上证报中国证券网讯（记者 何奎）8月29日，截至记者发稿，保险板块（申万二级行业分类）涨 4.28%，领涨行业板块。其中，新华保险涨9.66%，中国人保涨6.08%，中国太保涨5.56%，中国人寿涨 4.73%，中国平安涨3.47%。 东莞证券认为，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，权益投资比例持续提 升。险资通过增配股票、参与长期股票投资试点，深度布局权益市场，分享经济转型与市场上涨红利。 高股息资产打底、成长板块增强收益弹性，权益投资成为资产端收益增长核心驱动力，预计将持续增厚 险企投资收益、优化投资组合回报。当前保险行业处于"β属性驱动估值修复+负债端转型夯实根基+资 产端权益发力提升收益"的多维共振期。 国泰海通证券表示，保险业负债端保费稳健增长，预定利率调降利好利差损改善；资产端保险公司提升 权益配置，增量资金加速入市背景下看好保险股估值修复。 来源：上海证券报·中国证券网 ...

新华财经北京8月29日电（记者张斯文）中国平安副总经理兼首席财务官付欣近日在接受新华财经记者专访时表示，2025年上半年，中国平安寿险及健康险 业务新业务价值达成223.35亿元，同比增长39.8%。随着我国经济社会的快速发展，她坚信，商业医疗健康保险有巨大的增长空间。 这就意味着，商业健康保险的发展面临着较大空间。在付欣看来，我国商业健康保险未来的发展非常有潜力。"从整个行业看，过去几年中，商业健康险保 费保持双位数增速，这十分难得。平安集团内部来看，健康险目前发展还不错，寿险当中也有这方面的业务。从行业市场份额来看，平安是该领域的重要参 与者，我们认为商业健康保险未来的发展、渗透和覆盖率还有很大的增速和提升空间。" 加大"保险+医疗"产品研发 支持完善医疗生态圈建设 在政策指引下，商业医疗保险正沿着"全覆盖、多层次、供需适配"的方向加速迈进。从实践来看，保险业紧扣群众的保障需求、支付意愿和支付能力，开发 了多层次、多种类的商业医疗保险产品，不断满足人民群众多样化、个性化的健康保障需求。 付欣表示，中国平安将积极配合监管要求，研究相关业务机会。商业健康保险药品目录的建设是商业健康险可持续发展的基础设施，也是 ...

"业务结构优化与降本增效是关键。"中国人保副总裁肖建友在业绩会上指出，通过压缩趸交高成本业务、提升期交占比，叠加"报行合一"政策落 地，人保寿险新业务价值率同比提升4个百分点。太保寿险则通过分红险期缴规模增长，推动新业务价值率同比提升0.4个百分点。 财产险领域，三大上市财险公司综合成本率全面改善。人保财险综合成本率降至95.3%，创近十年同期最优；平安产险整体成本率优化2.6个百分 点，车险业务实现承保盈利；太保产险综合成本率下降0.8个百分点，新能源车险保费收入同比增长46.2%，市场份额达27.6%。 投资端：权益布局加码增厚收益 面对低利率环境，险企普遍加大权益市场配置力度。中国人寿公开市场权益规模较年初增加超1500亿元，总投资收益率达3.29%；中国平安股票 账面值占比提升至10.5%，综合投资收益率同比增长24.5%；新华保险年化总投资收益率达5.9%，高股息OCI类权益工具投资增长68.26亿元。 "我们正通过'价值+成长'双轮驱动优化权益结构。"中国人保副总裁才智伟透露，集团A股投资规模较年初增长26.1%，重点布局新质生产力与高股 息资产。中国平安则依托AI技术优化固收交易策略，非年化综合 ...

招银国际发表研究报告指，中国平安上半年税后营运利润按年增长3.7%至777亿元，相当于第二季按年 增长4.9%，符合预期。新业务价值按年增长39.8%223亿元，大幅超出预期，主要得益于银保业务。该 行将其目标价由65.1港元上调至71港元，维持"买入"评级。 ...

招银国际发表研究报告指，中国平安上半年税后营运利润按年增长3.7%至777亿元，相当于第二季按年 增长4.9%，符合预期。新业务价值按年增长39.8%223亿元，大幅超出预期，主要得益于银保业务。该 行将其目标价由65.1港元上调至71港元，维持"买入"评级。 ...

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]