3.2025年上半年，随着乘用车销量同比提升以及公众保险意识增强，财产险保费收入保持增长态势，但 宏观经济回复不及预期背景下，居民收入水平和消费预期或存在不确定性，需对业务持续性保持关注。 同时，极端天气频发，或对财产险公司赔付压力及全年盈利表现带来一定影响。 4.保险公司资金运用余额保持增长态势，但受债券利率下行及权益市场表现不及预期等因素影响，综合 (总)投资收益率水平较上年有不同程度下降，需关注资本市场波动及险企未来投资收益表现情况。 5.2025年6月末，保险公司整体偿付能力指标较上年末进一步提升，保险公司偿付能力数据不达标数量 较上年末有所下降，在保险公司业务经营持续发展的背景下，保险公司资本消耗持续增长，需关注偿付 能力指标变动及企业资本补充压力。 展望： （来源：研报虎） 2025年上半年，我国保险行业竞争格局基本保持稳定，险企头部效应仍较为明显；人身险公司保费收入 保持增长，寿险业务为其主要驱动力，车险业务收入占比回升，健康险增速较快，共同推动财产险公司 保费收入增长；险企资金运用规模持续提升，但债券利率波动以及权益市场表现不及预期，投资收益率 水平较上年有所降低；行业整体偿付能力进一步提升且 ...

Core Viewpoint - The insurance sector, particularly China Ping An, has shown strong performance in both A-shares and H-shares, recovering losses from early April due to favorable market conditions and policy support [1][2][4][7][8]. Group 1: Market Performance - China Ping An's A-shares rose by 1.64% and H-shares surged by 3.87% [2]. - The overall market has rebounded from the downturn triggered by tariff announcements on April 7, with significant policy interventions aiding recovery [7]. - Recent news regarding adjustments in US-China tariffs has further stimulated market momentum [8]. Group 2: Liability Side Analysis - Ping An's liability side reforms are enhancing the quality and efficiency of its core insurance businesses, particularly in life and property insurance [11]. - The agent channel has seen a new business value growth of 11.5% year-on-year, with per capita new business value increasing by 14.0% [12]. - The bancassurance collaboration has opened new growth avenues, with new business value from this channel soaring by 170.8% year-on-year [13]. - In Q1 2025, new business value for life and health insurance reached 12.891 billion yuan, a 34.9% increase year-on-year [13]. Group 3: Asset Side Analysis - The current policy environment is favorable for investment returns, with a recent 0.5% reserve requirement cut releasing 1 trillion yuan into the market [16]. - Ping An's investment strategy, characterized by a balanced portfolio and a focus on high-dividend assets, is expected to yield stable cash flows [16][17]. - The company is also diversifying into technology sectors like semiconductors and AI, aligning with policy directions and capturing growth opportunities [17][18]. Group 4: Short-term Catalysts - The acceleration of policy implementation is providing strong momentum for market growth, positively impacting the insurance sector's asset side [21][22]. - Ping An's high dividend yield of 4.6% for A-shares and 5.5% for H-shares makes it attractive in a low-interest-rate environment [23]. - Despite being a major player in the index, Ping An's public fund holding is only 0.2%, indicating potential for significant capital inflow as market conditions improve [24][26]. Group 5: Long-term Value Proposition - Ping An's comprehensive financial ecosystem and digital transformation are creating a resilient business model that can withstand economic cycles [27]. - The company's focus on technology and healthcare ecosystems is expected to enhance operational efficiency and open new growth avenues [27]. - The valuation recovery of Ping An is anticipated to be driven by long-term capital seeking certainty in an uncertain environment, highlighting its role as a key player in the new economic cycle [27].