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10月31日 狀態: 新提交 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 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601318 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,660,065,083 | RMB | | 1 | RMB | | 10,660,065,083 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 10,660,065,083 | RMB | | | 1 RMB | | 10,660,065,083 | ...

Core Insights - The five major listed insurance companies in A-shares reported impressive performance for the first three quarters of 2025, with a total net profit of 426.04 billion yuan, a significant increase of 33.5% year-on-year, averaging about 1.56 billion yuan per day [1][2] Financial Performance - China Life led with a net profit of 167.80 billion yuan, a year-on-year increase of 60.5%, followed by New China Life, China Pacific Insurance, China Ping An, and China Property & Casualty, all achieving double-digit growth [2][3] - In Q3 2025, the net profits of these five companies surged, with year-on-year growth rates of 91.5% for China Life, 88.2% for New China Life, 48.7% for China Property & Casualty, 35.2% for China Pacific Insurance, and 45.4% for China Ping An [2] Investment Performance - The substantial increase in investment income was attributed to the recovery of the stock market, with companies actively increasing equity investments [1][3] - For the first three quarters, China Life reported total investment income of 368.55 billion yuan, a 41.0% increase year-on-year, with an investment return rate of 6.42%, up 104 basis points [3][4] New Business Value - All five listed insurance companies reported new business value growth exceeding 30% in the first three quarters [5] - China Property & Casualty achieved the highest growth rate in new business value at 76.6%, while China Life and New China Life reported increases of 41.8% and 50.8%, respectively [5][6] - The focus on dividend insurance is driving the transformation of the business structure towards "floating income" products, with China Life significantly increasing the proportion of floating income business in its first-year premium income [5][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The report highlights significant profit growth, with the life insurance new business value (NBV) continuing to grow at a high rate [4] - In Q3 2025, the group's net profit attributable to shareholders and operating profit after tax (OPAT) increased by 15.2% and 45.4% year-on-year, reaching 385 billion and 648 billion yuan respectively [5] - The cumulative net profit attributable to shareholders for 2025 increased by 7.2% year-on-year, while the OPAT grew by 11.5% [5] - The life insurance NBV growth rate improved from 39.8% in the mid-year report to 46.2% in the Q3 report [6] - The comprehensive investment return rate for the first three quarters of 2025 increased by 1 percentage point to 5.4% [7] Summary by Sections Financial Performance - In Q3 2025, the life insurance, property insurance, and banking segments' OPAT year-on-year growth rates were 0.6%, 26.2%, and -2.8% respectively, with life insurance remaining the core business [5] - The net profit for Q3 2025 was 64.8 billion yuan, with a significant contribution from life insurance investments [10] Life Insurance Business - The life insurance NBV growth rate for the first three quarters of 2025 was 46.2%, driven by agent and bancassurance channels [6] - The report anticipates continued good growth in the agent channel due to the company's strategy of combining products with medical and elderly care services [6] Investment Situation - The company's investment income for the first three quarters of 2025 was positively impacted by an increase in equity assets, which rose from 616.4 billion yuan in H1 2024 to 942.1 billion yuan in H1 2025 [7] - The core solvency ratio for life insurance decreased by 32.5 percentage points to 135% by the end of Q3 2025 [8] Profit Forecast and Valuation - The forecasted net profit for the company for 2025-2027 is 1494 billion, 1785 billion, and 2018 billion yuan respectively, with year-on-year growth rates of 18.0%, 19.5%, and 13.0% [8] - The current stock price corresponds to a price-to-embedded value (PEV) ratio of 0.66, 0.61, and 0.57 for the years 2025-2027 [8]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Insights - The company has shown robust growth in the first three quarters of 2025, with a significant recovery in profitability. The operating profit attributable to the parent company reached 116.26 billion yuan, a year-on-year increase of 7.2%, with growth accelerating quarter by quarter. The net profit attributable to the parent company was 132.86 billion yuan, up 11.5% year-on-year [1] - The new business value (NBV) for life and health insurance increased by 46.2% to 35.72 billion yuan, with a quarterly growth rate of 58.3%. The NBV margin improved by 9.0 percentage points to 30.6%, driven by product structure optimization and policy benefits [2] - The investment portfolio achieved a non-annualized comprehensive investment return of 5.4%, an increase of 1.0 percentage point year-on-year, while the non-annualized net investment return was 2.8%, down 0.3 percentage points due to declining yields on new fixed-income assets [3] Financial Performance Summary - The company's insurance service revenue is projected to grow from 536.44 billion yuan in 2023 to 643.05 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 9.92% [4] - The diluted earnings per share (EPS) are expected to increase from 4.84 yuan in 2023 to 9.26 yuan in 2027, reflecting a strong growth trajectory [4] - The price-to-embedded value (P/EV) ratio is projected to decrease from 0.73 in 2023 to 0.59 in 2027, indicating an attractive valuation over the forecast period [4]

Core Insights - Shenzhen Beiyi Rehabilitation Hospital, a flagship rehabilitation institution under Ping An's Peking University Health Group, officially opened on November 1, 2025, marking a significant addition to the healthcare landscape in Shenzhen and the Greater Bay Area [1][3][5] Industry Overview - The rehabilitation medicine sector is experiencing rapid growth, transitioning from a "hundred billion blue ocean" to a "two hundred billion urgent demand market," with an expected annual compound growth rate of approximately 20%, potentially exceeding 200 billion yuan by 2025 [4][13] - There is a significant supply-demand gap in rehabilitation services in Shenzhen, with a calculated demand for around 6,000 rehabilitation beds, while the actual supply is less than 2,000, highlighting a substantial shortfall of over 4,000 beds [4][5] Company Strategy - The establishment of Shenzhen Beiyi Rehabilitation Hospital is a strategic move in Ping An's "comprehensive finance + medical care and elderly care" strategy, aimed at addressing the increasing demand for high-quality rehabilitation services in the Greater Bay Area [3][5] - The hospital features a total construction area of nearly 30,000 square meters, with 301 approved beds and an expected annual patient volume of 100,000, covering a wide range of rehabilitation needs from acute to chronic care [5][10] Innovative Approach - The hospital adopts a "family-style rehabilitation living hall" concept, emphasizing a warm and supportive environment for long-term patients, which includes art therapy spaces and interactive areas for family engagement [7][8] - An "AI brain" integrated into the hospital's operations allows for personalized rehabilitation plans through precise assessments and AI analysis, enhancing the effectiveness of treatment [8][9] Integration with Insurance - The hospital represents a shift in Ping An's business model from being merely a claims payer to becoming a proactive "health partner," aligning its interests with the health outcomes of its clients [10][11] - The integration of health management, top-tier medical services, and rehabilitation care creates a seamless continuum of care, enhancing patient outcomes and reducing insurance claim rates [11][13] Financial Performance - The North University Medical Group, which operates the hospital, reported a revenue of nearly 4.1 billion yuan in the first three quarters of 2025, indicating robust financial health and operational stability [14] - The collaboration between Shenzhen Beiyi Rehabilitation Hospital and Ping An's elderly care services aims to create a comprehensive care model that spans from hospital to home, enhancing the quality of life for patients [14]

Revenue Summary - China Petroleum reported a total revenue of 216.93 billion yuan, with a year-on-year decrease of 3.92% [2] - China Sinopec's revenue was 211.34 billion yuan, reflecting a significant year-on-year decline of 10.69% [2] - China Construction's revenue stood at 155.82 billion yuan, down 4.20% year-on-year [2] - China Ping An achieved a revenue of 83.29 billion yuan, marking a year-on-year increase of 7.42% [2] - China Mobile's revenue was 79.47 billion yuan, with a slight increase of 0.41% year-on-year [2] - China Railway's revenue reached 77.61 billion yuan, down 5.39% year-on-year [2] - China Railway Construction reported a revenue of 72.84 billion yuan, with a year-on-year decrease of 3.92% [2] - Industrial Fulian's revenue was 60.39 billion yuan, showing a significant increase of 38.40% year-on-year [2] - China Construction Bank's revenue was 57.37 billion yuan, with a slight increase of 0.82% year-on-year [2] Profitability Analysis - Industrial Fulian reported a net profit increase of 61.27% [5] - China Ping An's net profit increased by 11.47% to 132.86 billion yuan [9] - China Life's net profit surged by 60.54% to 167.80 billion yuan [9] - China Petroleum's net profit decreased by 4.90% to 126.28 billion yuan [9] - China Mobile's net profit increased by 4.03% to 115.35 billion yuan [9] - Vanke A reported a significant net loss of over 28 billion yuan, a year-on-year decline of 56.14% [9] Industry Performance - The banking sector's net profit exceeded 1 trillion yuan, indicating strong performance [16] - The steel and non-ferrous metal industries showed signs of recovery [16] - The construction and decoration, as well as the oil and petrochemical industries, reported the highest revenues [16]

Core Viewpoint - Insurance capital has entered a "buying" mode in equity investments, significantly increasing their holdings in A-shares as evidenced by the third-quarter reports of listed companies [1][3]. Group 1: Insurance Capital Investment Trends - As of the end of the third quarter, the number of A-shares held by insurance institutions increased by 19% compared to the end of the previous year, with the market value of these holdings rising by 18% [1][3]. - In the third quarter alone, the number of A-shares held by insurance capital grew by 14% compared to the previous quarter, with a total market value exceeding 650 billion yuan [3][6]. - Financial stocks remain a cornerstone of insurance capital investments, with their market value exceeding 300 billion yuan, accounting for nearly 50% of total holdings [3][4]. Group 2: New Investments and Sector Focus - Over 300 new stocks were added to the insurance capital's heavy holdings in the third quarter, with a total market value of over 100 billion yuan [5][6]. - The manufacturing sector accounted for the highest proportion of new investments, with over 200 new stocks and a market value exceeding 45 billion yuan [6]. - Significant new investments were also made in strategic emerging industries and high-tech manufacturing, including sectors like semiconductors and medical devices [6]. Group 3: Performance and Returns - The increase in equity investments has led to substantial returns, contributing to record-high profits for several insurance companies in the third quarter [7][8]. - For instance, China Life reported a net profit of 167.8 billion yuan for the first three quarters, a year-on-year increase of 60.5%, driven by a total investment income of 368.6 billion yuan [8]. - New China Life also saw a net profit increase of 58.9%, with a total investment income reflecting a significant growth trend in the capital market [8].

Core Insights - The insurance sector experienced a decline of 0.79% on November 3, with China Life leading the losses [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Insurance Sector Performance - China Ping An (601318) closed at 58.31, with an increase of 0.83% and a trading volume of 411,400 shares, totaling a transaction value of 2.4 billion [1] - China Life (601628) closed at 43.08, down 2.02%, with a trading volume of 228,000 shares and a transaction value of 987 million [1] - China Pacific Insurance (601601) closed at 35.13, down 1.04%, with a trading volume of 390,200 shares and a transaction value of 1.377 billion [1] - New China Life (601336) closed at 66.55, down 1.86%, with a trading volume of 217,600 shares and a transaction value of 1.451 billion [1] - China People's Insurance (601319) closed at 8.47, up 0.36%, with a trading volume of 637,800 shares and a transaction value of 540 million [1] Fund Flow Analysis - The insurance sector saw a net outflow of 445 million from institutional investors, while retail investors contributed a net inflow of 290 million [1] - The detailed fund flow for major stocks shows: - China Ping An had a net inflow of 91.035 million from institutional investors, but a net outflow of 10.2 million from retail investors [2] - China Life experienced a net outflow of 151 million from institutional investors, with a net inflow of 88.466 million from retail investors [2] - China Pacific Insurance had a net outflow of 194 million from institutional investors, with a net inflow of 104 million from retail investors [2] - New China Life faced a net outflow of 213 million from institutional investors, while retail investors contributed a net inflow of 118 million [2] - China People's Insurance had a net inflow of 21.1195 million from institutional investors, but a net outflow of 31.1978 million from retail investors [2]

截至月份: 2025年10月31日 狀態: 新提交 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 呈交日期: 2025年11月3日 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 I. 法定/註冊股本變動 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 (-) | | | | | | | | | 本月底結存 | | | 7,447,576,912 | | 0 | | 7,447,5 ...

Core Viewpoint - The opening of Shenzhen Beiyi Rehabilitation Hospital marks a significant step for Ping An in expanding its healthcare services, particularly in rehabilitation, aligning with the national strategy of building a healthy China and enhancing the integration of insurance, rehabilitation, and elderly care services [1][2][4]. Group 1: Hospital Overview - Shenzhen Beiyi Rehabilitation Hospital, operated by Peking University Health Group under Ping An, is the first self-operated hospital in Shenzhen, covering an area of nearly 30,000 square meters with 301 approved beds and an expected annual patient volume of 100,000 [1]. - The hospital aims to provide comprehensive rehabilitation services from acute to chronic care, featuring advanced facilities such as an intensive care unit and a hydrotherapy center [1][2]. Group 2: Service Model and Technology Integration - The hospital is designed to emulate top domestic institutions, focusing on high-quality medical expert teams and a unique service model that combines family-oriented care with AI technology [2][3]. - It will implement a "no companion, no worry" nursing system and a multidisciplinary team approach, integrating advanced rehabilitation technologies like exoskeleton robots and 3D gait analysis systems into its services [3]. Group 3: Strategic Importance - The establishment of the hospital is a key move in Ping An's "medical and elderly care" strategy, enhancing the quality of rehabilitation services in Shenzhen and the Greater Bay Area [2][4]. - The hospital will collaborate with Ping An's insurance, medical, and elderly care sectors to create an innovative synergy model, facilitating seamless payment experiences and reducing patient costs through integrated insurance solutions [4]. Group 4: Financial Performance and Ecosystem - As of September 2025, nearly 63% of Ping An's 250 million personal customers are utilizing services from its medical and elderly care ecosystem, indicating strong market penetration [5]. - The North University Medical Group, which includes the new rehabilitation hospital, reported a revenue of nearly 4.1 billion yuan in the first three quarters of 2025, showcasing stable and positive growth [5][6].