2009 1210 2023 12 20 2024 2023 Q1+Q2 8 2019 COR 1 23H1 NBV 24Q1 24Q1+23Q1 2 COR+2023 4 5 7 24 8 8 9 2024 2024+021-20572556 S0360518060005%()6 0.00()20,027.25 2.36()13,780.17 2.10%1M 6M 12M-10.1%-16.6%-8.9%-2.3%-0.6%4.9%2023-11-30 2023 NBV 2023-11-11 23Q3 2023-10-14-14%-1%13%26%22/12 23/03 23/05 23/07 23/10 23/122022-12-202023-12-20 300 2024 2009 1210 2 EPS PE PB 2023E 2024E 2025E 2023E 2024E 2025E 2023E 27.30 0.83 1.38 1.60 32.98 19.71 17.09 1.77 22.67 3.13 3.75 4.21 7.25 6.04 5.38 0.74 29.12 4.05 5.30 6.33 7.20 5.50 4.60 0.76 38.45 5.81 8.11 9.61 6.61 4.74 4.00 0.68 4.71 0.63 0.82 0.90 7.52 5.73 5.25 0.79 Wind 2023 12 20 XVAZuNqNmPnMqOnOtOoRqRaQ9RbRoMqQpNoNeRqRnPiNnPtR9PpPzQvPnNqMMYpMtR 2024 2009 1210 2023 2019 2023 2019 COR 2024+2024 2009 1210 4.7 2023.7 2019.10.15.15 1“”.15 2.17 3 24Q1.18 4.20.22 1.22 2.23.24.24 2024.25.26 2024 2009 1210 5 1 2023.7 2.8 3.8 4%.8 5 2023.8 6 2023.8 7 2023.9 8 2023.9 9 2023.9 10 2023.10 11 2023.10 12 2023.10 13 COR.10 14 2023 2019.11 15 NBV.11 16.11 17.12 18%.12 19 2023 2019.12 20 1-10m2023.13 21 1-10m2019.13 22.13 23.13 24.14 25.14 26 COR.14 27 COR.14 28 COR.14 29“”.15 30.16 31.16 32.17 33 NBV.17 2024 2009 1210 6 34.18 35.19 36.19 37.19 38.20 39.20 40.21 41.21 42.21 43 PEV.21 44.22 45.22 46.23 47 2023 2023/12/18.25 48 PEV 2023/12/18.26 49 PB 2023/12/18.26 2024 2009 1210 7 2023 Q1+Q2 2023 1-10 3.17+11.4%2 24.2%Q2 6 42.4%8 1 3.5%3.0%8 9 10 10-7.5%1 2023 23Q1-3 2023+14.0%-5.9pct 335.74+40.9%-4.1pct 103.28+36.8%+5.3pct 23H1+17.1%/+63.8%23Q1-3 1 1966.56+14.8%-8.1pct 1447.64+44.8%-4.8pct 744.19+13.1%+9.2pct 424.86+9.5%-2.6pct 573.5+18.4%+1.7pct+89.8%22M8 2 23Q1-3 23.2%-0.6pct+0.4pct NBV margin+/23H1 18.0%/13.4%/6.8%27.0%NBV 23Q1-3-30.0%-25.0%-20.0%-15.0%-10.0%-5.0%0.0%5.0%10.0%15.0%20.0%25.0%05000100001500020000250003000035000 yoy-yoy-yoy-yoy-2024 2009 1210 8 2 23Q1-3 2022 3 4%1-10 10 22m10+29.4%5 2023 6 2023-100.0%-50.0%0.0%50.0%100.0%02004006008002015 2016 2017 2018 2019 2020 2021 2022 2023H1 23Q1-3 yoy-yoy-yoy-yoy-40.0%-20.0%0.0%20.0%40.0%60.0%80.0%050010001500200025002017 2018 2019 2020 2021 2022 2023H1 23Q1-3 yoy-yoy-yoy-yoy-0102030405060-20.0%-10.0%0.0%10.0%20.0%30.0%40.0%02000400060008000 yoy-yoy-10.0%-5.0%0.0%5.0%10.0%15.0%20.0%25.0%010002000300040005000 yoy-yoy-2024 2009 1210 9 7 2023 8 2023 2023 1-10 1.34+7.2%8+5.9%+8.6%+1.6pct 47.6%1-10+18.7%+10.5%+11.2%23Q1-3 COR 23Q1-3/+7.5%/+1.8%/+11.8%+5.5%/+6.2%/+5.5%7-8 COR 23Q1-3/97.9%/99.3%/98.7%+1.7pct/+1.6pct/+1.0pct+1.5pct/+1.3pct/+0.8pct COR+1.1pct 97.4%+0.3pct 10 2023 1-10+11.7%+7.2%+1.5%1-9 10 3.6pct-2.3/-0.9pct 10+6.2%-0.6pct 10-9.8%-21.5%+26.6%-10.6pct/-22.7pct/+11.3pct/10 9 2023-40.0%-20.0%0.0%20.0%40.0%60.0%80.0%100.0%05001000150020002500 yoy-yoy-15.0%-10.0%-5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%0500100015002000 yoy-yoy-40.0%-20.0%0.0%20.0%40.0%60.0%0200040006000800010000120001400016000 yoy-yoy-yoy-yoy-yoy-yoy-yoy-2024 2009 1210 10 10 2023 11 2023 12 2023 13 COR 2019 2020-2022 2023 2023 2019 2023vs2019 2019 2018 2018 2019 2023 2022 2023-5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%0500100015002000250030003500400045005000 yoy-yoy-10.0%-5.0%0.0%5.0%10.0%15.0%20.0%25.0%050010001500200025003000 yoy-yoy-0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%020040060080010001200140016001800 yoy-yoy-95.0%96.0%97.0%98.0%99.0%100.0%101.0%2024 2009 1210 11 14 2023 2019 2019 10 NBV 2019 2023H1 2019 89%63%49%42%2023H1 2019 38%29%27%44%2019 2023+58%2019 2023H1 2019H1-9.0pct-21.9pct-25.6pct-31.0pct 2024 NBV 2019 1-10m2023+NBV 2024 NBV 15 NBV 16-40%-20%0%20%40%0100002000030000400002018 年1月 2019年1 月 2020 年1 月 2021 年1月 2022 年1 月 2023 年1 月 yoy-20.0%-10.0%0.0%10.0%20.0%30.0%40.0%0100200300400500中国人寿 中国平安 中国太保 新华保险2019H1 2023H1 2019H1 2023H1050100150200中国人寿 中国平安 中国太保 新华保险2019H1 2023H1 2024 2009 1210 12 17 18%2023vs2019 1-10m2023 7.2%2019 11.0%2019 2019 4.3%2023 5.9%2019 23.6%2023 8.6%-13.6%1-10m2023 2019+8.9pct 47.6%52.4%1-10m2023+4.3pct 9.9%+2.1pct 8.1%+5.2pct 12.1%-1.0pct 3.2%COR 2019 2023 10 COR COR 19 2023 2019 2019 10-10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%020040060080010001200140016001800中国人寿 中国平安 中国太保 新华保险2019H1 2023H1 2019H1 2023H10.05.010.015.020.025.030.035.040.045.050.0中国人寿 中国平安 中国太保 新华保险2019H1 2023H1-5%0%5%10%15%20%25%02000400060008000100001200014000160002018年1月 2019年1月 2020年1月 2021 年1月 2022 年1 月 2023 年1 月 yoy-2024 2009 1210 13 20 1-10m2023 21 1-10m2019 22 23 2023H1 2019H1/-6.0pct/-10.0pct/-11.9pct Q3/+4.2pct/+11.4pct/+11.2pct COR COR COR/-1.4pct/-0.6pct/-0.4pct COR 2019H1 98.0%COR 121.7%2021 2022 COR 76.4%COR 2019 2022 131.4%COR,52.4%,9.9%,8.1%,12.1%,3.2%,14.2%,61.3%,5.6%,6.0%,6.9%,4.2%,3.9%,0.7%,1.0%,6.5%,3.8%0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%0500100015002000250030003500400045005000人保财 平安财 太保财1-10m2019 1-10m2023 1-10m2019 1-10m202394.5%95.0%95.5%96.0%96.5%97.0%97.5%98.0%98.5%99.0%99.5%100.0%人保财 平安财 太保财2019Q1-3 2023Q1-3 2024 2009 1210 14 24 25 26 COR 27 COR 28 COR 0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%人保财 平安财 太保财2019H1 2023H152.0%54.0%56.0%58.0%60.0%62.0%64.0%66.0%68.0%70.0%72.0%人保财 平安财 太保财2019H1 2023H180%85%90%95%100%105%车险 农险 责任险 意健险 企财险 信用保证险 货运险 其他险种2019H1 2023H180%85%90%95%100%105%110%115%120%2019H1 2023H180%85%90%95%100%105%110%车险 农险 责任险 健康险 企财险2019H1 2023H1 2024 2009 1210 15 1 2023 8 22 9 19 10 9 29 2019 8 2020 1 8 10%18 16 18%35 2023 8 2023 8 2023 2023 9 2023 10 2024 2009 1210 16 2023 10 2023 30%30%3.0%2022+8.1%-1.1%2023 23H1 75.8%75.1%36.2%30.9%11.1%48.7%34.1%13.2%13.1%7.1%30 31 0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%2021 2022 2023H1 0.0%10.0%20.0%30.0%40.0%50.0%60.0%2021 2022 2023H1 2024 2009 1210 17 2023 2 2019 2023 23H1/66.1/37.4/21.9/17.1/7.9-1%/-16%/-22%/-13%/-19%Q3 66.0 0.1 36.0-19.1%-23H1/NBV 4.1/5.7/2.7/1.2/1.8+28%/+98%/+61%/+76%/+89%32 33 NBV 9 28 11 19-100%-50%0%50%100%050100150200-1.00 2.00 3.00 4.00 5.00 6.00平安 国寿 太保 人保 新华2022H1 2023H1 2024 2009 1210 18 NBV 34 2023 9 2023 11()()()()3 24Q1 3.0 8 3%2.5%2%3.0%2.5%2023 2024+10 18 2024 2009 1210 19 24Q1 23Q1/3.9%/5.6%/-2.6%/-0.2%/2.3%+23Q1 35 3 3.00%3/5/10 3.00%23/3/5/10/15/20 3.00%3/5/8/10/12/15/20/3.00%(2.0)/3/5/10/20 3.00%2.0/3/5/10/20 3.0%5/10/15/20 3.0%/3/5/10/15/20 3.00%/3/5/10 3.00%/3/5/10/15/20/30 3.00%3/5/10 3.00%36 85/105 3/5/10/20/60/65 55/60/65 2.50%+/3/5/10/15/20 2.50%+/3/5/10/15/20/2.50%37 2023+15/3/5/8/10 6 20 3/5/10 6 C/3/5/10 60/65/70 55/60/65/70 106/3/5/10/15/20/30 60/65/70 55/60/65/70 2024 2009 1210 20 38 10/15 55/60/65/3/5/10/8/10/3/5 6 39 2023/5/10/15/20 2.0 H2023A 3/9/19/29 13/18/28 4 1 2 1-2 12 18 2.61%-22bp 20 90 8%20 90 1999 6 10 1.83%0.90%2024 2009 1210 21 40 41 wind 2023/12/18 1 20 10 2 1996 20 12 12 3 3.5%3.0%3.5%2.19%1.12%0.96%-1.98%2023/12/18 42 43 PEV wind 2023/12/18 wind 2023/12/18 2.002.503.003.504.004.505.005.502005/12006/12007/12008/12009/12010/12011/12012/12013/12014/12015/12016/12017/12018/12019/12020/12021/12022/12023/1:10 750 0.000.501.001.502.002.503.003.504.004.505.000100020003000400050006000700080002007/12008/12009/12010/12011/12012/12013/12014/12015/12016/12017/12018/12019/12020/12021/12022/12023/1:10()-0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00601628.SH 601318.SH 601601.SH 601336.SH 2024 2009 1210 22 44 2011-2022 2.23%1.11%1.12%-0.20%1.78%-1.98%2.51%1.55%0.96%3.59%1.40%2.19%wind 2023/12/18 1 2022 12 0.5 1.5 2020 9 2023/27.0%/27.2%+1.0pct/+0.6pct+0.6pct 27.4%6 9 11 45 11 1.1 18 1.8 1 1000 1.8 1800 0.2 100 0.2 100 12.2 1.21 20 1.99-30%,30%-50%,30%2024 2009 1210 23 5-500 10-1000 35%25%65 0.65 1.35 0.65 1.35 0.5 1.5 46 2023 6 2023 9 25%75%25%2 COR COR COR 97.9%97%100%GDP COR+ROE PB 2024 2009 1210 24+2023 2023 COR 2023 12 18 2022/12/30-12.3%300 1.8pct/+1.6%/-1.4%/-5.7%/-13.6%15.6pct/12.6pct/8.3pct/0.4pct-24.0%10.0pct 2023 4 5 NBV 7 24 8 7 24 8 9 NBV 2024 2009 1210 25 47 2023 2023/12/18 wind 2024 2024 1 2023 2024 2 2024 2024 PB PB ROE ROE ROE PB+-30.0%-20.0%-10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%886055.WI 300 000300.SH 601628.SH 601318.SH 601601.SH 601336.SH 601319.SH 2024 2009 1210 26 48 PEV 2023/12/18 wind 49 PB 2023/12/18 wind-0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.002011/1 2012/1 2013/1 2014/1 2015/1 2016/1 2017/1 2018/1 2019/1 2020/1 2021/1 2022/1 2023/1601628.SH 601318.SH 601601.SH 601336.SH 1299.HK 0966.HK 2378.HK-1.00 2.00 3.00 4.00 5.00 6.002011/1 2012/1 2013/1 2014/1 2015/1 2016/1 2017/1 2018/1 2019/1 2020/1 2021/1 2022/1 2023/1 601319.SH 1339.HK 2328.HK 2024 2009 1210 27 2016 2017 2019 2019 Wind 2020 8 2020 2021 2021 2022 2022 Choice 2022 2022 2018 2019 2020 2021 2022 2018-2021 2022 2022 2018 2023 2019 2019 2019 Wind 2020 8 2020 2021 2021 2022 Choice 2022 2022 2022 2023 2023 祎 2023 2024 2009 1210 28 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-66500808 010-66500821 010-63214682 0755-82828570 0755-83715428 0755-82756804 0755-82871425 0755-82871425 021-20572536 021-20572555 021-20572257-2552 021-20572506 021-20572585 021-20572509 021-20572548 021-20572573 0755-82756805 021-20572559 021-20572559 0755-82756805 021-20572559 玙 021-25072549 2024 2009 1210 29 A 300 500/6 20%6 10%20%6-10%10%6 10%20%3-6 5%3-6-5%5%3-6 5%26 C 3A 1061 A 19 33 12 100033 518034 200120 010-66500801 0755-82027731 021-20572500 010-66500900 0755-82828562 021-20572522