Financial Performance - In Q1 2024, the company achieved an operating profit of RMB 38.709 billion, a decrease of 3.0% year-on-year[20]. - The net profit attributable to shareholders was RMB 36.709 billion, down 4.3% compared to the same period last year[18]. - The operating profit for the group in Q1 2024 was RMB 47.068 billion, with significant contributions from various business segments[43]. - The company reported a net profit of RMB 45.050 billion for Q1 2024, with a net profit attributable to the parent company's shareholders of RMB 36.709 billion[43]. - For the three months ending March 31, 2024, the net profit was RMB 45,050 million, a decrease of 2.4% compared to RMB 46,165 million in the same period of 2023[173]. - The company’s basic earnings per share for the three months ending March 31, 2024, was RMB 2.07, compared to RMB 2.17 in the same period of 2023, indicating a decrease of 4.6%[153]. - The company recorded a total comprehensive income of RMB 14,198 million, a significant decrease from RMB 47,996 million in the previous year[173]. Insurance and Revenue - The insurance service revenue from property insurance reached RMB 80.627 billion, reflecting a year-on-year growth of 5.7%[16]. - The new business value of life and health insurance was RMB 12.890 billion, representing a significant increase of 20.7% year-on-year[18]. - The new business value for life and health insurance reached RMB 12,890 million, representing a year-on-year growth of 20.7%[66]. - The total premium income for the same period was RMB 238,146 million, reflecting a growth of 1.6% from RMB 234,333 million in 2023[163]. - The first-year premium used to calculate new business value decreased by 13.6% to RMB 56,628 million from RMB 65,514 million[80]. - The new business value rate for life and health insurance was 22.8%, reflecting a year-on-year increase of 6.5 percentage points on a comparable basis[46]. Customer Metrics - The number of individual customers reached approximately 233.78 million, a growth of 1.0% from the beginning of the year[25]. - The number of individual customers reached 23,378,000, a 1.0% increase from 23,157,000[125]. - The number of retail customers reached 125.84 million, with a 2.1% increase since the beginning of the year[57]. - Over 63% of the 234 million individual customers used services from the medical and elderly care ecosystem, with an average of 3.37 contracts per customer[97]. - The cumulative number of health management services provided reached over 10 million customers by Q1 2024[51]. Investment and Financial Position - As of March 31, 2024, the investment scale of debt plans and debt-type financial products was RMB 404.767 billion, accounting for 8.2% of total investment assets[23]. - The annualized comprehensive investment return rate for the insurance fund investment portfolio was 3.1%, with a net investment return rate of 3.0%[53]. - The insurance fund investment portfolio exceeded RMB 4.93 trillion, growing by 4.4% since the beginning of the year[85]. - The total assets as of March 31, 2024, amounted to RMB 11,982,296 million, an increase from RMB 11,583,417 million as of December 31, 2023[174]. - The total liabilities rose to RMB 10,740,156 million as of March 31, 2024, up from RMB 10,354,453 million as of December 31, 2023, indicating an increase of 3.73%[175]. - The total equity attributable to shareholders increased to RMB 904,970 million as of March 31, 2024, compared to RMB 899,011 million as of December 31, 2023, reflecting a growth of 0.22%[175]. Operational Efficiency - The comprehensive cost ratio for property insurance rose to 99.6%, an increase of 0.9 percentage points year-on-year, primarily due to adverse weather conditions[16]. - The average number of contracts per individual customer was 2.94, slightly down by 0.3% year-on-year[18]. - The number of individual life insurance sales agents decreased by 4.0% to 333,000 as of the end of Q1 2024[46]. - The company continues to enhance its operational management and aims for steady recovery and growth in performance[131]. Strategic Focus - The company continues to focus on a "comprehensive finance + healthcare" dual-wheel strategy, emphasizing high-quality development and customer demand[40]. - The company aims to enhance its insurance protection functions while addressing challenges such as insufficient effective demand and industry overcapacity[40]. - The company aims to maintain strategic focus and deepen its "comprehensive finance + healthcare and elderly care" dual-wheel strategy, emphasizing technology-driven growth despite economic challenges[131]. Cash Flow and Financing - The company’s cash flow from operating activities for the three months ending March 31, 2024, was RMB 74,958 million, compared to RMB 209,986 million in the same period of 2023[156]. - The net cash inflow from financing activities was RMB (12,022) million, significantly improved from RMB (99,090) million in the previous year[173]. - The total cash flow used in investing activities was RMB (27,575) million for the period ending March 31, 2024[178].

截至本公告日，本公司尚未实施 2024 年度核心人员持股计划及 2024 年度 长期服务计划购股。本公司后续将根据实施方案完成股票购买，并及时履行信 息披露义务。 特此公告。 中国平安保险（集团）股份有限公司董事会 2024 年 4 月 19 日 中国平安保险（集团）股份有限公司 关于 2024 年度核心人员持股计划及 2024 年度长期服务计划购股进展的公告 中国平安保险（集团）股份有限公司（以下简称"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。 本公司于 2024 年 3 月 21 日召开第十二届董事会第二十二次会议审议通过 了《关于审议 2024 年度核心人员持股计划参与情况的议案》（以下简称"2024 年度核心人员持股计划"）及《关于审议 2024 年度长期服务计划参与情况的议 案》（以下简称"2024 年度长期服务计划"），具体内容请见本公司于 2024 年 3 月 22 日在上海证券交易所网站（www.sse.com.cn）披露的《中国平安保险（集 团）股份有限公司关于 2024 年度核心人员持股计划实施方 ...

近期，新“国九条”和证监会退市意见的出台，资本市场整体表现热络，市场亦不乏对未来出现牛市的积 极预期。 此前中信建投观点就指出，前两次“国九条”发布后A股市场均迎来大幅上涨，此次“国九条”可能助推市 场走出慢牛。 中信证券对此则表示，新“国九条”落地，新一轮资本市场“1+N”政策体系框架逐渐清晰，改革重心转向 投资端，着力提高上市公司质量和投资者回报，夯实中国资本市场中长期健康发展的重要基础，政策短 期更有利于大盘风格和红利策略。 遵循中信证券的观点来看，资本市场也正持续验证上述逻辑。近日，以业绩为主线的蓝筹频频发力带领 指数上攻。其中，龙头险企中国平安表现抢眼。4月18日，中国平安(02318.HK)港股一度大涨5%，A股 也一度涨超3%。 行业板块层面来看，保险股也在近日开启了普涨行情。机构观点多数认为，新“国九条”对保险板块将构 成直接利好。 ...

4月18日早盘，恒生指数小幅高开后窄幅震荡。个股方面，保险股集体走强。截至发稿，恒生中国企业 指数涨近1.5%，恒生国企ETF（159850）涨超1%，持仓股中国平安涨近5%，中国人寿涨近3.5%。 截至4月17日，A股五大上市险企季度保费悉数出炉。据统计，中国平安、中国人寿、中国人保、中国 太保、新华保险这5家险企共揽保费10664.23亿元，同比增长0.96%。 相关标的：恒生国企ETF（159850）跟踪香港恒生中国企业指数，旨在反映在港股上市的内地企业的整 体表现，聚焦龙头又兼具成长特性的标的；港股国企ETF（513810）紧密跟踪港股“中特估”投资主线， 聚焦五大国有行、三大通信服务商、“三桶油”等大市值行业龙头股。 ...

证券代码：601318 证券简称：中国平安 公告编号：临 2024-016 中国平安保险（集团）股份有限公司 保费收入公告 中国平安保险（集团）股份有限公司（以下简称"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。 根据中华人民共和国财政部《企业会计准则解释第 2 号》以及《保险合同相 关会计处理规定》，本公司如下子公司于 2024 年 1 月 1 日至 2024 年 3 月 31 日 期间的原保险合同保费收入为： | | | 2024 年 | 1-3 月 | | --- | --- | --- | --- | | 子公司名称 | 原保险合同保费收入 | | 同比 | | | （人民币万元） | | （%） | | 中国平安财产保险股份有限公司 | 7,907,567 | | 2.8 | | 中国平安人寿保险股份有限公司 | 17,330,210 | | 0.9 | | 平安养老保险股份有限公司 | 677,074 | | 1.5 | | 平安健康保险股份有限公司 | 527,300 | | 10.7 | 于上述期间，本 ...

证券研究报告 公 2024年03月22日 司 报 告 中国平安(601318) │ 行 业： 非银金融/保险Ⅱ 金 投资评级： 买入（维持） 融 当前价格： 42.03元 - 分红稳健增长略超预期 公 目标价格： 60.70元 司 事件： 年 基本数据 报 公司发布2023年年报，公司全年实现NBV 310.8亿，同比+7.8%。新准则 点 下公司实现归母净利润856.65亿，同比-22.8%。 总股本/流通股本(百万股) 18,210.23/18,210. 23 评 ➢ 23年利润低于预期，分红略超预期 流通A股市值(百万元) 452,354.50 1）新准则下公司实现归母净利润 856.65 亿，同比-22.8%，增速环比继续 每股净资产(元) 49.37 回落（前三季度累计增速为-5.6%）。其中 Q1/Q2/Q3/Q4 单季同比分别 +48.9%/-30.0%/-19.6%/盈转亏。分业务来看，寿险及健康险、财险、银行、 资产负债率(%) 89.39 资管、科技业务分别实现归母净利润726、89、269、-207、21亿。资管业 一年内最高/最低(元) 56.00/37.62 务利润承压是公司净利润略 ...

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 截至月份: 2024年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中国平安保险（集团）股份有限公司 呈交日期: 2024年4月2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 | 601318 | 說明 | A股 | | | | | | | | | | 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. ...

Investment Rating - The investment rating for the report on Ping An Insurance is "Buy" and is maintained [5]. Core Insights - The report highlights that in 2023, Ping An continues its "Finance + Technology" strategy, emphasizing high-quality business development and accelerating ecosystem construction [4][41]. - Technology investment has stabilized, with a reduction in the number of technology employees, but the proportion of technology division expenditure relative to total revenue has increased [4][10]. - The financial sector is embracing digital transformation, leading to efficiency improvements and cost reductions in traditional businesses [4][13]. - The effects of ecosystem empowerment are evident, with an increase in the proportion of affluent clients and the average number of contracts per high-net-worth client [4][15]. - The technology segment is still undergoing a transformation process, with adjustments in business strategies to enhance profitability, showing positive changes in some companies' business and customer structures [4][17]. Summary by Sections Financial + Technology Strategy - Ping An has been integrating modern technology with traditional finance since 2012, aiming to create a core growth driver for the future [4][45]. - In 2023, the company reiterated its commitment to this strategy while introducing new goals for high-quality business development and ecosystem enhancement [4][41]. Technology Investment - As of the end of 2023, Ping An's technology employee count was 55,000, a decrease of 40.8% year-on-year, accounting for 19.2% of total employees, down 8.0 percentage points [4][10]. - The technology division's expenditure reached 17.3 billion yuan, a decrease of 5.0% year-on-year, but its share of total revenue increased by 0.3 percentage points to 1.9% [4][10]. Digital Transformation in Financial Sector - The company reported an automated renewal amount of 300.3 billion yuan, up 13% year-on-year, with AI service interactions totaling approximately 2.22 billion, down 14.6% [4][13]. - The number of individual clients in the securities business exceeded 23 million, maintaining the top position in the industry, with a market share of 3.62% in brokerage stock trading [4][13]. Customer Structure Improvement - By the end of 2023, Ping An had 230 million individual clients, a year-on-year increase of 2.2%, with the proportion of affluent clients rising by 4.1 percentage points to 43.8% [4][15]. - The average number of contracts per client was 2.95, a slight decrease of 0.7% year-on-year, while high-net-worth clients had an average of 21.2 contracts, up 2.5% [4][15]. Technology Segment Transformation - The technology segment's net assets reached 97.25 billion yuan, a year-on-year increase of 2.4%, with a net profit of 2.05 billion yuan, down 43.2% [4][17]. - Companies like Lufax and Ping An Good Doctor are adjusting their business strategies to improve profitability, with significant reductions in net losses [4][18].

中国平安23年报点评：NBV增速符合预期，总、综合投资收益率均有提升 中国平安（601318.SH）/保险 证券研究报告/公司点评 2024年4月1日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：40.81 2022 2023 2024E 2025E 2026E 营业收入（百万元） 880355 913789 974651 1025122 1097412 分析师：蒋峤 增长率（%） - 3.80% 6.66% 5.18% 7.05% 执业证书编号：S0740517090005 归属母公司股东净利润 111008 85665 108361 120776 140324 Email：jiangqiao@zts.com.cn （增 百长 万率 元（ ）%） - -22.83% 26.49% 11.46% 16.19% 每股收益（元） 6.10 4.70 5.95 6.63 7.71 分析师：戴志锋 执执业业证证书书编编号号：：S S00774400551177003300000044 备注：股价截至2024年3月29 ...

来源：翠鸟资本 文|翠鸟资 本 一份年报，让中国平安（601318.SH）这个A股大白马惹来不少质疑。 近日，中国平安发布2023年年报，数据显示，报告期内，公司实现营业总收入9137.89亿元，同比增长 3.8%；归母净利润856.65亿元，同比下降22.83%；扣非净利润862.4亿元，同比下降22.58%。 与此同时，经营活动产生的现金流量净额为3604.03亿元，同比下降24.41%。 值得注意的是，这是中国平安营收利润增速罕见转为负增长。两个关键指标的下降，引起市场不小波 动，财报数据公布次日，中国平安股价也以较大的跌幅回应。 ...