证券研究报告 | 2025年11月03日 中国太保（601601.SH） 优于大市 投资助推业绩高增，负债转型成效显著 2025 年前三季度，公司业绩实现稳健增长。受益于渠道质态的持续提升及投 资收益的改善，公司上前三季度实现营业收入 3449.04 亿元，同比增长 11.1%；实现归母净利润 457.00 亿元，同比增长 19.3%。前三季度，集团归 母营运利润为 284.74 亿元，同比增长 7.4%，公司核心业务盈利能力的稳步 提升。单三季度业绩表现亮眼。2025 年单三季度，公司实现营业收入 1444.08 亿元，同比增长 24.6%；归母净利润 178.15 亿元，同比大幅增长 35.2%。利 润高增主要得益于资本市场上涨和保险服务业绩增长。 寿险"长航"转型成效显著，银保渠道贡献核心增量。寿险业务在"长航" 转型战略纵深推进下，价值增长动能强劲。前三季度，太保寿险实现新业务 价值 153.51 亿元，在可比口径下同比大幅增长 31.2%，转型成效逐步显现。 从渠道表现来看，银保渠道坚持价值导向，实现规模与价值齐升。前三季度 实现规模保费 583.10 亿元，同比高速增长 63.3%；其中，新保期缴 ...

Investment Rating - The investment rating for China Pacific Insurance is "Buy" (maintained) [5] Core Views - China Pacific Insurance reported a strong performance in its 2025 mid-year report, with revenue and net operating profit increasing by 3.0% and 7.1% year-on-year to 200.5 billion and 19.9 billion respectively. The net profit attributable to shareholders grew by 11% to 27.9 billion, driven by underwriting profits from property insurance and group investment income [6][12] - The life insurance segment showed robust growth, with new business value (NBV) increasing by 32.3% year-on-year in the first half of 2025, primarily supported by the bancassurance channel, which saw a 58.6% increase in new policies [6][12] Summary by Sections Market Performance - The closing price as of September 11, 2025, was 38.14 yuan, with a market capitalization of approximately 366.92 billion [3] Financial Data - Total assets are projected to reach approximately 3,291.85 billion by 2025, with total liabilities at around 2,948.76 billion [21] - The company’s debt-to-asset ratio stands at 89.66% [3] Life Insurance Business - The life insurance segment's net profit growth was 3.6%, contributing 72.8% to the total net profit. The segment's comprehensive solvency ratio improved to 215% by June 2025 [9][12] - The bancassurance channel's contribution to NBV reached 37.8%, indicating strong growth potential in this area [9] Property Insurance Business - The comprehensive cost ratio for property insurance decreased by 0.8 percentage points to 96.3%, attributed to stricter regulations and a focus on high-quality development [9] Investment Business - The investment strategy emphasizes a balanced approach between long-duration bonds and high-growth equity assets, with total investment income decreasing slightly due to market fluctuations [12] - The establishment of new investment funds aims to enhance alternative investment opportunities, with targeted sizes of 30 billion and 20 billion for the respective funds [12] Earnings Forecast and Valuation - Projected net profits for 2025-2027 are 48.1 billion, 55.2 billion, and 64.4 billion respectively, with corresponding growth rates of 6.9%, 14.8%, and 16.6% [12] - The price-to-embedded value (P/EV) ratio is expected to decline from 0.58 in 2025 to 0.46 in 2027, indicating a favorable valuation outlook [12]