2025 年 07 月 14 日 万达电影 (002739) ——25H1 业绩预告符合预期，战略转型加速推进 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： 2025 年 07 月 14 日 | | | --- | --- | | 收盘价（元） | 11.47 | | 一年内最高/最低（元） | 14.08/8.90 | | 市净率 | 3.1 | | 股息率%（分红/股价） | - | | 流通 A 股市值（百万元） | 23,919 | | 上证指数/深证成指 3,519.65/10,684.52 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 3.65 | | 资产负债率% | 67.65 | | 总股本/流通 A 股（百万） | 2,112/2,085 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 07-15 08-15 09-15 10-15 11-15 12-15 01-15 02-15 03-15 04-15 05-15 0 ...

Core Viewpoint - The insurance industry in China is transitioning from a phase of rapid growth to high-quality development, emphasizing its role as a stabilizer in the financial system and focusing on serving social welfare, the real economy, and national strategies [1] Group 1: Policy and Market Opportunities - The Central Financial Office and the China Securities Regulatory Commission issued guidelines to promote long-term capital investment in the market, encouraging insurance funds to invest in equity assets [1][2] - Insurance funds, characterized as long-term and patient capital, are expected to provide stable funding sources for the capital market and enhance market stability through professional institutional operations [1][2] Group 2: Company Strategy and Performance - CITIC Prudential Life Insurance Company and its subsidiary CITIC Prudential Asset Management are aligning with national policies, focusing on core business and enhancing management mechanisms to support the healthy development of the capital market [2][3] - The company has established a performance evaluation mechanism that emphasizes supporting real enterprises and long-term investment returns, ensuring compliance with regulatory standards [3] Group 3: Investment Focus Areas - The company is directed to optimize funding supply structures, focusing on technology innovation, advanced manufacturing, green development, and support for small and micro enterprises [4] - As of the end of 2024, the company has invested nearly 215 billion yuan in the real economy, with significant investments in technology innovation and green projects [5][6] Group 4: Long-term Investment and Market Impact - The importance of insurance funds in equity investments is increasing due to declining long-term interest rates and a lack of quality non-standard assets [8] - The company has actively responded to regulatory encouragement for long-term capital investment, with over 41 billion yuan allocated to equity markets by March 2025 [8][9] Group 5: Future Outlook - The insurance industry is poised for new development opportunities, with CITIC Prudential Asset Management planning to leverage its unique advantages in long-term capital management to support the real economy and contribute to high-quality economic development [10]