Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 68.2 CNY [2][8] Core Views - The company demonstrated significant investment elasticity and achieved a net profit of 14.8 billion CNY in H1 2025, representing a year-on-year increase of 33.5%. The new business value (NBV) also saw a substantial rise of 58.4% to 6.2 billion CNY [2][8] - The annualized net, total, and comprehensive investment returns were reported at 3%, 5.9%, and 6.3%, respectively, with slight year-on-year changes [2][8] - The company's net assets reached 83.4 billion CNY by the end of H1 2025, reflecting a decrease of 13.3% from the previous year, while the embedded value increased by 8.1% to 279.4 billion CNY [2][8] Financial Summary - Total revenue for 2024 is projected at 132,555 million CNY, with a year-on-year growth rate of 85.3%. However, a decline of 2.0% is expected in 2025 [4] - The net profit for 2024 is estimated at 26,229 million CNY, with a significant growth of 201.1% year-on-year, followed by a modest increase of 1.4% in 2025 [4] - Earnings per share (EPS) is forecasted to be 8.4 CNY in 2024, slightly increasing to 8.5 CNY in 2025 [4] Business Performance - The company achieved a remarkable growth in new business value, with a 100.5% increase in new policies, driven by a 113.1% rise in long-term insurance premiums [2][8] - The individual insurance segment showed strong growth, with a notable increase in the proportion of participating insurance products [2][8] - The investment asset portfolio grew by 5.1% to 1.71 trillion CNY, with a significant focus on equity markets contributing to investment returns [2][8]

公司公布2025 年上半年业绩，收入33.97 亿元，同比+41.60%（调整后）；归母净利润14.05 亿元，同比 +40.44%。Q2 单季度归母净利润7.64 亿元，同比+42.20%、环比+19.30%。与业绩快报一致，主要系投 资类收入、经纪净收入同比分别+64%、+46%，弹性明显。中期拟每10 股派发现金红利人民币0.80 元。Q3 以来市场交易持续活跃，权益市场稳步向上，我们预计公司全年业绩保持稳健增长。维持增持 评级。 盈利预测与估值 投资弹性亮眼，股票OCI 规模扩张 年初以来权益市场稳步向上，市场成交额、两融规模持续提升，适当上调成交额、两融规模、投资收益 率假设，预计2025-2027 年EPS 分别为0.71/0.77/0.86 元（前值为0.57/0.65/0.75 元，上调 25%/17%/15%），2025年BPS 为8.98 元。可比公司2025E PB Wind 一致预期均值1.19 倍，考虑公司股基 交易额增长好于市场、投资弹性亮眼，给予2025E PB 溢价至1.4倍，目标价12.57 元（前值9.78 元，对 应2025E PB 为1.1 倍），维持增持评级。 市场交 ...

中国台湾金管会于周四发布新闻稿称，为提升投资弹性，放宽本地所发行指数股票型基金(ETF)成分 股，占其指数市值比重不受上限30%的限制。比重上限从现行的30%提高至该档股票占证交所加权指数 的比重。累积前五大成分股的比重不得超过该指数65%的限制维持不变。 ...