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 ...

近年来，合资险企变身纯外资已成趋势。2019年，安盛天平被法国安盛集团全资收购；2021年，中德安 联人寿成为中国首家合资转外资独资的寿险公司。史带财险已是第五家完成"合"转"外"的保险公司。 北京排排网保险代理有限公司总经理杨帆向《华夏时报》记者表示，合资转外资独资的趋势，反映出外 资深耕中国市场的决心。当前中国的保险深度与全球均值仍存在较大差距、中产保障需求升级等原因， 是外资长期布局的底层逻辑。从"试水"到"深耕"是外资对华投资的战略升级，体现对中国市场韧性与增 长空间的认可。 本报（chinatimes.net.cn）记者吴敏 北京报道 一纸来自金融监管总局上海监管局的股权变更批复，宣告了中国保险市场迎来第三家外资独资财险公 司。 史带财险原唯一中资股东上海锦江国际投资有限公司，将其持有的0.78%股权悉数转让给史带补偿及责 任保险公司。至此，史带系股东合计持股比例达到100%，史带财险彻底褪去合资色彩，成为外资全资 持有。 北京大学应用经济学教授朱俊生在接受《华夏时报》记者采访时表示，独资化后，外资能直接统一战略 方向、加快产品和市场决策效率。这不是单纯的股权变更，而是战略重心的再分配，即外资希望直 ...

Core Viewpoint - The appointment of Lin Feng as the new chairman of Beibu Gulf Insurance reflects the strategic importance placed on the company by its shareholders, amidst various operational challenges such as slowing premium growth and high reliance on auto insurance [2][4]. Group 1: Company Overview - Beibu Gulf Insurance, established in 2013, is the first national insurance institution headquartered in Guangxi, with a focus on local economic development [3]. - As of the end of 2024, the company has established five primary branches in Guangxi, Guangdong, Guizhou, Sichuan, and Shenzhen, forming a core layout in Southwest China [3]. Group 2: Business Challenges - The company has faced a significant slowdown in growth since 2021, with premium income only slightly increasing by 2.9% to 3.84 billion yuan in 2024, failing to surpass the 4 billion yuan mark [3]. - The proportion of auto insurance has risen from 40.6% in 2022 to 48.9% in 2024, while agricultural insurance has decreased to 30%, indicating a severe imbalance in the product structure [3][4]. Group 3: Profitability Issues - Beibu Gulf Insurance experienced consecutive losses exceeding 100 million yuan from 2021 to 2022, but managed to turn a profit in 2023 with a net income of 45 million yuan, primarily due to improvements in underwriting and claims cost management [5]. - In 2024, the net profit is projected to be 61 million yuan, with auto insurance contributing 187 million yuan to underwriting profits [5]. Group 4: Strategic Focus - The company aims to adopt a specialized, differentiated development path, focusing on digital transformation, business model innovation, and regional economic services by 2025 [6]. - Key areas for digital investment include enhancing customer engagement through online platforms, improving precision in agricultural insurance underwriting, and developing products aligned with regional trade dynamics [6][7]. Group 5: Governance Concerns - Governance issues are highlighted by the pledging of shares by major shareholders, which may affect the stability of company governance and strategic execution [8][9]. - The company needs to strengthen its board governance mechanisms and ensure transparent communication with stakeholders to maintain strategic direction and operational stability [9][10]. Group 6: Capital and Risk Management - Beibu Gulf Insurance has not received capital injections for ten years, and upcoming redemption of capital supplement bonds could significantly impact its solvency ratio [10]. - The company’s current solvency ratio stands at 275%, but it faces challenges in risk management, as indicated by a low score in strategic risk management assessments [10].

Core Viewpoint - Beijing Financial Court has introduced guidelines to enhance the role of employer liability insurance in protecting the rights of small and medium-sized enterprises and workers, aiming to support high-quality economic and financial development [1][2]. Group 1: Employer Liability Insurance Overview - Employer liability insurance is a type of property insurance that covers economic compensation responsibilities that employers must fulfill when employees suffer injuries or occupational diseases during work [2]. - This insurance serves as an important tool for transferring employment risks and is distinct from mandatory workers' compensation insurance and personal accident insurance [2]. Group 2: Guidelines for Employers and Employees - Companies are advised to ensure that insurance contracts are legally valid and effective, manage contract performance, and report claims promptly [3]. - Employees should assert their legal rights for occupational injury compensation, actively participate in the claims process, and adhere to legal standards to maintain market order [3][4]. Group 3: Distinction Between Insurance Types - It is crucial for employees to differentiate between employer liability insurance and personal accident insurance, as both provide different types of coverage [4]. - Employees can claim compensation from both employer liability insurance and personal accident insurance if their occupational injury is due to an accident, allowing for more comprehensive protection [4].

Core Viewpoint - Guobao Life Insurance, as the first national life insurance institution in Sichuan, is facing significant challenges due to ownership changes and financial instability, raising concerns about its governance and operational efficiency [2][4]. Ownership Changes - On June 20, Guobao Life announced that Meishan Hongyu Asset Management Co., Ltd. acquired 7.576% of its shares from Sichuan Xiongfeng Group for 176 million yuan, a 30% discount from the initial listing price [2]. - Sichuan Xiongfeng, a real estate company, had previously filed for bankruptcy and had all its shares in Guobao Life pledged [2][3]. - If approved, this transaction will increase the state-owned shareholding in Guobao Life, which currently stands at 58.71% [2]. Financial Performance - Guobao Life's insurance revenue has shown high growth from 3.28 billion yuan in 2018 to 38.43 billion yuan in 2024, but profitability remains unstable, with net profits fluctuating [5]. - In Q1 2025, the company reported a significant drop in insurance revenue to 1.318 billion yuan, a decline of over 40% year-on-year, while net losses narrowed to 29 million yuan [5][6]. - The decline in premium growth is attributed to a negative cash flow from universal accounts and a significant drop in scale premium growth, which fell to -38.70% [5][6]. Product and Channel Structure - Guobao Life's product structure is heavily reliant on life insurance, which accounted for 96.15% of its premiums in 2024, lacking diversification into popular products like dividend insurance [6]. - The company primarily depends on the bancassurance channel, which contributed 89.75% of its premiums in 2024, making it vulnerable to changes in banking partnerships and regulatory policies [6]. Investment Performance - In Q1 2025, Guobao Life's investment yield was 0.73%, with a comprehensive investment yield of 0.54%, both down from the previous year [7]. - The average accounting investment yield over the past three years was 3.84%, significantly lower than the industry average of 7.45% [7]. Management Changes - In April 2025, Guobao Life's chairman Zhang Xi stepped down as party secretary, with Li Shihong, a former deputy director of the Sichuan Finance Department, expected to take over [8][9]. - The company has experienced frequent leadership changes, with multiple chairpersons in its short history, raising concerns about stability and governance [8][9][10]. Governance Challenges - The company is under pressure to improve its governance structure and fill key management positions, as the current leadership is stretched thin with multiple roles [13].

Core Viewpoint - The article highlights the severe shortage of professional caregivers in China, particularly for the elderly, and discusses the government's efforts to address this issue through the establishment of the Long-term Caregiver profession and the involvement of the insurance industry in talent development [1][4][6]. Group 1: Current Situation of Caregivers - Approximately 35 million disabled elderly individuals exist in China, representing 11.6% of the total elderly population, while only about 500,000 certified caregivers are available, indicating a significant supply-demand gap [1]. - The average age of caregivers is high, with nearly 40% aged between 50 and 55, and only 3% under 30, leading to a situation where older caregivers are looking after other elderly individuals [2]. - The working conditions for caregivers are challenging, with 44.39% working 9 to 12 hours a day, and 36.49% earning less than 4,000 yuan per month, deterring younger individuals from entering the profession [2][3]. Group 2: Policy Initiatives - In 2022, the government added the "Long-term Caregiver" profession to the occupational classification system, with national standards released in February 2024 to promote the professionalization of caregiving [4]. - The National Health Commission has included care for disabled elderly individuals as a key focus in various planning documents, emphasizing the need for a robust caregiving service system [4]. Group 3: Role of the Insurance Industry - The insurance industry is leveraging its resources to address the talent shortage in the caregiving sector by creating high-end elderly care communities that generate employment opportunities for various caregiving roles [6][7]. - Insurance companies are collaborating with training institutions and universities to provide comprehensive training programs for caregivers, enhancing their professional skills and knowledge [7]. - Specialized insurance products, such as liability and accident insurance for caregivers, are being developed to mitigate occupational risks and improve job satisfaction among caregivers [7][8]. Group 4: Challenges Ahead - Despite the initiatives, the insurance industry's involvement in caregiver training and service system development is still limited, necessitating stronger collaboration with government, educational institutions, and healthcare providers to effectively tackle the challenges in elderly care [8].

Economic Overview - In 2024, China's GDP is projected to exceed 130 trillion yuan, reaching 134.9 trillion yuan, with a year-on-year growth of 5.0% at constant prices [2] - The insurance industry is experiencing a significant recovery, with original insurance premium income expected to be approximately 5.7 trillion yuan, reflecting a year-on-year increase of 5.7% [2] Consumer Insights - A report indicates that nearly 60% of consumers have an annual family insurance premium exceeding 8,000 yuan, and 76% plan to adjust their insurance configurations in the next two years, increasing their premium budgets [2] - Approximately 30% of consumers have increased their investments in savings insurance due to changes in the investment environment, making insurance the second most favored wealth management tool after bank wealth management [2][6] Young Consumers' Behavior - The 95 post-90s generation has become the most concerned about mental health issues, with nearly half expressing worries, significantly higher than other age groups [3] - The online insurance purchase rate among the 95 post-90s generation reached 84% in 2024, surpassing the 85 post-90s generation, indicating a shift in consumer habits [4] Insurance Product Trends - The demand for savings-type insurance is increasing, with 29% of consumers planning to invest more in these products, contrasting with only 2% increasing real estate investments [6] - The insurance industry is evolving from a risk management tool to a combination of "protection + wealth management," becoming a crucial part of asset allocation for consumers [7] Regulatory and Market Dynamics - The "National Ten Articles 3.0" policy emphasizes the need for the insurance industry to meet growing insurance protection and wealth management demands, highlighting the importance of wealth preservation and inheritance planning [7] - The introduction of innovative products like annuities and increasing competition in wealth management are enhancing the attractiveness of insurance as a defensive financial tool [8]

Group 1 - The core viewpoint of the report indicates that the online insurance purchase rate in 2024 is 78%, nearly matching the offline rate of 79%, with expectations that online purchases will surpass offline in the next two years [1] - Among consumers born after 1995, the online insurance purchase rate reaches 84%, surpassing those born after 1985 for the first time, highlighting a shift in consumer behavior [1] - Approximately 60% of consumers born after 1995 have purchased accident and critical illness insurance, and nearly 50% have life insurance, reflecting their focus on health protection [1] Group 2 - About 57% of consumers are using insurance for wealth management, making it the second-largest wealth management method after bank wealth management [2] - The main concern for consumers when purchasing insurance has shifted from "inadequate claims service" to "difficulty in product selection," with over 60% expressing difficulty in choosing suitable products [2] - The emergence of intelligent insurance recommendation tools has alleviated this issue, with 40% of consumers utilizing these tools for better decision-making [2] Group 3 - The rapid development of internet insurance faces challenges such as unclear platform qualifications, improper data usage, and poor customer service experiences, which affect industry credibility and consumer satisfaction [3] - Issues like the misuse of insurance technology, lack of transparency in algorithms, and misleading marketing practices pose new regulatory challenges [3] - Regulatory bodies are urged to adopt a prudent and risk-oriented approach to ensure that innovation in internet insurance develops in a healthy and sustainable manner [3]