证券研究报告·公司点评报告·保险Ⅱ 中国人保（601319） 一季报前瞻：预计 25Q1 承保端显著改善，看 好公司短期业绩增长与长期发展优势 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 553097 | 621972 | 658207 | 707017 | 757368 | | 同比（%） | 4.4% | 12.5% | 5.8% | 7.4% | 7.1% | | 归母净利润（百万元） | 22773 | 42869 | 46112 | 51110 | 57399 | | 同比（%） | -10.2% | 88.2% | 7.6% | 10.8% | 12.3% | | BVPS-最新摊薄（元/股） | 5.48 | 6.08 | 6.64 | 7.26 | 7.96 | | P/B（现价&最新摊薄） | 1.18 | 1.06 | 0.97 | 0.89 | 0.81 | [Table_Tag] [投 ...

《通知》主要内容包括：一是上调权益资产配置比例上限。简化档位标准，将部分档位偿付能力充足率对 应的权益类资产比例上调5个百分点，进一步拓宽权益投资空间，为实体经济提供更多股权性资本。二是 提高投资创业投资基金的集中度比例。引导保险资金加大对国家战略性新兴产业股权投资力度，精准高效 服务新质生产力。三是放宽税延养老比例监管要求。明确税延养老保险普通账户不再单独计算投资比例， 助力第三支柱养老保险高质量发展。 《通知》的发布是优化保险资金资产配置的重要举措，有利于促进保险业做好金融"五篇大文章"，更好发 挥长期资金和"耐心资本"优势。下一步，金融监管总局将持续完善保险资金运用监管政策，助力经济社会 发展。 多家保险机构表示，坚定看好中国资本市场发展前景，将发挥险资长线优势，做好真正的"耐心资本"。此 外，中国太保还公告筹划回购公司A股股份。 中国太保 4月8日盘中公告，坚信中国经济长期向好的基本面没有改变，坚定看好中国资本市场发展前 景。公司坚持"价值投资、长期投资、稳健投资、责任投资"理念，看好中国权益市场长期配置价值，发挥 保险资金长期投资优势，做市场真正的耐心资本。 中国太保表示，已于4月7日增持了宽基交易 ...

Investment Rating - The report maintains a "Recommended" rating for the insurance industry, indicating a potential increase in stock prices relative to benchmark indices by over 15% [6][18]. Core Insights - The recent notification from the National Financial Supervision Administration optimizes the regulatory policy for insurance funds, increasing the equity investment ratio by 5% for certain solvency levels, which is expected to enhance the flexibility of equity investments and support capital market development [3][4]. - The theoretical potential for equity allocation among major listed insurance companies is significant, with a total potential increase of approximately 47,504 billion yuan across the sector [5][8]. - The adjustment in regulatory requirements is anticipated to facilitate long-term capital entering the market, thereby promoting stable development in the capital market and allowing insurance companies to benefit from market growth [6][7]. Summary by Sections Regulatory Changes - The notification simplifies the standards for solvency ratios and increases the upper limits for equity asset allocation for companies with solvency ratios in the ranges of [150%,200%), [250%,300%), and above 350% by 5% [3][8]. - It also raises the concentration ratio for venture capital investments and relaxes the regulatory requirements for tax-deferred pension accounts, enhancing investment flexibility [3]. Financial Metrics - As of the end of 2024, major listed insurance companies have total assets of 67,695 billion yuan (China Life), 129,578 billion yuan (Ping An), and others, with solvency ratios ranging from 186.0% to 281.0% [4][5]. - The theoretical increase in equity investment capacity for China Taiping, China Re, and China Pacific is estimated at 1,417 billion yuan, 883 billion yuan, and 867 billion yuan respectively, totaling approximately 3,168 billion yuan [4][7]. Investment Recommendations - The report suggests that the insurance sector, particularly leading companies with larger investable assets and robust investment capabilities, will benefit significantly from the regulatory changes [6][7]. - It emphasizes the importance of monitoring market conditions and suggests a focus on companies like China Taiping, China Re, and others for potential investment opportunities [6][7].

A股五大上市险企2024年年报已披露完毕。在投资收益大增的推动下，上市险企2024年业绩普遍实现大 增。 最新数据显示，五大上市险企共实现3476亿元归母净利润，同比大增77.72%。中国人寿 （601628.SH）、新华保险（601336.SH）、中国人保（601319.SH）等多家A股上市险企的归母净利润 创历史新高。同时，五大上市险企2024年的总投资收益同比涨1倍多，合计实现7969.2亿元，其中新华 保险增幅超过251%。 《中国经营报》记者注意到，业绩大幅增长下，上市险企加大分红力度。据记者统计，叠加此前的中期 分红，2024年五家上市险企合计分红907.89亿元，同比增长20.21%。 总投资收益上升拉动净利润 年报显示，中国人寿、中国平安（601318.SH）、中国人保、中国太保（601601.SH）、新华保险2024 年归母净利润分别为1069.35亿元、1266.07亿元、428.69亿元、449.60亿元、262.29亿元，较上年同期分 别增长108.9%、47.8%、88.2%、64.9%、201.1%。 2024年五家险企共计实现3476亿元的归母净利润，同比增幅高达77.72%。从 ...

2025年第一次临时股东大会议程 现场会议召开时间：2025年4月29日（星期二）上午9时00分开始 现场会议召开地点：中国北京市西城区西长安街88号中国人保大厦 网络投票时间：2025年4月29日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 票 时 间 为 股 东 大 会 召 开 当 日 的 交 易 时 间 段 ， 即 9 : 1 5 - 9 : 2 5 , 9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为股东大 会召开当日的9:15-15:00。 会议召集人：中国人民保险集团股份有限公司董事会 会议议程： 一、宣布会议开始 中国人民保险集团股份有限公司 2025年第一次临时股东大会 会议资料 2025 年 4 月 29 日 北京 1 五、休会、统计表决结果 六、宣布现场表决结果 2 二、介绍会议基本情况、监票人和计票人 三、审议各项议案 四、填写表决表并投票 2025年第一次临时股东大会审议事项 普通决议案： 1、关于集团公司董事与监事2023年度薪酬清算方案的议案 2、关于选举徐向先生为公司第五届董事会非执行董事的议案 3 议案一 关于集团公司董事与监事 202 ...

中国人民保险集团股份有限公司 关于召开 2025 年第一次临时股东大会的通知 证券代码：601319 证券简称：中国人保 公告编号：2025-013 股东大会召开日期：2025年4月29日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2025 年第一次临时股东大会 召开的日期时间：2025 年 4 月 29 日 9 点 00 分 召开地点：中国北京市西城区西长安街 88 号中国人保大厦 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 4 月 29 日 至 2025 年 4 月 29 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 ...

Core Insights - China Pacific Insurance is committed to enhancing its service capabilities in Jiangsu, focusing on various sectors including technological innovation, rural revitalization, and public welfare [1][2][3] Group 1: Service Innovation and Product Development - The company plans to innovate products and optimize service models to support Jiangsu's economic development, aiming to provide robust insurance support for the province's growth [1] - In 2024, the company will launch six national first products in the technology sector, providing over 3 trillion yuan in risk coverage for 11,497 technology enterprises [1] Group 2: Support for National Strategies and Agriculture - The company has developed over 360 agricultural insurance products, providing risk coverage exceeding 1 trillion yuan for 2.959 million farming households in 2024, with a 39.2% increase in agricultural insurance payouts [2] - The agricultural insurance initiative aims to expand coverage and improve product offerings, aligning with national strategic goals [2] Group 3: Social Welfare and Financial Inclusion - The company focuses on inclusive finance, providing insurance services to over 86 million people and covering 11 million individuals under the "惠民保" program, with annual payouts exceeding 200 million yuan [2] - It has provided risk coverage of over 800 billion yuan for 580,000 new citizens, demonstrating a commitment to social welfare [2] Group 4: Commitment to Quality Development - The company emphasizes the importance of enhancing basic public services and social security systems to address community needs effectively [3] - It aims to leverage technology and innovation to improve customer service and business development, while also focusing on cost control and management efficiency [5] Group 5: Future Directions - China Pacific Insurance will continue to strengthen its role in supporting technological innovation, deepening reform, and ensuring public welfare, contributing to Jiangsu's high-quality economic development [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - Despite natural disasters in the first and third quarters affecting underwriting performance, these short-term factors do not impact the company's solid fundamentals and profitability. The long-term concentration in the industry is expected to continue rising due to enhanced market competition regulation, leading to improvements in both asset and liability sides and upward valuation potential [2][12]. - The company achieved a net profit of 42.87 billion yuan in 2024, representing a year-on-year increase of 88.2%. The comprehensive cost ratio for property insurance was 98.5%, up 0.9 percentage points year-on-year. The new business value for life insurance grew by 114.2% year-on-year, while health insurance new business value increased by 143.6% [6][12]. Summary by Sections Financial Performance - The company reported a total investment income of 82.16 billion yuan in 2024, an increase of 86.2% year-on-year, with a total investment return rate of 5.6%, up 2.3 percentage points year-on-year [12]. - The comprehensive cost ratio for auto insurance improved slightly to 96.8%, with original premium income of 297.39 billion yuan, a year-on-year growth of 4.1% [12]. - Non-auto insurance premium growth slowed, with agricultural insurance premiums declining by 5.7% year-on-year due to selection rhythm impacts, and the cost ratio for non-auto insurance rising to 97.3%, an increase of 3.3 percentage points year-on-year [12]. Business Segments - The life insurance segment saw a significant increase in new business value, with a year-on-year growth of 114.2%. The first-year premium income for life and health insurance grew by 1.6% and 50.2% respectively [12]. - Adjustments in economic assumptions for the value system did not hinder the high growth in new business value, with the new business value rate for life and health insurance increasing by 3.5 and 9.8 percentage points year-on-year respectively [12]. Market Outlook - The company is optimistic about the future potential for asset and liability improvements, with expectations of continued upward valuation space in the context of increasing market concentration and regulatory enhancements [2][12].

Core Viewpoint - China People's Insurance Group is actively enhancing its internal compliance and anti-corruption measures through a series of educational initiatives aimed at its leadership and employees, emphasizing the importance of political integrity and discipline [1][2]. Group 1: Educational Initiatives - A recent warning education activity involved 90 party leaders visiting a prison to learn from the experiences of inmates, aiming to instill a deeper understanding of political standards and integrity [1]. - The group has conducted nearly 800 specialized warning education meetings and over 700 lectures on integrity education by party secretaries since the initiation of these educational efforts [1]. Group 2: Risk Management and Prevention - The group has developed major integrity risk prevention operational guidelines to prevent the abuse of power among party leaders, likening these guidelines to a "tightening" mechanism for various roles and processes [2]. - Continuous production of the "Cure the Ills and Treat the Chaos" educational series aims to educate and alert party members about integrity and ethical boundaries [2]. - The group is committed to enhancing political awareness and maintaining a clean political character among its members through ongoing education and adherence to central regulations [2].

Investment Rating - The report indicates a positive outlook for the insurance sector, highlighting significant profit growth driven by investment returns and robust performance in both life and non-life insurance segments [6]. Core Insights - Profit growth for listed insurance companies is substantial, with net profit growth rates for 2024 projected as follows: Xinhua (+201.1%), China Life (+131.6%), ZhongAn (+105.4%), PICC (+88.2%), Taiping (+64.9%), Ping An (+47.8%), and China Pacific Insurance (+30.9%) [1][13]. - The report emphasizes that the strong performance is primarily due to favorable capital market conditions, which have positively impacted the asset side of the companies [1][13]. - The report also notes a decline in the dividend payout ratio under new standards, although the absolute value of dividends has increased significantly [2][23]. Summary by Sections Financial Performance - Net profit for five listed insurance companies increased by 82% year-on-year, driven by improved investment returns from both equity and bond markets [13]. - The operating profit for major companies like Ping An and China Life showed positive growth, with Ping An's profit increasing by 9.1% and China Life's by 131.6% [14][13]. - The report highlights a mixed performance in contract service margins, with most companies achieving positive growth [20]. Life Insurance - New Business Value (NBV) growth is robust, with notable increases for companies such as PICC (+127.0%) and Xinhua (+106.8%) [3]. - The margin improvements are attributed to better payment structures and a unified approach in bancassurance channels [3][4]. - The report indicates that the economic assumptions adjustments have led to a generally positive outlook for Embedded Value (EV) growth across most companies, with China Life and Sunshine showing impressive growth rates of 11.2% [36]. Non-Life Insurance - The report notes a divergence in growth rates for non-auto insurance, with companies like ZhongAn (+13.4%) and Sunshine (+8.1%) performing well [5]. - The combined ratio (COR) performance varies, with ZhongAn at 96.9% and Ping An at 98.3%, reflecting the impact of natural disasters on claims [5][39]. - The report suggests that the non-auto insurance segment is driven by health and liability insurance products [5]. Investment Recommendations - The report recommends focusing on two main lines for insurance stocks: the non-life insurance sector, which is expected to see high profit growth due to dual improvements in underwriting and investment, and the life insurance sector, particularly Xinhua and China Taiping, which are noted for their high beta and strong new business quality [6].