Core Viewpoint - China Ping An is committed to increasing its equity asset allocation, focusing on growth sectors and high-dividend value stocks, while maintaining a strong operational performance despite a decline in net profit [1][2][3]. Financial Performance - In the first half of 2025, China Ping An achieved a net operating profit of 77.732 billion yuan, a year-on-year increase of 3.7% [2]. - The company's net profit attributable to shareholders was 68.047 billion yuan, a year-on-year decrease of 8.8% [2]. - The decline in net profit is attributed to three main factors: one-time accounting treatment related to the consolidation of Ping An Good Doctor, the issuance of convertible bonds affecting short-term valuations, and unrealized capital gains of approximately 60 billion yuan not reflected in the profit statement [2]. Investment Strategy - As of mid-2025, China Ping An's insurance asset investment scale exceeded 6.2 trillion yuan, an increase of 8.2% from the beginning of the year, with stock assets accounting for 10.5% [3]. - The company plans to increase its equity market allocation, focusing on new productive forces and high-dividend value stocks [3]. - Future asset allocation will dynamically match high-yield stocks, value stocks, and growth stocks as the cost of liabilities continues to decrease [3]. Market Valuation - As of August 27, 2025, China Ping An's A-share closed at 58.69 yuan per share, with a total market capitalization exceeding 1 trillion yuan, reflecting a cumulative increase of over 14% in A-share price this year [5]. - The company believes that the market is gradually recognizing its value, especially as the life insurance industry enters a golden development period [6].

增配成长股和价值股 作为金融股的代表，中国平安自身的股价表现也是投资者和业内关注的重点。中国平安副总经理兼首席 财务官付欣表示，非常认同"金子总会发光"的观点，相信市场正在印证，并且会逐步认证中国平安的价 值。 谈及未来的市场表现，付欣认为："我们觉得光还可以发得更亮，这是因为当前寿险正处在黄金发展 期，行业的增长正在逐步释放，中国平安的综合金融和医疗养老优势正在逐步体现，医疗养老的护城河 也在逐步构建，当前整个中国平安的估值倍数非常低，我相信会有更多投资者认可，并持续认可中国平 安的价值，金子可以更亮。" "对寿险业务全年的发展充满信心""对分红险的转型充满信心""投资者对A股市场信心不断回暖"……交 出了上半年"答卷"后，8月27日，在中国平安中期业绩发布会上，该公司管理层就业绩表现、寿险渠道 新增长、人工智能发展等问题一一回应。谈到相关话题，中国平安管理层用多个"信心"让市场和公众吃 下"定心丸"！ 当前海外市场降息信号显露、A股市场持续带给人惊喜，长期资金如何布局，成为市场关注焦点。 谈及投资市场，中国平安总经理兼联席首席执行官谢永林表示，今年以来，投资者对A股市场信心不断 回暖，中国市场当前估值水平 ...

中期业绩发布会香港会场，马明哲等高管亮相 按照半年报，平安将向股东派发中期股息每股现金人民币0.95元，同比增长2.2%。 在外界看来，尽管此次现金分红偏于保守，但"金子"还是"发光了"。据记者观察，中国平安在当前这波 股市热潮中，已经吃到红利。 付欣 股东户数减少近一成， 未来估值底气来自战略和科技 面对资本市场的态度，平安集团副总经理兼首席财务官付欣认为，市场正在印证并且逐步认可平安的价 值，我们觉得这个光还可以发得更亮，因为整个寿险行业处于黄金发展期，整个行业的需求、增长正在 逐步释放，潜力还是非常大的。 从最高超1.7万亿市值到腰斩，再到现在站稳万亿关口，中国平安距离自己曾经的"神坛"还有多远？ 8月27日，中国平安在香港和上海两地同时举办2025年中期业绩发布会，董事长马明哲率多位核心高管 亮相。 26日晚间，平安集团的"半年考"刚出炉。记者留意到，今年上半年，平安集团实现归属于母公司股东的 营运利润777.32亿元，同比增长3.7%；归属于母公司股东的净利润680.47亿元，同比下降8.8%。上半年 营业收入5,000.76亿元，同比增长1个点；归属于母公司股东权益9,439.52亿元，较年初增长 ...

具体而言，第一层改革红利来自多渠道策略，中国平安从早期单一的代理人渠道，到涵盖代理人、银保渠道、社区金融渠道的多元体系。目前平安银保渠道、社区网格渠道均有大幅增长。 第二层是"产品+服务"模式，郭晓涛强调，当前金融行业尤其是寿险行业逐步进入同质化竞争的阶段，只有增值服务才能真正做出差异化。中国平安提前布局"保险+医疗""保险+健康""保险+养 第三层改革红利是基于平安的科技赋能，过去几年平安投入了大量资源赋能销售队伍，利用AI、数据分析等，帮助销售团队获客，持续提升转化效率。 蓝鲸新闻8月27日讯（记者 石雨）昨日晚间，中国平安（601318.SH）发布2025年半年报，核心数据来看，上半年，中国平安实现归母营运利润777.32亿元，同比增长3.7%；归属于母公司股 在今日举行的中期业绩发布会上，中国平安一众高管出席，管理层就利润变动、新业务价值、投资配置、AI应用等方面回应市场关注的热点问题。 其中，针对归母净利润同比下滑，中国平安副总经理兼首席财务官付欣拆解其背后的三重因素：其一是一季度平安好医生并表带来的减值影响；其二是因平安发行的港股可转债，当股价上升时在 谈新业务价值增长：三重改革红利驱动 2025 ...

Core Viewpoint - China Ping An expresses strong confidence in the development of its life insurance business and the overall market, highlighting a positive outlook for the A-share market and the company's strategic initiatives in growth and value stocks [1][3][4]. Investment Strategy - The company plans to increase its allocation to equity assets, focusing on growth sectors representing new productive forces and high-dividend value stocks [3]. - The approval of its private equity investment fund in May is expected to enhance its investment capabilities once registered [3]. Market Confidence - The management emphasizes that the current valuation levels in the Chinese market are reasonable, and there is a strong belief in the long-term stability and health of the Chinese economy [3]. - The company has been actively acquiring stakes in peer companies, adhering to the "three Cs" principle: reliable operations, growth potential, and sustainable dividends [3]. Life Insurance Business Growth - The life insurance sector is believed to be entering a golden development period, with significant growth potential driven by recent reforms [6]. - The company reports that the new business value from non-agent channels has exceeded 36%, reflecting a 15 percentage point increase from the previous year [6]. Dividend Policy - China Ping An has consistently increased its dividends, with a projected mid-2025 dividend of 0.95 yuan per share, marking a 2.2% year-on-year growth [4]. - High-dividend assets are becoming more attractive in the current low-interest-rate environment, which is expected to bolster market confidence [4]. Operational Insights - The decline in net profit attributable to the parent company is attributed to one-time accounting adjustments, convertible bond issuance, and unrealized gains from equity investments [5]. - The company encourages stakeholders to focus on operating profit as a more accurate measure of the insurance sector's performance [5]. Distribution Channels - The company is developing a new channel through part-time agents to tap into lower-tier markets, complementing its traditional agent distribution [7][8]. - The part-time agent system, which operates through a digital platform, aims to achieve low-cost and high-efficiency sales, particularly for life insurance products [8].

Core Viewpoint - China Ping An reported a steady overall performance with strong growth in its main business and continued innovation during the mid-year performance release on August 27, 2025 [1] Financial Performance - In the first half of 2025, China Ping An achieved an operating profit of 77.732 billion yuan, a year-on-year increase of 3.7% [1] - The net profit attributable to shareholders was 68.047 billion yuan, a year-on-year decline of 8.8% [1] - The company announced an interim dividend of 0.95 yuan per share, representing a year-on-year increase of 2.2% [1] Profit Discrepancy Factors - The difference between operating profit growth and net profit decline is attributed to three main factors: 1. A one-time accounting treatment resulting in a 3.4 billion yuan impairment from the consolidation of Ping An Good Doctor in Q1 [5] 2. The issuance of multiple convertible bonds, which led to a short-term decline in valuation due to rising stock prices, although it does not affect the financial statements over the full lifecycle [5] 3. A 60 billion yuan unrealized gain from equity stakes in listed companies that did not appear on the profit statement [5] Business Growth and Strategy - The new business value of life and health insurance reached 22.335 billion yuan, a year-on-year increase of 39.8% [6] - The new business value from the bancassurance channel surged by 168.6% to 5.972 billion yuan [6] - The company has transitioned to a multi-channel system for life insurance, with non-agent channels accounting for over 36% of new business value, an increase of 15 percentage points from the previous year [6] Product Trends - In response to low interest rates and asset scarcity, insurance companies are accelerating the shift towards participating insurance products [6] - Participating insurance accounted for 40% of new business value in the first half of the year, indicating a significant industry trend [6][7] Investment Strategy - As of June 30, 2025, China Ping An's investment portfolio exceeded 6.2 trillion yuan, reflecting an 8.2% increase since the beginning of the year [9] - The non-annualized comprehensive investment return rate was 3.1%, up 0.3 percentage points year-on-year [9] - The company plans to increase equity asset allocation, focusing on growth stocks and high-dividend value stocks [9] Future Outlook - The company anticipates that the proportion of participating insurance will continue to rise following the upcoming interest rate cuts [7] - With ongoing optimization of asset allocation and a stable capital market, China Ping An aims to dynamically match high-yield stocks, value stocks, and growth stocks to enhance investment returns for clients [10] - The approval of Ping An's private equity investment fund for long-term investments in the secondary market is expected to be operational soon [10]

Core Insights - China Ping An reported a decrease in shareholder accounts to 716,826 as of June 30, 2025, down by 77,731 accounts or 9.78% from March 31, 2025 [1][2] - The average number of shares held per account increased from 13,500 to 15,000, with an average market value of 833,000 yuan per account [1][2] - Despite a stock price increase of 10.56% from March 31 to June 30, 2025, the number of shareholders decreased significantly [1][2] Shareholder Statistics - As of June 30, 2025, the average number of shareholder accounts in the insurance industry was 208,700, indicating that China Ping An's shareholder count is above the industry average [1] - The average market value of shares held by shareholders in the insurance sector was 1,563,900 yuan, which is higher than that of China Ping An [1] - The net inflow of main funds was 1.515 billion yuan, while retail funds saw a net inflow of 473 million yuan, contrasting with a net outflow of 1.988 billion yuan from speculative funds during the same period [2]

Core Viewpoint - The insurance capital represented by China Ping An has increased its market participation this year, benefiting from favorable policies and market conditions for long-term investments [2][3] Group 1: Investment Strategy - China Ping An's investment in financial stocks, particularly in banks and insurance, is characterized as a financial investment focused on low volatility and high dividends, which aligns with the typical operations of insurance capital [2] - As of June 30, 2025, the market value of stocks and equity funds in China Ping An's investment portfolio reached 778.4 billion, a 36% increase from the beginning of the year, with equity assets accounting for 12.6% of the total [2] - The equity investment return rate for the first half of the year was 13.05%, a significant increase of 672 basis points year-on-year [2] Group 2: Market Outlook - The company sees structural opportunities in the capital market due to domestic policy benefits, technological industrialization, and reasonable stock market valuations [2] - There is a notable increase in trading volume in both A-shares and H-shares, indicating a recovery in market confidence [3] Group 3: New Quality Productivity Investment - Investment in new quality productivity requires a balance of risk and return, with an emphasis on optimizing internal decision-making processes and risk control models [4] - The company collaborates with leading domestic investment institutions to enhance investment returns and efficiency through a "capital + capability" model, covering sectors like renewable energy, AI, and biopharmaceuticals [4] Group 4: Life Insurance Business Reform - The new business value from the bancassurance channel of Ping An's life insurance segment saw a year-on-year increase of 168.6% in the first half of 2025, contributing 33.9% to the new business value [4] - The company aims to further develop its bancassurance business by expanding its network, increasing workforce, optimizing products, and enhancing outlet productivity, expecting continued rapid growth in this channel [5]

Core Viewpoint - Insurance capital, represented by China Ping An, has increased its market entry efforts this year, benefiting from a favorable policy environment and market valuations, which are conducive for long-term investments [1][4]. Investment Strategy - China Ping An's investment portfolio includes stocks and equity funds valued at 778.4 billion yuan, a 36% increase from the beginning of the year, with equity assets now accounting for 12.6% of the total [3]. - The company has achieved an equity investment return rate of 13.05% in the first half of the year, a significant increase of 672 basis points year-on-year [3]. - The focus for future investments will be on new productivity growth stocks and high-dividend value stocks, with a cautious approach to increasing holdings [4]. Market Outlook - The domestic policy benefits, technological industrialization, and reasonable stock market valuations suggest that there are structural opportunities in the capital market [4]. - Recent trends show an increase in trading volume in both A-shares and H-shares, indicating a recovery in market confidence [4]. Investment Collaboration - China Ping An collaborates with leading domestic investment institutions to enhance investment efficiency through a "capital + capability" model, covering sectors like renewable energy, AI, and biopharmaceuticals [5]. Life Insurance Business - The new business value from the bancassurance channel for China Ping An's life insurance segment saw a year-on-year increase of 168.6% in the first half of 2025, contributing 33.9% to the new business value [5][6]. - The company plans to further develop its bancassurance business by expanding its network, increasing personnel, optimizing products, and enhancing outlet productivity, expecting continued high growth in this channel [6].

北京商报讯（记者 李秀梅）近期中国平安在资本市场频频举牌同业公司，8月27日，在中国平安中期业 绩会上，中国平安联席首席执行官郭晓涛对此表示，中国平安投资同业公司和其他行业公司主要会坚 持"三可"原则，即经营可靠、增长可期、分红可持续。这是衡量投资一个企业是否长期持续、能否稳定 持有这家企业股票核心的标准。 ...