中国平安更新报告：“产品加服务”打造平安新的价值增长极

国泰海通证券股...02-26

本报告导读：中国平安战略定位 “综合金融”+“医疗养老”，依据三大竞争优势打造的“产品+服务”模式将带来盈利长期的稳定增长，构成中国平安新的价值增长极。投资要点：投资建议：投资者当前依然以保险等综合金融视角看待中国平安的价值，在市场担忧长期低利率背景下，当前仅给予公司0.75 倍PEV，单就金融业务而言，处于估值低位。此外，我们认为应当给予中国平安“综合金融+医疗养老”战略下构建“产品+服务”新...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2614246550?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-02-26 19:59","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2614246550","market":"hk","top_or_hot":-1,"title":"中国平安更新报告：“产品加服务”打造平安新的价值增长极","media":"国泰海通证券股...","content":"<div>\n<p>本报告导读：中国平安战略定位 “综合金融”+“医疗养老”，依据三大竞争优势打造的“产品+服务”模式将带来盈利长期的稳定增长，构成中国平安新的价值增长极。投资要点：投资建议：投 资者当前依然以保险等综合金融视角看待中国平安的价值，在市场担忧长期低利率背景下，当前仅给予公司0.75 倍PEV，单就金融业务而言，处于估值低位。此外，我们认为应当给予中国平安“综合金融+医疗养老”战略下构建“产品+服务”新...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260226195938a4cb7714&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>中国平安更新报告：“产品加服务”打造平安新的价值增长极</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n中国平安更新报告：“产品加服务”打造平安新的价值增长极\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-26 19:59 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260226195938a4cb7714&s=b><strong>国泰海通证券股...</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>本报告导读：中国平安战略定位 “综合金融”+“医疗养老”，依据三大竞争优势打造的“产品+服务”模式将带来盈利长期的稳定增长，构成中国平安新的价值增长极。投资要点：投资建议：投 资者当前依然以保险等综合金融视角看待中国平安的价值，在市场担忧长期低利率背景下，当前仅给予公司0.75 倍PEV，单就金融业务而言，处于估值低位。此外，我们认为应当给予中国平安“综合金融+医疗养老”战略下构建“产品+服务”新...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260226195938a4cb7714&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE00BVYPNQ40.USD","symbol_name":"GUINNESS ASIAN EQUITY INCOME \"C\" (USD) ACC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260226195938a4cb7714&s=b","article_id":"2614246550","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260226195938a4cb7714&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2614246550","pubTimestamp":1772107172,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"中国平安战略定位 “综合金融+医疗养老”，“产品+服务”新模式将铸造中国平安价值的新增长极。中国人口老龄化和商业健康险在医疗支付端的重要性也将逐步抬升，“产品+服务”新模式将打造中国平安新的价值增长极。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"82318":"中国平安-R","601318":"中国平安","IE00BVYPNQ40.USD":"GUINNESS ASIAN EQUITY INCOME \"C\" (USD) ACC","IE0008368742.USD":"首域中国增长基金I Acc","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU0052750758.USD":"富兰克林中国基金A Acc","PNGAY":"中国平安ADR","LU0594300419.USD":"富达中国消费基金A","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","LU0228659784.USD":"施罗德金砖四国基金","LU1820825898.SGD":"Aberdeen Standard SICAV I - China A Share Equity A Acc SGD-H","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","02318":"中国平安","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU0831093199.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM3\" (SGDHDG) INC","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0235996351.USD":"UBS (LUX) KEY SELECTION SICAV - ASIAN EQUITY (USD) \"P\" (USD) ACC","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","HPAD.SI":"Ping An Ins HK SDR2to1","IE00BMCWC346.EUR":"GUINNESS EMERGING MARKETS EQUITY INCOME \"C\" (EUR) ACC","03145":"华夏亚洲高息股","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","IE00B031HY20.USD":"FSSA CHINA GROWTH \"I\" (USD) INC","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","LU0791591158.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"I\" (USD) ACC","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","SG9999001903.USD":"Aberdeen Standard Pacific Equity USD","LU0140636845.USD":"施罗德大中华区股票A Acc","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU2348773727.SGD":"Aberdeen Standard SICAV I - Asian Sustainable Development Equity A Acc SGD-H","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC"},"translate_title":"Ping An Updated Report: \"Products Plus Services\" Create a New Value Growth Pole for Ping An","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"82318":0.6,"601318":0.6,"03145":0.6,"PAImain":0.6,"HPAD.SI":0.6,"PNGAY":0.6,"02318":1.5},"content_text":"本报告导读：中国平安战略定位 “综合金融”+“医疗养老”，依据三大竞争优势打造的“产品+服务”模式将带来盈利长期的稳定增长，构成中国平安新的价值增长极。投资要点：投资建议：投 资者当前依然以保险等综合金融视角看待中国平安的价值，在市场担忧长期低利率背景下，当前仅给予公司0.75 倍PEV，单就金融业务而言，处于估值低位。此外，我们认为应当给予中国平安“综合金融+医疗养老”战略下构建“产品+服务”新模式带来的长期盈利超预期以合理的估值水平。采用“综合金融+医养服务”的分部估值方法，我们给予中国平安1.6 万亿目标市值，对应88.53元目标价，维持增持评级。中国平安战略定位 “综合金融+医疗养老”，“产品+服务”新模式将铸造中国平安价值的新增长极。从海外经验来看，随着人口老龄化以及商业健康保险在医疗支付端重要性的提升，转型“ 产品+服务”是海外头部保险公司尤其是健康险业务为主的保险公司的共性选择，也带来了其长期超越同业ROE 的水平及盈利确定性。中国人口老龄化和商业健康险在医疗支付端的重要性也将逐步抬升，“产品+服务”新模式将打造中国平安新的价值增长极。凭借领先的综合金融基础、先发的医养布局以及强大的科技能力三大优势，平安集团将构建更高效的“产品+服务”体系。我们看好中国平安三大竞争优势推动构建更高效的“产品+服务”体系：1）凭借综合金融的基础，将形成保障医养服务的强大支付能力；2）领先同业，通过“自营+合作”模式及早布局医养服务生态圈；3）贯穿全业务链的强大科技能力助力医养服务供需两端的高效整合。催化剂：推动商业健康险的制度性政策","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2614246550","isCrawlerRequest":true}