27.023 billion yuan [2] - The total revenue of the top 500 private enterprises reached 43.05 trillion yuan, with an average revenue of 861.02 billion yuan, reflecting a year-on-year growth of 2.72% [2] Group 3: Fund Issuance and Investment Trends - The new fund issuance market is recovering, with nearly 100 billion yuan in new funds launched this month, and equity fund issuance exceeding 57 billion yuan, marking a record high for the year [3] - Sovereign wealth funds are increasing their holdings in A-shares, with notable investments from entities like Abu Dhabi Investment Authority and Kuwait Investment Authority [3] Group 4: Fluorochemical Industry Performance - Major fluorochemical companies reported significant profit growth in the first half of the year, with Juhua Co. achieving a net profit of 2.051 billion yuan, up 146.97% year-on-year [4] - The supply of refrigerants is constrained due to quota systems, leading to improved industry dynamics and increased domestic and international demand [4] Group 5: Insurance Sector Performance - The five major listed insurance companies reported a combined net profit of 178.193 billion yuan in the first half of 2025, a year-on-year increase of 3.7% [8] - The new business value of life insurance and the combined cost ratio of property insurance improved, indicating better underwriting profitability [8] Group 6: Nonferrous Metals Industry - As of August 28, 116 listed companies in the nonferrous metals sector reported their half-year results, with 72 companies showing profit growth and 18 companies exceeding 100% profit growth [9] - The sector benefited from rising prices and sales of gold, silver, and copper, alongside ongoing innovation and cost reduction efforts by leading firms [9]

Core Insights - The five major A-share listed insurance companies reported a total net profit attributable to shareholders of 178.19 billion yuan for the first half of 2025, representing a year-on-year increase of 3.7% [1] - The overall performance of A-share listed insurance companies showed a "four increases and one decrease" trend in net profit, with notable growth in new business value for life insurance [2] Group 1: Financial Performance - China Ping An achieved the largest net profit of 68.05 billion yuan, while China Life reported a net profit of 40.93 billion yuan, up 6.9% year-on-year [2] - China Pacific Insurance's net profit reached 27.88 billion yuan, growing by 11%, and China People's Insurance reported a net profit of 26.53 billion yuan, up 16.9% [2] - New China Life Insurance saw the highest growth rate in net profit at 14.8 billion yuan, with a year-on-year increase of 33.5% [2] Group 2: New Business Value - The new business value for life insurance across listed companies showed significant improvement, with China Life's new business value increasing by 20.3% year-on-year to 28.55 billion yuan [2] - China Ping An's new business value for life and health insurance grew by 39.8%, with a new business value rate increasing by 9.0 percentage points [2] - New China Life achieved a new business value of 6.18 billion yuan, up 58.4%, while China Pacific Insurance's new business value reached 9.54 billion yuan, growing by 32.3% [3] Group 3: Underwriting Business - The comprehensive cost ratio for property insurance among China People's Insurance, China Ping An, and China Pacific Insurance all showed a year-on-year decline, indicating improved underwriting profits [3][4] - China People's Insurance's property insurance comprehensive cost ratio was 95.3%, the best level in nearly a decade [4] - China Ping An's overall comprehensive cost ratio was 95.2%, down 2.6 percentage points, attributed to effective cost control and the use of technology [4] Group 4: Investment Strategies - Listed insurance companies increased their equity investment proportion, achieving better investment returns while supporting the recovery of the capital market [5] - China Life's equity investment scale increased by over 150 billion yuan compared to the beginning of the year, with a net investment yield of 2.78% and a total investment yield of 3.29% [6] - China People's Insurance reported a 26.1% growth in A-share investment assets, with an increase in the proportion of total investment assets [6]

8月26日晚的光影盛宴，腾讯、华为、平安占据C位，比亚迪、大疆、荣耀等紧随其后。 南都记者 霍健斌 摄 8月26日晚，深圳经济特区建立45周年，1.2万架无人机在市民中心与人才公园组成双矩阵，突破单次续 航限制上演30分钟"天地一体"灯光秀。 夜空中，鹏鸟造型、平安大厦、春笋大楼与"45"字样依次浮现，腾讯、华为、平安占据C位，比亚迪、 大疆、荣耀等紧随其后。这场光影盛宴不仅勾勒出深圳从边陲渔村到"奇迹之城"的变迁，更折射出企业 与城市共生共荣的发展脉络。 而深圳企业的硬实力，正通过上市公司群体的亮眼表现得到印证。截至2025年4月底，深圳A股上市公 司达423家，总市值8.53万亿元，稳居全国大中城市第二，成为城市经济发展的"压舱石"。 企业方阵 从蛇口破土而出的改革号角，到南山孕育的科技奇迹，深圳这座年轻城市的澎湃脉动，始终由一批批优 秀企业强劲驱动。无人机阵列点亮的企业名单背后，是一串令人瞩目的经济坐标，也是深圳产业格局的 缩影。 从深圳走向全球舞台 上市公司成中坚 创立于1872年的招商局，1979年独资开发蛇口工业区，打响改革开放"开山第一炮"，"时间就是金钱、 效率就是生命"的口号自此传遍全国。如 ...

上市险企的投资动向历来是市场关注焦点。截至6月30日，五家A股上市险企持有的股票资产金额超1.8 万亿元，较上年末增超4000亿元，增幅达28.7%，远超投资资产增幅，入市明显提速。 去年9月中央政治局会议提出"大力引导中长期资金入市"要求，《关于推动中长期资金入市的指导意 见》等政策相继落地，打通保险资金入市堵点成效显著，稳步入市成为险企投资布局时的共同选择。 险资积极入市，得以更大程度发挥市场稳定器和压舱石作用，并引导市场逐步形成长期投资、价值投资 之风，助推资本市场平稳健康发展。反过来，资本市场稳步向好，也让保险公司受益，两者呈现出良性 互动的局面。长期来看，在低利率环境和政策鼓励保险等中长期资金入市的背景下，保险公司对权益资 产的配置有望持续提升。 （文章来源：证券时报） 上市险企持有的股票和基金合计金额亦呈现较快增长。截至6月30日，中国人寿、中国平安、中国太 保、中国人保的股票和基金配置比例分别达13.6%、12.6%、11.8%和10.7%，上升区间为0.9个至2.7个百 分点。新华保险股票和基金配置比例虽较上年末减少0.2个百分点，但仍处历史和行业高位，达到 18.6%。 险资积极入市主要有两 ...

中国太保和新华保险的业绩同日披露后，A股五大上市险企2025年中期业绩已出齐。8月28日，北京商 报记者梳理发现，中国平安、中国人寿、中国人保、中国太保和新华保险上半年合计实现净利润 1781.92亿元，平均日赚9.84亿元，同比实现微增。 资本市场回暖带来的投资收益增长，成为拉动业绩的主要引擎，而寿险新业务价值的强劲增长、财险成 本率的持续优化，则共同勾勒出保险业2025年上半年的高光时刻。上半年，各家公司有哪些同向发力 点？又施展了哪些"独家"策略？下半年，业务又将聚焦何处？万亿资金投向何处？ 投资带动盈利增长 保险业自身仍然处于转型升级的关键时期，经历过"爬坡过坎"的上半年，各家险企上半年的业绩表现跃 然纸上。 A股五大上市险企合计实现净利润1781.92亿元的背后，中国平安的净利润总额依旧在五家公司中位居首 位，上半年实现净利润680.47亿元。 上市险企利润高增的一个重要原因是，今年以来资本市场回暖，推升了投资收益。从中报披露的投资收 益数据来看，多家险企披露的总投资收益率或综合投资收益率等指标较2024年上半年有明显增长。 如中国平安上半年实现非年化综合投资收益率为3.1%，同比上升0.3个百分点 ...

Core Viewpoint - The five major A-share listed insurance companies reported a net profit of 178.19 billion yuan for the first half of 2025, reflecting a year-on-year growth of 3.7% [1] Group 1: Financial Performance - The overall net profit of A-share listed insurance companies showed a "four increases and one decrease" trend, with China Ping An leading at 68.05 billion yuan, followed by China Life at 40.93 billion yuan, China Pacific Insurance at 27.88 billion yuan, China Property & Casualty Insurance at 26.53 billion yuan, and New China Life at 14.8 billion yuan, which had the highest growth rate of 33.5% [2] - The new business value of life insurance for major listed insurers saw significant growth, with China Life's new business value increasing by 20.3% year-on-year to 28.55 billion yuan, and China Ping An's new business value growing by 39.8% [2][3] Group 2: Underwriting Business - The comprehensive cost ratio for property insurance businesses among China Property & Casualty, China Ping An, and China Pacific Insurance all decreased year-on-year, indicating improved underwriting profits [3][4] - China Property & Casualty's comprehensive cost ratio was 95.3%, the best level for the same period in nearly a decade, while China Ping An's was 95.2%, down by 2.6 percentage points [4] Group 3: Investment Activities - The insurance companies increased their equity market investments, achieving better investment returns, with China Life's net investment yield at 2.78% and total investment yield at 3.29% [5][6] - China Property & Casualty reported a 26.1% increase in A-share investment assets compared to the beginning of the year, with a 1.2 percentage point rise in the proportion of total investment assets [6][7]

博时上证科创板人工智能ETF今年以来收益率超过70%，二季度末的前十大持有人中，新华人寿、泰康 人寿、平安人寿、中国人寿等险资机构集体现身。 嘉实上证科创板芯片ETF、永赢中证沪深港黄金产业ETF今年以来的收益率均在50%以上。其中，嘉实 上证科创板芯片ETF的前十大持有人包括中国人寿、平安财险、太平人寿、新华人寿、平安人寿、和谐 健康保险、瑞士联合银行等；永赢中证沪深港黄金产业ETF的前十大持有人包括平安财险、泰康人寿、 新华人寿、太平洋人寿等。 编辑：胡晨曦 MACD金叉信号形成，这些股涨势不错！ 转自：中国证券报 新华财经北京8月28日电 8月28日晚间，多只今年以来的绩优ETF披露2025年半年报。从半年报披露的 持有人结构来看，险资、企业年金、外资等机构投资者纷纷跻身前十大持有人名单。 今年以来，汇添富国证港股通创新药ETF业绩亮眼，目前收益率超90%。截至二季度末，该基金的前十 大持有人包括巴克莱银行、中信集团年金、工商银行年金、电信集团年金、江苏省肆号职业年金计划、 深圳比亚迪财产保险有限公司-资本金、百年人寿保险股份有限公司-百年传统等。 ...