4月30日，平安资产管理有限责任公司发布公告称，经公司2025年4月24日第七届董事会第十五次会议审 议通过，总经理罗水权，因工作调整不再担任公司总经理职务。为保证公司持续有效经营，董事会指定 董事长黄勇兼任总经理临时负责人，代行总经理职权。 ...

这届年轻人开始组团"打野"了 ·年报收官！A股十大"盈利王"出炉A股2024年年报披露收官！数据显示，去年有77家上市公司归母净利 润超100亿元，其中24家来自银行业、10家来自非银金融行业。归母净利润最高的10家公司分别为：工 商银行、建设银行、农业银行、中国银行、中国石油、招商银行、中国移动、中国海油、中国平安、中 国人寿。第一名去年赚了这个数。详情>> ·小城 "钞能力"显现，"五一"假期县域酒店消费升级"五一"假期即将开启，旅游市场已经升温，带动酒 店预订高峰。根据携程发布的报告，今年假期旅游消费呈现长线爆发、跨境双向升温、县域逆袭三大特 征。在"请4休11"拼假策略带动下，跨市住宿订单占比已突破80%，县域市场高星酒店消费反超高线城 市，入境游订单同比激增173%，全民开启"假日经济新玩法"。详情>> ·1.65万亿！A股狂撒红包雨，工行最"壕"！10家公司股息率超10%截至4月30日10时，A股共有5402家上 市公司披露2024年年报，3645家上市公司拟进行现金分红，占比约为67.48%；预计分红总规模达1.65万 亿元。多家头部公司狂撒"红包雨"。从现金分红金额看，合计226家上市公司派现 ...

致：香港交易及結算所有限公司 公司名稱: 中国平安保险（集团）股份有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年4月30日 狀態: 新提交 I. 法定/註冊股本變動 呈交日期: 2025年4月30日 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02318 | | 說明 | | | | | | | 多櫃檯證券代號 | 82318 | RMB 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 7,447,576,912 | | 0 | | 7,447,576,912 | | 增加 / 減少 (-) | | | | | | | | | | ...

Investment Rating - The report maintains an "Overweight" rating for the insurance industry, indicating a positive outlook for the sector in the next six months [1]. Core Insights - The insurance industry has shown a robust growth in New Business Value (NBV), with significant improvements in property insurance combined ratio (COR) [1]. - In Q1 2025, the net profit attributable to shareholders of listed insurance companies increased by 1.4% year-on-year, with notable variances among companies [5]. - The report highlights the impact of regulatory changes on the insurance market, particularly in the context of universal insurance products [5]. Summary by Sections Financial Performance - In Q1 2025, the net profit of major insurance companies showed varied results: China Life (+39.5%), China Ping An (-26.4%), China Pacific (-18.1%), and New China Life (+19.0%) [6]. - The total net assets of listed insurance companies remained stable compared to the beginning of the year, with China Life and Ping An showing steady growth, while China Pacific and New China Life experienced declines of -9.5% and -17.0% respectively [6]. Life Insurance - The NBV continued to grow rapidly, with New China Life and China Pacific reporting increases of +131% and +29% respectively, while China Life and Ping An saw declines of -4.5% and -19.5% [5]. - The proportion of participating insurance in new business for China Life reached 51.7%, indicating a successful transition in product offerings [5]. Property Insurance - The premium income for property insurance in Q1 2025 showed positive growth: China Life (+3.7%), Ping An (+7.7%), and China Pacific (+1.0%) [5]. - The combined ratio for property insurance improved due to a reduction in catastrophic claims and ongoing cost-cutting measures [5]. Investment Performance - Investment assets for listed insurance companies grew by 3.2% compared to the beginning of the year, with New China Life leading with a growth rate of 3.6% [5]. - The net investment yield for China Life decreased by 0.2 percentage points year-on-year, while Ping An and China Pacific remained stable [5]. Market Outlook - The report suggests that the insurance sector is currently undervalued, with low holdings in public funds, indicating potential for future growth [5]. - As of April 29, 2025, the insurance sector's valuation is at historical lows, with expected price-to-earnings ratios (P/EV) ranging from 0.49 to 0.79 [5].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Views - The report emphasizes that the company, China Ping An, is a comprehensive financial institution that continues to deepen its integrated financial model, catering to diverse customer needs [5] - The operating profit has shown steady growth, with a reported operating profit of 37.91 billion yuan for Q1 2025, reflecting a year-on-year increase of 2.4% [5] - The new business value in the life insurance sector has increased significantly, with a year-on-year growth of 34.9% in Q1 2025 [5] - The report highlights the optimization of the comprehensive cost ratio in property insurance, with a decrease of 3.0 percentage points to 96.6% in Q1 2025 [5] - The investment portfolio of insurance funds has grown, with a total investment portfolio exceeding 5.92 trillion yuan, marking a 3.3% increase from the beginning of the year [5] Financial Highlights - Total revenue for 2024 is projected at 1,028.9 billion yuan, with a year-on-year growth of 12.6% [4] - The net profit attributable to shareholders is expected to be 126.6 billion yuan in 2024, reflecting a significant year-on-year increase of 47.8% [4] - The new business value is forecasted to reach 28.5 billion yuan in 2024, with a year-on-year growth of 25.6% [4] - The embedded value of the group is projected to be 1,422.6 billion yuan in 2024, with a year-on-year growth of 2.3% [4] - Basic earnings per share (EPS) is expected to be 7.16 yuan in 2024 [4]

Investment Rating - The report maintains a "Buy-A" investment rating for the company [6] Core Views - The company reported a net profit attributable to shareholders of 27 billion yuan in Q1 2025, a year-on-year decrease of 26.4%, primarily due to rising interest rates leading to losses on FVTPL bonds and the consolidation of Ping An Good Doctor [2] - The company's new business value (NBV) in life and health insurance reached 12.9 billion yuan, reflecting a year-on-year increase of 34.9%, driven by improvements in the NBV margin [2] - The comprehensive cost ratio for the property and casualty insurance business improved significantly, decreasing by 3.0 percentage points to 96.6% in Q1 2025 [3] - The investment performance remained relatively stable, with a non-annualized comprehensive investment return of 1.3% and a net investment return of 0.9% in Q1 2025 [3] Financial Performance Summary - For 2025, the company expects operating revenue to reach 105.68 billion yuan, with net profit attributable to shareholders projected at 14.22 billion yuan [4][13] - The company’s EPS is forecasted to be 7.81 yuan in 2025, increasing to 10.43 yuan by 2027 [4][12] - The P/B ratio is expected to decline from 1.03 in 2023 to 0.76 by 2027, indicating a potential undervaluation [4][12] Business Segment Insights - The life and health insurance segment achieved an operating profit of 26.9 billion yuan in Q1 2025, a year-on-year increase of 5.0% [2] - The new single premium decreased by 19.5%, but the first-year premium NBV margin improved by 11.4 percentage points to 28.3% [2] - The agency channel maintained a stable agent count of 338,000, with a year-on-year increase of 14% in per capita NBV [2] Investment Strategy - The report suggests a target price of 58.51 yuan over the next six months, based on a valuation of 0.7x 2025 P/EV [3][6]

导读 A股市场2024年年度报告基本披露完毕，超半数上市公司营收同比增长。 据证券时报·数据宝统计，截至4月30日，已有5403家上市公司披露2024年度报告（不含退市、无法在预约 日期及预计无法在法定期限内披露定期报告的上市公司），合计实现营业收入71.92万亿元，实现归母净利 润5.21万亿元。 按单家公司来看，其中3036家营业收入同比实现增长，占总数的56.19%；2568家上市公司归母净利润实现 同比增长、减亏或扭亏，上市公司整体业绩保持稳定。 电子、非银金融行业增速领跑 据数据宝统计，分行业来看，15个行业营业收入实现同比增长，其中4个行业营收增加超千亿元，电子行 业营业收入大增5151.1亿元；非银金融行业紧随其后，增长4780.7亿元；还有汽车、有色金属行业营业收 入增长金额居前。 电子行业营业收入同比增长17.37%，居于首位，2024年行业合计实现营业收入3.48万亿元，在31个申万行 业中排名由第10名上升至第7名，赶超电力设备、有色金属、非银金融3个行业。 随着人工智能技术快速发展，算力基础设施需求爆发，芯片、服务器、光模块等细分领域充分受益。此 外，AI PC、AI手机等终端产品加速 ...

2024年度现金分红总额前10名 2024年度股息率前10名 截至日期：4月29日21时 数据来源：Wind 高志刚 制表 郭晨凯 制图 ◎记者 高志刚 在新"国九条"等政策引导下，A股市场已形成常态化分红机制，2024年度现金分红规模再次创出历史新 高。 Wind数据显示，截至4月29日21时，共有5304家A股上市公司发布2024年年报，其中3600余家披露现金 分红方案，占已发布年报公司总数的近七成，年度现金分红合计金额高达2.3万亿元（含当年季报、半 年报、年报现金分红，下同），这一数字不仅刷新历史纪录，更实现连续三年站上2万亿元关口。 从企业类型看，央企、地方国企、民企"同台共舞"，通过提升分红金额和比例，积极回馈股东。大盘蓝 筹公司更是常年保持超百亿元分红，成为A股市场现金分红的"中流砥柱"。 | 公司简称 | 2024年度累计 分红总额(亿元) | 公司简称 | 2024年度 股息率(%) | | --- | --- | --- | --- | | 工商银行 | 1097.73 | 美盈衰 | 16.13 | | 中国移动 | 1007.89 | 东方雨虹 | 13.81 | | 建设银行 | ...

中国平安保险（集团）股份有限公司（以下简称"中国平安"）一季度实现归属于母公司股东的营运利润 379.07亿元，同比增长2.4%。其寿险及健康险业务新业务价值达128.91亿元，同比增长34.9%。其中， 代理人渠道新业务价值同比增长11.5%，银保渠道新业务价值同比增长170.8%。一季度，中国平安旗下 平安产险实现原保险保费收入851.38亿元，同比增长7.7%；整体综合成本率96.6%，同比优化3.0个百分 点。 同期，中国太平洋保险（集团）股份有限公司（以下简称"中国太保"）旗下太保寿险实现规模保费 1184.22亿元，同比增长11.8%；新业务价值57.78亿元，可比口径下同比增长39.0%。中国太保旗下太保 产险实现收入稳定增长、效益显著提升，取得原保险保费收入631.08亿元，同比增长1.0%。 归母净利润最高增长超四成 业务运营整体平稳 2025年一季度，中国经济起步平稳，延续回升向好态势，A股上市险企业务经营整体平稳。 具体来看，一季度，中国人寿保险股份有限公司（以下简称"中国人寿"）总保费达3544.09亿元，同比 增长5.0%。其中，续期保费为2469.75亿元，同比增长9.7%。该公司 ...

业绩表现分化 截至4月29日晚间，A股五大上市险企一季报悉数披露。综合来看，五家公司合计实现净利润841.76亿元，同比增长1.4%。按盈利规模排序，中国 人寿、中国平安、中国人保收获了百亿以上净利润，分别为288.02亿元、270.16亿元和128.49亿元。中国太保、新华保险净利润分别为96.27亿元 和58.82亿元。 在行业保费增速放缓的背景下，上市险企一季度的业绩如何？截至4月29日晚间，A股五大上市险企2025年一季报全部亮相。中国人寿、中国平 安、中国人保、中国太保和新华保险今年一季度共取得净利润841.76亿元，同比增长1.4%，日赚9.35亿元。 今年一季度，五家上市险企业绩表现分化明显，整体呈"三升两降"格局，部分险企实现了净利润两位数增长，也有险企净利润降幅达到两位数。 在业内人士看来，上市险企寿险新业务价值增长，一方面是受益于产品结构优化、代理人产能提升；另一方面则是在"报行合一"及预定利率下调 背景下，保险公司渠道费用率下降，助力负债成本的降低。柏文喜提到，通过"报行合一"，险企可以更好地控制渠道成本，这直接改善了险企的 费差水平，提升了新业务价值率。 增速方面，一季度上述五家公司净 ...