智通财经APP获悉，国泰海通发布研报称，25年1-7月寿险保费加速增长，预计主要为预定利率调降预 期下客户购险需求提升，车险稳健增长，部分非车业务增长加速，25Q2资产配置进一步趋向哑铃型结 构。负债端保费稳健增长，预定利率调降利好利差损改善;资产端保险公司提升权益配置，增量资金加 速入市背景下看好保险股估值修复，维持行业"增持"评级。 国泰海通主要观点如下： 2025年7月寿险保费加速增长，健康险与意外险仍有所承压 2025年1-7月累计保险行业保费收入为42,085亿元，同比6.8%。人身险行业1-7月原保费累计收入31,153 亿元，同比7.3%，寿险、健康险和意外险分别为25,761亿元、5,150亿元和242亿元，同比分别9.1%、0% 和-6.7%。7月单月寿险原保费收入2,885亿元，同比33.5%(前值为21.0%)，该行预计主要为预定利率调降 预期下客户集中购险需求提升带来;健康险单月536亿元，同比-1.1%(前值-3.6%);意外险单月26亿元，同 比-11.2%(前值-9.4%)，健康保障类产品销售仍然承压。1-7月保户投资款新增交费(主要为万能险)4,193 亿元，同比-1.2%，7 ...

Investment Rating - The investment rating for Ping An Insurance is "Buy" (maintained) [1] Core Views - The report highlights that short-term performance is affected by bond market fluctuations, while the multi-channel development of life insurance shows significant results [4] - The first quarter of 2025 saw a net profit attributable to shareholders of 27.02 billion yuan, a year-on-year decrease of 26.4%, which aligns with expectations [4] - The report predicts a decline in new business value (NBV) for 2025, estimating it at 36.2 billion yuan, a year-on-year decrease of 9.5%, but a 27% increase on a comparable basis [4] Financial Performance Summary - In Q1 2025, the life insurance NBV was 12.89 billion yuan, flat year-on-year, but up 34.9% on a comparable basis [4] - The group's operating profit attributable to shareholders was 37.91 billion yuan, a year-on-year increase of 2.4% [4] - The report forecasts the group's net profit attributable to shareholders for 2025-2027 to be 135.4 billion, 148.5 billion, and 172.1 billion yuan, respectively, representing year-on-year growth of 7.0%, 9.6%, and 15.9% [4] Business Segment Insights - The report indicates that the life insurance business's NBV margin (based on first-year premiums) improved to 28.3%, up 11.4 percentage points year-on-year, driven by adjustments in product structure and individual insurance channel performance [5] - The property and casualty insurance segment reported a significant increase in underwriting profit, with a year-on-year growth of 755.5% [6] - The investment portfolio achieved a non-annualized comprehensive investment return of 1.3%, a year-on-year increase of 0.2 percentage points [6] Valuation Metrics - The current stock price is 51.33 yuan, with a market capitalization of 934.73 billion yuan [1] - The report provides a forecast for the price-to-embedded value (PEV) ratios for 2025-2027 at 0.61, 0.58, and 0.53 times, respectively [4] - The dividend yield (TTM) is noted at 4.94% [4]