中国太保发布2024 年年报。2024 年，公司实现归母净利润449.60 亿元，同比+64.9%；归母营运利润 344.25 亿元，同比+2.5%；内含价值5,602.66 亿元，较上年末+6.2%；加权平均ROE 为16.6%，同比 +5.2pp。基于2023 年经济假设（投资收益率4.5%，RDR 9%），太保寿险新业务价值为172.87 亿元（计 算值），同比+57.7%。太保产险COR 为98.6%，同比+0.9pp。公司拟派发2024 年现金股利每股1.08 元 （含税），共计分配103.90 亿元，占归母净利润的23.1%；对应3 月27 日A/H 股收盘价股息率分别为 3.35%/4.65%。 投资假设和RDR 均下调50bp。 公司2024 年报下调长期险业务的未来投资收益率假设至4.0%（2023 年为4.5%）,下调RDR 假设至 8.5%（2023 年为9%）。按2024 年经济假设，太保寿险新业务价值为132.58 亿元，因经济假设变化，寿 险新业务价值减少40.29 亿元。 寿险：NBV 大幅增长，业务结构优化。 保费方面，2024 年太保寿险实现规模保费2,610.80 亿元，同 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a significant increase in value and strong investment performance in its 2024 annual report, with a net profit of 44.96 billion yuan, up 64.9% year-on-year [2] - The company's embedded value reached 560.27 billion yuan, an increase of 6.2% from the previous year, and the weighted average ROE was 16.6%, up 5.2 percentage points year-on-year [2] - The company plans to distribute a cash dividend of 1.08 yuan per share, totaling 10.39 billion yuan, which represents 23.1% of the net profit attributable to shareholders [2] Summary by Sections Financial Performance - In 2024, the company achieved a net profit of 44.96 billion yuan, a year-on-year increase of 64.9%, and an operating profit of 34.43 billion yuan, up 2.5% year-on-year [2] - The new business value for life insurance was calculated at 17.29 billion yuan, reflecting a year-on-year increase of 57.7% [2][5] - The company’s total investment income surged to 120.39 billion yuan, a 130.5% increase year-on-year, primarily due to significant growth in fair value changes [8] Life Insurance Segment - The life insurance segment reported a premium income of 261.08 billion yuan, up 3.3% year-on-year, with the agent channel contributing 202.48 billion yuan, a 3.6% increase [4] - The new business value (NBV) for the life insurance segment was 17.29 billion yuan, with a NBV margin of 21.9%, an increase of 8.6 percentage points year-on-year [5] Property and Casualty Insurance Segment - The property and casualty insurance segment achieved a premium income of 201.24 billion yuan, up 6.8% year-on-year, although the underwriting profit decreased by 35.5% to 2.67 billion yuan [6] - The combined ratio for property and casualty insurance was 98.6%, reflecting a 0.9 percentage point increase year-on-year [6] Investment Performance - The company reported a net investment income of 82.80 billion yuan, a year-on-year increase of 6.5%, with a net investment yield of 3.8% [8] - The asset allocation as of the end of 2024 showed bonds accounting for 60.1% of the portfolio, an increase of 8.4 percentage points year-on-year [8] Future Outlook - The company has raised its earnings forecast, expecting revenues of 415.44 billion yuan and 421.88 billion yuan for 2025 and 2026, respectively [9] - The projected net profit for 2025 and 2026 is 45.46 billion yuan and 46.16 billion yuan, respectively, with an EPS of 4.73 yuan and 4.80 yuan [9]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a significant increase in value and strong investment performance in its 2024 annual report, with a net profit of 44.96 billion yuan, up 64.9% year-on-year [2] - The embedded value reached 560.27 billion yuan, an increase of 6.2% compared to the end of the previous year [2] - The weighted average ROE was 16.6%, an increase of 5.2 percentage points year-on-year [2] - The new business value for life insurance was calculated at 17.29 billion yuan, reflecting a year-on-year increase of 57.7% [2] Summary by Sections Financial Performance - The company achieved a net profit of 44.96 billion yuan in 2024, a year-on-year increase of 64.9% [2] - The operating profit was 34.43 billion yuan, up 2.5% year-on-year [2] - The company plans to distribute a cash dividend of 1.08 yuan per share, totaling 10.39 billion yuan, which accounts for 23.1% of the net profit [2] Life Insurance Segment - The life insurance segment reported a premium income of 261.08 billion yuan, a year-on-year increase of 3.3% [4] - The new business value (NBV) for life insurance was 17.29 billion yuan, up 57.7% year-on-year [5] - The agent channel's NBV was 12.43 billion yuan, an increase of 37.1% year-on-year, while the bank insurance channel's NBV surged by 134.8% to 4.35 billion yuan [5] Property and Casualty Insurance Segment - The property and casualty insurance segment achieved a premium income of 201.24 billion yuan, a year-on-year increase of 6.8% [6] - The combined ratio was 98.6%, with a claims ratio of 70.8% and an expense ratio of 27.8% [6] Investment Performance - The company reported a net investment income of 82.80 billion yuan, a year-on-year increase of 6.5% [8] - Total investment income reached 120.39 billion yuan, up 130.5% year-on-year, primarily due to significant gains in fair value changes [8] - The investment yield was 5.6%, an increase of 3.0 percentage points year-on-year [8] Future Outlook - The company has raised its earnings forecast, expecting revenues of 415.44 billion yuan and 421.88 billion yuan for 2025 and 2026, respectively [9] - The projected net profit for 2025 and 2026 is 45.46 billion yuan and 46.16 billion yuan, respectively [9] - The EPS for 2025 and 2026 is expected to be 4.73 yuan and 4.80 yuan, respectively [9]

价值投资再迎"利器" 多只科创综指增强基金获批 3月27日，天弘基金、大成基金、博道基金、国投瑞银基金等多家公募机构旗下科创综指增强基金正式 获批。科创综指是今年发布的重磅宽基指数，覆盖科创板全部符合标准的上市公司证券，全面反映科创 板整体表现。该指数自发布以来受到公募机构的积极布局，此次公募机构继续布局科创综指增强基金， 在业内人士看来，科创综指与指数增强策略具有天然契合点，可为投资者布局科技产业提供又一"利 器"。（证券日报） 博时基金去年净利润15.28亿 公募管理规模1.09万亿增长14.99% 招商证券的2024年年报提到，其持有49%股权的博时基金在2024年实现营业收入45.89亿元，较2023年 微增46.63万元；净利润为15.28亿元，较2023年增加1693.47万元，增幅为1.12%。截至2024年底，博时 基金资产管理规模（含子公司管理规模）1.72万亿元，较2023年末增长9.78%，其中公募基金管理规模 1.09万亿元，较2023年末增长14.99%；非货币公募基金管理规模6311亿元，较2023年末增长18.71%； ETF规模突破1300亿元人民币。（智通财经） 投资收益助推 ...

财险量升价减，大灾阶段性影响赔付表现。24 年公司保险服务收入yoy+8.1%至1913.97 亿元，COR 达 98.6%，yoy+0.9pct；其中，综合赔付率/综合费用率yoy+1.7pct /-0.8pct 至70.8%/27.8%，承保利润yoy- 35.5%至26.72 亿元。1）车险：保费yoy+3.7%至1073.02 亿元，COR 受大灾影响yoy+0.6pct 至98.2%，承 保利润yoy-22.5%至18.68 亿元。新能源车险保费贡献占比达17%。2）非车险：保费yoy+10.7%至939.41 亿元，COR 受自然灾害频发影响+1.4pct 至99.1%，承保利润yoy-53.5%至8.04 亿元。 投资表现亮眼。2024 年权益市场反弹带动投资收益高增，公司净/总/综合投资收益率分别为 3.8%/5.6%/6.0%，yoy-0.2pct/+3.0pct/+3.3pct；期末，公司投资资产yoy+21.5%至2.73万亿元，债权类资 产、股权类资产、现金及现金等价物、定期存款、投资性房地产占比分别为 75.9%/14.5%/1.5%/6.4%/0.3%，较23 年末水平+1.4pc ...

Core Viewpoint - Insurance funds are increasingly allocating to equity assets, with a record number of stake acquisitions in the first quarter of 2024, indicating a strategic shift towards equity investments in response to market opportunities and low interest rates [1][2][3]. Group 1: Stake Acquisitions - Six insurance companies have announced 11 stake acquisitions this year, surpassing the total for the same period last year and setting a new quarterly record [2]. - Notable acquisitions include China Shenhua and CITIC Bank, with significant holdings reaching approximately RMB 49.36 billion for China Shenhua [2]. - The stocks targeted for acquisition primarily include banks and public utilities, with a focus on H-shares [2]. Group 2: Investment Strategy - Insurance companies are adjusting their asset allocation strategies to enhance returns in a low-interest-rate environment, emphasizing the importance of equity investments [4][5]. - China Life has increased its equity investments by over RMB 100 billion in 2024, while China Pacific Insurance has raised its equity asset allocation to 11.2% [4]. - The investment approach combines high-dividend stocks with growth stocks, aligning with national economic development trends [4][6]. Group 3: Diversification and Risk Management - Insurance companies are adopting diversified asset allocation strategies to mitigate the impact of equity market volatility on financial statements [7]. - The approval of long-term investment reform trials for insurance companies aims to facilitate the entry of long-term funds into the market, with a total of RMB 1,620 billion approved [7]. - The entry into gold investments by several insurance companies is seen as a way to optimize asset allocation and reduce risk, with gold providing a hedge against inflation and market fluctuations [8].

Investment Rating - The report maintains a "Buy" rating for China Pacific Insurance (601601) [2][8] Core Views - The company's new business value (NBV) grew by 57.7% year-on-year, significantly exceeding expectations, while the agent scale has stabilized [6][8] - The company adjusted its long-term investment return assumptions down by 50 basis points to 4.0%, and the risk discount rate by 50 basis points to 8.5% [6] - The expected net profit for 2024 is projected at 44.96 billion yuan, representing a year-on-year increase of 64.9% [5][10] Financial Performance - For 2024, the company achieved a net profit of 44.96 billion yuan and an operating profit of 34.43 billion yuan, with year-on-year growth rates of 64.9% and 2.5% respectively [5][10] - The company's total revenue for 2024 is expected to be 404.09 billion yuan, reflecting a year-on-year growth of 24.7% [10][12] - The earnings per share (EPS) for 2024 is projected to be 4.67 yuan, with a year-on-year increase of 64.9% [10][12] Investment Performance - The company's investment income for 2024 is expected to reach 26.91 billion yuan, with a significant increase driven by the rebound in equity markets [8][12] - The total investment assets increased by 21.5% year-on-year to 27.3 trillion yuan, with equity assets contributing significantly [8] Market Data - As of March 27, 2025, the closing price of the stock is 32.20 yuan, with a market capitalization of 220.41 billion yuan [2][10] - The price-to-earnings (P/E) ratio for 2024 is projected at 6.89, indicating a favorable valuation [10][12]

Core Viewpoint - The insurance industry is shifting from scale expansion to value creation, with China Pacific Insurance (Group) Co., Ltd. undergoing significant management changes and reforms, raising concerns about its effectiveness and future prospects [1][3]. Financial Performance - In 2024, China Pacific Insurance achieved total revenue of 404.09 billion yuan, a year-on-year increase of 24.7%, with net profit attributable to shareholders reaching 44.96 billion yuan, up 64.9% [1][3]. - The group's investment return rate was 5.6%, reflecting a strategic focus on long-term macro trends and disciplined asset allocation [4][11]. Business Segments - For life insurance, the embedded value reached 421.84 billion yuan, a 4.9% increase year-on-year, with new business value growing by 20.9% to 13.26 billion yuan [3][4]. - In property insurance, the combined ratio was 98.6%, up 0.9 percentage points, attributed to increased natural disasters and significant claims [4][3]. Management Changes - The company has experienced frequent changes in its core management team, with new leadership emphasizing long-term development and strategic priorities focused on customer value [14][15]. - The new management team aims to implement a three-year high-quality development plan, prioritizing customer-centric strategies [3][15]. Strategic Initiatives - China Pacific Insurance plans to deepen its transformation through three main strategies: "Great Health," "Artificial Intelligence +," and "Internationalization," focusing on comprehensive health management and enhancing technological capabilities [15][3].

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company has shown strong performance with a significant increase in net profit and new business value (NBV) [1][6] - The life insurance segment's NBV growth is primarily driven by an increase in new business value rate [2] - The property insurance segment faced challenges with an increased claims ratio affecting the combined ratio (COR) [3] - The investment return rates have significantly improved, contributing to the overall profit increase [4] Summary by Sections Performance Overview - In 2024, the company's net profit attributable to shareholders reached 44.96 billion yuan, a year-on-year increase of 64.9% [1] - The operating profit attributable to shareholders was 34.43 billion yuan, up 2.5% year-on-year [1] - The NBV for life insurance was 13.26 billion yuan, reflecting a 20.9% increase year-on-year [1] - The comprehensive cost ratio (COR) for property insurance was 98.6%, an increase of 0.9 percentage points year-on-year [1] Life Insurance - The NBV growth in 2024 was driven by an increase in the new business value rate, which rose by 3.5 percentage points to 16.8% [2] - New single premium decreased slightly by 4.1% year-on-year, with agent channel premiums increasing by 14% while bank insurance channel premiums decreased by 15.6% [2] - The company is focusing on high-quality transformation across various channels, expecting continued rapid growth in NBV [2] Property Insurance - The original insurance premium for property insurance was 201.24 billion yuan, a year-on-year increase of 6.8% [3] - The claims ratio increased by 1.7 percentage points, impacting the overall COR, which rose to 98.6% [3] - The company is enhancing risk management and optimizing business structure to improve future COR [3] Investment - The total investment scale reached 2.73 trillion yuan, a 21.5% increase compared to the end of 2023 [4] - The net investment return rate was 3.8%, while the total investment return rate was 5.6%, showing a significant improvement [4] - The total investment income was 120.39 billion yuan, a year-on-year increase of 130.5% [4] Assumption Adjustments - The company adjusted its long-term investment return rate assumption to 4.0% and the risk discount rate to 8.5%, resulting in a 23.3% decrease in NBV compared to previous assumptions [5] Profit Forecast and Valuation - The company is expected to maintain strong performance with projected net profit growth rates of 12%, 19.8%, and 26.8% for 2025-2027 [6] - The target price is set at 48.49 yuan, corresponding to a 0.78 times price to embedded value (PEV) for 2025 [6]

Investment Rating - The report maintains a "Buy" rating for the company [6][5]. Core Insights - The company reported a strong growth in earnings per share (EPS) of RMB 4.67, a 65% year-on-year increase, slightly above the expected RMB 4.61, driven primarily by favorable investment returns [1]. - The total investment return rate for 2024 is 5.6%, up 3 percentage points year-on-year, contributing to significant net profit growth [1]. - The operating profit after tax (OPAT) for the life insurance segment increased by 6% year-on-year, indicating a faster growth rate compared to the first half of 2024 [4]. - The new business value (NBV) for life insurance saw a remarkable increase of 58% year-on-year, with expectations for continued growth [2][1]. Summary by Sections Life Insurance - The NBV for 2024 increased by 58% year-on-year, primarily due to a significant rise in NBV profit margins, despite a slight decline in new policies [2]. - The NBV profit margin is estimated to rise to 21.4% from 13% in 2023, driven by pricing rate adjustments and reduced channel sales expenses [2]. - The company has adjusted its investment return assumptions down to 4.0% from 4.5%, and the discount rate to 8.5% from 9.0%, which led to a 23% decrease in NBV [2]. Property Insurance - The combined operating ratio (COR) for property insurance increased by 0.9 percentage points to 98.6%, mainly due to higher claims from natural disasters [3]. - The claims ratio rose by 1.7 percentage points to 70.8%, partially offset by a decrease in expense ratio [3]. - Total premiums for property insurance grew by 6.8%, with a 3.7% increase in auto insurance and a 10.7% increase in non-auto insurance [3]. Profit Forecast and Valuation - The report has revised the EPS forecasts for 2025, 2026, and 2027 to RMB 4.74, RMB 4.79, and RMB 5.23 respectively, reflecting increases of 23% and 14% [5]. - The target price based on discounted cash flow (DCF) valuation is set at RMB 43 for A-shares and HKD 33 for H-shares, maintaining the "Buy" rating [5][6].