（文章来源：新京报） 新京报贝壳财经讯（记者潘亦纯）3月27日，在中国平安2025年度业绩发布会上，中国平安高管在回应 黄金投资相关问题时表示，黄金是平安资产配置中的重要资产类别。去年年初，平安已经开始配置一定 数量的黄金投资，其带来的投资回报达到预期效果。未来，平安将把黄金作为投资资产配置中的策略资 产之一，持续关注黄金的走势。 ...

转自：智通财经 【中国平安联席CEO郭晓涛：今年中国资本市场整体向好 基础设施、医疗健康养老、高股息等是相对 确定性的资产】智通财经3月27日电，在中国平安2025年度业绩会上，中国平安联席首席执行官郭晓涛 表示，今年有非常多不确定性，全球资本市场波动加剧，但中国市场全年整体向好。今年的投资是在不 确定性中寻找确定性，比如基础设施、医疗健康养老、高股息等就是相对确定性的资产。此外，黄金的 投资回报已达到预期效果，仍将其放在资产类别和组合策略中，也会持续关注这类资产。（证券时报） ...

Investment Rating - The investment rating for the company is "Buy" and is maintained for both A-shares and H-shares [7]. Core Insights - The company reported a net profit attributable to shareholders of RMB 134.8 billion for 2025, representing a year-on-year growth of 6.5%, which aligns with expectations [1]. - The operating profit after tax (OPAT) was RMB 134.4 billion, showing a year-on-year increase of 10.3%, slightly exceeding expectations [1]. - The total investment return rate is estimated at approximately 4.6%, although this may be offset by one-time factors [1]. - Non-loan impairments decreased significantly to RMB 19.7 billion from RMB 36.5 billion in the previous year, indicating improved asset quality in the asset management sector [1]. - The new business value (NBV) for life insurance grew by 29%, indicating strong growth momentum [2]. - The comprehensive cost ratio (COR) for property insurance improved to 96.8%, reflecting better underwriting performance [3]. - The company is expected to maintain strong NBV growth in 2026, with a target price of RMB 76 for A-shares and HKD 75 for H-shares [5]. Summary by Sections Life Insurance - The NBV for life and health insurance increased by 29.3%, with a significant improvement in profit margins, reaching 28.5% [2]. - The individual insurance channel saw a 10.4% increase in NBV, while the bancassurance channel experienced a remarkable growth of 138.0%, contributing 25% to the overall NBV [2]. - The company anticipates a 30% growth in NBV for life and health insurance in 2026 [2]. Property Insurance - Property insurance premium income grew by 6.6%, with motor insurance premiums increasing by 3.2% and non-motor insurance premiums rising by 3.5% [3]. - The COR for property insurance improved by 1.5 percentage points to 96.8%, with notable improvements in loss and expense ratios [3]. - The company expects a COR of 96.5% for property insurance in 2026 [3]. Investment Performance - The net investment return rate for insurance funds was 3.7%, a slight decrease of 0.1 percentage points year-on-year, while the total investment return rate increased slightly [4]. - The company's net assets surpassed RMB 1 trillion, growing by 7.7% year-on-year, with the embedded value (EV) reaching RMB 1.5 trillion, reflecting an 11.2% increase in life insurance EV [4]. Profit Forecast and Valuation - The net profit for the banking business decreased by 4.2% year-on-year due to a decline in net interest margins and non-interest income [5]. - The EPS forecasts for 2026, 2027, and 2028 have been slightly adjusted downwards to RMB 7.30, RMB 7.55, and RMB 7.72 respectively [5]. - The target price based on DCF remains unchanged at RMB 76 for A-shares and HKD 75 for H-shares, maintaining a "Buy" rating [5].

Core Viewpoint - China Ping An emphasizes a balanced channel structure in its life insurance segment, which includes agents, bancassurance, and community finance channels, allowing the company to effectively withstand market fluctuations and achieve sustainable growth [1] Group 1: Channel Structure - The company maintains a balanced channel structure with agents, bancassurance, and community finance, which helps mitigate the impact of market volatility on performance [1] - The agent force is undergoing a high-quality transformation, leading to increased productivity per agent and an improved proportion of high-performing agents within the overall agent pool [1] - The promotion rate of supervisors is also increasing, indicating a stronger and more effective agent team capable of competing in the market [1] Group 2: Growth Strategy - The balanced channel structure enables the company to seize new market opportunities as they arise, ensuring continuous growth potential [1] - The company is actively developing its community finance channel to complement its existing channels and capture market growth [1] - The strategic focus is on achieving "high-value growth" as part of the company's goals for 2026, ensuring resilient and sustainable growth that aligns with both value and scale [1]

OPAT 及分红稳健，银保成 NBV 增长引擎 中国平安(601318) ——中国平安 2025 年年报业绩点评 | [Table_Authors] 姓名 | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | 李嘉木(分析师) | 021-38038619 | lijiamu@gtht.com | S0880524030003 | | 唐关勇(分析师) | 021-38031032 | tangguanyong@gtht.com | S0880526030006 | 本报告导读： 公司 25 年归母净利润同比+6.5%，归母 OPAT 同比+10.3%，股息同比+5.9%；银保 渠道驱动 NBV 增长；产险 COR 改善，资产配置"股升债降"。维持"增持"。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- ...

北京商报讯（记者 李秀梅）3月27日，中国平安召开2025年度业绩发布会。对于海外投资市场，中国平 安联席首席执行官郭晓涛表示，持续关注短期波动，投资时会考虑长周期和根因变化。 ...

3月27日金融一线消息，中国平安今日召开2025年度业绩说明会。谈及投资，中国平安副总经理郭晓涛 详细介绍了平安全球急难救援服务的战略升级与核心价值。 郭晓涛表示，服务体系建设是平安集团第四个10年的一个非常重要的战略方向。尤其是在今天金融市场 进入到了一个同质化内卷化竞争的时代，平安的目标与战略，是用"金融+服务"的体系打造差异化竞争 优势，这也体现出十五五期间"投资于人"的发展方向。 全球急难救援服务是平安今年最重要的服务升级之一。据郭晓涛介绍，该服务平安已提供多年，本次实 现两大关键升级：第一是场景全面升级，覆盖室内室外、国内国外全场景。针对日益增长的出境旅游、 留学需求，为海外客户解决丢失护照、钱包、遭遇抢劫或突发疾病等困境。针对国内超50%的60岁以上 空巢老人群体，通过毫米波雷达、24×7养老管家与家庭医生，第一时间检测老人跌倒等意外，同步联 动120、110与医院，通知救援团队立即上门施救。 郭晓涛表示，人们永远无法预知意外与明天哪个先到，平安希望通过这项服务，为客户在任何场景、任 何地点、任何时间都提供可靠保障。 3月27日金融一线消息，中国平安今日召开2025年度业绩说明会。谈及投资，中国平 ...

Core Viewpoint - China Ping An emphasizes the importance of AI and technology investment as a critical strategy for the company's future growth and competitiveness in the industry [1][2] Group 1: Technology Investment and Strategy - The company has integrated over 700 million internet registered users across its various apps, enhancing customer experience and operational efficiency [1] - A significant technological platform upgrade named "Comprehensive Financial Integration" has been implemented, consolidating multiple apps into a single platform to streamline user access and data management [1] - The cost of issuing credit cards through the integrated app platform has been reduced by over 50% compared to traditional internet public channels [1] Group 2: Business Growth and Customer Experience - The ongoing technology investments are expected to lead to cost savings and continuous improvement in customer experience, positively impacting business development and growth [2] - The company plans to maintain its focus on technology and AI investments through 2026, reinforcing its commitment to innovation in the financial services sector [2]

Core Viewpoint - China Ping An emphasizes its commitment to the "14th Five-Year Plan," which includes the goal of becoming a financial powerhouse, providing strategic guidance for the financial industry [1] Group 1: Business Strategy - The company highlights its core feature of personal comprehensive finance, integrating life insurance, property insurance, and retail banking to implement a people-centered development philosophy [1] - Medical and elderly care are identified as strategic pillars aimed at meeting the public's demand for a better quality of life [1] Group 2: Healthcare Initiatives - China Ping An is actively advancing its medical and elderly care initiatives by investing in Peking University Health Science Center, Peking University International Hospital, and six affiliated hospitals, along with over 3,000 cooperative top-tier hospitals and more than 100,000 health management institutions [1] - The company aims to achieve deep integration of insurance products with medical and elderly care services through an innovative "insurance + service" model, aligning with the Healthy China strategy [1] Group 3: Strategic Alignment - The "14th Five-Year Plan" provides clear guidance for the company to continue its mission of serving the real economy and prioritizing the needs of the people, validating the correctness of its existing strategy [1]

"这两年市场和投资者对中国平安有非常多的认可，但我觉得估值还处于低位，相信会有更多投资者认 可公司，金子的光会越来越亮。"付欣表示。 北京商报讯（记者 李秀梅）3月27日，中国平安召开2025年度业绩发布会。对于中国平安股价，中国平 安副总经理兼首席财务官付欣表示，股价表现要看整个行业、看公司、看估值。 ...