Core Viewpoint - China Ping An demonstrates resilience and growth in a challenging macroeconomic environment, achieving a significant increase in new business value and stable profit growth, reflecting the effectiveness of its dual strategy of "comprehensive finance + medical care and elderly care" [1][4][16] Financial Performance - For the six months ending June 30, 2025, China Ping An reported an operating profit of 77.732 billion RMB, a year-on-year increase of 3.7%, and a net profit of 68.047 billion RMB [1] - The company announced an interim cash dividend of 0.95 RMB per share, marking a 2.2% increase and representing ten consecutive years of dividend growth [1] Business Growth - The new business value of life and health insurance reached 22.335 billion RMB in the first half of 2025, with a year-on-year growth of 39.8% [4] - The new business value rate (based on standard premiums) increased by 9 percentage points, driven by improved channel quality [4] - The agent channel's new business value grew by 17.0%, while the bank insurance channel saw a remarkable increase of 168.6% [4][5] Customer Retention and Engagement - The company added 15.71 million new customers in the first half of 2025, a 12.9% increase year-on-year, with a customer retention rate of 94.6% [7] - Customers holding four or more contracts with the group accounted for 26.6% of the total, with a retention rate of 97.8% [7] Insurance Sector Performance - The property and casualty insurance segment reported a premium income of 171.857 billion RMB, a 7.1% increase, while insurance service income rose by 2.3% [7] - The overall combined cost ratio improved by 2.6 percentage points to 95.2% [7] Banking Sector Performance - Ping An Bank achieved an operating income of 69.385 billion RMB and a net profit of 24.870 billion RMB in the first half of 2025 [8] - The non-performing loan ratio decreased by 0.01 percentage points to 1.05%, with a provision coverage ratio of 238.48% [8] Medical and Elderly Care Strategy - Approximately 63% of Ping An's nearly 247 million personal customers utilized services from its medical and elderly care ecosystem [11] - Health insurance premium income reached nearly 87 billion RMB, with medical insurance premiums exceeding 41 billion RMB, reflecting a 3.3% year-on-year growth [11] Technological Advancements - The application of AI technology has significantly enhanced operational efficiency, with AI-driven service volume reaching approximately 8.82 billion interactions, covering 80% of total customer service [14][15] - The AI tool "QianZhi" improved sales script generation efficiency by five times, contributing to a 92% year-on-year increase in productivity for the bank insurance channel [14][15] Strategic Outlook - The company plans to continue focusing on its dual strategy of "comprehensive finance + medical care and elderly care," while enhancing digital transformation and service efficiency [16]

Core Insights - Insurance capital is increasingly focusing on high-dividend stocks to secure stable returns and mitigate the impact of declining bond yields [1][4] - As of August 27, 368 stocks are heavily held by insurance funds, with significant investments in non-bank financials, banks, telecommunications, and utilities [1][3] - The total market value of insurance holdings reached 1.18 trillion yuan, with 554.1 billion shares held [1] Investment Trends - Major insurance companies like China Life and Ping An have substantial holdings in their respective companies, with China Life holding 92.8% of China Life's circulating shares [3] - Telecommunications operators, including China Unicom, China Telecom, and China Mobile, have become key targets for insurance investments in Q2 [2][3] - The most popular stock among insurance funds is Shenhuo Co., with four insurance institutions holding a combined 104 million shares [2] Sector Allocation - The top three sectors for insurance capital investments are non-bank financials (796.21 billion yuan), banks (224.57 billion yuan), and telecommunications (33.64 billion yuan) [3] - Insurance funds have shown a preference for stable, high-dividend blue-chip stocks, particularly in financial and utility sectors [7][8] Regulatory and Market Influences - Recent policies encourage insurance funds to invest more in the stock market, with a target of 30% of new premiums allocated to A-shares starting in 2025 [4][5] - The insurance sector's asset allocation is shifting towards equities, with a significant increase in stock investments noted in the first half of the year [6] Future Outlook - Insurance capital is expected to continue increasing its equity allocation, driven by rising premium income and a favorable market environment [8] - The potential for substantial and sustained inflows from insurance funds into the capital market is anticipated, enhancing market stability [8]

Core Viewpoint - The National Financial Supervision Administration of Shandong has approved the relocation of the marketing service department of China Ping An Life Insurance Co., Ltd. in Shandong Province to a new address in Jinan [1] Group 1 - The new business location for the marketing service department is at 20th floor, rooms 2002-01, 2003, 2004, and 2005, Jinan Ping An Financial Center Tower, No. 1097, Shanzuo Road, Lixia District, Jinan City, Shandong Province [1] - China Ping An Life Insurance Co., Ltd. is required to complete the necessary change procedures within 10 working days from the date of receiving the approval [1] - The company must ensure smooth business operations and effectively communicate with customers to maintain normal financial order [1]

二、中国平安人寿保险股份有限公司应按照有关规定及时办理相关变更手续，自收到本批复之日起10个 工作日内到国家金融监督管理总局山东监管局办理许可证换领事宜，并按照有关规定及时进行公告。 三、中国平安人寿保险股份有限公司应妥善处理好善后事宜，确保各项业务平稳开展。同时，做好对客 户的宣传解释工作，以维护正常的金融秩序。 一、同意中国平安人寿保险股份有限公司济南市章丘支公司第一营销服务部将营业场所变更为：山东省 济南市历城区洪家楼街道七里堡路27号洪楼科金大厦19楼1901号东侧。 2025年8月20日，国家金融监督管理总局山东监管局发布批复称，《关于中国平安（601318）人寿保险 股份有限公司济南市章丘支公司第一营销服务部营业场所变更的请示》（平保寿鲁分发〔2025〕74号） 材料收悉。经审核，现批复如下： ...

| 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2025-08-28 | 中国平安 | 601318 | 58.31 1516.06 | 26 | 光大证券股份有限 | 光大证券股份有限 公司宁波柳汀街证 | | | | | | | 公司宁波柳汀街证 | | | | | | | | 44 22 11, 40 | 44 == 11, +0 | 8月28日，中国平安大宗交易成交26万股，成交额1516.06万元，占当日总成交额的0.4%，成交价58.31元，较市场收盘价58.84元折价0.9%。 ...

保险行业 超配（维持） 负债端转型提速，资产端乘势慢牛 保险行业深度报告 2025 年 8 月 28 日 投资要点： ◼ 行情复盘：年初至今A股险企实现全线上涨。今年年初至8月15日，保险 板块行情呈现波动上涨的特征，申万保险指数上涨17.88%，跑赢沪深300 指数7.88个百分点，A股险企实现全线上涨。保险行情主要由负债端压 力缓解、政策红利释放以及板块强β属性推动。 ◼ 负债端：险企全面转型分红险，看好银保业务增长潜力。在产品切换维 度，预定利率下调加速分红险转型进程，险资全面聚焦分红险布局，助 力险企稳定保费规模、优化负债成本。渠道结构维度，代理人规模继续 收缩，行业聚焦队伍质态提升，推动代理人渠道向精英化、专业化转型， 强化高价值业务深耕能力。与此同时，银保渠道废止"一对三"合作限 制，市场竞争充分化，头部险企加速布局银行网点资源，逐步复苏，凭 借银行网点资源、客户触达优势，成为险企保费增长新引擎，为规模与 价值增长注入动力。 ◼ 资产端："慢牛"渐成共识，险资权益收益弹性释放资产端："慢牛" 渐成共识，险资权益收益弹性释放。保险资金规模快速增长，在"慢牛" 行情与中长期入市政策推动下，权益投资比例 ...

Group 1 - The core viewpoint of the article is that China Ping An's after-tax operating profit for the first half of the year increased by 3.7% year-on-year to 77.7 billion RMB, with a 4.9% growth in the second quarter, meeting expectations [1] - The new business value saw a significant increase of 39.8% year-on-year, reaching 22.3 billion RMB, which greatly exceeded expectations [1] - CMB International raised its target price for China Ping An from 65.1 HKD to 71 HKD, maintaining a "Buy" rating [1]

Core Viewpoint - China Ping An's (601318)(02318) after-tax operating profit for the first half of the year increased by 3.7% year-on-year to 77.7 billion RMB, with a 4.9% growth in the second quarter, meeting expectations [1] - The new business value surged by 39.8% year-on-year to 22.3 billion RMB, significantly exceeding expectations [1] - The target price has been raised from 65.1 HKD to 71 HKD, maintaining a "Buy" rating [1] Financial Performance - After-tax operating profit for the first half of the year: 77.7 billion RMB, up 3.7% year-on-year [1] - Second quarter growth: 4.9% year-on-year [1] - New business value: 22.3 billion RMB, up 39.8% year-on-year [1] Analyst Rating - Target price adjustment: from 65.1 HKD to 71 HKD [1] - Rating maintained: "Buy" [1]

从资金流向上来看，当日保险板块主力资金净流出3.56亿元，游资资金净流入1.19亿元，散户资金净流入 2.37亿元。保险板块个股资金流向见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601319 中国人保 | | 4868.47万 | 5.49% | 1812.38万 | 2.04% | -6680.86万 | -7.54% | | 601628 中国人寿 | | -5101.96万 | -4.73% | 5108.35万 | 4.74% | -6.39万 | -0.01% | | 601601 中国太保 | | -8045.81万 | -7.31% | 2581.18万 | 2.34% | 5464.63万 | 4.96% | | 601318 中国平安 | | -1.26亿 | -3.36% | 1861.92万 | 0.50% | 1.07亿 | 2.87% | | 601336 新华保险 | ...

Core Viewpoint - Ping An's mid-term performance report highlights its strong foundation and leading advantages in financial technology, driven by its "AI IN ALL" strategy aimed at integrating AI across the entire value chain of finance, healthcare, and elderly care [1][2]. Group 1: AI Strategy and Development - Ping An's "Five Intelligence" strategy includes intelligent marketing, service, operations, management, and business, emphasizing the comprehensive application of AI [1]. - The company has established a full system of AI capabilities, including data, algorithms, scenarios, and computing power, supported by massive data accumulation [1][2]. - Ping An's database contains 30 trillion bytes of information, covering nearly 247 million individual customers, positioning it among the world's leading data accumulators [6][7]. Group 2: AI Technology and Applications - The accuracy of Ping An's algorithms is industry-leading, with self-developed technologies in key areas such as vision, hearing, and big data, resulting in a total of 460 published papers [2][12]. - The company has developed 67 proprietary domain-specific models, with 14 new models added in the first half of the year, enhancing its capabilities in underwriting, pricing, claims, and operations [2][12]. - Ping An has achieved zero-code development for all employees, enabling rapid deployment of intelligent applications, with 23,000 new intelligent applications launched in the first half of the year, covering 22% of its workforce [2][15]. Group 3: Performance Metrics and Impact - As of June, Ping An's large model has been called upon 818 million times, with over 650 applications across various scenarios [3][15]. - In the life insurance sector, the "AI Trainer" covers 31% of new individual insurance agents, effectively boosting activity rates and productivity [3][17]. - In healthcare, the AI product system launched by Ping An Good Doctor achieves over 95% accuracy in medical document assistance and over 90% improvement in chronic disease management [3][19]. - The car insurance AI model enhances pricing accuracy and optimizes business quality, contributing to a 0.3 percentage point reduction in claims costs over the past three years [3][21].