5月11日-13日，由平安集团、中华社会救助基金会、中国青少年发展基金会、《艺术与设计》杂志社等联合主办的"千 年非遗 时尚赋新"——2025妈妈的针线活年度焕新计划在深启动。在为期三天的活动中，来自柯尔克孜族、蒙古族、 苗族、独龙族、瑶族、傈僳族等10个民族的18位非遗传承人代表齐聚深圳，与深圳的时尚设计师、行业专家及公益组 织代表，共话中国千年非遗之美，探索非遗发展新路径。 平安集团党委书记胡剑锋出席"妈妈的针线活"公益项目座谈会，并与18位非遗传承人围绕各民族技艺传承的实践经 验、跨界融合创新、代际传承机制等核心议题展开深度研讨。他表示，每一件非遗产品都能成为文化传承的载体，平 安集团立足于传承民族传统文化，通过创建非遗跨界融合的新场景，构建"公益+商业"可持续生态，创新乡村振兴的 产业帮扶新模式，让"妈妈的针线活"成为乡村振兴、非遗公益领域的示范项目，成为中国文化的国际名片。 现代时尚助力传统非遗换新升级 11日下午，在"千年非遗 时尚赋新"——2025妈妈的针线活年度焕新计划启动仪式上，来自玛丝菲尔集团的设计师，以 多元化的苗族风格服装，精心策划了"走进苗，回到苗"主题活动分享，模特们身着融合传统非 ...

公司报告 | 首次覆盖报告 中国平安（601318） 证券研究报告 产寿险领头公司，业务具有较强韧性 我国金融牌照最齐全的保险公司之一 中国平安于 1988 年于深圳蛇口成立，深耕保险行业近 40 年，是我国首家 股份制保险企业，也是我国金融牌照最齐全、业务范围最广泛的综合金融 集团之一，业务覆盖保险、银行、资管等各个领域。公司于 2004 年及 2007 年分别在香港联合交易所主板及上海证券交易所上市。 平安寿险：深化改革，业务品质不断提升 集团收入及利润主要来源于寿险业务，2024 年末，寿险业务贡献逾 7 成的 净利润。公司深化改革，个险渠道，人力规模企稳回升，人均产能持续改 善，业务品质不断提升。此外，新业务价值率大幅改善，推动新业务价值 不断提升。银保渠道，依托集团的综合金融布局，平安寿险和平安银行深 度合作打造新银保模式，得益于平安银行庞大的零售客户群体以及集团广 泛的网点布局，为产品销售提供了强有力的支撑，推动银保渠道价值的提 升。 | 基本数据 | | | --- | --- | | A 股总股本(百万股) | 10,762.66 | | 流通 A 股股本(百万股) | 10,762.66 | ...

5月8日，中国平安今日收盘51.96元，上涨1.52%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到8.09倍，创27天以来新低，总市值9462.04亿元。 最新一期业绩显示，2025年一季报，公司实现营业收入2328.01亿元，同比-5.20%；净利润270.16亿元， 同比-26.40%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)5中国平安8.097.471.019462.04亿行业平均 8.198.301.474696.85亿行业中值7.147.471.163156.60亿1天茂集团-17.54-20.770.62135.37亿2新华保险 5.755.951.951561.02亿3中国人保6.967.591.173254.89亿4中国太保7.146.801.163058.31亿6中国人寿 9.3110.012.0110709.50亿 本文源自：金融界 作者：行情君 从行业市盈率排名来看，公司所处的保险行业市盈率平均8.19倍，行业中值7.14倍，中国平安排名第5 位。 股东方面，截至2025年3月31日，中国平安股东户数794557户，较上次增加6522户，户均持股市值35 ...

Core Viewpoint - China Ping An Insurance Group reported a stable performance in Q1 2025, with operating profit reaching 37.907 billion yuan, a year-on-year increase of 2.4%, driven by growth in life and health insurance segments [1][2] Financial Performance - Operating profit attributable to shareholders for Q1 2025 was 37.907 billion yuan, up 2.4% year-on-year - Life and health insurance business contributed 26.864 billion yuan to operating profit, reflecting a 5.0% increase [1] - Total assets surpassed 13 trillion yuan, reaching 13.18 trillion yuan [1] Business Strategy and Development - The company emphasized a focus on high-quality development and maintaining a stable operational foundation amid a complex external environment [1] - The multi-channel strategy, including the "4 channels + 3 products" reform, led to a new business value of 12.891 billion yuan in life and health insurance, a robust growth of 34.9% year-on-year [2] - The agent channel saw an 11.5% increase in new business value, while the bancassurance channel experienced a significant 170.8% growth [2] Health Insurance Collaboration - Ping An Health achieved revenue of 1.062 billion yuan in Q1 2025, with a year-on-year growth rate of 25.8%, exceeding market expectations [3] - The company is focusing on high-margin, synergistic businesses, forming a structure of "insurance + healthcare" and "insurance + home care" [3] - The number of enterprise clients served exceeded 2,100, with B-end paid users growing over 45% year-on-year [3] Medical Service Network - The company has established a comprehensive service network, integrating over 50,000 internal and external doctors and nearly 37,000 partner hospitals [4] - The self-operated flagship, Peking University Health Group, reported a revenue of approximately 1.2 billion yuan in Q1 2025, with a 9% year-on-year increase [5] Product and Service Innovation - The "Tian Ping An" insurance + service solution was launched to enhance customer experience by integrating insurance products with various services [6][7] - The "Three Savings" initiative aims to provide customers with a seamless experience in terms of time, cost, and peace of mind [6][7] Technology and Innovation - The company is advancing its "953" AI technology framework, which includes 9 databases, 5 laboratories, and 3 technology companies, to enhance operational efficiency [8][9] - In Q1 2025, AI service interactions reached approximately 450 million, covering 80% of customer service inquiries, significantly reducing operational costs [10] - The application of technology has improved underwriting speed, with 93% of life insurance policies processed in seconds and a 56% claim settlement rate [10]

美国时间5月1日晚，美国爱达荷州黄石国家公园附近发生一起重大交通事故，造成5名中国公民死亡、8 名中国公民受伤。中国平安第一时间启动重大突发事故二级应急响应，迅速成立以集团联席首席执行官 郭晓涛为组长的"502海外急难救援服务小组"，全面协调此次重大事故的应急响应与中国公民急难援助 工作。 在"502紧急救援服务小组"的指导下，中国平安旗下寿险、产险、养老险、健康险均快速启动重大突发 应急救援服务，排查客户出险情况。截至北京时间5月5日12时，排查到本次事故中有2位伤员为平安产 险境外旅行意外险客户，在本次事故遭遇腿部骨裂、软组织挫伤等情况，已于美国当地送医，目前情况 稳定。 为高效服务出险客户，"502紧急救援服务小组"协调平安产险与平安健康险的全球医疗网络，依托海外 医疗服务力量落地应急救援工作。目前，两位救援医疗服务专家已紧急前往美国爱达荷州，将根据客户 需要提供医疗资源协调、医疗费用垫付、医疗送返、签证补办等一系列支援服务。由于客户信息不全， 寿险、健康险、养老险暂未排查到出险客户。 灾难有国界，平安守护无国界。中国平安表示，公司将继续在中国外交部、中国驻美大使馆、旧金山总 领馆的指导下，主动排查客户 ...

Core Viewpoint - A significant traffic accident occurred near Yellowstone National Park, resulting in the death of 5 Chinese citizens and injuries to 8 others. China Ping An has activated an emergency response team to assist affected individuals and their families [1][2]. Group 1: Emergency Response Actions - China Ping An has established a "502 Overseas Emergency Rescue Service Team" led by the Group's co-CEO to coordinate the emergency response and assistance for Chinese citizens involved in the accident [1]. - The company has initiated an overseas emergency assistance plan, allowing anyone, regardless of being a Ping An customer, to seek help through the emergency hotline 95511 [2]. - The company is in contact with the Chinese Embassy in the U.S. and local medical institutions to provide support for the injured and the families of the deceased [2]. Group 2: Specific Assistance Measures - The company has outlined 7 specific overseas emergency rescue measures, including proactive claims services and a green channel for claims processing [3][4]. - Medical support services include emergency medical treatment, medical transportation, hospitalization, and translation services [4]. - Emergency assistance also covers the return of remains, funeral expenses, and arrangements for family members to handle affairs [4][5]. - The company has simplified the claims process for accidental death, allowing beneficiaries to claim benefits with just the official death list [5]. - Pre-claims and quick payouts are available for confirmed deceased individuals, and claims can be processed without a policy if basic information matches the company's records [5].

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 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]

核心观点 公司全面打造多渠道专业化销售能力，多渠道发展效果显著。代理人渠道方面，公司聚焦"做优、增 优、育优"三优平台，通过分人群推动队伍三优跃迁、产品创新和服务整合，进一步激发队伍生产力， 牵引队伍阶梯式向上发展，一季度人均NBV 在去年同期较高基数（24Q1 代理人人均NBV 同比 +56.4%）下仍同比+14. 0%，带动代理人渠道整体NBV 同比+11.5%。截至一季度末，平安寿险个人寿 险销售代理人数量为33.8 万人， 同比+1.5%，环比-6.9%。银保渠道方面，公司多措并举推动高质量发 展，一季度NBV同比+170.8%。在渠道合作方面，平安寿险坚持多元化布局，巩固国有大行合作，拓展 头部股份行、城商行等潜力渠道; 在网点经营方面，夯实标准化经营，持续提升产能; 在队伍发展方 面，严选增优，推进专业化赋能，加速打造绩优队伍; 在经营管理方面，优化内部管理，激发组织活 力，实现质效提升。社区金融服务渠道方面，网点和队伍保持高质量发展，一季度实现存续客户全缴次 继续率同比提升0.5个百分点，新业务价值同比+171.3%，客户经营价值持续突破。 公司寿险及健康险业务一季度价值率显著改善驱动NBV 同 ...