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。 消息面上，根据公募基金披露的2025年四季报，中国平安获主动偏股公募基金增持68亿元，为获增持金 额最大的个股，Q4持股市值达168亿元。 国际权威品牌评估机构Brand Finance近日发布《2026年全球品牌价值500强榜单》。中国平安以488.39 亿美元的品牌价值十度蝉联中国最具价值保险品牌，位列全球第32位，较2025年提升3位，排名中国第 10位，品牌价值同比增长13%。榜单方认为，中国平安在复杂多变的外部环境中，依然保持稳健经营与 持续增长，展现出突出的品牌韧性和长期价值。 此外，中金最新研报指，中国平安将于今年3月下旬发布2025年全年业绩，预计公司归母净利润同比增 长5.2%至1332.5亿元，归母营运利润(OPAT)增长8.8%至1325.4亿元，全年每股分红年增6.2%至2.71元。 中金重申此前判断，在"存款搬家"浪潮与客群升级机遇下，公司或有望再迎黄金发展期，依托其优秀核 心经营能力，实现好于行业整体的份额增长。中金维持公司"跑赢行业"评级，维持平安A股目标价89.8 元、H股目标价99.4港元不变 ...

Investment Rating - The report maintains a "Buy" rating for Ping An Insurance, with a target price raised to HKD 90 based on a sum-of-the-parts (SOTP) valuation [1][4]. Core Insights - The report highlights that the fourth quarter earnings may see relief amid growth stock corrections, with expectations of a 12% year-on-year increase in group OPAT for 2025, reaching RMB 136 billion, and a 5.1% increase in net profit to RMB 133 billion [1][3]. - The insurance company is projected to achieve double-digit growth in NBV (New Business Value) in 2026, driven by strong first-year premium growth and stable profit margins [2][4]. Summary by Sections Financial Performance - For FY25, the net profit is expected to be RMB 162.5 billion, with EPS projected at RMB 7.52, reflecting a 5.1% year-on-year increase [5][13]. - The report provides a detailed financial summary, indicating a steady increase in net profit and EPS over the forecast period, with net profit reaching RMB 175.7 billion by FY27 [5][15]. Valuation Metrics - The target price of HKD 90 implies a valuation of 0.9 times the FY26E price-to-earnings ratio and 1.24 times the price-to-book ratio [4][14]. - The report employs a comprehensive valuation method, indicating a fair value for various segments, including life insurance and property & casualty insurance, contributing to the overall target price [4][14]. Business Growth Drivers - The report notes that the bank's insurance channel is expected to benefit from a shift in household deposits, with a projected 18% growth in NBV for FY26 [2][4]. - The strong performance in the insurance sector is supported by robust underwriting profits and improved investment service results, particularly in the context of a recovering capital market [1][3].

格隆汇1月23日｜中金发表研报指，中国平安将于今年3月下旬发布2025年全年业绩，预计公司归母净利 润年增5.2%至1332.5亿元，归母营运利润(OPAT)年增8.8%至1325.4亿元，全年每股分红年增6.2%至2.71 元。中金重申此前判断，在"存款搬家"浪潮与客群升级机遇下，公司或有望再迎黄金发展期，依托其优 秀核心经营能力，实现好于行业整体的份额增长。中金维持平安"跑赢行业"评级，维持A股目标价89.8 元及H股目标价99.4港元不变。 ...

Group 1 - The core point of the article indicates that Bank of New York Mellon Corp has reduced its long position in the H-shares of China Ping An Insurance (Group) Company Limited from 5.75% to 4.27% as of January 20 [1]

1月21日，国际权威品牌评估机构Brand Finance发布《2026年全球品牌价值500强榜单》。中国平安以 488.39亿美元的品牌价值十度蝉联中国最具价值保险品牌，位列全球第32位，较2025年提升3位，排名 中国第10位，品牌价值同比增长13%。榜单方认为，中国平安在复杂多变的外部环境中，依然保持稳健 经营与持续增长，展现出突出的品牌韧性和长期价值。 ...

Core Insights - The Brand Finance 2026 Global Brand Value 500 report was released on January 20, 2026, in Davos, Switzerland, highlighting the performance of various brands globally [1][5]. Group 1: Chinese Brands Performance - A total of 68 Chinese brands made it to the list, with the insurance sector showing strong performance, featuring 7 insurance companies [1][5]. - The top Chinese insurance brands included Ping An (32nd), China Life Insurance (104th), and China People's Insurance (145th) [1][5]. - Among the 7 insurance brands, 6 experienced an increase in brand value, with China People's Insurance seeing a significant growth of 12%, reaching a brand value of $16.82 billion and moving up 5 places to rank 145th globally [1][5]. Group 2: Brand Rankings and Values - Notable rankings include Douyin at 6th with a brand value of $153.54 billion, State Grid at 10th with $102.44 billion, and ICBC at 12th with $90.88 billion [2][6]. - Other significant brands include China Construction Bank (14th), Bank of China (17th), and Agricultural Bank of China (19th), all maintaining strong brand values and ratings [2][6]. - The report indicates that the brand strength scores and ratings for these companies reflect their competitive positioning in the market, with many achieving AAA or AA ratings [2][6].

Group 1 - The core point of the article is that Bank of New York Mellon has increased its stake in China Ping An's H-shares from 4.30% to 5.75% as of January 19 [1] Group 2 - The increase in ownership indicates a growing confidence from institutional investors in China Ping An [1] - The change in shareholding may reflect broader trends in investment strategies within the financial sector [1] - This adjustment in stake could potentially influence market perceptions and valuations of China Ping An [1]

证券日报网讯 1月20日，中国平安（601318）在互动平台回答投资者提问时表示，根据公司发布的2025 年半年度报告，截至2025年上半年，公司以公允价值计量且其变动计入其他综合收益（FVOCI）的固收 类金融资产金额为31701亿元，以公允价值计量且其变动计入当期损益（FVTPL）的固收类金融资产金 额为9449亿元，此外还有部分固收类金融资产以摊余成本计量（AC）。 ...

作者|格隆汇官方 数据支持 | 勾股大数据（www.gogudata.com） 2026年度格隆汇"下注中国"十大核心资产榜单已正式发布，中国平安（601318.SH/2318.HK）凭借其综合实力与行业引领地位，成功入选。 2025年对中国平安而言，是股价强劲回升、市场信心全面修复的一年，全年A股累计涨幅达37%，H股累计涨幅超50%。 这一轮贯穿全年的上涨，不仅是市场对平安基本面向好的确认，更是对其独特的"综合金融+医疗养老"生态模式所蕴含的长期价值进行的重估。以摩根士 丹利、中信证券为代表的海内外头部机构纷纷将其列为行业首选，认为公司正处"重大机遇期"，看好其估值继续上行。 从战略改革深化到业绩全面复苏，平安正迈入新的成长周期。最新财报数据显示，2025年前三季度中国平安实现归母净利润同比增长11.5%，第三季度当 季同比大幅增长45.4%；寿险及健康险业务新业务价值强劲增长46.2%；保险资金投资业绩大幅提升。凭借近2.5亿个人客户与深度融合的医疗养老生态 圈，它以实打实的业绩证明：每一次经济与人口周期的穿越，都将巩固一位生态级巨头的绝对地位。 01 人口周期与财富管理双轮驱动，价值呈长期性增长 中国 ...

Core Viewpoint - The insurance industry is experiencing a strong recovery in the bancassurance channel, which has become a core pillar supporting industry growth, with a projected 10% year-on-year increase in premium income from this channel in 2025. However, this recovery is characterized by a polarized growth pattern, with leading insurers showing significant gains while smaller firms struggle [1][11]. Group 1: Industry Growth and Trends - The "old seven" life insurance companies are expected to see a 48% year-on-year growth, with Ping An Life leading at a remarkable 163% increase in premium income from the bancassurance channel [1][3]. - The bancassurance channel's average commission level has decreased by approximately 30% following the implementation of the "reporting and banking integration" policy, which has shifted the focus from cost-driven competition to demand-driven and product-driven strategies [3][13]. - The overall growth rate for the bancassurance channel is projected to be around 10% in 2025, with the market share of the "old seven" companies increasing to 36% [3][14]. Group 2: Competitive Landscape - The competitive landscape is intensifying, with larger insurers leveraging their resource advantages and channel strengths to capture market opportunities, while smaller firms face challenges in resource allocation [2][12]. - The bancassurance channel has seen a compound annual growth rate of 16.2% from 2019 to 2023, while standard premium income from bancassurance and individual insurance has declined by 4.9% and 10.9%, respectively [2][12]. - The removal of the "1+3" restriction on bank- insurer partnerships has allowed leading firms to accelerate their acquisition of quality bank resources, further enhancing their market position [4][14]. Group 3: Performance of Key Players - Ping An Life's bancassurance channel new business value grew by 170.9% in the first three quarters of 2025, contributing 35.1% to the company's overall new business value [7][17]. - China CITIC Insurance and other firms have achieved significant growth, with CITIC Insurance's new business scale premium surpassing 11.5 billion yuan, marking a 141% year-on-year increase [8][18]. - MetLife has established partnerships with over 20 banks, focusing on high-net-worth clients and aiming for long-term, value-driven development in its bancassurance operations [9][19]. Group 4: Future Outlook - The outlook for the bancassurance channel in 2026 is optimistic, with expectations of a 30% increase in new premium income driven by the reallocation of household savings and strategic positioning by insurers [6][16]. - The projected incremental funds for the bancassurance channel in 2026 are expected to show a "high first, low later" trend, with significant contributions in the first quarter due to the timing of household savings [6][16]. - The ongoing trend of market differentiation will likely continue, with firms that possess comprehensive service capabilities and differentiated competitive advantages expected to lead the market [10][19].