<p>在中国平安（02318.HK）上涨 3.000（+4.996%）空头头寸为 2.8736 亿美元；比例为 17.291% 后，宣布其 2026 年第一季度业绩，今天（29 日）早盘股价开盘上涨 2%，早盘涨幅扩大。股价曾一度达到 63.75 港元，反弹幅度高达 6.2%，最后报 62.9 港元，上涨 4.7%，成交额为 21.98 亿港元。CLSA 指出，中国平安 2026 年第一季度的营业利润同比增长 7.6%，而净利润同比下降 7.4%，均略微超出市场预期。这主要是由于其相较于同行对资本市场波动的暴露较小，寿险的合同服务利润（CSM）表现稳健，新业务价值（NBV）和利润率表现符合预期，同时资本压力有所缓解。该券商维持其 “跑赢大盘” 评级，并将目标价从 71 港元小幅上调至 74 港元。高盛预计股价将有积极反应，反映出营业利润的稳健增长和寿险 NBV 的强劲扩张。</p>
<p>中国平安在昨天（28 日）市场收盘后宣布，2026 年第一季度总收入为 2384.77 亿元人民币，同比下降 7.1%。营业利润同比增长 7.6%，达到 407.8 亿元人民币。净利润同比下降 7.4%，为 250.22 亿元人民币，基本每股收益为 1.43 元人民币。</p>
<p>在此期间，中国平安财产险的原保险保费收入为 909.51 亿元人民币，同比增长 6.8%。保险服务收入同比增长 3.9%，达到 843.34 亿元人民币。整体综合费用率同比改善 0.8 个百分点，达到 95.8%。寿险和健康险部门的 NBV 达到 155.74 亿元人民币，同比增长 20.8%。截至 2026 年 3 月 31 日，中国平安寿险的核心偿付能力充足率和综合偿付能力充足率分别为 131% 和 183.3%。对于中国平安财产险，核心和综合偿付能力充足率分别为 171.9% 和 217.9%，均符合监管要求。</p>
<p>季度业绩超出预期；股价得到支撑</p>
<p>摩根士丹利表示，中国平安交出了稳健的 2026 年第一季度业绩，营业利润同比增长 7.6%，达到 408 亿元人民币，约高出其和市场预期的 4%-5%。该券商维持其 “增持” 评级，目标价为 89 港元，并将中国平安列为首选股。管理层对实现双位数的 NBV 增长和 2026 财年的正 CSM 余额增长充满信心，并预计资产管理部门将在 2026 年恢复盈利。</p>
<p>美银证券表示，2026 年第一季度净利润同比下降 7% 至 250 亿元人民币，略高于预期。下降主要是由于投资收益减少，尽管中国平安在相对保守的股权投资策略下表现出比同行更大的韧性。NBV 同比增长 21%，首年保费同比激增 46%。然而，随着参与型产品比例的增加，NBV 利润率从 2025 年第一季度的 28.3% 下降至 23.5%。总体而言，寿险和银行业务是关键亮点，而财产险受到投资拖累，但成本比率有所改善。该券商维持其 “买入” 评级，目标价为 74 港元，相当于 2026 年预期市净率的 1.4 倍。</p>
<p>摩根大通表示，如果强劲的 NBV 势头在接下来的一个到两个季度继续，NBV 和 CSM 余额预测可能会有上行空间，特别是在假设产品利润率稳定的情况下。该券商不预计 2026 年第一季度的业绩会引发市场盈利共识的重大修正。目前的股价隐含约为 2026 财年共识市盈率的 7 倍，股息收益率为 6%。</p>
<p>----------------------------------------------</p>
<p>下表总结了六家券商对中国平安（02318.HK）+3.000（+4.996%）空头头寸为 2.8736 亿美元；比例为 17.291% 的投资评级和目标价：</p>
<p>券商评级目标价（港元）</p>
<p>摩根大通增持 90</p>
<p>摩根士丹利增持 89</p>
<p>花旗买入 82</p>
<p>高盛买入 75</p>
<p>CLSA 跑赢大盘 71-&gt;74</p>
<p>美银证券买入 74</p>
<p>券商观点</p>
<p>摩根大通高质量增长和稳健的核心盈利能力缓解了主要市场担忧</p>
<p>摩根士丹利第一季度业绩强化了基本面</p>
<p>花旗管理层预计今年 NBV 将实现双位数增长</p>
<p>高盛第一季度盈利超出预期；稳健的营业利润增长；强劲的寿险 NBV 增长</p>
<p>CLSA 第一季度净利润下降幅度小于行业平均水平</p>
<p>美银证券第一季度盈利略超预期</p>
<p>（ta/w）（香港股票报价延迟至少 15 分钟。空头数据截至 2026 年 4 月 28 日 16:25。）</p>
<p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用本翻译而产生的任何损害或损失不承担任何责任。</p>

中国平安

中国平安(ADR)

<p>中国平安公布了 2026 年第一季度的业绩，营业利润同比增长 7.6%，达到人民币 407.8 亿元，而净利润同比下降 7.4%，为人民币 250.22 亿元。该股开盘上涨 2%，最高达到港币 63.75 元，成交额为港币 21.98 亿元。像 CLSA 和摩根士丹利这样的券商维持了积极的评级，CLSA 将目标价从港币 71 元上调至港币 74 元。总体来看，尽管由于投资收入下降导致净利润下滑，但得益于稳健的寿险表现和保守的投资策略，业绩超出预期</p>

<p>After PING AN (02318.HK) +3.000 (+4.996%)  Short selling $287.36M; Ratio 17.291%  announced its 1Q26 results, the stock opened 2% higher this morning (29th), with gains widening in early trading. It once peaked at HKD63.75, rebounding as much as 6.2%, and was last reported at HKD62.9, up 4.7%, with turnover of HKD2.198 billion. CLSA noted that PING ANs 1Q26 operating profit rose 7.6% YoY while net profit fell 7.4% YoY, both slightly beating market consensus. This was mainly due to its smaller exposure to capital market volatility compared with peers, resilient Contractual Service Margin (CSM) in life insurance, and in-line performance of New Business Value (NBV) and margins, alongside easing capital pressure. The broker maintained its Outperform rating and slightly raised its TP from HKD71 to HKD74. G Sachs expected a positive share price reaction, reflecting resilient operating profit growth and strong expansion in life NBV.</p>
<div class="lb-trans"><p>在中国平安（02318.HK）上涨 3.000（+4.996%）空头头寸为 2.8736 亿美元；比例为 17.291% 后，宣布其 2026 年第一季度业绩，今天（29 日）早盘股价开盘上涨 2%，早盘涨幅扩大。股价曾一度达到 63.75 港元，反弹幅度高达 6.2%，最后报 62.9 港元，上涨 4.7%，成交额为 21.98 亿港元。CLSA 指出，中国平安 2026 年第一季度的营业利润同比增长 7.6%，而净利润同比下降 7.4%，均略微超出市场预期。这主要是由于其相较于同行对资本市场波动的暴露较小，寿险的合同服务利润（CSM）表现稳健，新业务价值（NBV）和利润率表现符合预期，同时资本压力有所缓解。该券商维持其 “跑赢大盘” 评级，并将目标价从 71 港元小幅上调至 74 港元。高盛预计股价将有积极反应，反映出营业利润的稳健增长和寿险 NBV 的强劲扩张。</p>
</div><p>PING AN announced after market close yesterday (28th) that 1Q26 total revenue amounted to RMB238.477 billion, down 7.1% YoY. Operating profit increased 7.6% YoY to RMB40.78 billion. Net profit declined 7.4% YoY to RMB25.022 billion, with basic EPS of RMB1.43.</p>
<div class="lb-trans"><p>中国平安在昨天（28 日）市场收盘后宣布，2026 年第一季度总收入为 2384.77 亿元人民币，同比下降 7.1%。营业利润同比增长 7.6%，达到 407.8 亿元人民币。净利润同比下降 7.4%，为 250.22 亿元人民币，基本每股收益为 1.43 元人民币。</p>
</div><p>During the period, Ping An P&amp;C recorded original insurance premium income of RMB90.951 billion, up 6.8% YoY. Insurance service revenue rose 3.9% YoY to RMB84.334 billion. The overall combined ratio improved 0.8 ppts YoY to 95.8%. NBV for the life and health insurance segment reached RMB15.574 billion, up 20.8% YoY. As of March 31, 2026, the core solvency adequacy ratio and comprehensive solvency adequacy ratio of Ping An Life were 131% and 183.3%, respectively. For Ping An P&amp;C, the core and comprehensive solvency adequacy ratios were 171.9% and 217.9%, respectively, all meeting regulatory requirements.</p>
<div class="lb-trans"><p>在此期间，中国平安财产险的原保险保费收入为 909.51 亿元人民币，同比增长 6.8%。保险服务收入同比增长 3.9%，达到 843.34 亿元人民币。整体综合费用率同比改善 0.8 个百分点，达到 95.8%。寿险和健康险部门的 NBV 达到 155.74 亿元人民币，同比增长 20.8%。截至 2026 年 3 月 31 日，中国平安寿险的核心偿付能力充足率和综合偿付能力充足率分别为 131% 和 183.3%。对于中国平安财产险，核心和综合偿付能力充足率分别为 171.9% 和 217.9%，均符合监管要求。</p>
</div><p>Quarterly Results Beat Expectations; Share Price Supported</p>
<div class="lb-trans"><p>季度业绩超出预期；股价得到支撑</p>
</div><p>M Stanley said PING AN delivered solid 1Q26 results, with operating profit rising 7.6% YoY to RMB40.8 billion, about 4%5% above its and market expectations. The broker maintained its Overweight rating with a TP of HKD89 and named PING AN as a top pick. Management is confident of achieving double-digit NBV growth and positive CSM balance growth in FY26, and expects the asset management segment to return to profit in 2026.</p>
<div class="lb-trans"><p>摩根士丹利表示，中国平安交出了稳健的 2026 年第一季度业绩，营业利润同比增长 7.6%，达到 408 亿元人民币，约高出其和市场预期的 4%-5%。该券商维持其 “增持” 评级，目标价为 89 港元，并将中国平安列为首选股。管理层对实现双位数的 NBV 增长和 2026 财年的正 CSM 余额增长充满信心，并预计资产管理部门将在 2026 年恢复盈利。</p>
</div><p>BofAS said 1Q26 net profit fell 7% YoY to RMB25 billion, slightly ahead of expectations. The decline was mainly due to lower investment income, though PING AN showed greater resilience than peers given its relatively conservative equity investment strategy. NBV grew 21% YoY, and first-year premium surged 46% YoY. However, as the proportion of participating products increased, NBV margin declined from 28.3% in 1Q25 to 23.5%. Overall, life insurance and banking were key highlights, while P&amp;C was dragged by investments but saw improvement in the cost ratio. The broker maintained its Buy rating with a TP of HKD74, equivalent to 1.4x forecast P/B for the year.</p>
<div class="lb-trans"><p>美银证券表示，2026 年第一季度净利润同比下降 7% 至 250 亿元人民币，略高于预期。下降主要是由于投资收益减少，尽管中国平安在相对保守的股权投资策略下表现出比同行更大的韧性。NBV 同比增长 21%，首年保费同比激增 46%。然而，随着参与型产品比例的增加，NBV 利润率从 2025 年第一季度的 28.3% 下降至 23.5%。总体而言，寿险和银行业务是关键亮点，而财产险受到投资拖累，但成本比率有所改善。该券商维持其 “买入” 评级，目标价为 74 港元，相当于 2026 年预期市净率的 1.4 倍。</p>
</div><p>JPM said that if the strong NBV momentum continues over the next one to two quarters, there could be upside to NBV and CSM balance forecasts, especially assuming stable product margins. The broker does not expect 1Q26 results to trigger significant revisions to market earnings consensus. The current share price implies about 7x FY26 consensus P/E and a dividend yield of 6%.</p>
<div class="lb-trans"><p>摩根大通表示，如果强劲的 NBV 势头在接下来的一个到两个季度继续，NBV 和 CSM 余额预测可能会有上行空间，特别是在假设产品利润率稳定的情况下。该券商不预计 2026 年第一季度的业绩会引发市场盈利共识的重大修正。目前的股价隐含约为 2026 财年共识市盈率的 7 倍，股息收益率为 6%。</p>
</div><p>----------------------------------------------</p>
<div class="lb-trans"><p>----------------------------------------------</p>
</div><p>The table below summarizes investment ratings and TPs from six brokers for PING AN (02318.HK) +3.000 (+4.996%)  Short selling $287.36M; Ratio 17.291%  :</p>
<div class="lb-trans"><p>下表总结了六家券商对中国平安（02318.HK）+3.000（+4.996%）空头头寸为 2.8736 亿美元；比例为 17.291% 的投资评级和目标价：</p>
</div><p>BrokerRatingTP (HKD)</p>
<div class="lb-trans"><p>券商评级目标价（港元）</p>
</div><p>JPMOverweight90</p>
<div class="lb-trans"><p>摩根大通增持 90</p>
</div><p>M StanleyOverweight89</p>
<div class="lb-trans"><p>摩根士丹利增持 89</p>
</div><p>CitiBuy82</p>
<div class="lb-trans"><p>花旗买入 82</p>
</div><p>G SachsBuy75</p>
<div class="lb-trans"><p>高盛买入 75</p>
</div><p>CLSAOutperform71-&gt;74</p>
<div class="lb-trans"><p>CLSA 跑赢大盘 71-&gt;74</p>
</div><p>BofASBuy74</p>
<div class="lb-trans"><p>美银证券买入 74</p>
</div><p>BrokerView</p>
<div class="lb-trans"><p>券商观点</p>
</div><p>JPMHigh-quality growth and solid core profitability ease major market concerns</p>
<div class="lb-trans"><p>摩根大通高质量增长和稳健的核心盈利能力缓解了主要市场担忧</p>
</div><p>M Stanley1Q results reinforce fundamentals</p>
<div class="lb-trans"><p>摩根士丹利第一季度业绩强化了基本面</p>
</div><p>CitiManagement expects double-digit NBV growth this year</p>
<div class="lb-trans"><p>花旗管理层预计今年 NBV 将实现双位数增长</p>
</div><p>G Sachs1Q earnings beat; resilient operating profit growth; strong life NBV growth</p>
<div class="lb-trans"><p>高盛第一季度盈利超出预期；稳健的营业利润增长；强劲的寿险 NBV 增长</p>
</div><p>CLSA1Q net profit decline smaller than industry average</p>
<div class="lb-trans"><p>CLSA 第一季度净利润下降幅度小于行业平均水平</p>
</div><p>BofAS1Q earnings slightly beat expectations</p>
<div class="lb-trans"><p>美银证券第一季度盈利略超预期</p>
</div><p>(ta/w)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-28 16:25.)</p>
<div class="lb-trans"><p>（ta/w）（香港股票报价延迟至少 15 分钟。空头数据截至 2026 年 4 月 28 日 16:25。）</p>
</div><p>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</p>
<div class="lb-trans"><p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用本翻译而产生的任何损害或损失不承担任何责任。</p>
</div>

Brokers' Latest Ratings, TPs and Views on PING AN  in One Article

AASTOCKS News

高盛

摩根士丹利

美国银行

摩根大通

花旗

中国平安-R

GS Hldg R

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH INT NON CUM PFD QQ

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '5'

BANK OF AMERICA CORPORATION 7.25% NON-CUM PERP CONV PFD SER L

BANK OF AMERICA CORPORATION 5.875%NON CUM DEP SHS REP1/1000TH SER HH

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '2'

BANK OF AMERICA CORPORATION 5% DEP SHS REPR 1/1000TH NON CUM PFD LL

BANK OF AMERICA CORPORATION DEP SHARES REP 1/1000TH PERP PFD SER 'E'

BANK OF AMERICA CORPORATION INCOME CAPITAL OBLIG NTS DUE 15/12/2066

BANK OF AMERICA CORPORATION 4.375% DP SH RP 1/1000TH IN NON CU PF NN

BANK OF AMERICA CORPORATION DEP SH REP 1/1200TH PRF SER 1 USD25

BANK OF AMERICA CORPORATION 5.375%DEP SHS REP 1/1000TH NON CUM SR KK

BANK OF AMERICA CORPORATION 6%NON CUM DEP SHS EACH REP 1/1000 SER GG

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200 PFD SER 4 USD25

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH NON CUM PFD SER SS

BANK OF AMERICA CORPORATION 4.125%DEP SH REP 1/1000 PFD SER PP USD25

Bank of America Corp

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

CITIGROUP INC 6.250 NON CUM SER II PFD WI

经纪商对 PING AN 的最新评级、目标价和观点汇总在一篇文章中