摩根士丹利对中国平安的看法更趋乐观，认为其可把握财富管理、医疗健康及养老服务三大核心机遇。 该行预计投资者担忧将逐步消散，为估值重估铺平道路。该行重申对其"增持"评级，目标价由70港元升 至89港元。(格隆汇) MACD金叉信号形成，这些股涨势不错！ 中国平安作为内险股龙头，获多家大行看好。中信证券更新2025年金股组合，将中国平安列为高切低轮 动精选个股之一。该行指，中国平安在利率周期上判断比同业前瞻，长债持仓和高股息布局领先市场， 银保扩展和保单价值率提升领先市场，保险合同服务边际正在筑底向好，质变正在发生，阿尔法回报略 慢但较为确定；同时，公司及时大幅提升股票仓位，贝塔属性显著增强，牛市周期盛宴刚刚开始。 中金指，展望2026年，寿险行业将再入黄金发展期、负债端有更积极的发展趋势呈现，行业投资逻辑将 从"寻求存量业务的重估修复"重回 "给予成长能力估值溢价"，优质寿险有望王者归来、目标估值重回 1.0x P/EV之上。中金预计中国平安将引领行业下轮估值修复，A股目标价从74.4元上调至89.8元，H股 目标价从71港元上调至99.4港元，均维持"跑赢行业"评级。 瑞银重申中国平安为行业首选，予"买入"评 ...

海南日报全媒体记者 张琬茜 幸福是什么? 在沃野间，屯昌梦幻香山共享农庄构建"种植香料—加工产品—体验香养"的全产业链，带动周边9个村 2900多人就业，让"香产业"飘出"幸福味"。 于朝夕中，"爱心托管站"覆盖全省196个乡镇，全省运营的老年助餐服务设施达118家，关爱"一老一 小"让生活暖意融融。 海南坚持以人民为中心，加快建设共建共享、共同富裕自贸港 民生答卷绘新景 同心齐唱幸福歌 位于白沙黎族自治县牙叉镇新高峰村漂亮的农村小洋房。海南日报全媒体记者 张茂 摄 共建共享 加强普惠性、基础性、兜底性民生建设，解决好人民群众急难愁盼问题，扎实推进共同富裕。 向未来处，513公里城市绿道、533个城市公园嵌入城市肌理，2187个老旧小区实现焕新，美好生活图景 徐徐铺展。 放眼琼州大地，看得见的变化和摸得着的成果，都化作幸福的模样，一点一滴刻进海南百姓的生活印 记，不断擦亮高质量发展的民生底色。 今年的中央经济工作会议提出，坚持民生为大，努力为人民群众多办实事。一系列暖民心之举为发展注 入最强大的底气。 海南加快建设共建共享、共同富裕的自贸港，一以贯之坚持以人民为中心，推动自贸港发展成果更好惠 及人民，各项民生 ...

Core Viewpoint - The article emphasizes the importance of improving and safeguarding people's livelihoods as part of China's modernization efforts, highlighting the achievements and future plans of the civil affairs sector under the "14th Five-Year Plan" and the new directives from the 20th Central Committee [1][4]. Achievements in Civil Affairs - Significant progress has been made in civil affairs during the "14th Five-Year" period, including the establishment of a layered social assistance system and a national dynamic monitoring platform for social assistance, with 39.11 million individuals receiving basic living allowances and 4.85 million individuals classified as extremely poor [2]. - The elderly care and services have improved, with 397,000 elderly care institutions and 7.802 million beds available, benefiting over 50 million elderly individuals through various subsidies [2]. - Special social services have seen advancements, such as the nationwide implementation of marriage registration and increased availability of basic funeral services [3]. - Social governance has improved, with 852,000 registered social organizations and a 70% increase in registered charitable organizations since 2020, with annual charitable donations exceeding 200 billion yuan [3]. Future Development Strategies - The civil affairs sector aims to align with the new directives from the 20th Central Committee, focusing on high-quality development and the implementation of a comprehensive elderly care service system to address the challenges of an aging population [6][9]. - Plans include enhancing social assistance and welfare levels, establishing a social assistance law, and improving the welfare system for vulnerable groups such as children and the disabled [7]. - The sector will also focus on optimizing social affairs management, including improving funeral services and marriage policies, to foster a more supportive social environment [8]. - Efforts will be made to strengthen social governance and the development of charitable organizations, ensuring they effectively contribute to national strategies and community governance [8].

Core Viewpoint - The Shandong provincial government is implementing a comprehensive plan to enhance elderly care services, focusing on financial investment, policy support, and effective fund supervision to ensure high-quality development in the sector [3][4]. Financial Investment - By 2025, the provincial government plans to invest over 2.7 billion yuan in elderly care services, with 10 cities selected for central government pilot programs in community-based elderly care [3]. - The government aims to optimize fiscal expenditure structures to prioritize funding for key elderly care tasks and include more viable projects in special bond support [3]. - Financial incentives will be provided for nursing institutions, with up to 500,000 yuan in interest subsidies for loans taken to establish such facilities [3]. Policy Support - A series of subsidies will be introduced, including rewards for home-based elderly care bed construction and home modification for elderly suitability, to strengthen the foundation of home care services [4]. - Long-term care insurance will be improved, allowing more disabled elderly individuals to access necessary services, with annual subsidies of up to 9,600 yuan for those with moderate to severe disabilities [4]. - Financial rewards will be offered to educational institutions that establish elderly care programs, with up to 1 million yuan available, and incentives for graduates entering the elderly care workforce [4]. Fund Supervision - The provincial finance department will closely monitor the implementation of policies, using performance evaluation tools to ensure funds are used effectively and to combat fraud [4]. - The initiative will leverage "digital finance" to facilitate direct and rapid access to funds for elderly individuals, ensuring they receive the benefits promptly [4].

Core Viewpoint - Morgan Stanley has become more optimistic about China Ping An (2318.HK), believing it can capitalize on three core opportunities: wealth management, healthcare, and elderly services [1] Summary by Categories Investment Outlook - The bank expects investor concerns to gradually dissipate, paving the way for a valuation reassessment [1] Rating and Target Price - Morgan Stanley reiterated its "Overweight" rating and raised the target price by 27%, from HKD 70 to HKD 89 [1]

展望未来，大摩预计中国平安2028年的营运净资产收益率达14-15%，人寿业务合同服务边际(CSM)余额 将于2026年恢复1.9%增长;新业务价值(VNB)复合年增长率将于未来两年回升至21%，集团营运利润复合 年增长率亦将于未来两年提升至11%。 尽管核心估值方法不变，但大摩认为中国平安营运税后利润较税后净利润更稳定且可预测，结合股息分 析可带来新启示。同时，集团医疗及养老业务带来的轻资产收入，有望进一步拉动收入及利润增长。考 虑集团短期至中期预计14-15%的ROE及低于10%的资本成本，该行认为集团市盈率估值有望由现时约7 倍回升至两位数水平。 摩根士丹利发布研报称，对中国平安（601318）(02318)的看法更趋乐观，认为其可把握财富管理、医 疗健康及养老服务三大核心机遇。该行预计投资者担忧将逐步消散，为估值重估铺平道路。因此重 申"增持"评级，并上调目标价27%，由70港元升至89港元。 ...

展望未来，大摩预计中国平安2028年的营运净资产收益率达14-15%，人寿业务合同服务边际(CSM)余额 将于2026年恢复1.9%增长;新业务价值(VNB)复合年增长率将于未来两年回升至21%，集团营运利润复合 年增长率亦将于未来两年提升至11%。 智通财经APP获悉，摩根士丹利发布研报称，对中国平安(02318)的看法更趋乐观，认为其可把握财富管 理、医疗健康及养老服务三大核心机遇。该行预计投资者担忧将逐步消散，为估值重估铺平道路。因此 重申"增持"评级，并上调目标价27%，由70港元升至89港元。 尽管核心估值方法不变，但大摩认为中国平安营运税后利润较税后净利润更稳定且可预测，结合股息分 析可带来新启示。同时，集团医疗及养老业务带来的轻资产收入，有望进一步拉动收入及利润增长。考 虑集团短期至中期预计14-15%的ROE及低于10%的资本成本，该行认为集团市盈率估值有望由现时约7 倍回升至两位数水平。 ...

摩根士丹利发布研报称，对中国平安看法转为更加正面，相信集团能抓住财富管理、医疗保健及养老服 务领域的关键机遇，并看到投资者的担忧正在消退，为重新估值铺平了道路; 重申对H股和A股的"增 持"评级，并将H股目标价上调27%至89港元，A股目标价上调21%至85元人民币。 ...

会上，就如何积极应对人口老龄化国家战略，韩建中介绍，海陵着力推动养老服务从"有保障"向"高品质"跨越，构建起涵盖多元主体、目标路径清晰的扶 持引导政策体系。"十四五"期间，全区11个镇街154个村居实现居家养老服务中心(站)全覆盖，建成运营助餐点39个、老年大学分校11个、睦邻点20个、助 浴点3个，"15分钟养老服务圈"逐步完善。 扬子晚报网12月5日讯(通讯员吴驰记者王国柱)12月5日，泰州市海陵区举办"冲击'千亿主城'焕新'文化古城'建强'首善之城'"系列主题"高水平推进协调发 展"专场新闻发布会，该区民政局党组书记、局长韩建中，城南街道办事处副主任孙梅，介绍海陵区健全多层次社会保障体系，提升百姓的获得感、幸福 感等方面的情况。 在养老助餐环节方面，制定《海陵区"乐龄餐"专项行动实施方案》，对海陵区户籍60周岁(含)以上特困人员、低保人员，通过老年助餐服务设施就餐的， 给予每人每日4元就餐补贴；对于户籍70周岁(含)以上老年人，给予每人每日2元就餐补贴；探索"社会餐饮企业市场化运营""中心厨房+社区配送"两种发 展模式，提供集中助餐和爱心送餐服务，既有效降低运营成本，又能让老年人实现就近便捷就餐，推动助 ...

考虑到平安在中短期内预测14%至15%的股东权益回报率及低于10%的资金成本，大摩相信其市盈率估 值能从目前仅约7倍回升至双位数; 又认为集团透过强化综合金融和增值服务，可以拓展更广大的市 场。 大摩表示，中国平安H股仍是其首选，并将平安加入其中国/香港焦点名单; 又预测集团营运股东权益回 报率(ROE)预计在2028年达到14%至15%;核心新业务价值复合年增长率(VNB CAGR)将在未来两年反弹 至21%;寿险合同服务边际(CSM)余额(将在未来释放的留存利润)将在2026年恢复至1.9%的增长;集团营运 利润将在未来两年复合年增长率改善至11%，而这些预测都表明了集团正在发生的转变。 智通财经APP获悉，摩根士丹利发布研报称，对中国平安(02318,601318.SH) 看法转为更加正面，相信 集团能抓住财富管理、医疗保健及养老服务领域的关键机遇，并看到投资者的担忧正在消退，为重新估 值铺平了道路; 重申对H股和A股的"增持"评级，并将H股目标价上调27%至89港元，A股目标价上调21% 至85元人民币。 ...