证券研究报告 | 2025年08月27日 中国平安（601318.SH） 优于大市 寿险价值率提升，核心指标增长稳健 2025 年上半年，公司归属于母公司股东的营运利润同比增长 3.7%。公司持续 深化"综合金融+医疗养老"战略，整体业绩表现稳健。集团基本每股营运收 益 4.42 元，同比增长 4.5%。公司归母净利润受资本市场波动及平安好医生并 表影响，同比下降 8.8%至 223.35 亿元。受此前平安好医生出表估值较高等因 素影响，一季度并表产生减值影响，但剔除短期因素后的营运利润增长仍反映 出公司主营业务表现稳健。 寿险新业务价值大幅增长 39.8%，新业务价值率显著提升 9.0 个百分点。2025 年，公司各渠道综合实力持续夯实，其产品结构优化和渠道转型成效显著。（1） 个险：构建客户服务场景、拓展"产品+服务"等举措持续提升代理人人均产 能。截至年中，公司代理人渠道人均新业务价值同比增长 21.6%。（2）银保： 公司加大银保多元化布局，通过"加强与国有行、头部股份行及城商行的增量 机会。截至 6 月末，公司银保渠道 NBV 实现 168.6%的高速增长。（3）社区金 融：公司已在全国 198 个 ...

Core Insights - The insurance industry has shown steady growth in the first half of 2025, driven by sustained demand for insurance savings and the implementation of the "reporting and operation integration" policy [1][2] - Key indicators such as total assets and premium income have increased, with total assets growing by 9.2% year-on-year and total premium income rising by 5.1% [1][2] - The industry's risk resilience has strengthened, with stable solvency indicators, and an increase in stock asset allocation by insurance funds [1][4] Premium Growth - In the first half of 2025, the original insurance premium income reached 3.7 trillion yuan, a year-on-year increase of 5.1%, with claims and benefits paid amounting to 1.3 trillion yuan, up 9% [2] - The growth in premium income is primarily driven by life insurance, with a significant increase in new policy numbers [2] - The life insurance premium growth is attributed to the integration of banking and insurance channels and a decrease in bank deposit rates, which has maintained customer demand for insurance savings [2][3] Investment Trends - Insurance funds have increased their stock investments, with stock allocation rising from 6.74% to 8.47% year-on-year, reflecting a proactive approach in capital market positioning [1][4][5] - The total stock investment balance reached 3 trillion yuan by the end of the second quarter, marking a 47.57% year-on-year increase [5] - The shift towards equities is driven by low interest rates and regulatory encouragement for long-term funds to enter the market [5] Solvency and Capital Adequacy - The solvency adequacy ratio for the insurance industry has stabilized, with the comprehensive solvency adequacy ratio at 204.5% and the core solvency adequacy ratio at 147.8% by the end of the second quarter [6][8] - Despite a general decline in solvency ratios due to stricter capital recognition under the "Solvency II" phase II, recent capital raising efforts have helped improve these ratios [8][9] - The industry has seen 13 companies announce capital increase plans in the first half of the year, totaling 50 billion yuan [8]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The market overestimates the credit risk of Zhonghua Property Insurance, and there is significant downward potential for the yield of its capital supplementary bonds, making them highly cost - effective. This is due to its strong shareholder background as a pure central - enterprise subsidiary, its leading market share with strong competitiveness, the turnaround in underwriting profitability, and the relatively low risk of interest rate spread loss for property insurance companies [2] Group 3: Summary by Directory 1. Controlling Shareholder with Strong Strength and Diverse Board for Stable Operation - **1.1 State - owned Holding Dominant, Controllable Related - Party Transaction Risks** - As of March 2025, Zhonghua United Property Insurance's registered capital was 1.464 billion yuan, with Zhonghua United Insurance Group holding 87.93%. The actual controller is Orient Asset. As of March 2025, all related - party transaction indicators met regulatory requirements [2][7] - **1.2 Stable and Experienced Management, Diverse Board for Stable Operation** - As of July 13, 2025, the company's board consisted of 9 directors. Since 2024, the chairman and general manager have remained unchanged. Board members' experiences cover multiple fields, which is conducive to the company's stable operation [12][14] 2. Underwriting End: Steady Development of Auto Insurance and Expansion of Agricultural Insurance Growth Pole - **2.1 Auto Insurance as the Main Product, Steady Increase in Agricultural Insurance Premium Income** - In 2024, the company's annual insurance business income was 6.8151 billion yuan, with a year - on - year growth of 4.39%. The top three products were auto insurance, agricultural insurance, and short - term personal insurance, with original premium incomes of 2.9323 billion yuan (43.05% of total premium income), 1.8081 billion yuan (26.54%), and 1.3315 billion yuan (19.55%) respectively. The proportion of non - auto insurance business income increased from 34.87% in 2021 to 37.41% in 2024 [16][17] - **2.2 Agent Channels as the Main Sales Channel, Declining Premium Contribution of Direct Sales and Broker Channels** - In 2024, the insurance agency, direct sales, and brokerage business revenues were 3.5112 billion yuan, 2.7147 billion yuan, and 0.5892 billion yuan respectively, accounting for 51.52%, 39.83%, and 8.64% of the total. The agency channel's income increased significantly, while the direct sales and brokerage channels' incomes decreased [22] 3. Investment End: Fixed - Income Investments as the Main Allocation, Decreasing Proportion of Equity Assets - From 2022 to 2024, the company's investment portfolio (cash and investment assets before impairment provisions) increased from 5.0543 billion yuan to 5.763 billion yuan, with a compound annual growth rate of 6.78%. In 2024, fixed - income investments accounted for 76.85%. The company optimized its investment structure in 2024, reducing the scale and proportion of equity assets [25][32] 4. Initial Signs of Underwriting Profit Recovery, Steady Progress in Capital and Liquidity Management - **4.1 Initial Success in Underwriting Profit Recovery, Pressured Investment Income** - From 2022 to 2024, the company's operating income increased from 5.5609 billion yuan to 6.3186 billion yuan, with a compound annual growth rate of 6.60%. In 2024, the net profit attributable to the parent company increased by 41.21% year - on - year to 0.95 billion yuan. The underwriting profit increased from - 0.214 billion yuan in 2023 to 0.452 billion yuan in 2024 [36][42] - **4.2 Capital Supplement Boosts Comprehensive Solvency, Robust Liquidity Risk Management** - In 2024, the company's core solvency ratio was 137.37%, and the comprehensive solvency ratio was 227.84%. At the end of the first quarter of 2025, the comprehensive solvency ratio was 236.88%, and the core solvency ratio was 145.67%. The company's liquidity risk was low, and its assets could meet cash - flow payment needs [49][56] 5. Facing Multiple Pressures and Challenges, Actively Adjusting Strategies for Stable Operation - **5.1 Frequent Penalties, Credit Insurance "Explosions", Rating Downgrades: Multiple Pressures on Zhonghua Property Insurance** - The company has been involved in events such as the credit guarantee insurance business of the P2P platform Houben Finance and the Luckin Coffee financial fraud case. It has also received many regulatory penalties in recent years. In 2024, Fitch downgraded the company's rating [60][61] - **5.2 Flexible Use of Reinsurance Strategies, Optimization of Cost Control** - In 2024, the company's reinsurance cession premium was 0.571 billion yuan, accounting for 8.38% of the total insurance business income. The company's comprehensive expense ratio decreased from 26.56% in 2022 to 23.04% in 2024, and the comprehensive cost ratio also decreased [63][70] 6. How to Evaluate the Investment Value of Zhonghua Property Insurance's Capital Bonds? - The company's existing capital tools amount to 8 billion yuan, all of which are paying interest normally, and there have been no historical default events. The spread of the company's long - remaining - term capital supplementary bonds is higher than the industry average, and there is significant downward potential for the yield, indicating high cost - effectiveness [73][75]

Core Viewpoint - The article highlights the significant impact of recent heavy rainfall in Beijing, with insurance institutions receiving over 5,000 claims and estimated losses exceeding 150 million yuan [2][4]. Group 1: Insurance Claims and Losses - As of August 3, insurance institutions in Beijing have received a total of 5,330 claims related to the heavy rainfall, with an estimated loss amounting to 154.65 million yuan [4]. - Breakdown of claims includes: 3,034 vehicle insurance claims with losses of 73.23 million yuan; 286 agricultural insurance claims with losses of 9.64 million yuan; 1,670 home insurance claims with losses of 4.95 million yuan; and 340 other property insurance claims with losses of 66.83 million yuan [4]. Group 2: Emergency Response and Services - Beijing insurance companies have established a green channel for claims during the flood season and introduced a "three-free service" for submerged vehicles, which includes no on-site inspection, no meteorological proof required, and free accident rescue [7][8]. - The financial regulatory authority has mandated insurance companies to promptly assess damages and expedite claims processing in response to the disaster [5][8]. Group 3: Weather Alerts and Public Safety - The meteorological department issued a red alert for heavy rain on August 4, predicting significant rainfall across various districts, with some areas expecting over 150 mm of rain within six hours [10][11]. - Multiple scenic spots in Beijing have temporarily closed to ensure visitor safety due to the severe weather conditions [15][19][27].

责任编辑：秦艺 记者8月4日从国家金融监督管理总局北京监管局获悉，截至8月3日17时，辖内保险机构累计受理北京市 区特大暴雨报案5330件，估损金额15465.82万元。其中，车险报案3034件，估损金额7323.18万元；农险 报案286件，估损金额964.15万元；农房保险等家财险报案数量1670件，估损金额495.19万元；其他财产 险报案数量340件，估损金额6683.3万元。据统计，辖内保险机构已累计救援车辆1105辆。 北京金融监管局提示，如遇水位持续上涨或者在桥下遭遇水淹，应立即撤离车辆前往安全处等待救援。 如已投保相关保险产品，在出行时发生保险事故或遇到车辆故障不能行驶等情形，可拨打保险公司服务 电话寻求专业救援。（记者陈旭） ...

Core Insights - Severe rainstorms have caused significant flooding in multiple regions including Beijing and Hebei, prompting banks and insurance companies to activate emergency response mechanisms to ensure financial services remain uninterrupted [1] Insurance Sector - Insurance companies have received approximately 65,000 claims with an estimated loss amounting to 1.88 billion yuan, and have paid out 520 million yuan in claims [1] - Various insurance firms have implemented expedited claims processes, with China Life Property & Casualty Insurance establishing a green channel for claims and deploying specialized teams to disaster areas [3] - Ping An Property & Casualty Insurance set up temporary claims service stations in severely affected areas, dispatching over 400 personnel and nearly 300 rescue vehicles to assist residents [4] Banking Sector - Multiple banks have initiated emergency plans to ensure continuous financial services, including the establishment of green service channels for affected businesses and individuals [5] - Agricultural Bank of China has been actively assessing the credit needs of small and micro enterprises affected by the disaster, offering loan extensions and interest reductions [6] - China Bank has introduced measures to support disaster recovery in severely impacted areas, while the Bank of Communications has prioritized credit support for infrastructure repair and disaster prevention [6][7]

Investment Rating - The report assigns a rating of "Buy" for the company [5] Core Views - The company maintains a leading position in the property insurance sector, with a market share of 37.5% in premium income as of 2024, significantly higher than its competitors [1][16] - The company's car insurance business is a key profit driver, contributing 92.85 billion yuan in underwriting profit in 2024, supported by strong operational capabilities and a leading position in the new energy vehicle insurance market [2][46] - Non-car insurance business is positioned for growth, with premium income reaching 240.7 billion yuan in 2024, despite a short-term underwriting loss [3][74] Summary by Sections 1. Domestic Property Insurance Leader - The company is the largest property insurance provider in China, with a premium income market share of 37.5% and a net profit market share of 47.3% as of 2024 [1][16] - The company has a strong state-owned background, with the Ministry of Finance holding 68.98% of shares, providing long-term resource support [32] - The profit structure is clear, driven by both underwriting and investment [35] 2. Business: Steady Development in Property Insurance and Resilient Investments 2.1. Underwriting: Strong Car Insurance Advantage, Significant Non-Car Potential - Car insurance constitutes 55% of the company's total premium income, with a 2024 underwriting profit of 92.85 billion yuan [2][48] - The company leads in new energy vehicle insurance, with 11.59 million vehicles insured in 2024, reflecting a 57.3% increase [2][66] - Non-car insurance has shown a compound annual growth rate (CAGR) of 10.9% over the past six years, with premium income reaching 240.7 billion yuan in 2024 [3][74] 3. Investment Resilience and Stable Dividend Returns - The total investment return rate for 2024 is 5.2%, with fixed income assets accounting for 60.2% of the portfolio [8] - The company has maintained a stable dividend policy, with a CAGR of 12.8% in cash dividends from 2011 to 2024 [8][43] - The dividend payout ratio averaged 36.5% over the years, with a per-share dividend of 0.54 yuan in 2024 [8][43] 4. Profit Forecast and Investment Recommendations - The company is expected to continue leading the industry, with projected insurance service revenues of 508.3 billion yuan in 2025 and net profits of 38.3 billion yuan [9] - The report provides a first-time coverage with a "Buy" rating based on the company's strong cost control in car insurance and growth potential in non-car insurance [9]

Core Viewpoint - The recent heavy rainfall in Beijing has led to significant property damage, prompting a surge in insurance claims, particularly in auto and home insurance sectors [1][3]. Group 1: Insurance Claims Data - From July 24, 18:00 to July 28, 08:00, PICC Beijing received a total of 445 claims, with preliminary losses estimated at 13.5 million yuan, primarily from auto and home insurance [1][3]. - During the period from July 26 to July 28, Ping An Property & Casualty received 235 claims related to vehicle flooding, with 17 cases already closed [1][3]. - Home insurance claims have become a significant portion of the reports, with 200 home insurance claims filed alongside 241 auto insurance claims by PICC [3]. Group 2: Insurance Coverage Details - Vehicle damage due to flooding is covered under auto insurance, provided the vehicle was stationary or damaged during operation, excluding engine damage caused by restarting the vehicle after flooding [1][2]. - Home insurance typically covers damages from natural disasters like heavy rain and flooding, protecting the structure and contents of the home [3][4]. - For agricultural losses, insurance companies are actively assisting farmers in filing claims, with a quick response time for damage assessment and compensation [4].

Core Viewpoint - The article highlights the response of insurance companies in Beijing to severe flooding and natural disasters, emphasizing their proactive measures in disaster management and claims processing during the peak flood season. Group 1: Emergency Response Measures - Beijing's financial regulatory authority issued consumer alerts focusing on personal safety, property protection, and effective use of insurance services during the flood season [1] - Insurance companies, including PICC and Ping An, activated emergency response plans, mobilizing resources and personnel to assist in disaster relief and claims processing [2][3][4] - PICC Beijing reported over 200 claims related to the recent flooding, covering various insurance types such as auto, home, and agricultural insurance [1][2] Group 2: Claims Processing Efficiency - PICC Beijing completed a claims process for a damaged agricultural facility within 40 minutes, demonstrating rapid response capabilities [2] - Ping An established a 24-hour claims green channel to facilitate efficient claims processing and support for affected clients [3] - China Life Insurance implemented nine service measures to ensure timely claims processing and support for clients in disaster-affected areas [3] Group 3: Collaboration with Local Authorities - Insurance companies coordinated with local government agencies to ensure effective disaster response and resource allocation [2][4] - PICC engaged with local agricultural and forestry departments to assess damages and prepare for potential large-scale claims [2] - China Life Insurance formed a flood prevention task force to oversee disaster response efforts and resource management [3]

Group 1 - The core viewpoint is that the company has fully activated its flood response preparations in Beijing as the main flood season began on July 20, focusing on rapid response and efficient claims processing during this critical period [1][2] - The company has mobilized all claims personnel to a 24-hour standby status, securing 156 rescue vehicles and 147 investigation vehicles, along with sufficient emergency supplies to ensure quick response to disasters [1][2] - The company utilizes technology to dynamically screen disaster-affected areas, integrating data for real-time monitoring and efficient command during the flood season [1][2] Group 2 - The company has developed specialized response plans for different types of insurance, including proactive risk assessments for auto insurance and on-site investigations for property insurance in high-risk areas [2] - The company has established multiple reporting channels, including a customer service hotline and online platforms, to ensure uninterrupted and efficient service during the flood season [2] - For agricultural insurance, the company has set standards for quick assessments and payments to support farmers in disaster recovery, ensuring timely assistance [2] Group 3 - During the heavy rainfall from July 24 to 25, the company identified significant damage to a steel frame greenhouse in Daxing District and quickly initiated the claims process, completing it in just 40 minutes [3] - The company processed a claim of 7,200 yuan using a "pay first, document later" approach, demonstrating its commitment to rapid claims resolution [3]