Core Viewpoint - China Taiping Insurance Group held a work meeting in Shanghai to discuss the goals and strategies for 2026, emphasizing the implementation of the Party's decisions and the pursuit of high-quality development during the "15th Five-Year Plan" period [1][3][34] Group Achievements During the "14th Five-Year Plan" - The group adhered to the Party's leadership and focused on high-quality development, achieving significant progress in reform and risk management [4][21] - Key achievements included a notable increase in various insurance sectors, such as technology insurance premiums growing by 17.2% and green insurance premiums by 18.2% [12][29] Strategic Focus for the "15th Five-Year Plan" - The group aims to align its actions with the Party's scientific judgments and decisions, enhancing strategic planning for high-quality development [16][33] - Seven major reform and development tasks have been identified, including strengthening core functions and promoting internal efficiency [34] Key Operational Goals for 2026 - The group will focus on risk management, compliance, and enhancing operational efficiency while maintaining a strong commitment to the Party's directives [17][34] - Six operational priorities include improving service quality, enhancing competitive advantages, and solidifying foundational management [34][35]

Group 1 - The National Financial Supervision Administration approved the relocation of Taiping Life Insurance Co., Ltd. LePing Branch to a new address in Jingdezhen City, Jiangxi Province [1] - The new business location is specified as: Building 5, No. 115, 116, and 208, Zhongyuan Daming City, LePing Avenue, LePing City, Jingdezhen [1] - Taiping Life Insurance Co., Ltd. is required to handle the change and obtain the necessary permits in accordance with relevant regulations [1]

Core Viewpoint - Huachuang Securities has issued a report predicting China Taiping's (00966) enterprise value per share (EVPS) for 2025 to 2027 at 56.9, 65.8, and 75.6 HKD respectively, with a target price of 29.6 HKD for 2026, maintaining a "Buy" rating [1] Financial Performance - The company expects its net profit attributable to shareholders for 2025 to increase by 215% to 225%, amounting to an annual performance of 26.6 billion to 27.4 billion HKD [1] - For the first half of 2025, the company has achieved a net profit of 6.8 billion HKD, representing a year-on-year growth of 12% [1] - The projected net profit for the second half of 2025 is estimated to be between 19.8 billion and 20.6 billion HKD, reflecting a year-on-year increase of 723% to 758% [1] Performance Drivers - The significant growth in performance is attributed to a low base effect, equity elasticity, and one-time tax impacts, with expectations of continued active equity contributing to performance elasticity in the first half of the year [1]

Core Viewpoint - Huachuang Securities has issued a report predicting that China Taiping (00966) will have an enterprise value per share (EVPS) of HKD 56.9, 65.8, and 75.6 for the years 2025 to 2027 respectively, with a target price of HKD 29.6 for 2026, maintaining a "recommended" rating [1] Financial Performance - The company expects its net profit attributable to shareholders for the year 2025 to increase by 215% to 225%, amounting to a total performance of HKD 26.6 billion to HKD 27.4 billion [1] - For the first half of 2025, China Taiping has already achieved a net profit of HKD 6.8 billion, representing a year-on-year growth of 12% [1] - The projected net profit for the second half of 2025 is estimated to be between HKD 19.8 billion and HKD 20.6 billion, indicating a year-on-year increase of 723% to 758% [1] Performance Drivers - The significant growth in performance is attributed to a low base effect, equity elasticity, and one-time tax impacts, with expectations of continued active equity contributing to performance elasticity in the first half of the year [1]

华创证券发表研报指，根据公司公告，中国太平2025年度股东应占溢利预计按年增加215%至225%，对 应全年业绩266亿港元至274亿港元。2025年上半年公司已实现归母净利润68亿港元，按年增长12%；对 应2025年下半年预计归母净利润198亿港元至206亿港元，按年预增723%至758%。该行表示，业绩超预 期高增，来自低基数和权益弹性和税收一次性影响。展望今年，上半年预计权益活跃持续赋予业绩弹 性，但下半年增长受投资端基数影响有所承压。该行予其目标价29.6港元，维持"推荐"评级。 ...

机构：华创证券 研究员：陈海椰/徐康 事项： 根据《关于保险合同准则转换有关企业所得税处理事项的公告》： 一、对于新保险合同准则执行年度为2025 年度及之前的企业，自2026 年起以新保险合同准则为基础， 作纳税调整并计算缴纳企业所得税。 企业首次执行《保险合同准则》产生的留存收益累积影响数，按税前金额计入2026 年度应纳税所得 额，或自2026 年度起分五个年度均匀计入各年度应纳税所得额。两种方法可自主选择，一经选择不得 更改。 首次执行年度至2025 年度期间，企业执行《保险合同准则》为基础计算的应纳税所得额与已申报的应 纳税所得额的差额，计入2026 年度应纳税所得额，或自2026 年度起分五个年度均匀计入各年度应纳税 所得额。 根据公司初步估算，本集团2025 年度股东应占溢利预计同比增加215%至225%。 评论： 2025 年业绩预增两倍以上，25H2 预增七倍以上。根据公司公告，中国太平2025 年度股东应占溢利 （即"归母净利润"）预计同比增加215%至225%，对应全年业绩266 亿港元至274 亿港元。2025H1 公司 已实现归母净利润68 亿港元，同比增长12%；对应2025H2 ...

Investment Rating - The report maintains a "Buy" rating for China Taiping (00966.HK) with a target price of HKD 29.6 [9]. Core Views - The company's net profit attributable to shareholders for the fiscal year 2025 is expected to increase by 215% to 225%, translating to a profit range of HKD 26.6 billion to HKD 27.4 billion [2][8]. - The significant growth is attributed to improved investment performance and a one-time impact from new corporate income tax policies in the insurance sector [8]. - The report anticipates that the company's earnings will continue to show resilience due to active equity markets, although growth may face pressure in the second half of 2026 due to base effects [9]. Financial Summary - **Key Financial Metrics**: - Insurance service performance (in million HKD): - 2024A: 22,024 - 2025E: 23,369 (growth of 6.1%) - 2026E: 24,263 (growth of 3.8%) - 2027E: 25,325 (growth of 4.4%) [4] - Net profit attributable to shareholders (in million HKD): - 2024A: 8,432 - 2025E: 26,828 (growth of 218.2%) - 2026E: 16,538 (decline of 38.4%) - 2027E: 17,934 (growth of 8.4%) [4] - Earnings per share (in HKD): - 2024A: 2.35 - 2025E: 7.46 - 2026E: 4.60 - 2027E: 4.99 [4] - Price-to-earnings ratio: - 2025E: 3.1 [4] - Price-to-book ratio: - 2025E: 0.8 [4] Market Performance - The report highlights that the company's stock has shown significant performance compared to the Hang Seng Index over the past 12 months, with a notable increase of 723% to 758% expected in the second half of 2025 [8].

证 券 研 究 报 告 评论： 一、对于新保险合同准则执行年度为 2025 年度及之前的企业，自 2026 年起以 新保险合同准则为基础，作纳税调整并计算缴纳企业所得税。 企业首次执行《保险合同准则》产生的留存收益累积影响数，按税前金额计入 2026 年度应纳税所得额，或自 2026 年度起分五个年度均匀计入各年度应纳税 所得额。两种方法可自主选择，一经选择不得更改。 首次执行年度至 2025 年度期间，企业执行《保险合同准则》为基础计算的应 纳税所得额与已申报的应纳税所得额的差额，计入 2026 年度应纳税所得额， 或自 2026 年度起分五个年度均匀计入各年度应纳税所得额。 二、对于 2026 年度及以后年度为首次执行年度的企业，在计算缴纳企业所得 税时，自首次执行年度起以《保险合同准则》为基础，按照企业所得税现行规 定作纳税调整并计算缴纳企业所得税。 中国太平（00966.HK）2025 年报预增点评 推荐（维持） 业绩增长两倍，主因投资与税收 目标价：29.6 港元 事项： ❖ 根据公司初步估算，本集团 2025 年度股东应占溢利预计同比增加 215%至 225%。 企业因执行《保险合同准则》产生的留 ...

2026年1月16日，国家金融监督管理总局威海监管分局发布批复称，《关于太平人寿保险有限公司威海 市环翠支公司变更营业场所的请示》(太平寿鲁〔2025〕134号)收悉。经审核，现批复如下： 一、同意太平人寿保险有限公司威海市环翠支公司将营业场所变更为："山东省威海市环翠区青岛北路 132号4楼整层"。 二、太平人寿保险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。 ...

继续看好公司长期重估和修复空间。此前公司在披露1H25 业绩时因投资表现不及预期而引发股价大 跌，我们重申当时的观点，太平估值隐含的盈利能力和成长性预期均较为悲观，在"存款搬家"等积极因 素下公司长期盈利能力和股东回报有望大幅好于当前估值隐含预期，建议逢低布局。 盈利预测与估值 机构：中金公司 研究员：毛晴晴/姚泽宇 预计集团归母净利同比增长215-225% 中国太平公布集团盈利快报，公司预计截至2025 年12 月31 日止年度的股东应占溢利预计与2024 年同期 相比增加约215%至225%，对应2025 年集团归母利润预计为266-274 亿港元。 关注要点 投资表现强劲叠加所得税转回驱动公司盈利高增。根据公告，太平表示股东应占溢利预计增加主要是因 净投资业绩较2024 年度有所提升，以及中国国家税务部门针对中国保险行业推出的新企业所得税税收 政策的一次性影响。 所得税转回来自于以前的保守计提。上市险企2023 年开始执行新保险合同准则和新金融工具准则，但 由于大多数非上市保险依旧采用旧准则，2023-2025 年大陆税务机关以旧准则净利润为基础收税，而寿 险新准则净利润规模普遍高于旧准则，为应对潜在的 ...