智通财经APP获悉，香港联交所最新资料显示，1月22日，中国平安人寿保险股份有限公司增持中国人 寿(02628)1189.1万股，每股作价32.0553港元，总金额约为3.81亿港元。增持后最新持股数目约为6.81亿 股，最新持股比例为9.14%。 ...

香港联交所最新资料显示，1月22日，中国平安人寿保险股份有限公司增持中国人寿（601628） (02628)1189.1万股，每股作价32.0553港元，总金额约为3.81亿港元。增持后最新持股数目约为6.81亿 股，最新持股比例为9.14%。 ...

在资本市场，真金白银的流向，是最具穿透力的市场语言。 随着公募基金2025年四季报全部披露完毕，其最新的持仓图谱清晰地展现在市场面前。仓位变动的背 后，揭示了在复杂宏观环境下，大资金对确定性机会的共识性追逐。 可以看到，市场的核心主线正在急剧收缩与凝聚，从过去数年的多线开花转向围绕以AI算力为核心 的、少数高景气赛道的深度博弈。 特别值得注意的是，在这一聚焦过程中，如中国平安（601318.SH/2318.HK）等兼具低估值安全边际、 高股息现金流与宏观景气修复预期的资产，成为资金重点加码的方向。 | 序号 | 股票代码 | 股票名称 | Q4增持市值(亿元) | Q4持股市值(亿元) | | --- | --- | --- | --- | --- | | 1 | 601318.SH | 中国平安 | 68 | 168 | | 2 | 002384.5Z | 东山精密 | 67 | 244 | | 3 | 300390.5Z | 天华新霞 | 37 | 38 | | 4 | 000807.SZ | 坚据股份 | 35 | ਟੇ ਕੇ | | 5 | 300751.SZ | 迈为股份 | 34 | 38 | | ...

Core Viewpoint - The report from CMB International maintains a "Buy" rating for China Ping An (601318) (02318) and raises the target price for its H-shares from HKD 75 to HKD 90, reflecting a valuation of approximately 0.9 times the intrinsic value and a price-to-book ratio of 1.24 times for the forecasted year of 2026 [1] Group 1 - The expected group net profit after tax for China Ping An in 2025 is projected to grow by 12% year-on-year to RMB 136 billion, indicating a significant increase of approximately 46% in operating profit for the fourth quarter [1] - The acceleration in growth is primarily attributed to strong profit growth in life and health insurance, a decrease in impairment losses in asset management, and stable underwriting profits in property insurance [1] - China Ping An continues to expand its bancassurance channels, now covering approximately 19,000 non-Ping An bank outlets, which presents further penetration potential amid a trend of household savers seeking stable returns [1] Group 2 - The new business value (NBV) for China Ping An is expected to grow by 41.7% and 17.7% year-on-year in 2025 and 2026, respectively [1]

Core Viewpoint - China Ping An (02318) maintains a "Buy" rating with an increased target price for H-shares from HKD 75 to HKD 90, reflecting a price-to-intrinsic value ratio of approximately 0.9 times and a price-to-book ratio of 1.24 times for the forecasted year 2026 [1] Group 1 - The expected group net profit after tax for China Ping An in 2025 is projected to grow by 12% year-on-year to RMB 136 billion, indicating a significant increase of approximately 46% in operating profit for the fourth quarter [1] - The acceleration in growth is primarily attributed to strong profit growth in life and health insurance, a decrease in impairment losses in asset management, and stable underwriting profits in property insurance [1] - China Ping An continues to expand its bancassurance channels, now covering approximately 19,000 non-Ping An bank outlets, indicating potential for further penetration in the market [1] Group 2 - The trend of household savers seeking stable returns is expected to enhance the potential of bancassurance channels [1] - The new business value (NBV) for China Ping An is anticipated to grow by 41.7% and 17.7% year-on-year in 2025 and 2026, respectively [1]

小摩表示，香港保险业监管局计划自2026年1月起下调前端销售佣金，促使经纪渠道销售贡献显著提 升，第三季度占新单保费比例达35%，同比增加8个百分点。 报告同时指出，美元保单需求保持稳健，第三季度同比增长48%，反映在内地保证利率下调后，香港寿 险市场在产品多元性及回报竞争力方面的优势。展望第四季度，小摩预期在销售佣金率调整前，代理及 经纪渠道将共同推动新单业务保持强劲。此外，内地保险公司自2025年9月起下调非分红险保证利率， 可能进一步刺激内地访客对香港保险产品的需求。 摩根大通发布研报称，香港寿险业在2025年第三季度再次创下新单销售纪录，首年保费达910亿元，同 比大幅增长69%。然而，该行认为虽然销售量创新高，但整体产品结构及业务发展的健康度不及近期季 度，并预期在监管趋紧的背景下，管理增长动能将成为2026年关键。小摩表示，2026年更偏好中国人寿 （601628）(02628)及中国平安（601318）(02318)，认为其业务增长前景优于其他地区同业。 ...

报告同时指出，美元保单需求保持稳健，第三季度同比增长48%，反映在内地保证利率下调后，香港寿 险市场在产品多元性及回报竞争力方面的优势。展望第四季度，小摩预期在销售佣金率调整前，代理及 经纪渠道将共同推动新单业务保持强劲。此外，内地保险公司自2025年9月起下调非分红险保证利率， 可能进一步刺激内地访客对香港保险产品的需求。 智通财经APP获悉，摩根大通发布研报称，香港寿险业在2025年第三季度再次创下新单销售纪录，首年 保费达910亿元，同比大幅增长69%。然而，该行认为虽然销售量创新高，但整体产品结构及业务发展 的健康度不及近期季度，并预期在监管趋紧的背景下，管理增长动能将成为2026年关键。小摩表示， 2026年更偏好中国人寿(02628)及中国平安(02318)，认为其业务增长前景优于其他地区同业。 小摩表示，香港保险业监管局计划自2026年1月起下调前端销售佣金，促使经纪渠道销售贡献显著提 升，第三季度占新单保费比例达35%，同比增加8个百分点。 ...

报告亦指出，中国平安持续扩展银保渠道，目前已覆盖约1.9万个非平安银行网点。该行认为，在家庭 储户追求稳健收益的趋势下，银保渠道具备进一步渗透的潜力，预计中国平安2025年新业务价值(NBV) 将按年增长41.7%。 招银国际发表研究报告，维持中国平安"买入"评级，对其H股目标价从75港元上调至90港元。以可比基 础计，该行预计中国平安2025年集团税后营业利润按年增长12%至1360亿元，意味着第四季度营业利润 将按年增长约46%。增速加快主要受惠于寿险及健康险业务营业利润强劲增长、资产管理业务减值损失 下降，以及财产保险业务承保利润稳健。 ...

Group 1 - The core viewpoint of the news is that China Ping An has shown strong performance in both stock price and brand value, indicating robust operational resilience and growth potential in a challenging environment [1][2]. Group 2 - On January 26, China Ping An's A-shares rose by 2.6%, reaching a peak of 65.58 yuan, while H-shares increased by over 2%, peaking at 68.4 Hong Kong dollars [1]. - According to public fund disclosures, China Ping An was the most heavily increased stock by active equity public funds, with an increase of 6.8 billion yuan, bringing the Q4 holding market value to 16.8 billion yuan [1]. - Brand Finance's 2026 Global Brand Value 500 report ranked China Ping An as the 32nd most valuable brand globally, with a brand value of 48.839 billion USD, marking a 13% year-on-year increase and maintaining its position as the most valuable insurance brand in China [1]. Group 3 - CICC's latest report anticipates that China Ping An will release its full-year results for 2025 in late March, projecting a 5.2% year-on-year increase in net profit attributable to shareholders to 133.25 billion yuan, and an 8.8% increase in operating profit to 132.54 billion yuan [2]. - The expected annual dividend per share is projected to increase by 6.2% to 2.71 yuan [2]. - CICC maintains a "outperforming the industry" rating for China Ping An, with target prices of 89.8 yuan for A-shares and 99.4 Hong Kong dollars for H-shares unchanged [2].

本文源自：金融界AI电报 中国平安A股涨2.6%，最高触及65.58元；H股涨超2%，最高触及68.4港元。 ...