【导读】直击中国平安业绩发布会！ 8月27日，中国平安在上海和香港两地召开2025年中期业绩发布会。平安集团董事长马明哲携众高管与机构、媒体进行交流。 出席本次业绩发布会的平安集团高管还有总经理兼联席首席执行官谢永林、联席首席执行官兼副总经理郭晓涛、副总经理兼首席财务官付欣。 会上，平安集团高管对业务发展、股价、分红、投资策略、人工智能等问题进行了回应。 对于未来投资方向，谢永林指出，平安集团将适度加大权益类配置，重点围绕新质生产力和高分红等方向。 对于股价，付欣表示，非常认同"金子总会发光"的观点，相信市场正在印证，并且会逐步认证中国平安的价值。 对于人工智能，郭晓涛指出，核心逻辑是"AI in ALL"，会用AI把整个金融的价值链，从头到尾全部做一遍，把医疗养老的价值链嵌入进去。 谢永林：市场信心不断回暖 围绕新质生产力和高分红等方向适度加大权益类配置 二是"产品+服务"的红利。平安四年前开始做"保险+医疗""保险+健康""保险+养老"的增值服务，有效驱动客户购买平安的寿险产品。 权益投资方面，数据显示，保险资金投资组合实现非年化综合投资收益率3.1%，同比上升0.3个百分点。 对此，谢永林表示，近年来， ...

"整体来讲，管理层对今年上半年的经营业绩是满意的，总结下来有三句话：集团整体业绩很稳健、主 营业务增长很强劲、集团持续推动创新。"8月27日，在中国平安2025年中期业绩发布会上，中国平安总 经理兼联席首席执行官谢永林说。 昨日晚间，中国平安发布中期业绩，上半年，集团实现归属母公司股东的营运利润777.32亿元，同比增 长3.7%；归属母公司股东的净利润680.47亿元。另外，中国平安将向股东派发中期股息每股现金0.95 元，同比增长2.2%。 值得注意的是，上半年，平安寿险及健康险业务新业务价值达成223.35亿元，同比大增39.8%。 "39.8%的增速确实来之不易，主要来源于我们银保渠道接近170%的增速、代理人渠道连续双位数的新 业务内含价值增长以及代理人的产能持续提升，这些都是我们寿险整个新业务价值能够持续增长的关键 驱动因素。"中国平安副总经理兼首席财务官付欣说。 一是多渠道策略红利。"以前，寿险只有代理人渠道，如今已拓展了银保渠道、社区金融渠道等。在银 保渠道里，既有平安银行独家渠道，还有其他的非平安银行渠道合作，效果显著。"他说。 二是"产品+服务"的红利，郭晓涛认为，目前，金融行业尤其是寿险 ...

"会继续适度加仓" "整体来讲，管理层对今年上半年的经营业绩是满意的，总结下来有三句话：集团整体业绩很稳健、主 营业务增长很强劲、集团持续推动创新。"8月27日，在中国平安2025年中期业绩发布会上，中国平安总 经理兼联席首席执行官谢永林说。 昨日晚间，中国平安发布中期业绩，上半年，集团实现归属母公司股东的营运利润777.32亿元，同比增 长3.7%；归属母公司股东的净利润680.47亿元。另外，中国平安将向股东派发中期股息每股现金0.95 元，同比增长2.2%。 值得注意的是，上半年，平安寿险及健康险业务新业务价值达成223.35亿元，同比大增39.8%。 "39.8%的增速确实来之不易，主要来源于我们银保渠道接近170%的增速、代理人渠道连续双位数的新 业务内含价值增长以及代理人的产能持续提升，这些都是我们寿险整个新业务价值能够持续增长的关键 驱动因素。"中国平安副总经理兼首席财务官付欣说。 寿险步入黄金发展期 "低利率环境虽不利于保险投资，但有利于寿险销售。"去年，华泰证券在保险行业年度策略中这样写 道。一个有力的佐证是，部分海外发达市场从上世纪80年代开始经历了长达40年的利率下行周期，其间 寿险业发 ...

"我们会持续努力把兼职代理人渠道打造为可规模化、可线上化运营的轻量化模式，使其成为寿险业务 下一阶段持续增长的核心引擎。目前仍处在初级的孵化阶段。"郭晓涛表示。 郭晓涛进一步介绍，其次是体系的轻量性。这100万兼职代理人完全通过数字化平台实现运营与管理， 其模式与传统代理人采用的管理方式截然不同。这是一支销售成本极低、销售效率极高的队伍。 第三个要考虑产品设计的专属性。具体而言，兼职代理人渠道长期以来主要负责财产保险产品的销售， 如今希望这一渠道也能有效开展寿险产品销售。寿险保单产品的设计就必须充分契合该渠道代理人的特 性，包括销售模式、销售流程以及产品特色，设计出一套完整的体系，并确保能够在各个机构落地推 行，尤其要在下沉市场实现有效渗透。 北京商报讯（记者 李秀梅）8月27日，中国平安召开2025年中期业绩发布会。会上，中国平安联席首席 执行官郭晓涛详解了中国平安的兼职代理人体系。 郭晓涛介绍，每年参与其中的兼职代理人数量超过100万。这100万规模的销售队伍，主要布局在相对下 沉的市场；而平安寿险传统代理人渠道，则以一、二线中心城市为集中分布区域。 "因此，这100万兼职代理人与我们核心的传统代理人渠道 ...

南方财经8月27日电，今日在中国平安2025中期业绩发布会上，平安联席CEO郭晓涛表示，中国平安目 前有三重改革红利持续释放，驱动业务增长。第一个改革红利是多渠道策略。以前寿险只有一个代理人 渠道，现在还有银保渠道、社区金融渠道，今年上半年平安银保渠道、社区金融服务及其他等渠道，贡 献了平安寿险新业务价值33.9%，"银保渠道中有平安银行的独家渠道，还跟其他大型国有银行、股份 制银行、城商行等非平安银行渠道合作。" 第三个改革红利是科技赋能。过去几年平安持续投入非常多资源打造销售队伍、销售服务工具等，AI 赋能我们销售队伍的在获客、营销，转化效率等方面持续提升 "这三重红利加在一起，驱动我们的业务在过去两年包括今年能够持续高速增长。今年下半年我们也会 坚定执行监管要求、产品转型等。"他说道。 第二个是"产品+服务"改革红利。郭晓涛表示，目前金融行业逐步进入同质化竞争阶段，只有增值服务 才能真正做到差异化竞争。我们在多年前就开始做产品+投资/+保险/+医疗保险/+健康保险/+养老等增值 服务，这能有效驱动我们客户购买平安的寿险产品，为公司提供了强有力的持续发展动力。 ...

固定收益 | 固定收益专题 利率专题 证券研究报告 2025 年 08 月 24 日 险资配债的逻辑与新趋势 险资投资情况概览：走弱的保费收入增速，走强的股债投资力度 去年下半年"炒停售"热潮褪去后，寿险产品保费收入增速明显走弱，拖 累行业整体表现。保险资金整体投资力度却呈现了逆势大幅走强。从大类 资产配置的角度看，债券和股票是险资投资的主要发力点。参考海外经验 来说，我们认为财产险公司的权益投资占比后续还有很大的继续提升空间。 险资配债需要考虑什么：在增厚收益与平滑波动中选择最优解 保险资金在中国债券市场中占比约为 9.32%。券种分布上，地方债目前在保 险持仓结构中占比已快速增长至达 47%。在二级现券市场上，超长期地方 政府债自 24 年 11 月以来，在保险净买入规模中整体占比 50%以上。 考虑因素一：增厚收益，结合税收成本与资本占用成本的综合考量 1）在税收成本方面，即使 8 月 8 日之后新代码债券的利息收入需要征收增 值税，政府债的税收收益依然明显领先于其他券种。 2）在资本占用成本方面，"偿二代"二期监管体系即将于 2026 年起全面实 施，险企尤其是中小型险企的偿付能力充足率承压。展望后续 ...

Core Viewpoint - The market is expected to continue its upward momentum in the coming weeks, potentially breaking through the previous high set on October 8, leading to a significant market rally [1]. Funding Aspects - Recent funding conditions have seen five major positive developments, with substantial capital inflows into the stock market: - Southbound funds recorded a single-day purchase of HKD 20.184 billion in Hong Kong stocks, bringing the total net purchase for the year to HKD 820.028 billion, surpassing last year's total of HKD 807.9 billion, marking a historical high for the same period [2]. - Public funds have shown improvement, with mixed funds growing by CNY 121.3 billion to CNY 3.68 trillion in June, alongside a slight increase in share volume [2]. - The M1-M2 spread has narrowed, indicating a potential shift in liquidity dynamics [3]. - Public bond funds experienced their largest single-day redemption since January, with nearly CNY 100 billion sold, suggesting a possible reshuffling of asset allocations [3]. - Life insurance products are expected to see a decrease in interest rates, with the current standard rate set at 1.99%, down 14 basis points from the previous 2.13% [3]. Technical Aspects - Three technical indicators suggest a bullish outlook, with a short-term target above 3700: - The gap analysis from the island reversal gap on May 7 to the continuation gap on July 21 indicates a potential upward movement above 3700 [4]. - A descending flag pattern formed since October 8 has been effectively broken in June, also suggesting a target above 3700 [4]. - The wave count indicates a strong trend, currently in a 3-3 formation, supporting the bullish sentiment [5]. Summary - The market is poised for a strong upward attack in the short term, with a focus on maintaining appropriate positions. For those less adept at stock selection, ETFs are recommended as a viable investment option [6].

Core Viewpoint - The article emphasizes the transformation of China Ping An from a traditional insurance provider to a comprehensive financial and healthcare service provider, driven by the integration of "comprehensive finance + healthcare and elderly care" solutions to meet the evolving needs of customers throughout their life cycle [1][21][46]. Group 1: Industry Trends - Since May, many insurance companies have begun to phase out old products in preparation for the launch of products with lower preset interest rates [2]. - The yield on the 10-year government bond, a key benchmark for insurance returns, has been on a downward trend, with a cumulative decline of 88 basis points in 2024 and dropping below 1.6% in 2025 [3]. - This trend has put continuous pressure on the yields of fixed-income assets, making it difficult for the insurance industry to effectively cover liability costs [4]. Group 2: Company Strategy - China Ping An recognized the need for transformation in the life insurance sector as it entered a challenging phase, moving away from reliance on interest rate spreads and adopting a new growth model [7][11]. - The company has been proactive in reforming its business model since 2019, focusing on restructuring its development logic to align with changing market demands [13][14]. - The number of insurance agents has declined significantly since 2019, with over 6 million agents lost by 2024, leading to a continuous drop in new premium income [16][17]. Group 3: Market Opportunities - The demand for healthcare services is expected to surge in 2025, driven by reforms in medical insurance payment systems, highlighting the need for high-quality medical services [31]. - In the first quarter of 2025, health insurance premium income reached 378.2 billion yuan, marking a year-on-year growth of 4.85%, indicating a strong market potential [32]. - China Ping An has developed a comprehensive healthcare ecosystem, integrating various services to meet diverse medical and health management needs [34][37]. Group 4: Financial Performance - China Ping An's health management platform, Ping An Good Doctor, has achieved significant growth, with a revenue of 1.06 billion yuan in the first quarter of 2025, reflecting a year-on-year increase of 25.8% [36]. - The company has maintained a stable dividend policy, with cumulative cash dividends exceeding 400 billion yuan by the end of 2024, and a dividend per share of 2.55 yuan, showcasing its commitment to shareholder returns [55][56]. - The company's operating profit and cash flow support its robust dividend policy, emphasizing its focus on long-term value creation for shareholders [56][57].

Core Viewpoint - The article emphasizes the importance of consumer awareness and protection against illegal fundraising activities in the insurance industry, particularly during the annual campaign against illegal financial activities in June [1][4]. Group 1: Illegal Fundraising in Insurance - Illegal fundraising refers to the act of raising funds from the public without legal permission, often promising high returns or benefits [3]. - Common forms of illegal fundraising in the insurance sector include "real insurance, fake sales" and "fake insurance, real sales," where individuals exploit insurance products to defraud consumers [3][4]. Group 2: Risks to Consumers - Consumers falling victim to illegal fundraising may lose their savings and insurance coverage, leading to financial crises and family discord [4]. - The cost of seeking justice for victims of illegal fundraising is often very high, which discourages individuals from pursuing their rights [4]. Group 3: Prevention Measures - Consumers are advised to verify the legitimacy of insurance companies and sales personnel through official channels to avoid being misled by impostors [5]. - It is crucial for consumers to be cautious of products promising unusually high returns, as these often come with significant risks [5]. - Consumers should thoroughly review contracts and receipts, avoid cash transactions, and ensure proper documentation is provided [5][6]. Group 4: Personal Information Security - Protecting personal information is essential to prevent financial loss due to identity theft or fraud [6]. - The industry stresses that true security comes from trust rather than high returns, highlighting the importance of vigilance against scams [6].

Core Insights - The aging population in China is projected to reach 350 million people aged 60 and above by 2030, leading to significant changes in family structures and caregiving dynamics [2] - The Pension Financial Health Index (PFHI) report indicates that the average score for Chinese families is 48.56, suggesting that they are in the accumulation phase of retirement planning, with a focus on current needs over future financial security [2][3] Group 1: Pension Financial Health Index - The PFHI is a new metric developed to assess how families manage their retirement finances and achieve their retirement goals [2] - The report is based on a survey of 26,835 valid samples across 34 provincial administrative regions in China [2] Group 2: Recommendations for Improvement - There is a need for comprehensive efforts in building a robust pension financial system, enhancing public financial literacy, innovating diverse financial products, and establishing intergenerational family support systems [3] - The focus should be on ensuring stable and predictable cash flow for retirement, rather than merely accumulating assets [3][4] Group 3: Dynamic Nature of Pension Planning - Pension planning should be a continuous process that adapts to changes in inflation, income, and family structure, requiring annual optimization [4] - Different income groups have varying needs for pension planning, with low-income individuals viewing it as a long-term need, while middle-income families should balance current financial needs with future cash flow reserves [4][5] Group 4: Considerations for High-Income Individuals - High-income individuals have more investment options for retirement planning but still need to ensure rigid financial arrangements for their pension funds [5] - There is a strong preference for home-based elderly care in China, necessitating early planning for both home and institutional care services [5]