二、中国平安人寿保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 一、同意中国平安人寿保险股份有限公司青岛市李沧第二支公司将营业场所变更为：青岛市李沧区巨峰 路176号金水信联天地3号楼31层3106-3108。 2025年11月10日，国家金融监督管理总局青岛监管局发布批复称，《中国平安（601318）人寿保险股份 有限公司青岛分公司关于青岛市李沧第二支公司地址变更的请示》（平保寿青岛分发〔2025〕172号） 收悉。经审核，现批复如下： ...

二、中国平安人寿保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 2025年11月10日，国家金融监督管理总局青岛监管局发布批复称，《中国平安（601318）人寿保险股份 有限公司青岛分公司关于李沧营销服务部地址变更的请示》（平保寿青岛分发〔2025〕173号）收悉。 经审核，现批复如下： 一、同意中国平安人寿保险股份有限公司青岛分公司李沧营销服务部将营业场所变更为：青岛市李沧区 巨峰路176号金水信联天地3号楼32层3208-3211。 ...

3、业绩相较估值有吸引力：我们预期大部分上市险司25-26年roe可以达到15-25%，当前pb和pev仅为1- 1.2倍和0.5-0.7倍，处于历史中枢偏下位置。 保险证券ETF紧密跟踪中证800证券保险指数，中证800证券保险指数是在中证800指数的基础上，选择 证券保险行业内对应的证券作为指数样本，为投资者提供更多样化的投资标的。 数据显示，截至2025年10月31日，中证800证券保险指数(399966)前十大权重股分别为中国平安 (601318)、东方财富(300059)、中信证券(600030)、国泰海通(601211)、中国太保(601601)、华泰证券 (601688)、中国人寿(601628)、广发证券(000776)、招商证券(600999)、东方证券(600958)，前十大权重 股合计占比62.44%。 截至2025年11月14日 11:03，中证800证券保险指数(399966)成分股方面涨跌互现，华创云信(600155)领 涨4.02%，中国平安(601318)上涨0.87%，中国人保(601319)上涨0.45%；华泰证券(601688)领跌。保险证 券ETF(515630)最新报 ...

格隆汇11月14日｜A股市场中国平安(601318.SH)早盘逆势拉升，一度涨超2%报62.27元，股价创2021年4 月以来新高。 中国平安近期的强势，或源于近日公布的亮眼的三季报。财报显示，中国平安2025年前 三季度实现归属于母公司股东的净利润1328.56亿元，同比增长11.5%。其中，第三季度归母净利润 648.09亿元，同比大增45.4%，扣非净利润684.86亿元，同比大增81.5%，均录得平安上市以来单季度最 高值。 此外，由于保险产品预定利率连续三年下调，分红险在经历多年沉寂后快速回归市场主流。华 泰证券认为，分红险今年的销售情况好于预期，有望在明年推动负债端保持有韧性的增长。展望2026 年，保险行业在低利率的背景下或将全面转向分红险。预计在分红险推动下，上市险企2026年NBV(寿 险及健康险新业务价值)增速中枢有望达到20%左右。值得注意的是，在几大上市险企中，中国平安的 代理人产能(人均NBV)表现居行业前列。三季报数据显示，前三季度中国平安寿险及健康险新业务价值 (NBV)357.24亿元，同比增长46.2%，增速较上半年的39.8%进一步加快。 ...

Core Viewpoint - China Ping An's stock price has shown a significant increase this year, with a year-to-date rise of 23.96% and a recent uptick of 5.45% over the last five trading days [1] Financial Performance - For the period from January to September 2025, China Ping An reported a net profit attributable to shareholders of 132.86 billion yuan, reflecting a year-on-year growth of 11.47% [2] - The company has cumulatively distributed dividends amounting to 391.90 billion yuan since its A-share listing, with 134.54 billion yuan distributed over the last three years [3] Stock Market Activity - As of November 14, China Ping An's stock was trading at 62.10 yuan per share, with a market capitalization of 1,124.49 billion yuan [1] - The stock experienced a net inflow of 12.65 million yuan from major funds, with significant buying activity from large orders [1] Shareholder Information - As of September 30, 2025, the number of shareholders for China Ping An was 696,200, a decrease of 3.43% from the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Huaxia SSE 50 ETF, with notable reductions in their holdings [3]

商报讯(记者苗露)近段时间，各大险企陆续揭开2026年"开门红"之战的序幕。活动期间，分红险依旧成 为了当之无愧的"C位"，部分险企还玩起了"饥饿营销"——通过限额销售、限时销售刺激消费者购买保 单，意在为来年业绩打下良好基础。 业内人士认为，"饥饿营销"短期内确实能实现保单的快速销售，但是在销售过程中，营销员也要重视销 售行为的规范性，不能通过宣传过高的预期收益误导消费者。消费者也应根据自身资金规划理性购买分 红险产品，勿被高收益演示或"最后额度"等宣传方式迷惑。 险企"开门红"大战再起分红险仍站"C位" 进入11月以来，各大险企推陈出新的频率加快。11月6日，新华保险宣布重磅推出其"开门红"主打产品 ——盛世荣耀庆典版终身寿险(分红型)。11月8日，平安人寿宣布推出平安御享金越(2026)终身寿险(分 红型)和平安御享金越年金保险(分红型)。 事实上，在此之前，中国人寿寿险公司也曾宣布推出鑫鸿福养老年金险(分红险)。更早前的9月29日， 泰康人寿宣布推出鑫享世家2026保险产品，采用"固定利益+浮动分红"双轮驱动的模式抵御市场波动风 险。 综合来看，2026年度的险企"开门红"产品结构呈现显著变化，其中， ...

Core Insights - The insurance industry is launching the "开门红" (Opening Red) campaign for 2026, focusing on dividend insurance products despite a trend towards diminishing this marketing concept [1][3] - The main products promoted during this period are dividend insurance, which offers a guaranteed interest rate of 1.75% and a total return of at least 3.2% [1][2] Industry Trends - Multiple insurance companies are introducing dividend insurance products, including China Life, Xinhua Insurance, and Ping An Life, indicating a shift towards these products as a primary offering [2] - The design of dividend insurance, which combines guaranteed benefits with floating dividends, appeals to customers seeking asset appreciation in a low-interest environment [2] Marketing Strategies - Insurance companies are employing various strategies to attract customers during the "开门红" period, such as lowering the minimum investment threshold and offering higher returns [2] - Some companies are providing limited-time offers, with significant reductions in the minimum purchase amounts for certain products [2] Regulatory Environment - Regulatory bodies have expressed concern over potential sales misconduct during the "开门红" period, prompting guidelines to ensure ethical marketing practices [3] - The financial regulatory authority issued a notice in October 2023 to enhance management and promote stable development in the life insurance sector [3] Customer Engagement - The industry is shifting from short-term marketing tactics to a focus on long-term customer retention through improved service experiences [4] - Companies are encouraged to develop a comprehensive product system that meets customer needs throughout their life stages, integrating health management and retirement services [4]

Core Insights - The net profit of the property insurance industry in Q3 2025 has surpassed 700 billion, marking a significant increase driven by both investment income and underwriting profits [7][9][11] - The "Big Three" insurance companies continue to dominate, with notable profits from PICC exceeding 300 billion and Ping An exceeding 150 billion [26][28] - Insurers with a scale of around 300 billion have doubled their profits, with China Life exceeding 34 billion and others like ZhongAn and Sunshine surpassing 10 billion [31][33] - A total of 16 insurance companies turned losses into profits, with BYD Insurance achieving profitability largely due to a zero commission rate [34][38] Profit Performance - In Q3 2025, 86 property insurance companies reported a total net profit of 778 billion, an increase of approximately 271 billion or over 53% year-on-year [8][11][19] - The average investment return rate for these companies rose to 3.03%, up from 2.05% in the previous year [11][14] - The overall cost ratio for the industry has improved, with over 60% of companies reporting a decrease in their comprehensive cost ratio [14][28] Company Rankings - The top three companies, known as the "Big Three," accounted for 74% of the industry's net profit, with PICC contributing 115 billion alone [19][26] - The profit rankings show that PICC leads with 336.29 billion, followed by Ping An with 155.55 billion, and Taiping with 87.67 billion [21][22][26] - Companies with profits exceeding 10 billion include China Life, ZhongAn, Sunshine, and Dadi, reflecting a strong recovery in the industry [31][33] Losses and Challenges - Despite the overall positive performance, 8 companies reported losses, with Qianhai United being the most significant at -0.64 billion [40][41] - The losses are primarily concentrated in smaller insurance companies, which struggle with high cost ratios and insufficient premium income [44][45] - Companies like Longjiang and Rongsheng have faced continuous losses due to high comprehensive cost ratios, making it difficult to offset losses with investment income [44][45]

Core Insights - The true value of large models lies in deep specialization within vertical fields, which enhances the overall intelligence density of the ecosystem [1] - Ping An's AI strategy, termed "AI in All," aims to redefine service margins and transition from a labor-intensive model to one led by a few skilled professionals managing a group of robots [1][2] AI as a Value Creation Center - AI technology is the core engine driving Ping An's "Finance + Technology" and "Finance + Ecosystem" strategies, evolving through three stages: small models, strong thinking models, and now scaling capabilities [2] - The AI-driven insurance system has achieved a 4000-fold increase in damage assessment speed, processing over 40,000 claims daily, and is the only automated damage assessment platform in large-scale production [2][3] Applications in Various Sectors - In smart city initiatives, Ping An has developed a multi-layered financial risk warning and economic decision-making system, achieving over 90% recall rate for defaulting companies and 85% accuracy in macroeconomic predictions [3] - The "Yibotong" model in healthcare has improved consultation and diagnosis accuracy to 99% and 94%, respectively, utilizing 200 billion medical tokens [3] Balancing Privacy and Data Value - Ping An focuses on vertical specialization in AI, establishing a robust research and organizational structure to support rapid model development and deployment [4][5] - The company employs a dual-track framework of "technology + system" to balance data value extraction with user privacy protection [5] Competitive Advantages and Future Directions - Ping An's "Five Wisdom" strategy emphasizes intelligent marketing, services, operations, management, and business, leveraging open-source models for vertical innovation [6][7] - The transition from "perceptual" to "operational" AI applications has led to the creation of over 57,000 intelligent agents, significantly enhancing operational efficiency [7][8] Systemic Impact of AI - The deep application of AI models is creating a chain reaction, leading to the emergence of "AI-native applications" and systemic intelligent agents that share capabilities through a unified model base [8][9] - The focus on model safety and interpretability is critical for compliance and ethical standards, especially in finance and healthcare sectors [9]

Core Viewpoint - Ping An Asset Management Company has increased its stake in CRRC Corporation Limited's H-shares to 6.47% [1] Group 1 - Ping An Asset Management Company is a significant investor in CRRC Corporation Limited, reflecting confidence in the company's performance and prospects [1] - The increase in stake indicates a strategic move by Ping An to enhance its investment portfolio in the transportation and rail industry [1]