Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 67.4 CNY [2][7]. Core Insights - The company achieved a net profit of 68.047 billion CNY in H1 2025, a year-on-year decrease of 8.8%, while the operating profit increased by 3.7% to 77.732 billion CNY. The new business value (NBV) for life insurance grew by 39.8% to 22.335 billion CNY, and the combined ratio (COR) for property insurance improved by 2.6 percentage points to 95.2% [2][4]. - The company's embedded value increased by 5.5% to 1.501349 trillion CNY as of H1 2025. The net and comprehensive investment returns were 1.8% and 3.1% (not annualized), respectively, with year-on-year changes of -0.2 percentage points and +0.3 percentage points [2][4]. Summary by Sections Life Insurance Business - The life insurance segment reported an NBV of 22.335 billion CNY, with a margin increase of 9 percentage points to 30.5%. However, first-year premiums decreased by 7.2% year-on-year. The bancassurance channel saw a significant NBV growth of 168.6%, with first-year premiums up by 77.6% [7][8]. - The agent channel's NBV margin improved, but new policies decreased by 26.9% year-on-year, resulting in a 17% increase in NBV [7][8]. Property Insurance Business - The property insurance segment's original premium income rose by 7.1% to 171.857 billion CNY, with a COR of 95.2%. The claims and expense ratios improved, with reductions of 1.4 percentage points and 1.2 percentage points, respectively [7][8]. - The auto insurance segment contributed significantly to profits, with a premium increase of 3.6% to 108.6 billion CNY and a COR of 95.5% [7][8]. Investment Strategy - The company increased its allocation to FVOCI stocks while reducing bond holdings. Total investment assets grew by 8.2% to 6.2 trillion CNY as of H1 2025 [7][8]. - The company has been actively acquiring bank stocks, which are expected to be classified under FVOCI [7][8]. Financial Forecast - The report adjusts the EPS forecast for 2025-2027 to 7.1, 8.2, and 9.1 CNY, respectively, with a projected PEV of 0.8 times for 2025 [7][8].

据披露，截至2025年6月30日，中国平安上半年综合投资收益率(非年化)为3.1%，同比提升0.3个百分 点。6.2万亿元的险资投资规模中，固收资产占比高达79%，权益资产占比13%，另类及其他投资占比 8%。 中国平安副总经理兼首席财务官付欣在业绩发布会上表示，中国平安不动产投资规模2060亿元，仅占险 资投资总规模的3.3%，而且其中82%都是收租型物业，可以贡献稳定租金。 人民财讯8月27日电，今年上半年，中国平安（601318）险资投资规模达6.2万亿元，较年初规模增加 8.2%。中国平安总经理兼首席执行官谢永林在业绩发布会上表示，中国平安加大对股票的投资配置， 主要是两方面：一是代表新质生产力，二是高分红的个股。 ...

Core Viewpoint - China Ping An believes that its stock price will reflect its true value over time, aligning with the notion that "gold will always shine" [2] Company Insights - The CFO of China Ping An, Fu Xin, expressed confidence in the company's growth potential, particularly in the life insurance sector, which is currently in a golden development phase [2] - The company is gradually showcasing its advantages in comprehensive finance and healthcare, with a focus on building a strong moat in the healthcare and elderly care sectors [2] - China Ping An's current valuation multiples are considered very low, suggesting that there is significant room for recognition and appreciation from investors [2]

Group 1 - The core viewpoint of the article is that China Ping An plans to increase its allocation to equity assets, focusing on growth sectors and high-dividend value stocks [1] Group 2 - China Ping An's co-CEO, Xie Yonglin, emphasized the company's identity as patient and long-term capital [1] - The company will concentrate on two main areas: growth sectors representing new productive forces and high-dividend value stocks [1]

中国平安高管：相信公司的估值还有非常大的上升空间。 ...

Core Insights - China Ping An is experiencing three major reform dividends that are driving business growth, as stated by Co-CEO Guo Xiaotao during the 2025 mid-term performance release [1] Group 1: Reform Dividends - The first reform dividend is a multi-channel strategy, which has diversified the distribution of life insurance beyond just agents to include bank insurance channels and community financial services. In the first half of this year, these channels contributed 33.9% to the new business value of Ping An's life insurance [1] - The second reform dividend is the "product + service" strategy, which aims to differentiate in a homogenized market through value-added services. This includes a combination of products such as investment, insurance, medical insurance, health insurance, and pension services, which effectively drive customer purchases of Ping An's life insurance products [1] - The third reform dividend is technology empowerment, where significant resources have been invested in enhancing the sales team and sales service tools. AI has improved customer acquisition, marketing, and conversion efficiency [1] Group 2: Business Growth - The combination of these three reform dividends has enabled the company to maintain rapid growth over the past two years, including this year. The company plans to continue adhering to regulatory requirements and product transformation in the second half of the year [1]

Core Viewpoint - The valuation level of the Chinese capital market is currently considered reasonable when compared to other global markets [1] Group 1 - The executives of China Ping An have expressed confidence in the current valuation levels of the Chinese capital market [1]

Core Viewpoint - The life insurance sector in China has entered a golden development period, serving as a cornerstone for wealth management among the middle class and above [1] Summary by Categories Life Insurance Development - Life insurance is providing threefold value: wealth preservation and appreciation, protection for clients and their families, and enhanced services for healthcare and retirement [1]

Group 1 - The core viewpoint is that Ping An, as a patient and long-term capital, will moderately increase its allocation to equity assets [1] Group 2 - The company emphasizes its strategy of being a long-term investor, indicating a commitment to sustainable growth and stability in its investment approach [1]

2025年8月19日，国家金融监督管理总局台州监管分局发布批复称，《中国平安（601318）人寿保险股 份有限公司浙江分公司关于变更台州中心支公司玉环市营销服务部营业场所的请示》（平保寿浙分发 〔2025〕222号）收悉。经审核，现批复如下： 一、同意中国平安人寿保险股份有限公司台州中心支公司玉环市营销服务部营业场所变更为：浙江省台 州市玉环市玉城街道金融中心1幢504室。 二、中国平安人寿保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 ...