这一轮上涨，或许正是这个重估叙事写下的第一个注脚。 01 情理之中在于，以中国平安的体量、盈利的稳健性及长期股东回报来看，它始终是A股和港股市场 中"价值股"清单上的常客。 然而，其暗含的深意或许更值得玩味。在眼下这样一个外部环境错综复杂，充斥着各种不确定性的市场 中，这个奖项不仅是对平安优秀经营成果的褒奖，更应该视作资本市场重新审视与定价这个行业巨头的 新契机。 换言之，市场在寻找的，不仅是旧时代的估值锚点，更是平安这个行业巨擘在大象转身之后，其所构建 的全新生态与增长逻辑，在新时代价值重估的新起点。 2026年新年首个交易日，平安A股、港股双双强势上涨，截至14:30，A股涨幅超6%，港股涨幅一度超 4%。值得一提的是，自12月初至今平安A股、港股累计涨幅均超20%。 就在近日，申万宏源研究明确上调中国平安盈利预测，维持"买入"评级，并给出93.8元/股的A股目标 价。其核心观点认为保险板块有望迎来价值重估，中国平安凭借其业务特质是进可攻、退可守的欠配高 股息标的。 另外在此前格隆汇"金格奖"年度卓越公司评选中，中国平安（601318.SH/2318.HK）荣获"年度投资价 值奖（200亿以上）"。 这一 ...

2026年新年首个交易日，平安A股、港股双双强势上涨，截至14:30，A股涨幅超6%，港股涨幅一度超 4%。值得一提的是，自12月初至今平安A股、港股累计涨幅均超20%。 （来源：富途行情） 就在近日，申万宏源研究明确上调中国平安盈利预测，维持"买入"评级，并给出93.8元/股的A股目标 价。其核心观点认为保险板块有望迎来价值重估，中国平安凭借其业务特质是进可攻、退可守的欠配高 股息标的。 另外在此前格隆汇"金格奖"年度卓越公司评选中，中国平安（601318.SH/2318.HK）荣获"年度投资价 值奖（200亿以上）"。 这一结果在资深市场观察者看来，既在情理之中，又暗含深意。 情理之中在于，以中国平安的体量、盈利的稳健性及长期股东回报来看，它始终是A股和港股市场 中"价值股"清单上的常客。 然而，其暗含的深意或许更值得玩味。在眼下这样一个外部环境错综复杂，充斥着各种不确定性的市场 中，这个奖项不仅是对平安优秀经营成果的褒奖，更应该视作资本市场重新审视与定价这个行业巨头的 新契机。 换言之，市场在寻找的，不仅是旧时代的估值锚点，更是平安这个行业巨擘在大象转身之后，其所构建 的全新生态与增长逻辑，在新时代价值 ...

Core Viewpoint - China Ping An's stock price has reached a new high this year, with a growth of over 30% and a market capitalization exceeding 1.2 trillion yuan, driven by performance recovery and accelerated AI transformation [1][2]. Group 1: Financial Performance - In the first three quarters of this year, China Ping An achieved a net profit of 132.9 billion yuan, representing a year-on-year increase of 11.47% [1]. - The company's strategic focus on AI has significantly contributed to its stock price increase, indicating a strong correlation between AI initiatives and financial performance [1][2]. Group 2: AI Transformation Strategy - China Ping An's co-CEO emphasized the commitment to fully integrate AI across the financial and healthcare value chains, showcasing a strategic shift towards comprehensive AI and intelligent operations [2]. - The term "AI" was mentioned 67 times in the recent half-year report, reflecting its growing importance in the company's strategy [2]. - The company has transitioned from digitalization phases to a 3.0 intelligent stage, leveraging AI to empower its core business [2]. Group 3: Healthcare Business Evolution - The AI-driven transformation has led to a qualitative change in the healthcare business, moving from a supportive role to a core component of the dual-driven strategy of "comprehensive finance + healthcare" [5][7]. - AI technologies are being utilized to enhance customer engagement and create financial value through precise health interventions and risk management [7]. Group 4: Insurance Business Impact - AI has significantly transformed the insurance sector, enhancing efficiency across the entire process from marketing to claims [9][10]. - The introduction of AI assistants has improved decision-making and operational efficiency, leading to substantial growth in non-auto insurance premiums [9]. - AI has reduced underwriting times to seconds and improved claims processing speed dramatically, enhancing customer experience [10]. Group 5: Business Synergy and Ecosystem - AI acts as a digital nerve center, connecting previously isolated business units and facilitating resource sharing and collaboration [11]. - The integration of AI has created a "flywheel effect," enhancing the value cycle between financial services and healthcare, thereby increasing customer retention and product attractiveness [12]. - Customers benefiting from the healthcare ecosystem contribute nearly 70% to the new business value of life insurance, highlighting the effectiveness of AI-driven ecosystem collaboration [12].

Core Viewpoint - China Ping An demonstrates resilience and growth in a challenging macroeconomic environment, achieving a significant increase in new business value and stable profit growth, reflecting the effectiveness of its dual strategy of "comprehensive finance + medical care and elderly care" [1][4][16] Financial Performance - For the six months ending June 30, 2025, China Ping An reported an operating profit of 77.732 billion RMB, a year-on-year increase of 3.7%, and a net profit of 68.047 billion RMB [1] - The company announced an interim cash dividend of 0.95 RMB per share, marking a 2.2% increase and representing ten consecutive years of dividend growth [1] Business Growth - The new business value of life and health insurance reached 22.335 billion RMB in the first half of 2025, with a year-on-year growth of 39.8% [4] - The new business value rate (based on standard premiums) increased by 9 percentage points, driven by improved channel quality [4] - The agent channel's new business value grew by 17.0%, while the bank insurance channel saw a remarkable increase of 168.6% [4][5] Customer Retention and Engagement - The company added 15.71 million new customers in the first half of 2025, a 12.9% increase year-on-year, with a customer retention rate of 94.6% [7] - Customers holding four or more contracts with the group accounted for 26.6% of the total, with a retention rate of 97.8% [7] Insurance Sector Performance - The property and casualty insurance segment reported a premium income of 171.857 billion RMB, a 7.1% increase, while insurance service income rose by 2.3% [7] - The overall combined cost ratio improved by 2.6 percentage points to 95.2% [7] Banking Sector Performance - Ping An Bank achieved an operating income of 69.385 billion RMB and a net profit of 24.870 billion RMB in the first half of 2025 [8] - The non-performing loan ratio decreased by 0.01 percentage points to 1.05%, with a provision coverage ratio of 238.48% [8] Medical and Elderly Care Strategy - Approximately 63% of Ping An's nearly 247 million personal customers utilized services from its medical and elderly care ecosystem [11] - Health insurance premium income reached nearly 87 billion RMB, with medical insurance premiums exceeding 41 billion RMB, reflecting a 3.3% year-on-year growth [11] Technological Advancements - The application of AI technology has significantly enhanced operational efficiency, with AI-driven service volume reaching approximately 8.82 billion interactions, covering 80% of total customer service [14][15] - The AI tool "QianZhi" improved sales script generation efficiency by five times, contributing to a 92% year-on-year increase in productivity for the bank insurance channel [14][15] Strategic Outlook - The company plans to continue focusing on its dual strategy of "comprehensive finance + medical care and elderly care," while enhancing digital transformation and service efficiency [16]

Core Viewpoint - The company aims to become an internationally leading integrated financial and healthcare service group, focusing on creating value for customers, employees, shareholders, and society through a differentiated service strategy in "integrated finance + healthcare and elderly care" [1][2]. Business Overview - The company is committed to a customer-centric approach, leveraging technology to build a "one customer, multiple accounts, multiple products, one-stop service" financial supermarket, providing a service experience that is "worry-free, time-saving, and cost-effective" [2]. - The healthcare and elderly care services integrate payment and supply sides, offering the best value services through professional family doctors and elderly care managers [2]. Financial Data and Shareholder Information - As of June 30, 2025, total assets reached RMB 13,509,559 million, a 4.3% increase from the beginning of the year [3]. - Total liabilities were RMB 12,166,459 million, up 4.4% from the start of the year [3]. - Shareholder equity stood at RMB 1,343,100 million, reflecting a 2.9% increase [3]. - Operating income for the first half of 2025 was RMB 500,076 million, a 1.0% year-on-year increase [3]. - Net profit attributable to shareholders was RMB 68,047 million, down 8.8% compared to the previous year [3]. Key Performance Indicators - The company achieved a net cash flow from operating activities of RMB 338,185 million, a 10.9% increase [3]. - Basic earnings per share were RMB 3.87, down 8.1% [3]. - The weighted average return on equity (non-annualized) decreased to 7.2% from 8.1% [3]. Shareholder Structure - As of June 30, 2025, the total number of shareholders was 720,948, with the top ten shareholders holding significant stakes [3][4]. - The largest shareholder, Hong Kong Central Clearing Limited, held 36.56% of shares [3][4]. Strategic Initiatives - The company emphasizes innovation and technology, aiming to enhance service quality and efficiency through AI and big data applications [8][19]. - The healthcare and elderly care strategy has been deepened, with nearly 63% of individual customers enjoying services from the healthcare and elderly care ecosystem [14][21]. Market Position and Future Outlook - The company is focused on high-quality development in the insurance sector, with a significant increase in new business value in life and health insurance by 39.8% year-on-year [13][23]. - The company plans to continue leveraging technology to optimize financial, healthcare, and elderly care services, aiming for a seamless integration of these services [19][20].

Core Viewpoint - China Ping An's mid-year performance demonstrates resilience and innovation, with steady growth in operating profit and significant increases in new business value for life and health insurance [1][2][4]. Group 1: Financial Performance - In the first half of 2025, China Ping An achieved an operating profit of 77.732 billion RMB, a year-on-year increase of 3.7%, and a net profit of 68.047 billion RMB [1][2]. - The company declared an interim dividend of 0.95 RMB per share, reflecting a 2.2% increase year-on-year [1][4]. - The investment portfolio yielded a non-annualized comprehensive return of 3.1%, up 0.3 percentage points from the previous year [1][7]. Group 2: Business Growth - The new business value (NBV) for life and health insurance surged by 39.8% year-on-year, reaching 22.335 billion RMB [9][10]. - The agent channel's new business value grew by 17.0%, while the bancassurance channel saw a remarkable increase of 168.6% [9][10]. - The company reported a customer retention rate of 94.6% for long-term clients, with 73.8% of clients having been with the company for over five years [5]. Group 3: Strategic Initiatives - The "comprehensive finance + medical and elderly care" strategy is being effectively implemented, enhancing core business operations [4][8]. - AI applications are integrated across all processes, with an 80% coverage of AI service seats and a 94% instant underwriting rate for life insurance policies [12][14]. - The medical and elderly care services have reached nearly 63% of individual clients, significantly increasing customer engagement and contract numbers [6][8]. Group 4: Market Sentiment - Multiple brokerages express optimism regarding Ping An's mid-year results, highlighting strong performance in NBV and asset management [3][4]. - The stock performance of Ping An has been robust, with H-shares reaching a four-year high amid a bullish market for the insurance sector [3][4]. - Analysts predict that AI technology could drive annual revenue growth of 2.5% over the next decade, indicating a positive outlook for the company's future [15].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作 出。 茲載列中國平安保險（集團）股份有限公司在上海證券交易所網站刊登的 根據中國會計準則編制的「中國平安保險（集團）股份有限公司2025年中 期報告」，僅供參閱。 承董事會命 盛瑞生 公司秘書 中國深圳，2025年8月26日 於本公告日期，本公司的執行董事為馬明哲、謝永林、郭曉濤、付欣及蔡方方；非執行 董事為謝吉人、楊小平、何建鋒及蔡潯；獨立非執行董事為伍成業、儲一昀、劉宏、吳 港平、金李及王廣謙。 二零二五年中报 目录 关于我们 公司管治 | 重要提示及释义 | 1 | | --- | --- | | 我们是谁 | 3 | | 公司使命 | 4 | | 时代机遇 | 5 | | 公司战略 | 6 | | 经营亮点 | 10 | | 董事长致辞 | 12 | | 财务摘要 | 15 | 经营情况讨论及分析 | 综合金融 ...

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 insurance stocks in Hong Kong and A-shares are experiencing a strong upward trend, particularly China Ping An, which has seen significant price increases recently [1][2]. Group 1: Market Performance - China Ping An's A-shares rose over 2%, approaching the previous high point from May 14 [1]. - The H-shares of Ping An increased by more than 3%, marking three consecutive trading days of gains and breaking through a recent trading range [2]. Group 2: Policy and Market Environment - The National Financial Regulatory Administration recently disclosed that life insurance premiums have been recovering, reinforcing confidence in the insurance sector's fundamentals [4]. - The upcoming Lujiazui Forum in June is expected to announce supportive policies for the capital market, which may catalyze the financial sector's market performance [4]. Group 3: Policy Benefits - Recent favorable policies are specifically targeting Ping An's core business lines, providing new growth opportunities [5]. - The issuance of opinions by the Central Committee and the State Council aims to improve basic medical insurance and commercial health insurance, creating significant development opportunities in these areas [5]. Group 4: Strategic Developments - Ping An is actively exploring a collaborative model in medical insurance and has launched a comprehensive healthcare platform, "Ping An Good Doctor," enhancing its service offerings [7]. - The establishment of a private fund management company with a registered capital of 300 million yuan is expected to focus on long-term and value investments, benefiting from favorable policies for insurance capital [8]. Group 5: Dividend Stability and Market Position - Ping An's stable performance and consistent dividends make it an attractive option for long-term investors, especially in uncertain market conditions [9]. - The company plans to distribute a record dividend of 29.334 billion yuan in 2024, reflecting its strong cash flow and commitment to shareholder returns [10]. - The current dividend yield for Ping An's A-shares is 4.46%, while the H-shares yield 5.71%, making them appealing compared to other investment products [11]. Group 6: Sector Dynamics - The insurance sector is currently under-allocated in public funds, which is expected to drive new capital inflows into the sector [12]. - Ping An, as a leading insurance company, is well-positioned to benefit from the anticipated increase in capital inflows and the recovery of the funding environment [12].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][10]. Core Views - The company continues to deepen its "comprehensive finance + medical and elderly care" strategy, showing stable overall performance despite fluctuations in the investment sector. The operating profit attributable to the parent company grew by 2.4% year-on-year in Q1 2025, with earnings per share increasing by 3.3% to 2.16 yuan. However, the net profit attributable to the parent company decreased by 26.4% due to bond market volatility and the impact of the consolidation of Ping An Good Doctor, which resulted in a one-time impairment of 3.4 billion yuan [1][4]. Summary by Sections Insurance Business - The new business value (NBV) for life and health insurance saw a significant year-on-year increase of 34.9%, with individual insurance channels growing by 11.5% and agent productivity increasing by 14.0%. The bancassurance channel experienced a remarkable growth of 170.8% in NBV, while community finance channels reported a 171.3% increase in NBV [2]. Property and Casualty Insurance - The company achieved a property and casualty insurance premium income of 85.138 billion yuan in Q1 2025, marking a 7.7% year-on-year growth. The combined ratio improved by 3.0 percentage points to 96.6%. However, net profit for the property and casualty business decreased by 16.5% year-on-year, influenced by bond market fluctuations [3]. Financial Forecasts - The company maintains its profit forecasts for 2025 to 2027, expecting earnings per share (EPS) of 7.72, 8.57, and 9.26 yuan respectively. The current stock price corresponds to price-to-earnings (P/E) ratios of 0.60, 0.55, and 0.50 for the respective years [4][5].