Core Insights - China Ping An reported its 2025 interim results, showing a revenue of 500.76 billion RMB and an operating profit of 77.732 billion RMB, a year-on-year increase of 3.7%, while net profit attributable to shareholders decreased by 8.8% to 68.047 billion RMB [1] Group 1: Financial Performance - The company declared an interim dividend of 0.95 RMB per share, reflecting a 2.2% increase year-on-year [1] - The decline in net profit is attributed to three key factors, including a 3.4 billion RMB impairment from the consolidation of Ping An Good Doctor, a decrease in the valuation of convertible bonds, and 67% of stock investments classified under Other Comprehensive Income, which does not impact the profit statement [5] Group 2: Investment Strategy - Insurance capital is increasingly being allocated to low-volatility, high-dividend stocks, with Ping An Life being a major player in the recent wave of insurance capital acquisitions [2] - The company has increased its equity holdings from 7.6% at the end of last year to 10.5% by June 30 this year, with a total investment portfolio exceeding 6.2 trillion RMB, reflecting an 8.2% growth since the beginning of the year [3] - Ping An is focusing on sectors with new productive forces and high dividend yields for future equity investments, indicating confidence in the Chinese market's valuation levels [3][4] Group 3: Diversification and Risk Management - The company has initiated gold investment as a new tool for diversification and risk hedging, aligning with regulatory encouragement for insurance companies to explore gold investments [2] - Ping An's investment strategy adheres to the "three Cs" principle: reliable operations, expected growth, and sustainable dividends, which guides long-term investment decisions [4]

为落实国家金融监督管理总局有关险资开展黄金投资业务试点的要求，中国人寿前期开展了扎实的准备 工作，包括专业人员配备、制度流程建设、信息系统开发、风控体系搭建、投资运营管理等。目前，该 公司已具备了开展黄金投资业务的软硬条件，并在十家试点保险机构中首批成为上海黄金交易所会员。 2025年3月25日，中国人寿（601628.SH，2628.HK）于上海黄金交易所，完成了国内保险机构的首笔黄 金询价交易。该笔交易的落地标志着酝酿多时的险资购金终于从规划走向了现实。 在全球经济不确定性加大、市场波动与地缘政治风险加剧的背景下，黄金作为避险资产的价值进一步凸 显。今年2月，国家金融监督管理总局官网发布通知，决定开展保险资金投资黄金业务试点，中国人寿 保险股份有限公司等十家保险机构为试点参与主体。 一方面，黄金投资有助于拓宽保险资金运用渠道，优化保险资产配置结构，推动保险公司进一步提升资 产负债管理和大类资产配置能力。另一方面，险资的入场也将为黄金市场带来更多长期资金，为黄金市 场注入新的活力，提升黄金市场的深度和广度，促进黄金市场的健康发展，增强人民币黄金定价权。 中国人寿表示，未来将坚持长期主义的投资理念，坚守稳健审 ...