证券研究报告 中国人寿 (2628 HK/601628 CH) 港股通 1H25：NBV 稳步增长，股息增长显著 华泰研究 中报点评 2025 年 8 月 28 日│中国内地/中国香港 保险 中国人寿公布 1H25 业绩：EPS RMB 1.45，同比提升 6.9%，主要因为所得 税费用大幅减少，税前利润实际同比下降了 11.5%。公司宣布中期股息 0.24 元，同比增长 19%，快于利润增长速度。新业务价值（NBV）可比口径下 同比增长 20%，稳步增长。投资表现略逊于上年，年化净/总投资收益率分 别下降了 0.25/0.3ppts 至 2.78%/3.29%。我们预计 NBV 将保持增长韧性， 维持"买入"评级。 利润率改善推动 NBV 增长 可比口径下，1H25 NBV 同比增长 20%（公司于 2024 年末调降 EV 投资收 益假设），在同业中属于稳步增长。我们注意到新单保费同比基本持平（0.6% yoy），意味着 NBV 利润率有明显上升。分渠道看，银保显著强于个险。个 险渠道新单保费同比下滑 22%，或受到报行合一政策影响；个险渠道 NBV 同比增长 9.5%，利润率改善明显，个险渠道贡献了 8 ...

证券研究报告·公司点评报告·保险Ⅱ [Table_Tag] [Table_Summary] 投资要点 2025 年 08 月 27 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 曹锟 中国平安（601318） 2025 年中报点评：银保扩张推动 NBV 快速 增长，显著增配股票投资 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 913789 | 1028925 | 1060775 | 1124317 | 1200770 | | 同比（%） | 3.8% | 12.6% | 3.1% | 6.0% | 6.8% | | 归母净利润（百万元） | 85665 | 126607 | 129672 | 142693 | 163810 | | 同比（%） | -22.8% | 47.8% | 2.4% | 10.0% | 14.8% | | 每股 EV（元/股 ...

Core Viewpoint - The company maintains a "Buy" rating with a target price of HKD 89.80 per share, reflecting a 1.7x P/EV for 2025, supported by stable growth in NBV and EV, and an expected improvement in shareholder returns [1] Group 1: Financial Performance - In H1 2025, the company achieved a net profit attributable to shareholders of USD 2.534 billion, a decrease of 24% year-on-year; however, the after-tax operating profit was USD 3.609 billion, representing a 6% increase [1] - The embedded value (EV) stood at USD 70.853 billion, up 2.6% from the end of the previous year, with a 4.2% contribution from new business value growth and a 4.2% contribution from stable expected returns [1] - The interim dividend for 2025 was set at HKD 0.49 per share, reflecting a 10% year-on-year increase [1] Group 2: New Business Value (NBV) Growth - The company reported a 14% year-on-year increase in NBV for H1 2025, with annualized new premiums rising by 8% and the value ratio improving by 3.4 percentage points to 57.7% [2] - In Hong Kong, NBV grew by 24%, driven by a 35% increase in agent channel NBV due to a 9% growth in active agents and a 30% increase in productivity [2] - In mainland China, NBV decreased by 4%, but if excluding the impact of economic assumptions, it would have increased by 10% [2] Group 3: Shareholder Returns - The operating profit after tax (OPAT) grew steadily, with a 6% increase in H1 2025, primarily due to stable CSM release and positive contributions from operational differences and risk adjustments [3] - The diluted after-tax operating profit per share was USD 0.3391, a 12% increase year-on-year, with the return on equity for shareholders rising by 0.9 percentage points to 16.2% [3] - The company completed a USD 1.6 billion share buyback on July 14, 2025, and returned USD 3.71 billion to shareholders through dividends and buybacks in H1 2025, with free surplus at USD 9.898 billion [3]