证券研究报告 | 公司点评报告 2025 年 08 月 23 日 平安银行（000001.SZ） 平安银行披露 2025 半年度报告。25H1 营业收入、PPOP、归母利润同比增速 分别为-10.0%、-10.4%、-3.9%，增速分别较 25Q1 变动+3.01pct、+2.50pct、 +1.70pct，营收、PPOP、归母净利润增速均有所回升。累计业绩驱动上，中 收、拨备计提、有效税率下降形成正贡献，净息差、其他非息形成负贡献。从 单季度业绩驱动来看，25Q2 中收对业绩的正贡献明显提升。 核心观点： 亮点：（1）零售结构优化，对公支持实体。2025Q2 末总资产同比增长 2.10%， 其中主要增量贡献来自金融投资规模扩张，同比增长 9.23%，贷款同比增长 -0.15%，单季增量为负，主要是零售贷款同比减少 5.24%，公司主动优化零售 贷款客群和资产结构，压降高风险资产，加大核销力度，虽总体规模下降，但 结构进一步优化，住房按揭、持证抵押等基石类业务占比提升，规模同比增长 12.93%，高风险贷款占比继续下降，资产质量继续改善，25Q2 末，零售贷款 不良率 1.27%，较年初回落 12bp，其中信 ...

Core Viewpoint - The insurance industry is rated as "outperforming the market" by Guolian Minsheng Securities, with expectations for positive trends in both the liability and asset sides, leading to improved investment returns and valuation recovery for insurance companies [1] Group 1: Stock and Performance Analysis - From January 2, 2025, to May 30, 2025, the insurance index increased by 0.1%, while the CSI 300 index decreased by 2.4%, indicating that the insurance index slightly outperformed the broader market [1] - Individual stock performance varied significantly, with China Pacific Insurance, China Life Insurance, New China Life Insurance, China Ping An, China Taiping, and China People’s Insurance showing price changes of +21.9%, +9.5%, +1.2%, +1.2%, +1.0%, and -8.7% respectively [1] - In Q1 2025, listed insurance companies showed strong performance on the liability side, with positive growth in life insurance NBV and improved COR for property insurance, although net profit and net asset performance on the asset side varied due to differences in investment strategies and asset classifications [1] Group 2: Life Insurance Sector Insights - The focus on the life insurance sector is primarily on NBV performance and interest spread risk, with short-term demand for insurance products slowing, leading to growth pressure on new single premiums [2] - However, measures such as the implementation of "reporting and pricing integration" in individual channels, potential further reductions in product preset interest rates, and active adjustments in product structures are expected to support a positive growth trend in NBV [2] - The liability cost is anticipated to improve significantly as the industry shifts towards dividend insurance products and adjusts preset interest rates in line with market rates [2] Group 3: Property Insurance Sector Insights - The low interest rate environment has prompted regulators to guide property insurance companies to enhance underwriting profitability, leading to noticeable improvements in COR [3] - The implementation of "reporting and pricing integration" in auto insurance is expected to extend to non-auto insurance, further improving COR in the property insurance sector [3] - The increasing share of new energy vehicle insurance is seen as a key area for future reforms, with expectations for reduced claims ratios and improved COR as policies are implemented [3] Group 4: Asset and Liability Management - The importance of matching assets and liabilities has increased due to the downward trend in long-term interest rates and the implementation of new standards, leading to greater volatility in insurance company profit statements [4] - To stabilize net profit and net assets, insurance companies are expected to increase allocations to bonds and high-dividend stocks [4] - Increasing the proportion of bonds will help extend asset duration and reduce the duration gap between assets and liabilities, while high-dividend stocks will enhance investment returns and mitigate the impact of declining investment yields [4]