中国平安（601318）2025 年中报点评 强推（维持） 银保 NBV 增速强劲，产险 COR 显著优化 目标价：67.4 元 事项： ❖ 2025H1，集团实现归母净利润 680.47 亿元，同比-8.8%；归母营运利润 777.32 亿元，同比+3.7%。人身险业务实现 NBV 同比+39.8%至 223.35 亿元；财险 COR 同比-2.6pct 至 95.2%。截至 2025H1，集团内含价值较上年末+5.5%至 15013.49 亿元。2025H1，集团实现净/综合投资收益率 1.8%/3.1%（未年化）， 同比分别-0.2pct/+0.3pct。拟派发中期股息每股 0.95 元（含税）。 评论： 公司研究 保险Ⅲ 2025 年 08 月 27 日 证 券 研 究 报 告 当前价：60.52 元 华创证券研究所 证券分析师：陈海椰 邮箱：chenhaiye@hcyjs.com 执业编号：S0360525070004 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 公司基本数据 | 总股本(万股) | 1150152 ...

8月27日，中国平安发布20 2 5年半年报，从半年报披露信息来看，2025年上半年核心业 绩指标稳中向好。 | 营业收入(1) | 归母营运利润(2) | 归母净资产 | 中期每股股息 | | --- | --- | --- | --- | | 5,001亿 | 777亿 | 9,440亿 | 0.95元/股 | | +1.0% | +3.7% | +1.7% | +2.2% | | | | (分红前+4.8%) | | | | 综合投资收益率(4) | | | | 新业务价值(3) | (非年化) | 产险综合成本率 | 个人客户数 | | 223亿 | 3.1% | 95.2% | 2.47亿 | | +39.8% | +0.3 pps | 优化 2.6 pps | +1.8% | 一 整体经营保持稳健，归母营运利润777亿元，年度分红超过10年保持上涨 资 产 规 模 ： 截 至 2025 年 6 月 末 ， 中 国 平 安 集 团 总 资 产 规 模 首 次 突 破 13 万 亿 元 ， 达 到 1 3 .51万亿元，较年初增长4 . 3%；归母净资产9,439. 5 2亿元，较年初增长1.7%，分 ...

今年是绿水青山就是金山银山理念提出20年。作为国有骨干保险企业，中国人民财产保险股份有限公司 （简称"人保财险"）牢固树立"两山"理念，积极践行金融工作的政治性和人民性，优化绿色金融资源配 置，聚焦绿色发展关键领域，确定服务绿色发展目标和具体路径规划，持续加强绿色保险产品和服务创 新，充分发挥行业示范引领作用。 助力提升碳汇能力，推动生态系统改善 人保财险积极发展森林保险、碳汇保险，促进固碳能力建设。为森林、草原、湿地、海洋、土壤等具备 固碳作用的标的提供保险保障，2024年森林险约为11亿亩林木提供9754亿元保障，为增强森林固碳能力 提供保障。积极探索"碳汇+保险"新路径，2024年5月在江苏南京落地全国首单植被综合碳汇价值保险， 填补了地表植被、耕地、土壤碳汇的保险空白。在福建厦门落地全国首单蓝碳交易财产安全险，为能源 科技企业参与2000吨蓝碳交易项目提供保障，增强交易双方信心，支持碳汇交易市场发展。 深耕清洁能源领域，促进产业绿色发展 围绕光伏、风电、水电、核电、生物质发电等新能源领域，人保财险提供产业保险解决方案，加大风 电、光伏、水电等清洁能源项目保障力度。2024年为清洁能源领域提供风险保障4 ...

更值得关注的是，其上半年综合费用率仅为6.11％，远低于传统保司普遍20％以上的水平；综合赔付率也从2024年的233.92％，大幅降至上半年的 95.13％。这一系列数据的变化，不仅让外界重新审视比亚迪财险，更引发了人们对于其背后发展逻辑的好奇。 01 半年时间足以让一家企业的行业风评发生戏剧性反转。比亚迪财险亦是如此。 今年年初，当比亚迪财险的首份财报揭开面纱时，市场上充斥着惋惜与质疑。1.69亿元的亏损额，超300％的综合成本率，让"手握'王炸'的比亚迪，在保 险上栽个'大跟头'"、"比亚迪卖保险亏麻了"等声音不绝于耳，仿佛这家刚起步的险企就已深陷泥潭。 然而，时隔半年，风向逆转。7月29日，比亚迪财险披露的第二季度偿付能力报告，交出了一份令人瞩目的成绩单。上半年，其保险业务收入近14亿元， 同比暴增1978.5％，超过去年全年；凭借优异的销量表现，更是实现净利润3134.59万元，同比增长69.89％，成功实现扭亏为盈。 02 接盘一年 逆袭三大选择成关键 比亚迪财险的前身系2016年获批的互联网险企易安财险，因偿付能力危机，2020年7月遭监管接管，2022年启动破产重整。2023年，比亚迪推动战略 ...

分业务来看，车险业务结构进一步优化。2025年上半年，车险原保险保费收入125.0亿元，其中，家用 车保费占比同比提升3个百分点，新能源车险保费占比同比提升2.1个百分点；承保综合成本率98.1%， 同比优化1.6个百分点，实现承保利润2.6亿元，较去年同期显著增长。 日前，在港上市险企阳光保险（06963.HK）披露2025年上半年业绩公告。数据显示，上半年公司总保 费收入808.1亿元，同比增长5.7%；归属于母公司股东的净利润33.9亿元，同比增长7.8%；集团内含价 值1284.9亿元，较上年末增长11.0%。 人身险方面，2025年上半年，阳光人寿实现总保费收入554.4亿元，同比增长7.1%；上半年新业务价值 40.1亿元，可比口径同比增长47.3%；合同服务边际余额560.8亿元，较上年末增长10.3%。 分业务来看，个险业务坚定不移推进"一身两翼"战略。2025年上半年，实现个险总保费153.4亿元，同 比增长12.1%，个险新业务价值达12.3亿元，同比增长23.6%；浮动收益型产品与保障型产品占比超 50%，同比提升26个百分点。其中，传统队伍活动人均产能2.4万元，新人活动人均产能1.8 ...

全文阅读时间约为17分钟。 新能源汽车产业迅猛发展，深刻改写汽车市场格局。中国新能源汽车产销量已连续 9 年位居全球第一， 2024年销量达到1,286.6万辆，同比增长35.5%。 2 新能源车险赔付率显露积极信号 高速增长的核心驱动力来自三方面：一是技术突破性进展，三电系统的优化显著延长续航里程，叠加超快 充技术与高压平台的规模化应用以及补能基础设施网络的完善，极大缓解了用户的续航焦虑。同时，智能 座舱的普及应用进一步提升了车辆安全性能；二是产品竞争力全面跃升，新能源车在性能和用户体验上已 超越传统燃油车；三是成本优势显著，新能源汽车的使用和维护成本相比燃油车具有较大优势，购置税减 免及牌照政策支持等举措也成为消费者选择新能源汽车的重要考量因素。 一、车险市场大变局：新能源车险规模扩张、盈利初现、生态重塑 1 新能源车市场高速发展，夯实保费扩张基础 新能源车险保费呈爆发式增长，从2020年的246亿元增至2024年的1409亿元，复合增速高达55%，占车险比 例从3%升至15%。预计到2030年，新能源车险的保费规模将达4800亿元左右，占车险总保费比例将超过 40%，成为车险增长的核心驱动力。（见图1） ...

Core Insights - The company reported a significant increase in net profit attributable to shareholders, growing over 11 times year-on-year to 668 million yuan, driven by improved insurance business profits, ZA Bank turning profitable, and a substantial reduction in technology business losses [1][4] - Total premium income reached 16.661 billion yuan in the first half of 2025, marking a 9.3% year-on-year increase, with market share further enhanced [1] - The company achieved a comprehensive cost ratio of 95.6%, improving by 2.3 percentage points year-on-year, indicating ongoing optimization in underwriting quality and cost control [1] Insurance Business Performance - Insurance service revenue amounted to 15.041 billion yuan, with underwriting profit increasing by 109.1% to 656 million yuan, reflecting strong performance in the insurance sector [1] - Health insurance premiums grew by 38.3% to 6.275 billion yuan, becoming the largest contributor to the overall premium structure [2] - The automotive ecosystem saw a premium increase of 34.2%, with new energy vehicle insurance premiums soaring by 125.4%, accounting for over 18% of total premiums [2] Technology and Banking Developments - The technology business's losses narrowed, with total revenue from technology output reaching 496 million yuan, a 12.2% year-on-year increase [3] - ZA Bank achieved a net profit of 49 million HKD for the first time, with net income growing by 82.1%, driven by strong non-interest income [3] - Total investment income for the company was 639 million yuan, up 3.1% year-on-year, with a stable investment asset structure [3] Future Outlook - The company maintains a strong performance outlook, with expected EPS of 0.91, 1.09, and 1.30 yuan per share for 2025 to 2027, and a current price-to-book ratio of 1.14, 1.06, and 0.98 [4] - Continued investment in AI and big data technologies is expected to enhance operational efficiency and user experience across all business processes [4]

Core Viewpoint - ZhongAn Online reported a significant increase in net profit and total premium for the first half of 2025, indicating strong performance across its insurance segments and a focus on technology-driven growth [3][4][28]. Group 1: Insurance Segment Performance - Total premium reached 166.61 billion yuan, a year-on-year increase of 9.3%, outperforming the overall growth rate of the property insurance industry by 4 percentage points [5][28]. - The self-operated channel contributed 36.97 billion yuan to total premium, accounting for 22.2% of the total, with a year-on-year growth of 16.9% [7]. - Health and automotive ecosystems were key contributors, with health premiums at 62.75 billion yuan (up 38.3%) and automotive premiums at 14.78 billion yuan (up 34.2%) [9][10]. Group 2: Underwriting Profit and Cost Ratio - The comprehensive cost ratio improved to 95.6%, a decrease of 2.3 percentage points year-on-year, marking the lowest half-year ratio in company history [14][16]. - Underwriting profit reached 627 million yuan, an increase of 346 million yuan year-on-year, driven by improved claims ratios [16][18]. - The health ecosystem's cost ratio was 92.9%, while the automotive ecosystem's cost ratio improved to 91.2% [17]. Group 3: Banking Division Achievements - ZA Bank achieved a historic turnaround with a net profit of 49 million HKD, and net income increased by 82.1% to approximately 457 million HKD [18][19]. - The bank's customer deposits grew by 8.8% to about 211 billion HKD, indicating strong market positioning [19]. Group 4: Technology Division Growth - Technology revenue reached 496 million yuan, a year-on-year increase of 12.2%, with over 1,000 clients served [20][23]. - R&D investment totaled 398 million yuan, focusing on AI, big data, and cloud computing to enhance the insurance value chain [23][24]. - The AI platform significantly improved operational efficiency, with a claims processing time reduction of 70% for small injury cases [24]. Group 5: Market Sentiment and Future Outlook - Norges Bank increased its stake in ZhongAn Online, reflecting foreign confidence in Chinese insurance assets and the effectiveness of the company's dual-engine strategy of "insurance + technology" [27][28]. - Analysts expect continued growth in health insurance innovation and profitability in the automotive insurance sector, driven by regulatory support and market trends [28].

Core Insights - The core viewpoint of the articles is that ZhongAn Online has shown significant growth in its insurance business, particularly in auto insurance and digital banking, with a strategic shift towards independent operations in the auto insurance sector. Group 1: Financial Performance - As of June 30, 2025, ZhongAn achieved total premiums of RMB 16.661 billion, a year-on-year increase of 9.3% [1] - The comprehensive cost ratio improved by 2.3 percentage points to 95.6%, and underwriting profit surged by 108.9% [1] - The company reported a net profit attributable to shareholders of RMB 668 million [1] Group 2: Auto Insurance Business - In the first half of 2025, ZhongAn's total premiums in the automotive ecosystem reached RMB 1.478 billion, reflecting a year-on-year growth of 34.2% [2] - Premiums from new energy vehicle insurance grew approximately 125.4%, accounting for over 18% of ZhongAn's total auto insurance premiums [2] - The company has transitioned to independent operations for compulsory traffic accident insurance in Shanghai and Zhejiang, marking a significant strategic shift [2][3] Group 3: Digital Banking Growth - ZA Bank, in which ZhongAn holds a 43.33% stake, reported a net income of HKD 457 million, an increase of 82.1% year-on-year [4] - ZA Bank achieved its first half-year profitability with a net profit exceeding HKD 49 million [4] - The bank has become a partner for over 300 Web3 enterprises and aims to explore more applications in the stablecoin sector [6]

Core Viewpoint - The article highlights the challenges faced by Chinese electric vehicle (EV) manufacturers in securing affordable insurance when expanding into international markets, emphasizing the need for a comprehensive service ecosystem to support this transition [1][2][3]. Group 1: Market Trends - The export of Chinese electric vehicles is experiencing significant growth, with projected exports of 1.203 million, 1.284 million, and 1.06 million units for 2023, 2024, and the first half of 2025, respectively, representing year-on-year growth of 77.6%, 6.7%, and 75.2% [2]. - The increasing focus on localizing service systems by Chinese EV companies is raising the demand for overseas insurance services [2]. Group 2: Challenges in Insurance - Chinese EV owners abroad are facing high insurance premiums and difficulties in obtaining coverage, with examples of insurance companies refusing to insure vehicles due to concerns over parts supply and repair capabilities [3]. - Key issues identified include insufficient insurance supply, weak repair capabilities for EVs overseas, and high claims costs due to a lack of pricing experience among local insurers [2][3]. Group 3: Domestic Insurance Companies' Initiatives - Domestic insurance companies are actively seeking to support the international expansion of Chinese EVs, with strategic partnerships being formed to facilitate insurance coverage in markets like Thailand [4]. - Notable collaborations include China Pacific Insurance partnering with Mitsui Sumitomo Insurance and Zhongyi Insurance Brokerage to implement insurance solutions for Chinese EV manufacturers in Thailand [4]. Group 4: Future Directions - The article suggests that domestic insurers should focus on key markets where Chinese manufacturers are investing in factories, leveraging core technological advantages for competitive positioning [8]. - Recommendations include enhancing collaboration with automakers, sharing driving data, and developing localized insurance products to better meet market needs [8].