Total Assets and Liabilities - Total assets increased by 2.8% to RMB 5,745,988 million as of September 30, 2024, compared to the end of 2023[4] - The company's total assets reached RMB 5,745.988 billion, a 2.8% increase from the end of the previous year[14] - Total assets increased to RMB 5,745,988 million, up from RMB 5,587,116 million at the end of 2023[78] - Total assets increased to RMB 5,712,437 million as of September 30, 2024, up from RMB 5,564,067 million at the end of 2023[80] - Total liabilities rose to RMB 5,255,519 million, compared to RMB 5,114,788 million at the end of 2023[78] - Total liabilities rose to RMB 5,229,015 million as of September 30, 2024, from RMB 5,097,286 million at the end of 2023[80] - Shareholders' equity grew to RMB 490,469 million, up from RMB 472,328 million at the end of 2023[78] - Total equity increased to RMB 483,422 million as of September 30, 2024, compared to RMB 466,781 million at the end of 2023[80] Profit and Income - Net profit attributable to shareholders decreased by 2.8% to RMB 13,850 million in Q3 2024, compared to the same period last year[5] - Operating income declined by 11.7% to RMB 34,450 million in Q3 2024, compared to the same period last year[5] - Net profit for the first nine months of 2024 was RMB 39.729 billion, a 0.2% year-on-year increase[14] - Net profit for the first nine months of 2024 was RMB 39,729 million, slightly higher than RMB 39,635 million in the same period of 2023[81] - Net profit attributable to shareholders for Q3 2024 was RMB 13,550 million, a decrease of 3.9% from RMB 14,095 million in Q3 2023[83] - Total operating income for Q3 2024 was RMB 34,450 million, compared to RMB 39,024 million in Q3 2023[81] - Total operating income for Q3 2024 was RMB 24,291 million, down 13.2% from RMB 27,992 million in Q3 2023[83] - Basic earnings per share for the first nine months of 2024 were RMB 1.94, unchanged from the same period in 2023[81] - Total comprehensive income for Q3 2024 was RMB 13,122 million, a decrease of 3.8% from RMB 13,638 million in Q3 2023[83] Loans and Deposits - Corporate loans increased by 11.6% to RMB 1,595,924 million as of September 30, 2024, compared to the end of 2023[6] - Personal deposits grew by 5.2% to RMB 1,270,968 million as of September 30, 2024, compared to the end of 2023[6] - Total deposits increased by 3.7% to RMB 3,533,789 million as of September 30, 2024, compared to the end of 2023[6] - Corporate loan balance increased by 11.6% from the end of the previous year, driven by growth in manufacturing, technology, and green finance sectors[14] - Personal deposit balance reached 1,270.968 billion yuan, up 5.2% year-end[18] - Corporate loan balance increased to 1,595.924 billion yuan, up 11.6% year-end[22] - Corporate deposit balance rose to 2,262.821 billion yuan, up 2.9% year-end[22] - Loans and advances decreased slightly to RMB 3,303,631 million from RMB 3,320,110 million at the end of 2023[78] - Deposits increased to RMB 3,592,532 million, up from RMB 3,458,287 million at the end of 2023[78] - Loans and advances decreased to RMB 3,303,631 million as of September 30, 2024, from RMB 3,320,110 million at the end of 2023[80] Risk and Capital Management - Non-performing loan ratio remained stable at 1.06% as of September 30, 2024[9] - Provision coverage ratio stood at 251.19% as of September 30, 2024, down from 277.63% at the end of 2023[9] - Core tier 1 capital adequacy ratio improved to 9.33% as of September 30, 2024, up from 9.22% at the end of 2023[9] - The company's core tier 1 capital adequacy ratio rose to 9.33% by the end of September 2024[14] - The company's provision coverage ratio stood at 251.19% as of September 2024, maintaining strong risk mitigation capabilities[14] - The company's non-performing loan ratio remained stable at 1.06% as of September 2024[14] - Core tier 1 capital adequacy ratio stood at 9.33% in September 2024, compared to 9.22% at the end of 2023[68] - Total capital adequacy ratio was 13.39% in September 2024, slightly down from 13.43% at the end of 2023[68] - Leverage ratio decreased to 6.58% in September 2024 from 6.61% in June 2024[69] - Liquidity coverage ratio improved to 112.65% in September 2024 from 112.34% at the end of 2023[70] - The non-performing loan ratio remained stable at 1.06% as of September 30, 2024, with a provision coverage ratio of 251.19%[60] - The bank's real estate-related credit risk exposure decreased by RMB 10.04 billion to RMB 274.16 billion as of September 30, 2024[58] - The bank's real estate development loans accounted for 2.4% of total loans and advances, with an average collateral rate of 43.6%[58] - The bank wrote off RMB 47.7 billion in loans in the first nine months of 2024, a 6.9% increase year-on-year[60] - The bank recovered RMB 22.89 billion in non-performing assets, with 82.0% recovered in cash[60] - The bank's overdue 90+ days loan deviation ratio increased by 0.03 to 0.62 as of September 30, 2024[61] - The bank's provision coverage ratio for overdue 90+ days loans decreased by 62.44 percentage points to 406.81%[61] - Corporate loan non-performing ratio increased to 0.66% in September 2024, up by 0.03 percentage points from the end of 2023[64] - Personal loan non-performing ratio rose to 1.43% in September 2024, an increase of 0.06 percentage points compared to the end of 2023[65] - Total overdue loan ratio reached 1.54% in September 2024, up by 0.12 percentage points from the end of 2023[66] Interest and Yield - Net interest margin (annualized) decreased to 1.93% for the first nine months of 2024, compared to 2.38% in the same period last year[9] - Ping An Bank's net interest margin for the first nine months of 2024 was 1.93%, a decrease of 54 basis points year-on-year[53] - Ping An Bank's total interest income from loans and advances for the first nine months of 2024 was RMB 119.735 billion, with an average yield of 4.70%, down 84 basis points year-on-year[54] - Ping An Bank's personal loan average yield for the first nine months of 2024 was 5.78%, a decrease of 96 basis points year-on-year[55] - Ping An Bank's corporate loan average yield for the first nine months of 2024 was 3.64%, a decrease of 40 basis points year-on-year[55] - Ping An Bank's total interest income from financial investments for the first nine months of 2024 was RMB 23.133 billion, with an average yield of 3.00%[51] - Ping An Bank's total interest income from deposits with central bank for the first nine months of 2024 was RMB 2.605 billion, with an average yield of 1.55%[51] - Ping An Bank's total interest income from interbank and other placements for the first nine months of 2024 was RMB 7.830 billion, with an average yield of 2.85%[51] - Ping An Bank's total interest income from deposits for the first nine months of 2024 was RMB 55.144 billion, with an average interest rate of 2.13%[51] - Ping An Bank's total interest income from issued debt securities for the first nine months of 2024 was RMB 12.837 billion, with an average interest rate of 2.50%[51] - Ping An Bank's total interest income from interbank and other liabilities for the first nine months of 2024 was RMB 12.786 billion, with an average interest rate of 2.24%[51] - The average interest rate on deposits for the first nine months of 2024 was 2.13%, a decrease of 7 basis points year-on-year, with RMB deposit rates down by 9 basis points[57] - Corporate deposits decreased by 4.1% year-on-year to RMB 2,205,255 million, with interest expenses down by 7.3% to RMB 34,109 million[56] - Personal deposits increased by 11.3% year-on-year to RMB 1,255,252 million, with interest expenses up by 7.2% to RMB 21,035 million[56] Digital and Technology - The automation rate of operational review tasks reached approximately 53% by the end of September 2024, an increase of 8 percentage points from the end of the previous year[39] - The number of applications on the container cloud platform increased by 17.3% year-over-year from January to September 2024[40] - The average data processing time was reduced by approximately 30% year-over-year from January to September 2024[41] - The bank's AI outbound call scenarios exceeded 550, with a total outbound call volume of approximately 440 million from January to September 2024[43] - The bank's AI code assistance platform generated 28.7% of the code by the end of September 2024[40] - The bank's data storage average cost decreased by approximately 18% year-over-year by the end of September 2024[41] - The bank's key business system availability rate remained above 99.99% by the end of September 2024[40] Green and Sustainable Finance - The bank's green loan balance reached 155.137 billion yuan by the end of September 2024, an increase of 11.1% from the end of the previous year[48] - The bank's rural revitalization support funds amounted to 28.436 billion yuan from January to September 2024, with a cumulative total of 134.799 billion yuan[46] - Green bonds, small and micro bonds, rural revitalization bonds, and other sustainable development bonds trading volume reached 89.6 billion yuan, a year-on-year increase of 27.0%[30] Shareholders and Equity - Ping An Bank's total number of ordinary shareholders at the end of the reporting period is 517,695[71] - China Ping An Insurance (Group) Co., Ltd. holds 9,618,540,236 shares, accounting for 49.56% of the total shares[71] - Ping An Life Insurance Co., Ltd. holds 1,186,100,488 shares, accounting for 6.11% of the total shares[71] - Hong Kong Securities Clearing Company Ltd. holds 851,414,551 shares, accounting for 4.39% of the total shares[71] - Ping An Life Insurance Co., Ltd. (Traditional-General Insurance Products) holds 440,478,714 shares, accounting for 2.27% of the total shares[71] - China Securities Finance Co., Ltd. holds 429,232,688 shares, accounting for 2.21% of the total shares[71] - China Merchants Bank Co., Ltd. - Huatai-PineBridge CSI 300 ETF holds 185,360,838 shares, accounting for 0.96% of the total shares[71] - China Construction Bank Co., Ltd. - E Fund CSI 300 ETF holds 123,146,496 shares, accounting for 0.63% of the total shares[71] - Industrial and Commercial Bank of China Ltd. - ChinaAMC CSI 300 ETF holds 78,266,877 shares, accounting for 0.40% of the total shares[71] - Bank of China Ltd. - Harvest CSI 300 ETF holds 76,478,723 shares, accounting for 0.39% of the total shares[71] - The top 10 preferred shareholders hold a total of 175,318,000 shares, representing 87.66% of the total preferred shares[74] - China Ping An Life Insurance Co., Ltd. holds the largest share of preferred stock at 58,000,000 shares, representing 29.00% of the total[74] Cash Flow and Financing - Net cash flow from operating activities for the first nine months of 2024 was RMB 137,158 million, an increase of 18.3% compared to RMB 115,930 million in the same period of 2023[85] - Total deposits and placements from customers and banks increased by RMB 135,723 million in the first nine months of 2024[85] - Cash and cash equivalents at the end of Q3 2024 were RMB 278,712 million, a decrease of 7.3% from RMB 300,715 million at the end of Q3 2023[85] - Net cash flow from operating activities increased to RMB 12,950.1 million in the first nine months of 2024, up from RMB 11,549.7 million in the same period of 2023[87] - Cash received from interest, fees, and commissions decreased to RMB 16,754.6 million in the first nine months of 2024, compared to RMB 19,184.5 million in the same period of 2023[87] - Net cash used in financing activities increased to RMB 14,553.0 million in the first nine months of 2024, up from RMB 9,102.3 million in the same period of 2023[87] - Cash and cash equivalents at the end of the period decreased to RMB 27,767.3 million in the first nine months of 2024, down from RMB 30,029.1 million in the same period of 2023[87] - Cash received from deposits and interbank placements decreased to RMB 135,690.0 million in the first nine months of 2024, compared to RMB 142,158.0 million in the same period of 2023[87] - Cash paid for interest, fees, and commissions increased to RMB 6,418.7 million in the first nine months of 2024, up from RMB 6,096.4 million in the same period of 2023[87] - Net cash used in investing activities was RMB 3,005.0 million in the first nine months of 2024, compared to a net cash inflow of RMB 50,748.0 million in the same period of 2023[87] Other Financial Metrics - Retail customer assets under management (AUM) grew to RMB 4,148.566 billion, up 2.9% from the end of the previous year[17] - Personal new energy vehicle loans issued in the first nine months of 2024 amounted to RMB 41.968 billion, a 54.8% year-on-year increase[16] - Total credit card spending in the first nine months of 2024 reached RMB 1,760.913 billion, with online spending share increasing by 5.5 percentage points[16] - Retail customer base grew to 127.2495 million, a 1.4% increase from the end of the previous year[17] - Wealth management fee income was 3.428 billion yuan, down year-over-year[20] - Private banking clients' AUM reached 1,950.206 billion yuan, up 1.8% year-end[20] - Ping An Pocket Bank APP registered users grew to 172.2325 million, up 3.7% year-end[21] - Supply chain financing volume reached 1,132.106 billion yuan, up 22.8% year-over-year[26] - Cross-border trade financing volume grew to 182.904 billion yuan, up 57.1% year-over-year[27] - Digital treasury platform signed 1,622 group clients, up 68.6% year-end[25] - Wealth clients increased to 1.4243 million, up 3.4% year-end[20] - M&A business volume reached 37.479 billion yuan, a year-on-year increase of 13.5%[28] - Syndicated loan business volume reached 1,416.18 billion yuan, a year-on-year increase of 54.6%[28] - Non-financial bond underwriting business volume reached 1,711.92 billion yuan[28] - Bond trading market share was 4.0%, up 1.0 percentage points year-on-year[30] - Number of institutional value clients reached 1,521, an increase of 11.8% from the end of the previous year[31] - Domestic and foreign institutional spot bond trading volume reached 30.7 trillion yuan, a year-on-year increase of 29.0%[32] - Asset management product sales through the "Xing e Tong" platform reached 2,765.36 billion yuan, an increase of 38.1% from the end of the previous year[33] - Custody scale reached 91.8 trillion yuan, an increase of 5.5% from the end of the previous year[34] - Number of

平安之势：市值重回万亿，股价创 3 年新高，中国金融核心 资产估值修复正当时 导语：进入 2024 年后，过去影响平安估值表现的重要因素都在转向积极。 作者：市值风云 App：beyond 9 月 30 日，中国平安 A 股（代码：601318.SH）涨停，收于每股 57.09 元，股 价创出 2021 年 7 月以来新高；今日，中国平安市值重回万亿关口上方，股价较 年内低点已累计上涨近 60%。 中国平安 H 股（代码：02318.HK）股价同样势如破竹，截至收盘上涨 3.2%至 每股 50.15 港元，持续刷新年内新高，较年内低点涨幅接近翻倍。 （来源：wind） 9 月 24 日上午，国务院新闻办公室就金融支持经济高质量发展有关情况举行新 闻发布会，三部门在会议上连续发布系列政策，包括将存款准备金率下调 0.5 个 百分点；为证券公司、基金公司及保险公司设立 5000 亿元互换便利额度等。 24 日晚间，证监会正式发布了《上市公司监管指引第 10 号——市值管理（征 求意见稿）》，其中明确，长期破净公司应当披露估值提升计划。在诸多刺激政策 推动下，以保险为首的金融板块应声走强。 从保险板块指数以及板块领 ...

公 司 研 究 非银金融 保险 II 中国平安 2024 年半年报点评：经营业绩稳健，核心业务增长强 劲 ◼ 走势比较 (30%) (24%) (18%) (12%) (6%) 0% 23/9/4 23/11/1524/1/2624/4/724/6/1824/8/29 中国平安 沪深300 ◼ 股票数据 总股本/流通(亿股) 182.10/107.63 总市值/流通(亿元) 7,912.35/4,67 6.52 12 个月内最高/最低价 (元) 51.9/37.62 相关研究报告 <<中国平安 Q3 点评："保险+服务" 新业务价值带动业绩韧性增长>>-- 2023-11-15 <<中国平安 2022 年度报告点评：磨 砺以须，静待反转>>--2023-03-22 <<中国平安（601318）：队伍规模产能 双提升，新单价值超去年全年>>-- 2017-10-28 证券分析师：夏芈卬 电话：010-88695119 E-MAIL：xiama@tpyzq.com 分析师登记编号：S1190523030003 研究助理：王子钦 E-MAIL：wangziqin@tpyzq.com 一般证券业务登记编号：S1190 ...

公 司 研 究 非银金融 保险 II 中国平安 2024 年半年报点评：经营业绩稳健，核心业务增长强 劲 ◼ 走势比较 (30%) (24%) (18%) (12%) (6%) 0% 23/9/4 23/11/1524/1/2624/4/724/6/1824/8/29 中国平安 沪深300 ◼ 股票数据 总股本/流通(亿股) 182.10/107.63 总市值/流通(亿元) 7,912.35/4,67 6.52 12 个月内最高/最低价 (元) 51.9/37.62 相关研究报告 <<中国平安 Q3 点评："保险+服务" 新业务价值带动业绩韧性增长>>-- 2023-11-15 <<中国平安 2022 年度报告点评：磨 砺以须，静待反转>>--2023-03-22 <<中国平安（601318）：队伍规模产能 双提升，新单价值超去年全年>>-- 2017-10-28 证券分析师：夏芈卬 电话：010-88695119 E-MAIL：xiama@tpyzq.com 分析师登记编号：S1190523030003 研究助理：王子钦 E-MAIL：wangziqin@tpyzq.com 一般证券业务登记编号：S1190 ...

股票投资评级 增持|维持 个股表现 中国平安 非银金融 -23% -20% -17% -14% -11% -8% -5% -2% 1% 4% 7% 2023-08 2023-11 2024-01 2024-03 2024-06 2024-08 资料来源：聚源，中邮证券研究所 公司基本情况 | --- | --- | |-------------------------|----------------------| | 最新收盘价（元） | 43.35 | | 总股本/流通股本（亿股） | 182.10 / 107.63 | | 总市值/流通市值（亿元） | 7,894 / 4,666 | | 52 周内最高/最低价 | 51.45 / 37.78 | | 资产负债率(%) | 89.4% | | 市盈率 | 8.96 | | | 香港中央结算(代理人) | | 第一大股东 | | | | 有限公司 | | | | 研究所 分析师:王泽军 SAC 登记编号:S1340523090001 Email:wangzejun@cnpsec.com 中国平安(601318) 核心业务保持增长，代理人规模环比回升 ⚫ 投 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 23 日 中国平安(601318.SH) 核心业务盈利改善，NBV 实现稳健增长 ■事件：公司披露 2024 年半年报，2024H1 实现归母净利润 746 亿元 （YoY+6.8%），归母营运利润 785 亿元（YoY-0.6%），其中寿险、财险、银 行三大核心业务贡献归母营运利润 796 亿元（YoY+1.7%）；上半年新业务 价值达 223 亿元（YoY+11.0%），寿险、集团内含价值分别较年初+10.3%、 +6.2%。 ■我们认为，公司 2024 年中报核心重点在于：1）NBV 实现两位数增长，渠 道转型深化品质提升。受银保"报行合一"实施、去年同期储蓄型热销的 高基数等因素影响，公司 2024H1 用于计算 NBV 的新单保费同比下滑 19%。 受益于预定利率切换、银保渠道费用率优化等影响，NBVM 同比+6.5pct 至 24.2%，带动个险渠道人均 NBV 同比+36%，实现寿险 NBV 同比+11%。2）财 险盈利能力提升，综合成本率小幅改善。公司 2024H1 实现财险保险服务收 入 1619 亿元（YoY+3 ...

[Table_Title] 中国平安(601318.SH/02318.HK) 业绩全面改善，队伍环比增长 [Table_Summary] 核心观点： 公司发布半年报：归母净利润同比+6.8%，NBV 同比+11%。 NBV+11%（同比口径，下同），Q1、Q2 增速分别为 20.7%、0%，在 23Q2 单季度同比+75.5%的高基数背景下仍能同比持平受益于居民旺 盛的储蓄需求以及队伍宣导 3%预定利率产品退市的利好，并且受益于 产品结构和手续费及佣金率的下滑，个险/银保 NBVM 变化幅度分别为 +10.5pct/+6.8pct，即便是非可比口径同比变化幅度为+3.7pct/2.8pct。 展望下半年，受益 3%产品的集中退市预计个险渠道新单及价值有望增 长，而银保价值率提升贯穿全年，产品集中退市有望推动新单回暖。 偏差正贡献推动集团 EV 同比+6.2%（寿险+10.3%），投资偏差、营运 偏差拉动EV增长幅度分别为0.6%、0.7%，较去年同期+0.1pct、0.5pct， 而预期回报和 NBV 拉动增长幅度较去年同期下降主因经济假设调整。 净利润增速由负转正，营运利润降幅收敛。归母净利润同比+6.8% ...

证 券 研 究 报 告 中国平安（601318）2024 年中报点评 强推（维持） 投资端改善驱动，净利润增速转正 目标价：57.1 元 当前价：41.71 元 事项： 2024H1，中国平安实现归母营运利润 784.82 亿元，同比-0.6%；归母净利润 746.19 亿元，同比+6.8%；归母股东权益 9312.08 亿元，较年初+3.6%。人身险 业务 NBV 同比+11%至 223.20 亿元。财产险业务 COR 同比-0.2pct 至 97.8%。 中期分红每股 0.93 元。 评论： 以价补量，NBV 稳增。2024H1 人身险业务实现 NBV 同比+11%至 223.20 亿 元，NBV margin（首年保费口径）同比+6.5pct 至 24.2%，首年保费同比-19% 至 922.18 亿元。截至 2024H1，人身险业务内含价值较年初+10.3%至 9162.30 亿元。新业务价值率提升主要来自预定利率调整与报行合一驱动渠道成本下 降，部分或被产品结构的不利变动所抵消。产品结构上，传统险/分红险占比 同比+6.8pct/+0.3pct 至 32.2%/9.1%，其他险种占比不同程度下滑。 ...

[Table_MainInfo] 公司研究/金融/保险 证券研究报告 中国平安（601318）公司半年报点评 2024 年 08 月 23 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | --- | --- | |---------------------------------------------------------|--------------| | [08Table_StockInfo 月 22 日收盘价（元）] | 41.71 | | 52 周股价波动（元） | 37.62-51.90 | | 股本结构 | | | [总股本（ Table_CapitalInfo 百万股） ] | 18210 | | 流通 A 股（百万股） | 10762.657695 | | B 股/H 股（百万股） | 0/7448 | | 相关研究 | | | [Table_ReportInfo] 《中国平安拟发行境外可转债，有助于提 | | | 升偿付能力水平》 | 2024.07.16 | | 《归母营运利润降幅收窄，价值率提升带 | | | 动可比口径 NBV 快速增长》 | 20 ...

非银金融/保险Ⅱ EV 增长超预期，投资收益同比稳健 中国平安（601318.SH） 2024 年 08 月 23 日 ——中国平安 2024 中报点评 投资评级：买入（维持） | --- | --- | |--------------------|-------------| | 日期 | 2024/8/23 | | 当前股价(元) | 43.35 | | 一年最高最低(元) | 51.90/37.62 | | 总市值(亿元) | 7,894.14 | | 流通市值(亿元) | 4,665.61 | | 总股本(亿股) | 182.10 | | 流通股本(亿股) | 107.63 | | 近 3 个月换手率(%) | 25.8 | 股价走势图 中国平安 沪深300 -24% -16% -8% 0% 8% 16% 2023-08 2023-12 2024-04 2024-08 数据来源：聚源 相关研究报告 《Margin 改善驱动 NBV 高增，负债端 延续高景气—中国平安 2024 年 1 季报 点评》-2024.4.24 《负债端保持高景气，下修投资收益 率假设拖累 EV—2023 年年报点评》 -202 ...