（原标题：美银证券：升中国平安(02318)目标价至64.9港元 料全年股息稳定增长 重申"买入"评级） 智通财经APP获悉，美银证券发布研报称，预期中国平安(02318)全年税后营运利润增长4%，推动全年 股息维持稳定增长;将2025至27年盈利预测上调4%，并将目标价上调4%，H股目标价由原先62.4港元升 至64.9港元，重申"买入"评级。 中国平安上半年净利润680亿元人民币(下同)，寿险新业务价值(VNB)同比增长40%，主要由上半年新业 务价值利润率提升1.9个百分点至26.1%所推动。税后营运利润(OPAT)同比增长4%，得益于保险业务的 营运利润稳定增长，以及资产管理业务的营运利润复苏。中期息每股0.95元，同比增长2%。 ...

Core Viewpoint - Bank of America Securities forecasts a 4% growth in after-tax operating profit for Ping An Insurance (601318) (02318) for the full year, supporting stable dividend growth for the year [1] Financial Performance - Ping An Insurance reported a net profit of 68 billion RMB for the first half of the year [1] - The value of new business (VNB) increased by 40% year-on-year, driven by a 1.9 percentage point rise in new business value profit margin to 26.1% [1] - After-tax operating profit (OPAT) grew by 4% year-on-year, attributed to stable growth in insurance business operating profit and a recovery in asset management business operating profit [1] - The interim dividend per share is 0.95 RMB, representing a 2% year-on-year increase [1] Earnings Forecast and Target Price - Earnings forecasts for 2025 to 2027 have been raised by 4% [1] - The target price for H-shares has been increased by 4%, from 62.4 HKD to 64.9 HKD, maintaining a "Buy" rating [1]

Core Insights - China Ping An's operating profit for the first half of 2025 showed steady growth, with a strong increase of 39.8% in new business value for life and health insurance, and an interim cash dividend raised to 0.95 yuan per share [2][4][7] Group 1: Overall Performance - The operating profit attributable to shareholders reached 77.732 billion yuan, a year-on-year increase of 3.7%, while net profit was 68.047 billion yuan, a decrease of 8.8% [3] - The decline in net profit was attributed to one-time factors, including a 3.4 billion yuan loss from the consolidation of Ping An Good Doctor and the impact of convertible bonds [3][4] - Excluding these factors, the company reported a double-digit growth in profit, emphasizing the importance of focusing on operating profit rather than short-term fluctuations [3] Group 2: Business Growth - The life and health insurance segment contributed significantly to net profit, with new business value reaching 22.335 billion yuan, up 39.8% year-on-year [4] - The life insurance sector is entering a golden development period, with the silver economy expected to grow to a scale of 20 trillion yuan [4] - Recent reforms in distribution channels have led to a significant increase in new business value from non-agent channels, which now account for over 36% of the total [4] Group 3: Asset Management - As of June 30, 2025, the company's insurance fund investment portfolio exceeded 6.2 trillion yuan, reflecting an 8.2% growth since the beginning of the year [5] - The non-annualized comprehensive investment return rate was 3.1%, an increase of 0.3 percentage points year-on-year [5] - The company is increasing its equity asset allocation, focusing on growth stocks and high-dividend value stocks, while maintaining a 13% allocation to equity assets [6] Group 4: Market Confidence - The stock price of China Ping An has increased by approximately 16% year-to-date, indicating a rise in market valuation [7] - The management believes that the life insurance sector's growth potential remains significant, and the advantages of integrated finance and healthcare are becoming more apparent [7]

登录新浪财经APP 搜索【信披】查看更多考评等级 8月27日，中国平安（601318.SH，02318.HK）召开2025年半年报业绩发布会，平安集团董事长马明哲携一众高管出席。对于净利润下滑、举牌同业公司、 寿险改革等热点问题，平安高管均做出了回应。 财报数据显示，2025年上半年，中国平安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，比上年同 期减少65.72亿元，同比下降8.8%。现金分红水平稳定增长，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%。 上半年，中国平安净利润同比下滑，但营运利润却同比增长。针对净利润与营运利润同期产生的差异，中国平安副总经理兼首席财务官付欣表示，背后主要 有三个关键因素： 一是平安集团在今年一季度并表平安好医生，由于会计处理产生了-34亿元的一次性损益，由此影响了增速4.6个百分点。 二是平安集团因发行港股可转债导致的"happy problem"（幸福的烦恼）：即在股价上升时，可转债的估值在会计处理上反而会出现短期下降。但付欣强调， 在可转债转股之后的全生命周期内，这种下降并不影响财务报表。 ...

Core Viewpoint - China Ping An Insurance (Group) Co., Ltd. reported a stable growth in its mid-term performance for the first half of 2025, with significant increases in both operating profit and new business value across various segments [1][2]. Group 1: Financial Performance - In the first half of 2025, the operating profit attributable to shareholders reached RMB 77.732 billion, a year-on-year increase of 3.7% [1] - The net profit attributable to shareholders was RMB 68.047 billion [1] - The company announced a stable cash dividend, distributing a mid-term dividend of RMB 0.95 per share, up 2.2% year-on-year [1] Group 2: Insurance Business Growth - The life and health insurance business showed robust development, with new business value increasing by 39.8% year-on-year [1] - The new business value rate (based on standard premium) rose by 9.0 percentage points [1] - The agent channel's new business value grew by 17.0%, while the per capita new business value increased by 21.6% [1] - The bancassurance channel saw a remarkable growth of 168.6% in new business value [1] Group 3: Property Insurance Performance - The property insurance segment reported a premium income of RMB 171.857 billion, a 7.1% increase year-on-year [1] - Insurance service income reached RMB 165.661 billion, growing by 2.3% [1] - The overall combined cost ratio improved by 2.6 percentage points to 95.2%, maintaining strong profitability [1] - The auto insurance combined cost ratio was 95.5%, also improved by 2.6 percentage points, outperforming the market average [1] Group 4: Investment Performance - The investment portfolio achieved a non-annualized comprehensive investment return of 3.1%, up 0.3 percentage points year-on-year [2] - The average net investment return over the past 10 years was 5.0%, with an average comprehensive investment return of 5.1% [2] Group 5: Strategic Initiatives - The "Comprehensive Finance + Medical Elderly Care" strategy is being advanced, with personal customer numbers reaching nearly 247 million, a 4.6% increase from the previous year [2] - The average number of contracts held per customer increased by 0.3% to 2.94 [2] - The company is focusing on enhancing service experiences through AI and advanced technologies, aiming to transition from niche services to more inclusive offerings [2][3] Group 6: Innovation and Service Enhancement - In the first half of 2025, Ping An launched the "Tian Ping An" insurance and service solution and upgraded its global emergency rescue services [3] - The company introduced a comprehensive AI medical product matrix through Ping An Good Doctor, with 818 million calls to its large model and over 650 application scenarios [3] - The focus is on creating a "three savings" experience for nearly 247 million customers through innovative service models and technological applications [3]

Financial Performance - The Group's revenue reached RMB 500.1 billion, a 1.0% year-over-year increase[11] - OPAT (Operating Profit After Tax) grew by 3.7% year-over-year to RMB 77.7 billion[13] - Shareholders' equity increased by 1.7% YTD (Year-to-Date) after dividend distribution, reaching RMB 944 billion[13] - Interim dividend per share (DPS) increased by 2.2% year-over-year to RMB 0.95[13] - NBV (New Business Value) for Life & Health (L&H) grew significantly by 39.8% year-over-year[15] Business Segments - P&C (Property & Casualty) premium income increased by 7.1% year-over-year to RMB 171.9 billion[15] - P&C insurance revenue grew by 2.3% year-over-year to RMB 165.7 billion[15] - The P&C Combined Operating Ratio (COR) improved by 2.6 percentage points year-over-year to 95.2%[15] - Bank net profit amounted to RMB 24.9 billion with a NPL ratio of 1.05%[16] Customer Engagement - Retail customers increased by 1.8% YTD to 247 million[13] - 26.6% of retail customers hold 4+ contracts, with a 97.8% retention rate[13] Investment - Unannualized comprehensive investment yield was 3.1%, up 0.3 percentage points year-over-year[16] - Insurance funds grew 8.2% YTD to RMB 6.2 trillion[25]

Core Insights - China Ping An held a mid-term performance conference for 2025, where the co-CEO Guo Xiaotao elaborated on the company's part-time agent system [1] - The part-time agent team consists of over 1 million agents, primarily located in lower-tier markets, complementing the traditional agent channel concentrated in first and second-tier cities [1] - The part-time agents operate through a digital platform, resulting in low sales costs and high efficiency, differing significantly from traditional management methods [1] - The design of insurance products must align with the characteristics of part-time agents, focusing on property insurance sales while expanding into life insurance products [1] Summary by Categories Part-time Agent System - The part-time agent system includes over 1 million agents, mainly serving lower-tier markets, creating a complementary relationship with traditional agents [1] - The system is designed to be lightweight, utilizing digital platforms for operation and management, leading to reduced costs and increased efficiency [1] Product Design - The product design for life insurance must cater to the unique characteristics of part-time agents, ensuring effective sales processes and product features that resonate with their selling capabilities [1] Future Growth Strategy - The company aims to develop the part-time agent channel into a scalable and online-operable model, positioning it as a core engine for future growth in the life insurance sector [2]

郭晓涛表示："在今年即将到来的预定利率下调之后，下半年分红险的占比将持续提升。平安分红险的 结算利率在市场上具备相当的竞争力。这一优势的背后，正是来自投资端所产生的回报，再结合我们的 保障服务与增值服务，我对分红险的转型充满信心。" 北京商报讯（记者 李秀梅）8月27日，中国平安召开2025年中期业绩发布会。谈及分红险转型，中国平 安联席首席执行官郭晓涛表示，分红险是行业未来的发展趋势。从今年上半年市场表现来看，整个行业 确实都在向分红险方向转型。对平安集团而言，今年上半年分红险已占据新单价值的40%。 ...

Core Viewpoint - China Ping An expresses strong confidence in the long-term healthy and stable development of the Chinese economy despite the current low interest rate environment and potential interest rate cuts in the U.S. [1] Investment Market Insights - The current low interest rate environment in China is expected to persist for some time, influenced by regulatory measures such as lowering the preset interest rate and implementing "reporting and operation integration" [1] - Regulatory policies aimed at asset allocation in the equity sector are beneficial for the healthy, sustainable, and stable development of the industry [1] Company Growth Strategy - China Ping An is confident in maintaining a stable growth advantage in the current environment, aiming to create better returns and value for customers, shareholders, and society as a whole [1]

Core Viewpoint - China Ping An expresses strong confidence in the development of its life insurance business for the year, driven by industry trends and the gradual release of benefits from three major reforms [1] Group 1: Business Development - The life insurance business has undergone product and channel reforms in recent years, which are now beginning to yield benefits [1] - The new business value from non-agent channels has exceeded 36%, representing a 15 percentage point increase from the previous year [1] - Both bancassurance and community grid channels have seen growth exceeding 160% [1] Group 2: Competitive Strategy - The life insurance industry is entering a phase of homogenized competition, where value-added services are essential for differentiation [1] - The company emphasizes the importance of enhancing product and service capabilities to stand out in the market [1] Group 3: Technological Empowerment - The third reform benefit is the empowerment through technology, particularly the advantages brought by AI [1]