该行指，考虑承保及投资优异表现，将财险2025至2027年每股盈利预测分别上调11%、6%、6%，各达 至1.86元、1.94元及2.17元，对全年车险COR预测下修至95.1%，前值95.8%，非车险COR(综合成本率) 预测维持99%，达成全年低于96%、99%的COR指引目标。 预计非车险报行合一对非车COR的改善效应 在2026年逐步显现。 智通财经APP获悉，招银国际发布研报称，中国财险(02328) 第三季业绩强劲，净利润同比增长91.5%至 158亿元人民币(下同)，带动前9个月净利润同比增长50.5%至403亿元，得益于承保盈利改善和投资收益 显著增长的驱动。招银国际指，中国财险(当前2025财年 市账率 1.35倍，维持"买入"评级，目标价由 21.6港元升至23.6港元。 ...

我们看好公司降赔控费举措持续显效，推动实现2025 年车险COR96%以内，非车险COR99%以内的承 保盈利目标。 维持"增持" 评级，给予 2025年 P/B 为 1.6 倍，维持目标价 22.82港元：公司2025 年前三季度净利润同比 +50.5%，预计得益于承保盈利及投资服务业绩共同改善驱动，其中承保利润148.65 亿元，同比 +130.7%；总投资收益359.00 亿元，同比33.0%。截至25Q3 归母净资产较年初+12.3%，增长稳健。维持 2025-2027 年EPS 预测为2.14/2.40/2.55 元，看好资负共振推动公司盈利稳健提升，给予2025年P/B 为1.6 倍，按照1 港元=0.91 元人民币换算，维持目标价22.82港元。 保费稳健增长，COR 延续改善。25 年前三季度公司财险保费收入同比+3.5%，其中车险保费收入同比 +3.1%，预计主要受益于汽车保有量稳健增长以及车均保费企稳回升；非车险保费收入同比+3.8%，预 计主要受益于意健险增长驱动。25 年前三季度COR 同比改善2.1pt 至96.1%，预计得益于巨灾赔付减少 以及强化费用管控；根据测算Q3 单季COR ...

Core Viewpoint - The company, China Taiping Insurance, reported impressive mid-year results for 2025, with a comprehensive cost ratio of 95.5%, a 1.5 percentage point improvement year-on-year, and a net profit increase of 87.6% to 630 million yuan [1][3] Group 1: Financial Performance - The company's underwriting profit reached a historical high, with insurance service revenue of 15.78 billion yuan, a year-on-year growth of 4.3% [1] - The comprehensive cost ratio of Taiping Insurance was 1.2 percentage points better than the industry average of 96.7% for Q1 2025, which is the lowest in nearly five years [3] - The company achieved a significant increase in customer retention, with a 2.1 percentage point rise in auto insurance renewal rates [8] Group 2: Business Strategy - The company focused on optimizing business quality by controlling risks at the entry point and shifting business structure towards high-yield areas [4][8] - A comprehensive cost management strategy was implemented, resulting in a 1.7 percentage point decrease in the comprehensive expense ratio [8][9] - The company enhanced claims efficiency through technology and mechanisms, achieving a claims ratio that outperformed the industry average by 3.1 percentage points [9] Group 3: Risk Management and Regulatory Compliance - The company maintained an A-level regulatory rating for six consecutive quarters, ensuring a solid compliance foundation for sustained profitability [9] - A focus on risk prevention and management was emphasized, with the implementation of a risk reduction information system and proactive measures against high-risk clients [9][10] Group 4: Future Outlook - For the second half of 2025, the company anticipates opportunities arising from the integration of reporting and operations in both auto and non-auto insurance sectors, aiming to further optimize business structure and maintain underwriting profitability [10]