近期，上市险企一季报相继出炉，此前多家券商机构对一季度险企个险新业务增长情况表示谨慎。然而，在这样 的市场预期下，中国平安的一季度成绩单却足以让人眼前一亮，其新业务价值在季度内实现了 34.9% 的强劲增 长，在行业内表现可谓突出。 财报同时显示，在今年一季度，平安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% 。其中， 寿险及健康险业务归属于母公司股东的营运利润 268.64 亿元，同比增长 5.0% 。营运利润是剔除了管理层认为 不属于日常营运收支的一次性重大项目及其他，更能真实的反应公司的经营情况。 作者 | 港美A经济舱 数据支持 | 勾股大数 据（www.gogudata.com） 值得一提的是， 平安总资产规模突破 13 万亿元，达 13.18 万亿元，继续保持全球资产规模最大保险公司的地 位。 一方面，伴随人口红利逐渐消失，过去依赖代理人数量扩张推动业务增长的模式难以为继；另一方面，客户对保 险产品的需求日益多样化和个性化。同时，行业竞争也愈发激烈，倒逼险企纷纷寻求转型突破。 财报公布后多家券商机构给予平安 A股、港股积极的评级。 大摩发布的研报称，"平安强劲、多样化的渠 ...

南方财经全媒体记者 孙诗卉 实习生 关晶月 上海报道 近期，随着各家寿险公司陆续披露2024年第四季度偿付能力报告（四季度披露的为上一季度的风险综合 评级），各大险企2024三季度的风险综合评级（IRR）分类监管评估结果也已浮出水面，行业整体风险 抵御能力与分化态势再度引发关注。 在目前已披露风险综合评级情况的74家寿险公司中，有30家公司被评为A类，有40家公司被评为B类， 值得注意的是，除去未公布风险评级等级的弘康人寿外，还有3家公司风险综合评级为C类，被列入偿 付能力不达标的险企当中，分别为北大方正人寿、三峡人寿以及华汇人寿。 对外经贸大学创新与风险管理研究中心副主任龙格对21世纪经济报道记者表示，截至2024年末，保险业 偿付能力整体呈现稳中有进态势，但中小险企仍面临结构性分化。 | 2024年第四季度风险综合评级(IRR)分类监管评估结果 | | | --- | --- | | A类公司 | | | AAA级(8家) 老、太保健康 | 友邦人寿、中荷人寿、恒安标准、工银安盛、中国人寿、太平养老、国民养 | | AA级(15家) | 中美联泰、泰康人寿、太平人寿、安联人寿、中英人寿、中银三星、中宏人 ...

Core Points - The Hong Kong 300 Cycle Index (H300 Cycle) reported at 1230.02 points, showing a low opening and fluctuations in the market [1] - The index has decreased by 3.81% over the past month, increased by 4.94% over the last three months, and has risen by 4.76% year-to-date [2] Index Composition - The top ten weighted stocks in the Hong Kong 300 Cycle Index are: HSBC Holdings (19.05%), China Construction Bank (10.18%), AIA Group (7.4%), Industrial and Commercial Bank of China (5.89%), Hong Kong Exchanges and Clearing (5.33%), Bank of China (4.51%), Ping An Insurance (4.25%), CNOOC (3.73%), China Merchants Bank (2.52%), and Agricultural Bank of China (1.8%) [2] Sector Allocation - The index's holdings are entirely composed of stocks listed on the Hong Kong Stock Exchange, with the following sector allocations: Financials (74.23%), Real Estate (9.38%), Energy (8.90%), Materials (4.62%), and Industrials (2.87%) [3] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]

Investment Rating - The report assigns a "Buy" rating for China Ping An Insurance (2318 HK) with a target price of HKD 60.00, indicating a potential upside of 30.6% from the current price of HKD 45.95 [1][10]. Core Insights - The report highlights stable growth in operating profit and an unexpected increase in new business value, with a 34.9% year-on-year growth in new business value driven by various channels [5][11]. - The report notes a significant decline in net profit, down 26.4% year-on-year, primarily due to investment losses and a one-time valuation drop from the consolidation of Ping An Good Doctor [5][11]. - The report emphasizes improvements in the comprehensive cost ratio for property and casualty insurance, which decreased by 3 percentage points year-on-year to 96.6% [5][11]. - The solvency position is strong, with a core solvency ratio of 163.7%, up 47.3 percentage points from the end of 2024 [5][11]. Financial Overview - Revenue is projected to grow from RMB 913,789 million in 2023 to RMB 1,057,335 million in 2025, reflecting a compound annual growth rate (CAGR) of approximately 7.5% [4][11]. - Net profit is expected to recover from RMB 85,665 million in 2023 to RMB 120,657 million in 2025, with a notable increase of 47.8% in 2024 [4][11]. - The report forecasts earnings per share (EPS) to be RMB 6.95 in 2024 and RMB 6.63 in 2025, with a projected price-to-earnings (P/E) ratio of 6.5 in 2025 [4][11]. Business Performance - The first quarter of 2025 saw a 2.4% year-on-year increase in operating profit after tax (OPAT), primarily from the life and health insurance segments, while property and casualty insurance and banking segments experienced declines [5][11]. - The new business value rate improved significantly, reaching 28.3%, an increase of 11.4 percentage points year-on-year, attributed to product structure optimization and cost reduction measures [5][11]. - The average daily trading volume of the stock is reported at 50.03 million shares, with a market capitalization of approximately HKD 924.92 billion [3][11].

截至2025年4月28日 10:01，中证A500指数下跌0.35%。成分股方面涨跌互现，金风科技领涨7.63%，南 山铝业上涨6.63%，珀莱雅上涨6.23%；芒果超媒领跌，特锐德、东阿阿胶跟跌。A500指数ETF(159351) 下修调整。 流动性方面，A500指数ETF盘中换手4.18%，成交5.98亿元。规模方面，A500指数ETF近半年规模增长 110.01亿元，实现显著增长。份额方面，A500指数ETF近3月份额增长8.01亿份，实现显著增长。 从估值层面来看，A500指数ETF跟踪的中证A500指数最新市盈率（PE-TTM）仅14.17倍，处于近1年 17.88%的分位，即估值低于近1年82.12%以上的时间，处于历史低位。 数据显示，截至2025年3月31日，中证A500指数前十大权重股分别为贵州茅台、宁德时代、中国平安、 招商银行、美的集团、长江电力、比亚迪、兴业银行、紫金矿业、东方财富，前十大权重股合计占比 20.89%。 消息面方面，上周重磅经济会议召开，分析研究当前经济形势和经济工作。会议强调，要加紧实施更加 积极有为的宏观政策，用好用足更加积极的财政政策和适度宽松的货币政策。 展望后 ...

港股保险股多数下跌，中国太保(02601.HK)、新华保险(01336.HK)跌超3%，中国太平(00966.HK)、中国 人寿(02628.HK)、中国平安(02318.HK)跌超2%。 ...

A股保险板块盘初走低，中国太保、天茂集团跌超2%，新华保险、中国平安、中国人寿、中国人保跟 跌。 ...

截至4月26日，A股已有超2400家上市公司披露2025年一季报，其中，超360只个股的前十大股东名单中 出现"国家队"身影。Wind数据显示，包括中国证金、中央汇金、中国证金资管、外管局旗下投资平 台、中国证金定制基金、社保基金在内的"国家队"，在2025年一季度增持股票合计超过6亿股。 具体来看，获"国家队"增持数量最多的个股是中国平安，在2024年四季度增持超2亿股的基础上，一季 度又增持了2.52亿股，持股数量合计达到14.71亿股，持股比例达到11.33%。其次是宝钢股份，获"国家 队"增持1.58亿股。此外，"国家队"对南极电商、蓝思科技、江苏金租等均增持超4000万股；对TCL中 环、小商品城、梅花生物、宝丰能源、海油工程等均增持超3000万股；对华峰化学、藏格矿业、孩子 王、三维化学均增持超1500万股。其中，南极电商、蓝思科技、江苏金租、TCL中环、梅花生物、宝丰 能源、藏格矿业、孩子王、三维化学等均为2025年一季度新进入"国家队"持仓（以前十大流通股东名单 计算）。 □本报记者 张舒琳 分行业来看，2025年一季度"国家队"增持较多的股票集中在通信、半导体、材料等硬科技行业，零售、 食品 ...

AI技术与可持续发展的深度融合为产业升级和绿色转型注入动能。多家企业披露了生产环节的AI技术 应用场景，AI技术应用正在赋能企业节能减排、提升运营效率。 除了报告编制，上市公司还借助AI技术赋能公司治理的各个方面。科大智能在其2024年度ESG报告中提 到，公司升级了ESG实践体系，依托生成式AI与工业物联网打造"ESG+AI"创新平台，帮助优化能源管 理，提供"智慧工业"解决方案；在供应链管理方面，发起供应链ESG赋能计划，对核心供应商逐步开展 ESG评估。 华新水泥在其2024年度ESG报告中提到，公司研发AI等数字化技术与建材生产协同应用，通过智能化控 制提升生产效率、降低能耗。 中国平安利用科技能力，搭建ESG管理平台，有效提升ESG管理水平。中国平安在其2024年度ESG报告 中提到，公司内部建立统一的ESG评估标准——CN-ESG智慧评价体系，并通过AI-ESG平台为ESG风 控、模型构建、投资组合管理的整合应用提供智慧化工具和数据支持。 凯恩股份将AI技术融入制造业生产流程，以数字化智能车间为基础，融入AI算法，构建"ESG+AI"的生 产责任体系，实现产线布局一体化、产品制造自动化和生产控制云 ...

Investment Rating - The report maintains an "Accumulate" rating for the non-bank financial industry [1] Core Viewpoints - The non-bank financial sector has shown strong performance recently, with all sub-sectors outperforming the CSI 300 index over the last five trading days [3][8] - The securities industry has seen a significant increase in trading volume, with April's average daily trading amount reaching 14,525 billion yuan, a year-on-year increase of 44.59% [13] - The insurance sector is facing stricter regulations on universal insurance, but there are signs of recovery in life insurance premiums [26][30] - The multi-financial sector is transitioning to a stable growth phase, with trust assets showing a notable increase, while the futures market continues to maintain high transaction volumes [34][40] Summary by Sections 1. Recent Performance of Non-Bank Financial Sub-Sectors - All non-bank financial sub-sectors outperformed the CSI 300 index in the recent five trading days, with the insurance sector rising by 1.31% and the overall non-bank financial sector increasing by 1.02% [3][8] 2. Non-Bank Financial Sub-Sector Insights 2.1 Securities - Trading volume has significantly increased, with April's average daily trading amount at 14,525 billion yuan, up 44.59% year-on-year [13] - The net profit of 19 listed securities firms in Q1 2025 increased by 43.6% year-on-year, totaling 74.2 billion yuan [17] - The average price-to-book (PB) ratio for the securities industry is projected to be 1.2x for 2025E, indicating potential for growth [23] 2.2 Insurance - The China Banking and Insurance Regulatory Commission has implemented stricter regulations on universal insurance, which may impact new business but not existing policies [26] - Life insurance premiums showed a slight recovery in March, with total premiums reaching 17,878 billion yuan, a year-on-year increase of 0.2% [30] - The insurance sector's valuation is currently at historical lows, with a projected P/EV of 0.50-0.81 for 2025E [32] 2.3 Multi-Financial - The trust industry is entering a stable transition phase, with total trust assets reaching 27 trillion yuan, a year-on-year increase of 24.5% [34] - The futures market saw a transaction volume of 7.34 billion contracts in March 2025, with a transaction value of 61.59 trillion yuan, reflecting a year-on-year growth of 17.28% [40] 3. Industry Ranking and Key Company Recommendations - The recommended ranking for the non-bank financial sector is insurance > securities > other multi-financial services, with key companies including New China Life Insurance, China Pacific Insurance, China Life Insurance, and CITIC Securities [52]