A股上市险企中期业绩报告披露工作拉开帷幕。8月26日，中国平安保险（集团）股份有限公司（以下 简称"中国平安"）率先披露上半年经营情况。数据显示，2025年上半年，中国平安实现归属于母公司股 东的营运利润777.32亿元，同比增长3.7%；归属于母公司股东的净利润680.47亿元。 一直以来，中国平安是"分红"大户，此前该公司分红已经连续13年增长。不出所料，该公司再次增加了 中期分红。中国平安表示，公司注重股东回报，将向股东派发中期股息每股现金0.95元，同比增长 2.2%。 北京社科院副研究员王鹏表示，通过高分红能彰显公司的稳健经营与良好财务，增强投资者信心、稳定 股价、树立优质资本市场形象。同时，也能回报股东，吸引长期投资优化资本结构，增强稳健性。 今年上半年，债市整体走弱，股市经历了3000点至3400点的箱体震荡，变动中既带来了投资机会，也蕴 藏着风险。面对复杂多变的市场环境，上半年中国平安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；拉长时间线来看，中国平安近10年平均净投资收益率5.0%；近10年平均 综合投资收益率5.1%。 对于投资策略，中国平安表示，权益投资坚 ...

香港、上海，2025年8月26日，中国平安（601318）保险（集团）股份有限公司（以下简称"中国平 安"、"平安"、"集团"或"公司"，股份代码：香港联合交易所02318，上海证券交易所601318）今日公布 截至2025年6月30日止中期业绩。 2025年，立足于更高的起点，继续深化改革创新，中国平安在战略推进和服务升级方面取得了显著进 展。2025上半年，外部环境仍然复杂严峻，中国国民经济顶住压力、迎难而上，经济运行总体平稳、稳 中向好，但中短期仍面临内需不足等诸多挑战。面对机遇与挑战，公司聚焦综合金融主业，深化发 展"综合金融+医疗养老"双轮并行、科技驱动战略，以客户需求为导向，持续推动"三省"服务工程，整 体经营保持稳健，彰显发展韧性与创新动力。2025年上半年，集团实现归属于母公司股东的营运利润 777.32亿元，同比增长3.7%；归属于母公司股东的净利润680.47亿元。现金分红水平稳定增长，将向股 东派发中期股息每股现金人民币0.95元，同比增长2.2%。寿险多渠道高质量发展，2025年上半年，寿险 及健康险业务新业务价值同比大增39.8%。保险资金投资业绩稳健，资产配置能力持续增强。保险资金 ...

Core Viewpoint - China Ping An has recently experienced significant stock price increases in both A-shares and H-shares, with A-shares reaching a five-month high and a total market capitalization exceeding 1 trillion RMB, indicating strong market performance and investor confidence [2][5]. Group 1: Market Performance - Ping An's H-shares have rebounded 28% from their year-to-date low, while A-shares have increased by 16%, outperforming the Shanghai Composite Index and the Hang Seng Index, which rose by 11% and 19% respectively [2]. - The company's market capitalization has re-entered the "trillion club," reflecting robust investor sentiment and market positioning [2]. Group 2: Growth Drivers - The aging population in China is expected to exceed 300 million people aged 60 and above by 2024, leading to a projected "silver economy" worth 30 trillion RMB by 2035, which presents a significant growth opportunity for the insurance sector, particularly for companies like Ping An that are focused on "insurance + healthcare" models [5]. - Ping An has established a comprehensive "insurance + home care" model that aligns with the "9073" elderly care framework, achieving 100% coverage with top hospitals and nearly 240,000 signed pharmacies, serving over 190,000 clients in 75 cities [5][6]. Group 3: Financial Performance - Ping An Health Medical Technology Co., Ltd. reported a 25.8% increase in revenue to 1.06 billion RMB in Q1 2025, with adjusted net profit reaching 57.86 million RMB, indicating strong financial health and growth potential [7][8]. - The company achieved a total revenue of 1.03 trillion RMB in 2024, marking it as the only insurance company in the industry to surpass the trillion RMB revenue threshold, with a net profit of 126.6 billion RMB, a 47.8% year-on-year increase [11]. Group 4: Investment and Valuation - As of June 12, 2024, Ping An's A-share price-to-embedded value (PEV) ratio is approximately 0.6, placing it at a historical low of 31%, which is significantly lower than its peers such as AIA Group (PEV around 1.5) and China Life [15]. - The current dividend yield for Ping An stands at 4.7%, which is substantially higher than that of its competitors, making it an attractive option for long-term investors [15]. Group 5: Market Positioning - Ping An's comprehensive financial and healthcare ecosystem has created a competitive advantage that is difficult to replicate, with significant improvements in agent productivity and new business value growth across various channels [9][11]. - The company is well-positioned to benefit from regulatory support aimed at increasing long-term investments in the insurance sector, enhancing its investment capabilities and market presence [5][19].