香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第 13.10B 條而作 出。 中國深圳，2025年12月16日 於本公告日期，本公司的執行董事為馬明哲、謝永林、郭曉濤、付欣及蔡方方；非執 行董事為謝吉人、楊小平、何建鋒及蔡潯；獨立非執行董事為吳港平、金李、王廣謙、 洪小源、宋獻中及陳曉峰。 证券代码：601318 证券简称：中国平安 公告编号：临 2025-047 中国平安保险（集团）股份有限公司 第十三届董事会第十二次会议决议公告 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。 本公司第十三届董事会第十二次会议（以下简称"会议"）书面通知于 2025 年 12 月 13 日发出，会议于 2025 年 12 月 16 日在深圳市召开。会议应出席董事 15 ...

中国平安保险（集团）股份有限公司董事会 本次修订的详细情况请见附件《〈中国平安保险（集团）股份有限公司章程〉 修订条文对照表》。 本次修订尚须提交本公司股东会以特别决议案审议通过，并将于获得国家金 融监督管理总局核准后方可生效。 附件：《中国平安保险（集团）股份有限公司章程》修订条文对照表 特此公告。 证券代码：601318 证券简称：中国平安 编号：临 2025-048 中国平安保险（集团）股份有限公司 关于修订公司章程的公告 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 2025 年 12 月 16 日分别召开第十一届监事会第十次会议、第十三 届董事会第十二次会议审议通过了《关于修订〈公司章程〉的议案》，建议对《中 国平安保险（集团）股份有限公司章程》作出若干修订（以下简称"本次修订"）。 2025 年 12 月 16 日 1 / 24 附件： 《中国平安保险（集团）股份有限公司章程》修订条文对照表 一、《公司章程》的修订情况 | 序号 | 修订前章程条款 | ...

证券代码：601318 证券简称：中国平安 公告编号：临 2025-046 特此公告。 中国平安保险（集团）股份有限公司监事会 2025 年 12 月 16 日 中国平安保险（集团）股份有限公司 第十一届监事会第十次会议决议公告 中国平安保险（集团）股份有限公司（以下简称"本公司"）监事会及全体监事保 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。 本公司第十一届监事会第十次会议（以下简称"会议"）书面通知于 2025 年 12 月 13 日发出，会议于 2025 年 12 月 16 日在深圳市召开。会议应出席监事 5 人，实到监事 5 人，会议有效行使表决权票数 5 票。本公司部分高级管理人员列 席了会议，会议的召集、召开程序符合《中华人民共和国公司法》和《中国平安 保险（集团）股份有限公司章程》（以下简称"《公司章程》"）的相关规定，会 议合法、有效。 会议由本公司监事会主席孙建一主持，与会监事经充分讨论，审议通过了《关 于修订〈公司章程〉的议案》，并同意提交股东会审议。 表决结果：赞成 5 票、反对 0 票、弃权 0 票 ...

证券代码：601318 证券简称：中国平安 公告编号：临 2025-047 中国平安保险（集团）股份有限公司 第十三届董事会第十二次会议决议公告 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。 本公司第十三届董事会第十二次会议（以下简称"会议"）书面通知于 2025 年 12 月 13 日发出，会议于 2025 年 12 月 16 日在深圳市召开。会议应出席董事 15 人，实到董事 15 人，会议有效行使表决权票数 15 票。本公司全体监事和部 分高级管理人员列席了会议。会议的召集、召开程序符合《中华人民共和国公司 法》和《中国平安保险（集团）股份有限公司章程》（以下简称"《公司章程》"） 的相关规定，会议合法、有效。 会议由本公司董事长马明哲主持，与会董事经充分讨论，审议通过了如下议 案： 一、审议通过了《关于修订〈公司章程〉的议案》，并同意提交股东会审议 本公司董事会同意提请股东会授权本公司董事长或其授权人在《公司章程》 报请核准的过程中，根据有关监管机关、工商登记机关和证 ...

Group 1 - The core viewpoint of the announcement is that China Ping An held its 12th meeting of the 13th Board of Directors on December 16, 2025, in Shenzhen, where it reviewed the proposal for the 2026 first extraordinary shareholders' meeting [1] - For the first half of 2025, China Ping An's revenue composition was as follows: life insurance accounted for 78.03%, property insurance for 34.37%, customer loans for 13.46%, securities investment interest income for 2.8%, and commission income (bank) for 2.55% [1] - As of the announcement date, China Ping An's market capitalization was 1,213.2 billion yuan [1]

Investment Rating - The report assigns a "Buy-A/Buy-H" rating to the company, with a current price of CNY 67.08 and HKD 65.25, and a reasonable value of CNY 85.17 and HKD 84.23 [4]. Core Insights - The company is positioned as a pioneer in the "transformational era" and a leader in "asset-liability linkage," with significant growth potential in the bancassurance channel, which is expected to drive value growth [8][10]. - The report highlights the company's strong performance in the bancassurance channel, with a new business value (NBV) compound annual growth rate (CAGR) of 31.6% from 2020 to 2024, significantly outpacing the overall market [21][22]. - The company's investment strategy focuses on high dividend yields and stable long-term returns, with a net investment return rate superior to its peers [8][10]. Summary by Sections Liability Side: "Pioneer of the Transformational Era" - The company has consistently led changes in the liability side of the insurance industry, achieving a new business premium CAGR of 7.5% from 2010 to 2024, outperforming peers [15]. - The bancassurance channel is expected to become a core growth driver, with significant room for expansion as the company currently holds the lowest market share among peers in this segment [21][22]. Asset Side: "Leader in Asset Management" - The company has strategically increased its bond allocation since 2018, ensuring a good match between assets and liabilities [8][10]. - The focus on high dividend strategies has resulted in a net investment return rate that is among the highest in the industry, with an average dividend return rate of 5.8% over the past three years [8][10]. Operational Quality: Real Estate Exposure and Sector Performance - The company's real estate exposure has been reduced to 3.3% of its insurance funds, with sufficient provisions for asset impairments [8][10]. - The profitability of both life and property insurance segments is on the rise, supported by improved performance in asset management and technology sectors [8][10]. Valuation: Dividend Yield and Market Position - The company offers a favorable dividend yield, with stable operational profit growth and high dividends, while its current valuation is lower than that of its peers [8][10]. - The report notes that public fund holdings in the company are significantly lower than the benchmark index, indicating potential for reallocation [8][10]. Earnings Forecast and Investment Recommendations - The report forecasts earnings per share (EPS) of CNY 8.91, CNY 9.85, and CNY 10.55 for 2025, 2026, and 2027 respectively, with a reasonable valuation based on the embedded value method [8][10].

Core Viewpoint - The Central Economic Work Conference has outlined the economic work for 2026, emphasizing high-quality development and the role of the insurance industry in supporting national strategies and improving social welfare [1][2]. Group 1: High-Quality Development - The conference provides a systematic deployment for the insurance industry's high-quality development, guiding companies to translate the conference's spirit into specific development paths [2]. - China Ping An aims to integrate its development with national strategies, focusing on "comprehensive finance + healthcare and elderly care" to support the construction of a financial powerhouse and national rejuvenation [2]. - China Export & Credit Insurance Corporation emphasizes supporting high-level opening-up and enhancing service quality for foreign trade and key projects [3]. Group 2: Support for Social Welfare - The conference highlights the importance of expanding health and long-term care insurance to better meet diverse resident needs [5]. - China Ping An is committed to enhancing its insurance product offerings in health and elderly care to support the public's varied protection demands [5][6]. - The insurance industry is encouraged to focus on improving financial supply efficiency and addressing social welfare challenges [6]. Group 3: Activation of Insurance Capital - Insurance institutions are leveraging their long-term and stable capital to meet the needs of the real economy, acting as "patient capital" [7]. - China Life Group plans to align its actions with the central government's economic governance strategies, focusing on technology finance and green finance [7]. - China Ping An is committed to increasing investments in strategic emerging industries and advanced manufacturing through a collaborative model of "technology + finance + ecology" [8]. Group 4: Green Transformation - The conference emphasizes the need for a comprehensive green transition, guiding various sectors towards high-quality development [8]. - TaiKang Asset is focused on ESG investment principles, increasing research on green industries like wind and solar energy to support the green transformation of the economy [8].

Core Insights - Ping An Insurance has received the Award of Excellence in ESG for the third time, recognizing its leadership in corporate governance and sustainable development [1][2] - The company has integrated ESG principles into its corporate strategy and set five-year sustainability goals, demonstrating a commitment to green finance and low-carbon operations [2][3] Corporate Governance - Ping An maintains rigorous corporate governance standards aligned with international best practices, with a board composed of experts from various fields [3] - ESG governance is led at the board level, ensuring full responsibility for ESG strategy and performance metrics integrated into executive reviews [3] Shareholder Returns - Since going public, Ping An has returned over RMB 400 billion in dividends, with a compound annual growth rate of cash dividends at 4.3% over the past five years [4] Green Finance Initiatives - By June 2025, Ping An's green investments totaled RMB 144.482 billion, with green loan balances at RMB 251.746 billion and green insurance premium income reaching RMB 55.279 billion in the first three quarters [5] Carbon Reduction Efforts - In 2024, Ping An reduced total greenhouse gas emissions to 439,291 tons, an 8% decrease year-on-year, and implemented a carbon account platform for employees [6] Climate Risk Management - The company developed the "EagleX" climate risk management system, which identified 3,619 high-risk disasters in 2024 and sent out 10.5 billion disaster alerts, significantly reducing potential losses [7] Social Responsibility - Ping An has built 119 "Ping An Hope Schools," provided vocational training to over 20,000 rural teachers, and invested over RMB 52 billion in industrial revitalization to support rural communities [8][9] Inclusive Finance - The company provided comprehensive risk protection to nearly 2.4 million micro and small businesses, processed over 900,000 claims, and served 782,000 micro and small enterprise loan clients [10] Future Strategy - Ping An aims to deepen its dual-engine strategy of integrated finance and health and senior care, enhancing its ESG management system and advancing green and inclusive finance [11]

Core Viewpoint - The insurance sector in A-shares has shown resilience, with major companies experiencing significant stock price increases due to favorable policy signals and reduced capital pressure from regulatory changes [2][6]. Group 1: Market Performance - As of the market close on December 15, major insurance stocks such as China Ping An (SH601318) rose by 4.96% to 67.08 CNY, China Pacific Insurance (SH601601) increased by 3.5% to 39.58 CNY, and China Life (SH601628) saw a rise of 1.57% to 46.01 CNY [3][4]. - The overall market was in a low-level fluctuation, but the insurance and retail sectors managed to rise against the trend [3][6]. Group 2: Policy and Regulatory Environment - The Financial Regulatory Authority has lowered risk factors for insurance companies, easing capital pressure and encouraging investment in the insurance sector [2][9]. - A joint notice from the Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Authority aims to enhance financial products for small and micro enterprises, promoting various insurance products to boost service consumption [6]. Group 3: Industry Outlook - Analysts predict that the life insurance industry may enter a golden development period again, with improvements in the liability side and a shift in investment logic towards growth capability valuation premiums [7]. - The insurance industry reported a premium income of 5.48 trillion CNY in the first ten months of 2025, marking an 8% year-on-year increase, with life insurance premiums growing by 9.63% [8]. Group 4: Investment Trends - The insurance sector is expected to see an influx of 550 billion to 600 billion CNY in new funds due to regulatory changes and the upcoming maturity of fixed deposits, making insurance products attractive for long-term wealth preservation [9]. - The shift towards dividend insurance products is helping insurance companies reduce liability costs and mitigate risks associated with interest rate spreads [8][9].

Core Insights - The article emphasizes the importance of addressing population aging and developing a coordinated policy mechanism for elderly care as a key task in China's 14th Five-Year Plan [1] - Ping An has become the first brand in China to receive a five-star rating for home elderly care services, reflecting its commitment to social value and innovative integration [1] - The company is leveraging a vast system connecting nearly 250 million customers through finance, healthcare, elderly care, and AI technology, balancing commercial logic with social benefits [1] Group 1: Value Creation and Strategic Innovation - Ping An has redefined its role from a "risk bearer" to a "value co-creator," moving beyond traditional insurance models to address social needs [3] - The insurance industry is evolving into a 3.0 era focused on "protection, inclusive coverage, technology-driven, and service-oriented" contracts between the state and the people [3][5] - Ping An's "Red and Green Light" public welfare initiative has improved road safety in rural areas, demonstrating a shift from reactive to proactive risk management [5][7] Group 2: Strategic Pathways and Dual-Driven Model - The company’s dual-driven strategy of "comprehensive finance + healthcare and elderly care" addresses the structural imbalance in supply for the aging population [10] - This strategy integrates wealth management and health care needs, creating a synergistic effect that enhances customer engagement and service delivery [10][12] - Ping An's model transforms healthcare resources into financial service entry points, enhancing customer experience and loyalty [12][13] Group 3: Technological Empowerment and Social Impact - Technology is central to Ping An's strategy, with AI being utilized to address common social pain points and enhance operational efficiency [14][15] - The introduction of AI-driven services like "AI Super Customer Service" and "AI Family Doctor" aims to streamline financial, healthcare, and elderly care services [15] - Ping An's AI systems have significantly reduced claims processing times and improved accuracy, demonstrating a commitment to social responsibility and customer service [16] Group 4: Long-term Vision and Market Position - Ping An's approach integrates social value into its business model, positioning it for sustainable growth and resilience against market cycles [21][22] - The company has received positive evaluations from financial institutions, highlighting its strategic alignment with growth opportunities in wealth management and healthcare [22] - Ping An's commitment to ESG principles has led to high ratings, reflecting its leadership in responsible business practices and social governance [22]