截至月份: 2025年5月31日 狀態: 新提交 致：香港交易及結算所有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 公司名稱: 中国平安保险（集团）股份有限公司 呈交日期: 2025年6月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601318 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,762,657,695 | RMB | | 1 RMB | | 10,762,657,695 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 10,762,657,695 | RMB | | 1 RMB | | 10,762,657,695 | | 2. 股份分類 | 普通股 | | ...

Investment Rating - The investment rating for the company is "Buy" (首次) [5] Core Views - The company's 2025 life insurance NBV shows resilience, and the dividend policy is positive [5] - In Q1 2025, the company's OPAT and NBV performance was strong, with a 2.4% year-on-year growth in OPAT to 37.9 billion yuan, despite a decline in group revenue and net profit [6] - The life insurance business remains a core pillar, contributing 71.7% of net profit and 70.9% of OPAT in Q1 2025 [7] Summary by Sections Market Performance - The closing price on May 29, 2025, was 53.52 yuan, with a total market capitalization of 974,611.76 million yuan [3] Financial Performance - In Q1 2025, the group revenue and net profit decreased by 5.2% and 26.4% year-on-year, respectively, to 232.8 billion yuan and 27 billion yuan [6] - The life insurance business achieved a 34.9% growth in NBV, contributing to a 5% OPAT growth [6][7] Business Outlook - The life insurance capacity may face pressure in 2025, requiring strategic products to support sales [7] - The company expects to see rapid growth in its bancassurance market share, with a 171% year-on-year increase in NBV in Q1 2025 [7] - The NBV margin improved by 11.4 percentage points year-on-year to 28.3% in Q1 2025, indicating potential for further margin enhancement [7] Dividend Policy - The company maintains a positive dividend policy, with a commitment to increasing the absolute value of cash dividends annually [10] - The current dividend yield for A-shares and H-shares is 4.76% and 6.00%, respectively [10] Earnings Forecast - The forecasted net profit for 2025 is 135.1 billion yuan, with a year-on-year growth of 6.7% [11] - The projected earnings per share for 2025 is 7.42 yuan, with a P/E ratio of 7.2 [11]

Core Viewpoint - China Ping An celebrates its 37th anniversary, aiming to become an internationally leading "comprehensive finance + medical and elderly care" service group by 2025, with a strong focus on pension finance since the establishment of Ping An Pension Insurance in 2004 [2][3] Group 1: Company Development - Ping An Pension Insurance has been a key player in China's pension finance sector, becoming the first professional pension insurance company in the country and actively participating in the national pension strategy [3] - The company has established 35 branches nationwide and has served 4.55 million group clients, providing diverse pension financial services to 45.4 thousand group clients and 83.07 million individual clients [3] - As of the end of Q1 2025, the company reported a registered capital of 11.6 billion yuan, total assets of 89.6 billion yuan, and net assets of 20.9 billion yuan, with solvency ratios significantly exceeding regulatory requirements [4] Group 2: Industry Context - China is entering a deep aging society, with 310 million people aged 60 and above by the end of 2024, highlighting the growing importance of pension security [6] - The pension industry in China is projected to reach a market size of over 20 trillion yuan by 2027, becoming a significant driver of domestic demand and investment [6] Group 3: Green Finance Initiatives - Ping An Pension Insurance is committed to sustainable development, with its 2024 Green Finance Report indicating 166,000 group insurance policies and premium income of 1.27 billion yuan from green industry insurance [5] - The company has actively engaged in green investment and product innovation, contributing to the green transformation of the economy [5] Group 4: Investment Management - The company emphasizes a "beneficiary-centered" approach in annuity management, focusing on professional, sustainable, and stable investment strategies [7] - Ping An Pension Insurance has built a strong investment management team, achieving top-tier performance in long-term investment returns and managing a significant scale of annuity assets [7] Group 5: Product Innovation - The company has developed various commercial pension insurance products to address risks such as interest rate and longevity risks, offering flexible payout mechanisms [8] - Future plans include integrating pension insurance products with health management and elderly care services to provide comprehensive solutions for clients [8]

Core Insights - The article highlights Ping An Insurance's Mother's Needlework public welfare program, which integrates traditional crafts into sustainable fashion while empowering ethnic minority women to generate income [1][3][5] Group 1: Program Overview - The Mother's Needlework program was launched in 2020 to empower ethnic minority women, helping them preserve traditional techniques and improve their incomes through innovative design and market access [3][4] - The program has expanded to 10 provinces and regions in China, benefiting over 100 women and significantly improving the economic well-being of participating families [4] Group 2: Cultural Significance - Ethnic minority crafts are vital expressions of cultural heritage, but rapid modernization poses a threat to their survival [3] - The program showcases unique handicrafts, such as the Dulong Carpet, which is celebrated for its intricate craftsmanship and vibrant colors [2][3] Group 3: Sustainable Development - Ping An emphasizes that ethnic handicrafts are not only cultural treasures but also contribute to sustainable development and social inclusion [5] - The program promotes sustainable fashion by integrating recycled materials with traditional designs, supporting local women in creating eco-friendly textile products for both domestic and international markets [3][5] Group 4: International Collaboration - Through platforms like London Craft Week, Ping An aims to share the allure of China's intangible cultural heritage and invite collaboration from global designers and social organizations [5] - London Craft Week, established in 2015, serves as a premier global event fostering cross-cultural exchange and innovation in design, fashion, and crafts [6] Group 5: Company Background - Ping An Insurance is one of the largest financial services companies globally, with over RMB 12 trillion in total assets as of December 2024 [7] - The company ranked 29th in the Forbes Global 2000 list and 53rd in the Fortune Global 500 list in 2024 [7]

Core Viewpoint - Recently, Ping An Elderly Equity Investment Fund (Beijing) Partnership (Limited Partnership) was established with a capital contribution of 6 billion yuan, focusing on private equity investment, investment management, and asset management activities [1] Company Summary - The new fund is jointly funded by China Ping An Life Insurance Co., Ltd., a subsidiary of China Ping An (601318), and Beijing Zhiying Enterprise Management Co., Ltd. [1]

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of China Ping An, indicating a decline in revenue and net profit in the first quarter of 2025 compared to the previous year [1][2] - As of the closing on May 23, the stock price of China Ping An was 53.23 yuan, with a rolling PE ratio of 8.29 times, and a total market capitalization of 969.33 billion yuan [1][2] - The insurance industry average PE ratio is 8.39 times, with a median of 7.79 times, positioning China Ping An as the fifth in the industry ranking [1][2] Group 2 - In the first quarter of 2025, China Ping An reported an operating income of 232.80 billion yuan, a year-on-year decrease of 5.20%, and a net profit of 27.02 billion yuan, down 26.40% year-on-year [2] - A total of 603 institutions held shares in China Ping An, including 596 funds, with a total shareholding of 498,646.57 million shares valued at 257.45 billion yuan [1] - The company operates as a comprehensive financial service group, providing diversified financial services including insurance, banking, and securities through various subsidiaries [1]

Group 1 - The A-share insurance sector experienced a notable surge, with China Life Insurance, China Pacific Insurance, and China Reinsurance all rising by over 1% [1] - Other major players in the insurance industry, including New China Life Insurance and Ping An Insurance, also saw significant increases in their stock prices [1]

Core Insights - A severe hailstorm hit Beijing on May 13, prompting Ping An P&C to activate its emergency response plan and mobilize over 2,000 personnel for disaster relief [1][2][9] - The company received 31,000 claims reports and settled 10,400 cases, paying out RMB62.15 million in compensation as of May 19 [2] Group 1: Emergency Response and Claims Management - Ping An P&C coordinated resources across various departments, dispatching 43 claims experts from multiple provinces to assist in Beijing [1] - The company ensured that reporting channels remained open 24/7, with over 90% of affected customers receiving callbacks on the same day [5] - Streamlined claims settlement was introduced, waiving the need for proof of accident or weather event, and allowing for claims under RMB10,000 to be settled with photo or video evidence [6] Group 2: Risk Mitigation Technology - The EagleX platform, developed by Ping An P&C, issued alerts two hours before the storm, helping to minimize potential losses for 3.17 million individual customers and over 20,000 corporate clients [3][4][9] - EagleX integrates big data, satellite remote sensing, and machine learning to monitor and provide early alerts for various natural disasters [4] Group 3: Future Plans and Objectives - Ping An P&C aims to enhance pre-disaster alerts, emergency responses, and post-disaster claims settlements through the continued advancement of EagleX [7] - The company is focused on helping customers reduce losses and improve risk management capabilities [7]

Core Viewpoint - The event "Ping An Guardian Action: Blood Donation for All" highlights the commitment of Ping An Group and its employees to social responsibility through voluntary blood donation activities, emphasizing the importance of community engagement and support for healthcare needs in Shenzhen [1][2]. Group 1: Event Overview - The event took place on May 20, organized by the Shenzhen Youth League Committee, Shenzhen Blood Center, and Ping An Group, with 88 participants donating a total of 33,000 milliliters of blood [1]. - The Shenzhen Blood Center recognized the Ping An Volunteer Association for its contributions to public welfare and clinical blood supply [1]. Group 2: Establishment of Volunteer Teams - Ping An Group announced the formation of a volunteer service team in Shenzhen, composed of outstanding party members dedicated to public welfare and blood donation [2]. - The team aims to encourage more employees to participate in various volunteer activities, establishing a long-term mechanism of "party members leading, everyone participating" [2]. Group 3: Individual Contributions - Hu Jingxiang, a representative of the Ping An volunteers, shared his extensive experience in blood donation, having participated in 245 donations totaling 92,800 milliliters, which has helped save over 460 lives [3]. - He emphasized the significance of blood donation as a reflection of personal commitment and social progress, aligning it with the values of the insurance industry [3]. Group 4: Corporate Social Responsibility - Ping An Group is committed to a people-centered approach, actively fulfilling its corporate social responsibility and promoting the spirit of volunteer service [3]. - The company aims to enhance the precision, regularity, and professionalism of its volunteer service system to better serve the community [3].

Group 1 - Citigroup's stake in Ping An Insurance decreased from 6.17% to 6.06% on May 14 [1]