证券日报网讯 1月13日，中国平安在互动平台回答投资者提问时表示，公司于2025年3月19日召开第十 三届董事会第七次会议，审议通过了《关于注销回购A股股份、减少注册资本并相应修订〈公司章程〉 的议案》，并于2025年9月完成了对102592612股A股股份的注销。公司高度重视股东回报，一直在寻找 对市值管理最佳的平衡，回购和分红都是股东回报的重要组成部分，目前来看，绝大部分投资者更重视 现金分红，公司现金分红水平已经超过10年保持上涨。公司将保持稳定、一致的分红政策。 （编辑 任世碧） ...

Core Viewpoint - Shenzhen United Property Exchange Co., Ltd. is being put up for sale, with China Ping An planning to divest its 34% stake after holding it for 8 years [1][6] Group 1: Share Transfer Details - The 17 million shares (34% of total equity) of Shenzhen United Property Exchange are listed for sale at a price of 408 million yuan, with a deposit of 81.6 million yuan, and the listing period is 10 working days [1][10] - As of now, the listing has received "0 attention and 100 views" [1] - The major shareholders include Shenzhen Trading Group Co., Ltd. (45%), Shenzhen Innovation Investment Group Co., Ltd. (16%), and others [1][2] Group 2: Shareholder Information - The three shareholders planning to transfer their shares are not state-owned: Fintech Technology (Shenzhen) Co., Ltd. (15%), Qianhai Lianliang Investment Co., Ltd. (10%), and Ping An Financial Technology Consulting Co., Ltd. (9%) [2][4] - Fintech Technology (Shenzhen) Co., Ltd. is a wholly-owned subsidiary of China Property Platform Holdings (Group) Co., Ltd. [2] - Qianhai Lianliang Investment Co., Ltd. is a wholly-owned enterprise under Ping An Financial Technology Consulting Co., Ltd. [2] Group 3: Financial Performance - As of November 30, 2025, Shenzhen United Property Exchange reported revenues of 142 million yuan and a net profit of 61.77 million yuan, with total assets of 3.376 billion yuan and total liabilities of 2.278 billion yuan [7][8] - The company was established with a registered capital of 500 million yuan and has been recognized as a AAA-level credit enterprise by the China State-owned Assets Supervision and Administration Commission [7][8] Group 4: Market Context - The transfer of shares is described as a routine financial investment arrangement by China Ping An [6] - The potential buyers must meet specific criteria, including being a legally registered entity in China with a net asset of no less than 10 million yuan [6]

瑞银发表报告指，内险企业今年以来开门红销售强劲，在吸收存款转移机会中处有利位置，基于相对吸 引的分红保单收益率、仍然低企的风险胃纳及退休需求增长与承继计划，认为银保渠道自然地受惠于有 关机遇。该行指，中国平安目前拥有约2万非平安银行销售点，公司今年将提升销售点渗透及生产力。 纵使产品定价利率去年8月下调，对盈利率的积累影响有限，基于公司已转向利率敏感度低的分红保单 产品。该行予中国平安"买入"评级，目标价为88港元。 ...

Core Viewpoint - Morgan Stanley reaffirms a positive outlook on the insurance industry, highlighting a potential "Davis Double" opportunity for valuations, with a strong recommendation for China Ping An [1] Group 1: Market Conditions - Strong premium growth, continuous improvement in business quality, and a favorable investment environment are expected to support the upward trend in insurance company stock prices [1] - Market concerns regarding interest spread loss risks may further ease [1] Group 2: Capital Inflows - Insurance funds are continuously flowing into the stock market, with capital conditions requiring close monitoring [1] - In 2025, insurance companies are expected to increase stock market allocations as per regulatory requirements, with new inflows projected to exceed 1 trillion RMB [1] - A similar situation is anticipated for 2026 [1] Group 3: Regulatory Environment - An adjustment in solvency rules is another focus for this year, with potential further relaxation of equity investment capital consumption and solvency rules under a favorable regulatory environment [1]

Core Viewpoint - The Hong Kong insurance stocks are showing strong performance, with notable increases in share prices for major companies in the sector [1] Company Performance - China Ping An (02318.HK) increased by 2.85%, reaching HKD 70.45 [1] - China Pacific Insurance (02328.HK) rose by 2.52%, reaching HKD 16.66 [1] - China Life Insurance (02628.HK) saw a rise of 2.32%, with shares priced at HKD 32.62 [1] - New China Life Insurance (01336.HK) increased by 2.14%, with shares at HKD 62.15 [1]

Core Viewpoint - The integration of insurance products into brokerage apps signifies a potential transformation in wealth management, indicating a shift towards a more comprehensive financial service model [1][3]. Group 1: Insurance Product Integration - Major brokerages like CITIC Securities, China Merchants Securities, and others have introduced dedicated insurance purchase sections in their apps, showcasing a variety of insurance products [3][4]. - The types of insurance products available include health insurance, accident insurance, and various life insurance options, with some brokerages offering nearly 20 different products [3][5]. - The move to include insurance in brokerage apps reflects a growing recognition of insurance as a critical component of wealth management, especially as the demand for diversified financial services increases among consumers [3][11]. Group 2: Historical Context and Regulatory Changes - The practice of brokerages selling insurance is not new, having begun over two decades ago, but it has gained momentum only recently due to regulatory changes that allowed for broader participation [4][5]. - The 2012 regulations by the China Securities Regulatory Commission opened the door for brokerages to sell insurance products, yet progress has been slow due to limited participation from qualified firms [5][6]. Group 3: Comparison with Banking Channels - Unlike banks, which have a well-established and mature insurance sales model, brokerages are still in the early stages of developing their insurance offerings, leading to a less comprehensive product range [6][8]. - Banks have a significant advantage in customer trust and service infrastructure, making them more effective in selling insurance products compared to brokerages, which primarily focus on securities trading [8][9]. Group 4: Market Opportunities and Challenges - The entry of brokerages into the insurance market presents new opportunities for diversification and revenue growth, particularly as they seek to enhance customer engagement through integrated financial services [11][12]. - However, challenges remain, including the need for brokerages to build expertise in insurance sales and establish strong partnerships with insurance companies to ensure quality service [13].

Core Insights - China Ping An's A-shares rose by 3.4% to a peak of 69.84 yuan, while H-shares increased by 3.6% to a high of 71 HKD, following its inclusion in the "Top Ten Core Assets in Betting on China" list for 2026 by Gelonghui [1] Group 1: Market Performance - The insurance sector, represented by Ping An, has strengthened due to a combination of policy drivers, macroeconomic changes, fundamentals, and market liquidity [1] - The appreciation of the RMB has attracted foreign capital to reallocate towards core Chinese assets, with Ping An being a preferred choice due to its good liquidity and relatively low valuation [1] Group 2: Investment Appeal - In the context of a market shift towards value styles expected in 2026, Ping An's low valuation and high dividend yield provide a clear defensive value proposition [1] - The company's strategy of "comprehensive finance + ecosystem" aligns well with the aging economy and domestic demand themes, establishing a solid second growth curve [1] Group 3: Future Outlook - Continued investments in cutting-edge technologies like AI are enhancing customer experience, improving efficiency, and strengthening the company's competitive advantage [1] - Given the anticipated improvement in asset-side returns and external market catalysts, there is a clear potential for valuation recovery, maintaining an "outperform" rating [1]

Investment Logic - The core view is that new individual insurance premiums for listed insurance companies are expected to achieve double-digit growth by 2026, primarily driven by the bancassurance channel [1][18] - The individual insurance channel is anticipated to maintain steady growth, while the bancassurance channel will benefit from the migration of deposits, leading to an increase in market share for large insurance companies [1][18] - The growth in the bancassurance channel is expected to dilute fixed costs, significantly enhancing overall profitability [1][18] Bancassurance Channel - Since 2020, leading insurance companies have refocused on the bancassurance channel, transitioning from scale compensation to value pursuit, resulting in a rise in market share [2][8] - The bancassurance channel has seen a compound annual growth rate (CAGR) of 16.2% from 2019 to 2023, while individual insurance premiums have declined [9] - The "reporting and banking integration" policy implemented in August 2023 has significantly reduced costs, enhancing the value rate of the bancassurance channel [14][9] Customer Deposit Analysis - A survey of 88 frontline bank wealth managers indicates that a significant portion of residents' deposits will mature in 2026, with expectations of low renewal rates due to the withdrawal of high-yield time deposits [3][25] - The majority of maturing depositors are aged 45 and above, indicating a lower risk appetite, with insurance products being the second choice for reallocating maturing deposits [4][30] - Wealth managers believe that bank wealth management products will be the most accepted option for maturing deposits, followed by insurance products [30][27] Sales Logic for Insurance Products - Wealth managers prioritize customer returns and the brand of insurance companies when recommending insurance products [5][33] - The core advantages of participating in dividend insurance sales include stable returns, capital safety, and alignment with long-term financial planning [36][40] - Challenges in selling dividend insurance include uncertainty in returns and the long duration of products, which may deter potential customers [40][36] Market Forecast - The insurance industry is projected to see new single premium growth exceeding 25% in 2026, driven by the bancassurance channel [42][44] - The expected influx of maturing deposits into insurance products will be significant, with estimates of new funds in the bancassurance channel reaching 11,150 billion by the end of 2026 [44][44] - The concentration trend among leading insurance companies is expected to continue, with larger firms benefiting from improved profitability in the bancassurance channel [47][48]

新浪财经ESG评级中心提供包括资讯、报告、培训、咨询等在内的14项ESG服务，助力上市公司传播ESG理念，提升ESG可持续发展表现。点 击查看【 ESG评级中心服务手册】 在全球可持续发展浪潮席卷而来的当下，ESG（环境、社会、公司治理）已成为衡量企业高质量发展的核心标尺，更是连接企业价值与社会价值的关键纽 带。随着国内ESG生态体系的加速完善，政策监管持续收紧、资本市场对ESG表现的关注度不断飙升，企业的可持续发展能力愈发成为其核心竞争力的重 要组成部分。 在此行业背景下，新浪财经重磅发布"2025中国企业ESG百强"榜单。该榜单依托新浪财经专业的ESG评级体系，以5000余家A股上市公司及在港上市内地 企业为评价对象，创新性搭建18套行业ESG评价模型，纳入150余项ESG指标，通过量化模型综合演算，对企业ESG表现进行全面、客观的综合评价，最 终筛选出中国ESG实践的标杆企业。榜单不仅为行业树立了发展典范，更为投资者提供了极具参考价值的决策依据。 中国平安在环境、社会、公司治理领域开展了大量工作，积累了丰富的创新实践与扎实的落地成果。凭借在ESG各领域的卓越表现，中国平安成功入选本 次新浪财经"2025 ...

Core Viewpoint - China Ping An emphasizes a customer-centric approach in its insurance and claims services, aiming to enhance the overall experience for clients while aligning with national modernization and risk governance strategies [1][11]. Group 1: Claims Cases - A client, Mr. Chen, received a total payout of 5.51 million yuan after being diagnosed with a heart attack, showcasing the proactive claims service of Ping An [2]. - In response to Typhoon "Hua Jiasha," Ping An Property & Casualty Insurance implemented a disaster response plan, successfully reducing client losses by 149 million yuan through preemptive measures [2]. - During a rescue operation, Ping An dispatched 7 helicopters within 27 hours to evacuate over 30 individuals trapped by flooding, demonstrating its emergency response capabilities [3]. - The introduction of an AI-driven claims process allows for automatic claim approvals, with 93% of claims being processed in under 60 seconds, and the fastest payout occurring in just 8 seconds [4][5]. - A significant payout of 21.25 million yuan was made to a client who succumbed to cancer, marking the highest claim amount for the year [6]. - Ping An completed a payout of 4.2 million yuan to migrant workers within 48 hours during the Chinese New Year, addressing wage delays effectively [7]. - A client, Mr. Jin, received over 20 claims during a 900-day cancer treatment period, highlighting the ongoing support provided by Ping An Health Insurance [8]. - Ping An's proactive measures during a severe weather event led to a pre-claim payment of over 32 million yuan to support farmers affected by adverse conditions [8]. - A newborn, Yang Bao, received prompt medical claim processing after an accident, illustrating the company's commitment to early risk coverage [9]. - In a crisis involving armed conflict, Ping An facilitated the safe evacuation of 74 Chinese citizens, providing significant financial support and demonstrating its commitment to client safety [10]. Group 2: Strategic Insights - The ten major claims cases reflect a shift in the insurance industry towards proactive risk management and emergency response, aligning with national goals for financial stability and risk governance [10]. - The integration of technology in claims processing enhances efficiency and accessibility, supporting the broader goal of inclusive financial services [10]. - Ping An's commitment to customer needs and continuous service improvement is evident in its strategic focus on providing timely and effective insurance solutions [11].