近期，上市险企一季报相继出炉，此前多家券商机构对一季度险企个险新业务增长情况表示谨慎。然而，在这样 的市场预期下，中国平安的一季度成绩单却足以让人眼前一亮，其新业务价值在季度内实现了 34.9% 的强劲增 长，在行业内表现可谓突出。 财报同时显示，在今年一季度，平安实现归属于母公司股东的营运利润 379.07 亿元，同比增长 2.4% 。其中， 寿险及健康险业务归属于母公司股东的营运利润 268.64 亿元，同比增长 5.0% 。营运利润是剔除了管理层认为 不属于日常营运收支的一次性重大项目及其他，更能真实的反应公司的经营情况。 作者 | 港美A经济舱 数据支持 | 勾股大数 据（www.gogudata.com） 值得一提的是， 平安总资产规模突破 13 万亿元，达 13.18 万亿元，继续保持全球资产规模最大保险公司的地 位。 一方面，伴随人口红利逐渐消失，过去依赖代理人数量扩张推动业务增长的模式难以为继；另一方面，客户对保 险产品的需求日益多样化和个性化。同时，行业竞争也愈发激烈，倒逼险企纷纷寻求转型突破。 财报公布后多家券商机构给予平安 A股、港股积极的评级。 大摩发布的研报称，"平安强劲、多样化的渠 ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company's net profit for Q1 2025 was 27.016 billion yuan, a year-on-year decrease of 26.4%, primarily due to short-term investment fluctuations and one-time losses from the consolidation of Ping An Health [1] - The operating profit was 37.907 billion yuan, showing a year-on-year increase of 2.4%, with a weighted average ROE (non-annualized) of 2.9%, down 1.2 percentage points year-on-year [1] - The new business value (NBV) for life insurance reached 12.891 billion yuan, with a comparable year-on-year growth of 34.9%, exceeding expectations [1][2] Summary by Sections 1. Life Insurance - The NBV for life insurance in Q1 2025 grew by 34.9% year-on-year, driven by an unexpected increase in the new business value rate, despite a 19.5% decline in new single premiums [2] - The new business value rate (based on first-year premiums) increased by 11.4 percentage points to 28.3%, benefiting from product structure optimization and a reduction in the preset interest rate [2] - The agent channel showed stable growth, while bank insurance and community finance channels experienced significant increases in NBV, with year-on-year growth rates of 11.5%, 170.8%, and 171.3% respectively [2] - The number of agents at the end of Q1 2025 was 338,000, a decrease of 6.9% from the beginning of the year, but productivity per agent improved with a year-on-year increase of 14% in NBV per agent [2] - The outlook for the year suggests steady growth in NBV, supported by improved agent productivity and the activation of diverse channels [2] 2. Property and Casualty Insurance - The original premium income for property and casualty insurance was 85.138 billion yuan, reflecting a year-on-year increase of 7.7% [3] - The comprehensive cost ratio improved significantly to 96.6%, down 3 percentage points year-on-year, attributed to a reduction in major disasters and lower claims expenses [3] - Premiums from auto insurance and non-auto insurance reached 53.735 billion yuan and 31.403 billion yuan, with year-on-year growth rates of 3.7% and 15.1% respectively [3] - The expectation for the year is stable premium growth and continued improvement in business quality and cost ratios [3] 3. Investment Performance - As of the end of Q1 2025, the investment scale of insurance funds exceeded 5.92 trillion yuan, an increase of 3.3% from the beginning of the year [4] - The net investment yield (non-annualized) was 0.9%, unchanged year-on-year, while the comprehensive investment yield (non-annualized) improved by 0.2 percentage points to 1.3% [4] - The balance of real estate investments was 206.615 billion yuan, accounting for 3.5% of the total, with a significant portion being stable income-generating property investments [4] - The fair value measurement assets in the investment portfolio showed a book loss of 21.802 billion yuan, impacting the company's net profit [4] 4. Profit Forecast and Valuation - The company is advancing a dual strategy of "comprehensive finance + medical and elderly care" driven by technology, enhancing its core competitiveness [5] - The forecasted year-on-year growth rates for net profit from 2025 to 2027 are -8%, 13.3%, and 10.4% respectively [5] - The target price is set at 71.41 yuan per share, corresponding to a 2025 PEV of 0.88 times, maintaining the "Buy" rating [5]

以下文章来源于朱酒 ，作者朱酒 朱酒 . 职业投资人，央视《投资者说》嘉宾，雪球网年度十大影响力用户，《看透地产股》和《个人投资者的股市生存之 道》作者。 长按即可参与 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 朱酒 来源：雪球 2025年一季度中国平安财报公布后 ， 很多只看得懂收入 、 利润栏目里那几个数字的人 ， 便连呼暴雷了 。 事实真的如此吗 ？ 实际上 ， 受债券市场价格波动的影响 ， 一季度保险公司的利润表不好看 ， 是早有定论的 。 而4月份以来 ， 债券价格大幅反弹 ， 不但收回了一季度的跌幅 ， 还有所上涨 。 | | 2025 年 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 截至3月31 日止三个月期间 | 寿险及 | 财产 | | 资产 | 金融 | 其他业务 | | | (人民币自万元) | 健康险业务 | 保险业务 | 银行业务 | 管理业务 | 赋能业务 | 及合并抵销 | 集团合并 | | 归属于母公司股东的营运利润 | 26,864 | ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][10]. Core Views - The company continues to deepen its "comprehensive finance + medical and elderly care" strategy, showing stable overall performance despite fluctuations in the investment sector. The operating profit attributable to the parent company grew by 2.4% year-on-year in Q1 2025, with earnings per share increasing by 3.3% to 2.16 yuan. However, the net profit attributable to the parent company decreased by 26.4% due to bond market volatility and the impact of the consolidation of Ping An Good Doctor, which resulted in a one-time impairment of 3.4 billion yuan [1][4]. Summary by Sections Insurance Business - The new business value (NBV) for life and health insurance saw a significant year-on-year increase of 34.9%, with individual insurance channels growing by 11.5% and agent productivity increasing by 14.0%. The bancassurance channel experienced a remarkable growth of 170.8% in NBV, while community finance channels reported a 171.3% increase in NBV [2]. Property and Casualty Insurance - The company achieved a property and casualty insurance premium income of 85.138 billion yuan in Q1 2025, marking a 7.7% year-on-year growth. The combined ratio improved by 3.0 percentage points to 96.6%. However, net profit for the property and casualty business decreased by 16.5% year-on-year, influenced by bond market fluctuations [3]. Financial Forecasts - The company maintains its profit forecasts for 2025 to 2027, expecting earnings per share (EPS) of 7.72, 8.57, and 9.26 yuan respectively. The current stock price corresponds to price-to-earnings (P/E) ratios of 0.60, 0.55, and 0.50 for the respective years [4][5].

香港、上海， 2025 年 4 月 25 日，中国平安保险（集团）股份有限公司（以下简称 " 中 国平安 " 、 " 平安 " 、 " 集团 " 或 " 公司 " ，股份代码：香港联合交易所 02318 ，上 海证券交易所 601318 ）今日公布截至 2025 年 3 月 31 日止三个月期间业绩。 2025 年第一季度，随着各项宏观政策继续发力显效，国民经济起步平稳、开局良好，延续 回升向好态势。但当前外部环境更趋复杂严峻，仍面临国内有效需求增长动力不足，经济回 升向好基础还需巩固，全球资本市场波动加剧等问题。公司坚守金融主业，增强创新引领作 用，推动高质量发展，实现整体经营基本面稳固、业绩保持稳健。 2025 年第一季度，集团实现归属于母公司股东的营运利润 379.07 亿元，同比增长 2.4% ；其中，寿险及健康险业务归属于母公司股东的营运利润 268.64 亿元，同比增长 5.0% 。集团总资产突破 13 万亿元，达 13.18 万亿元。 寿险业务渠道综合实力增强，高质量发 展成效显著 。 寿险及健康险业务新业务价值达成 128.91 亿元，同比强劲增长 34.9% ， 新业务价值率达成 32.0% ...

作者 | 港美A经济舱 数据支持 | 勾股大数 据（www.gogudata.com） 当资本市场如潮汐般起伏涨落，总有些企业如同深海巨轮，在浪涌颠簸中始终校准航向，以战略定力穿透周期迷 雾。 随着财报季的到来，又到了检验上市公司经营成色的窗口期。 在国际贸易摩擦、地缘政治风险等引发不确定性升温的大环境下，企业面临的市场环境更加复杂多变。不禁要 问，究竟什么样的企业能够穿越市场周期？它们又如何坚守长期主义，实现可持续发展？ 视线转向四年前的中国平安，彼时市场用脚投票的寒意犹在眼前：保险行业面临深度转型，科技与医疗健康生态 的投入吞噬短期利润，股价在悲观预期中持续承压。 但若将时间轴拉长便会发现，那些曾被贴上"转型阵痛"标签的战略布局，恰似竹节生长的隐秘力量——在几经蛰 伏后，科技赋能带来的综合金融协同效应已然显现，医疗养老生态圈渐成气候，最新的财报数据与近期资本市场 的热烈回应，正印证着这家公司在坚守长期主义下不断演绎的复利奇迹。 01 利润高增背后：主业的"稳"与"进" 平安交出的这份2024年财报，可谓亮点频出，先来看几个核心数据： 过去一年，平安实现营收1.03万亿元，同比增长12.6%；实现归母净利润 ...