行业点评：保险银行科技业绩共振，众安25H1利润高增

Investment Rating - The industry investment rating is "Outperform the Market" [9] Core Insights - The report highlights significant improvements in the performance of the insurance, banking, and technology sectors, with ZhongAn's 25H1 profit showing a substantial increase [4][5] - The insurance segment reported a net profit of 6.73 billion yuan, reflecting a year-on-year increase of 387.7% [5] - The health ecosystem is rapidly developing, with commercial health insurance premiums reaching 6.275 billion yuan, a year-on-year increase of 38.3% [6] - The digital life segment saw total premiums decrease to 6.209 billion yuan, primarily due to a decline in e-commerce related policies, while innovative business premiums increased by 40% [6] - The automotive ecosystem capitalized on the industry's online growth, with total premiums of 1.478 billion yuan, a year-on-year increase of 34.2% [7] Summary by Sections Insurance Performance - Total premiums for ZhongAn in 25H1 reached 16.661 billion yuan, a year-on-year increase of 9.3%, with a net profit of 668 million yuan, up 1103.5% [4] - The underwriting combined ratio improved to 95.6%, with a claims ratio of 54.7% and an expense ratio of 40.9% [5] Health Ecosystem - The health insurance segment's total premiums were 6.275 billion yuan, with a combined ratio of 92.9% and a claims ratio of 42.5% [6] Digital Life - The digital life segment's total premiums decreased to 6.209 billion yuan, with a combined ratio of approximately 99.9% and a claims ratio of 62.9% [6] Consumer Finance - Consumer finance premiums totaled 2.699 billion yuan, with an underwriting balance of 27.732 billion yuan, reflecting a year-on-year increase of 14.6% [6] Automotive Ecosystem - The automotive segment's total premiums reached 1.478 billion yuan, with a claims ratio of 65.1% and a combined ratio of 91.2% [7]