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]

行 业 及 产 业 非银金融 行 业 研 究 / 行 业 点 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 冉兆邦 A0230524090003 ranzb@swsresearch.com 研究支持 金黎丹 A0230123060002 jinld@swsresearch.com 联系人 罗钻辉 (8621)23297818× luozh@swsresearch.com 2025 年 04 月 27 日 1Q25 公募非银持仓触底，关注高 看好 ——非银金融行业周报（2025/4/21-2025/4/25） 本期投资提示： 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 评 景气度下券商盈利修复趋势 ⚫ 券商：本周申万券商 II 指数收涨 0.89%，跑赢沪深 300 指数 0.50pct。券商业绩密集披露，多 数券商 4Q24&1Q25 业绩放量增长。2024 年：截止本周末共 38 家上市券商披露 2024 年 ...

证券研究报告·行业月报·保险Ⅱ 保险Ⅱ行业月报 保险行业 3 月月报：寿险保费增速回暖，关 注后续预定利率调整落地情况 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 负债端、资产端均有改善机会，低估值+低持仓，攻守兼备。1）我们认 为市场储蓄需求依然旺盛，同时在监管持续引导和险企主动性转型下， 负债成本有望逐步下降，利差损压力将有所缓解。2）近期十年期国债 收益率稳定在 1.66%左右，我们预计，未来伴随国内经济复苏，长端利 率若继续修复上行，则保险公司新增固收类投资收益率压力将有所缓 解。3）当前公募基金对保险股持仓仍处于低位，估值对负面因素反应 较为充分。2025 年 4 月 25 日保险板块估值 2025E 0.50-0.81 倍 PEV、 0.89-1.96 倍 PB，处于历史低位，行业维持"增持"评级。 ◼ 风险提示：长端利率趋势性下行；股市持续低迷；新单增长不及预期。 2025 年 04 月 27 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 曹锟 执业证书：S0600524120004 caok@ ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company's net profit for Q1 2025 was 27.016 billion yuan, a year-on-year decrease of 26.4%, primarily due to short-term investment fluctuations and one-time losses from the consolidation of Ping An Health [1] - The operating profit was 37.907 billion yuan, showing a year-on-year increase of 2.4%, with a weighted average ROE (non-annualized) of 2.9%, down 1.2 percentage points year-on-year [1] - The new business value (NBV) for life insurance reached 12.891 billion yuan, with a comparable year-on-year growth of 34.9%, exceeding expectations [1][2] Summary by Sections 1. Life Insurance - The NBV for life insurance in Q1 2025 grew by 34.9% year-on-year, driven by an unexpected increase in the new business value rate, despite a 19.5% decline in new single premiums [2] - The new business value rate (based on first-year premiums) increased by 11.4 percentage points to 28.3%, benefiting from product structure optimization and a reduction in the preset interest rate [2] - The agent channel showed stable growth, while bank insurance and community finance channels experienced significant increases in NBV, with year-on-year growth rates of 11.5%, 170.8%, and 171.3% respectively [2] - The number of agents at the end of Q1 2025 was 338,000, a decrease of 6.9% from the beginning of the year, but productivity per agent improved with a year-on-year increase of 14% in NBV per agent [2] - The outlook for the year suggests steady growth in NBV, supported by improved agent productivity and the activation of diverse channels [2] 2. Property and Casualty Insurance - The original premium income for property and casualty insurance was 85.138 billion yuan, reflecting a year-on-year increase of 7.7% [3] - The comprehensive cost ratio improved significantly to 96.6%, down 3 percentage points year-on-year, attributed to a reduction in major disasters and lower claims expenses [3] - Premiums from auto insurance and non-auto insurance reached 53.735 billion yuan and 31.403 billion yuan, with year-on-year growth rates of 3.7% and 15.1% respectively [3] - The expectation for the year is stable premium growth and continued improvement in business quality and cost ratios [3] 3. Investment Performance - As of the end of Q1 2025, the investment scale of insurance funds exceeded 5.92 trillion yuan, an increase of 3.3% from the beginning of the year [4] - The net investment yield (non-annualized) was 0.9%, unchanged year-on-year, while the comprehensive investment yield (non-annualized) improved by 0.2 percentage points to 1.3% [4] - The balance of real estate investments was 206.615 billion yuan, accounting for 3.5% of the total, with a significant portion being stable income-generating property investments [4] - The fair value measurement assets in the investment portfolio showed a book loss of 21.802 billion yuan, impacting the company's net profit [4] 4. Profit Forecast and Valuation - The company is advancing a dual strategy of "comprehensive finance + medical and elderly care" driven by technology, enhancing its core competitiveness [5] - The forecasted year-on-year growth rates for net profit from 2025 to 2027 are -8%, 13.3%, and 10.4% respectively [5] - The target price is set at 71.41 yuan per share, corresponding to a 2025 PEV of 0.88 times, maintaining the "Buy" rating [5]

以下文章来源于朱酒 ，作者朱酒 朱酒 . 职业投资人，央视《投资者说》嘉宾，雪球网年度十大影响力用户，《看透地产股》和《个人投资者的股市生存之 道》作者。 长按即可参与 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 朱酒 来源：雪球 2025年一季度中国平安财报公布后 ， 很多只看得懂收入 、 利润栏目里那几个数字的人 ， 便连呼暴雷了 。 事实真的如此吗 ？ 实际上 ， 受债券市场价格波动的影响 ， 一季度保险公司的利润表不好看 ， 是早有定论的 。 而4月份以来 ， 债券价格大幅反弹 ， 不但收回了一季度的跌幅 ， 还有所上涨 。 | | 2025 年 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 截至3月31 日止三个月期间 | 寿险及 | 财产 | | 资产 | 金融 | 其他业务 | | | (人民币自万元) | 健康险业务 | 保险业务 | 银行业务 | 管理业务 | 赋能业务 | 及合并抵销 | 集团合并 | | 归属于母公司股东的营运利润 | 26,864 | ...

在需求升级与老龄化交织的当下，医疗健康企业唯有深耕医险协同生态，以科技赋能服务创新，才能在 时代浪潮中筑牢护城河。 当全国卫生总费用突破9万亿元大关，传统单一保险赔付模式已难以应对客户日益多元的健康保障需 求。 在用户对多元化保障、灵活诊疗路径及优质就医环境的迫切期待中，"医险协同"已成为必然趋势。 作为平安集团医疗养老生态圈的重要一员，平安健康以前瞻性战略布局，打造出"业内首位覆盖全健康 周期的医险协同生态体系"，成为业内唯一已形成强势竞争壁垒的企业。 具体来看，行业内多数企业停留在基础资源对接的浅层次协同，京东健康、阿里健康更多聚焦于线上医 疗平台搭建与药品零售业务拓展，其医险合作多限于简单的保险产品嵌入或问诊流程对接。 而平安健康依托平安集团"综合金融+医疗养老"战略优势，率先构建起"保险保障+医疗服务+健康管 理"三位一体的深度协同生态，真正实现了从疾病预防、精准诊疗到术后康养的全周期健康护航。 据中国平安披露的一季报显示，截至2025年3月末，平安近2.45亿的个人客户中有近63%的客户同时享 有医疗养老生态圈提供的服务权益。 深入践行医险协同模式，使得平安健康的盈利能力加速释放。4月23日，平安健 ...

保险行业点评 万能险机制功能和定位迎来重构 2025 年 04 月 27 日 分析师：张凯烽 研究助理：李劲锋 执业证号：S0100524070006 执业证号：S0100124080012 邮箱：zhangkaifeng@mszq.com 邮箱：lijinfeng_2@mszq.com [Table_Author] 推荐 维持评级 ➢ 事件：2025 年 4 月 25 日，国家金融监督管理总局发布《关于加强万能型 人身保险监管有关事项的通知》（以下简称《通知》），就产品开发、保障水平、账 户管理、资金运用和销售行为等方面进行了规范和调整。 ➢ 产品管理：强化万能险保障属性，拉长万能险期限。1）万能险定义，产品 设计和开发规范化：《通知》明确万能险定义，通过四项特征（如名称含"万能 型"、保障功能、单独账户、最低收益保证）来正式确定万能险产品，引导万能险 产品设计规范化发展，有利于杜绝部分产品设计和功能"异化"，同时有望加强消 费者权益保护，减少相关产品误导。2）万能险机制的适用险种，同时引导产品 长期化：《通知》仅允许终身寿险、两全保险和年金保险设计为万能型，定期寿险 被剔除，同时保障期限不得低于 5 年。 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][10]. Core Views - The company continues to deepen its "comprehensive finance + medical and elderly care" strategy, showing stable overall performance despite fluctuations in the investment sector. The operating profit attributable to the parent company grew by 2.4% year-on-year in Q1 2025, with earnings per share increasing by 3.3% to 2.16 yuan. However, the net profit attributable to the parent company decreased by 26.4% due to bond market volatility and the impact of the consolidation of Ping An Good Doctor, which resulted in a one-time impairment of 3.4 billion yuan [1][4]. Summary by Sections Insurance Business - The new business value (NBV) for life and health insurance saw a significant year-on-year increase of 34.9%, with individual insurance channels growing by 11.5% and agent productivity increasing by 14.0%. The bancassurance channel experienced a remarkable growth of 170.8% in NBV, while community finance channels reported a 171.3% increase in NBV [2]. Property and Casualty Insurance - The company achieved a property and casualty insurance premium income of 85.138 billion yuan in Q1 2025, marking a 7.7% year-on-year growth. The combined ratio improved by 3.0 percentage points to 96.6%. However, net profit for the property and casualty business decreased by 16.5% year-on-year, influenced by bond market fluctuations [3]. Financial Forecasts - The company maintains its profit forecasts for 2025 to 2027, expecting earnings per share (EPS) of 7.72, 8.57, and 9.26 yuan respectively. The current stock price corresponds to price-to-earnings (P/E) ratios of 0.60, 0.55, and 0.50 for the respective years [4][5].

证券研究报告·行业点评报告·保险Ⅱ 保险Ⅱ行业点评报告 从严监管万能险，推动进一步回归保障本源 2025 年 04 月 26 日 增持（维持） 投资要点 《中国人身险产品变迁历史与未来展 望系列报告（一）》 2025-04-23 《深化寿险代理人体制改革，佣金递 延与报行合一规范渠道发展》 2025-04-18 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 曹锟 执业证书：S0600524120004 caok@dwzq.com.cn 行业走势 -12% -6% 0% 6% 12% 18% 24% 30% 36% 42% 48% 2024/4/26 2024/8/25 2024/12/24 2025/4/24 保险Ⅱ 沪深300 相关研究 行业点评报告 图1：寿险公司总保费分险种结构历史变动情况 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2 ...

鲁中网淄博4月25日讯 为进一步强化政企党建，助力乡村振兴，近日，平安产险济南中心支公司与济南市农业农村局、商河县人民政府、济南市革命老区建 设促进会等单位联合开展了"政企共建保险助力乡村振兴活动"活动。 济南市农业农村局、商河县人民政府、平安产险山东分公司、平安产险济南中心支公司、济南市革命老区建设促进会、商河县农业农村局、商河县畜牧兽医 事业发展中心、贾庄镇政府、沙河镇政府等相关领导出席活动。 济南市农业农村局党组副书记、副局长高振刚致辞，他表示，平安产险在商河县举办此次"政企共建保险助力乡村振兴"活动，意义深远。近年来,平安产险 济南中心支公司在业务不断发展的同时积极参与到乡村振兴的活动中，本次通过共建活动，主动了解和满足基层党委政府、当地人民群众的需求，积极探索 金融机构在支持乡村产业发展、巩固脱贫成果等方面的新路径。 商河县副县长王鹏代表商河县政府致辞，向长期以来关心和支持商河县发展，助力商河县党建工作、推动乡村事业共建共创的平安产险济南中心支公司致以 衷心感谢，并表示下一步将积极推动与平安产险的深度合作，通过签署共建合作协议等方式，把商河县打造为党建引领、乡村振兴的示范基地，产业蓬勃发 展的致富基 ...