对标欧美医养龙头，“产品+服务”模式驱动中国平安新价值增长极

证券市场周刊02-27

导语：进入2026年，中国平安H股延续强势表现。国泰君安证券非银团队最新观点指出，依托“综合金融+医疗养老”双轮战略，中国平安构建的“产品+服务”商业模式已展现出长期盈利潜力。若对标欧美成熟市场医养龙头的估值水平，公司当前估值具备显著的修复空间。　　自2024年、2025年持续上涨后，中国平安H股在2026年依然保持强劲走势。截至2月25日收盘，其年度涨幅已达9%。这标志着中国平安有望实现近十年来...

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pole","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"82318":0.6,"601318":1.5,"02318":1.5,"PNGAY":0.6,"HPAD.SI":0.6,"03145":0.6,"PAImain":0.6,"LU":1.5},"content_text":"导语：进入2026年，中国平安H股延续强势表现。国泰君安证券非银团队最新观点指出，依托“综合金融+医疗养老”双轮战略，中国平安构建的“产品+服务”商业模式已展现出长期盈利潜力。若对标欧美成熟市场医养龙头的估值水平，公司当前估值具备显著的修复空间。　　自2024年、2025年持续上涨后，中国平安H股在2026年依然保持强劲走势。截至2月25日收盘，其年度涨幅已达9%。这标志着中国平安有望实现近十年来首次年线“三连阳”，充分反映了市场资金的看多情绪。　　近日，国泰君安证券非银分析师刘欣琦、李嘉木团队再次发布报告，强烈看好中国平安的投资价值。报告指出，当前市场仍主要从保险等传统综合金融业务的单一视角对公司进行估值。在长期低利率的市场担忧背景下，公司估值仅约为0.75倍内含价值（PEV），仅就其金融业务而言也已处于低位。　　分析师认为，市场尚未充分定价中国平安在“综合金融+医疗养老”战略下打造的全新“产品+服务”模式。该模式依托公司强大的科技能力，有望持续提升运营效率与净资产收益率（ROE），从而形成超越市场预期的长期盈利增长点，理应获得更合理的估值水平。　　参考以机构投资者为主的欧美成熟市场，近年来头部医养产业上市公司普遍获得了高度认可与溢价估值。其中，全球健康险巨头联合健康（UNH）的商业模式对中国平安具有重要借鉴意义。UNH通过“健康保险+健康服务”的双轮驱动，实现了高ROE与高估值。根据Wind数据，UNH的最新市净率（PB，LF）约为2.57倍，显著高于单一业务的寿险公司。　　联合健康并非个例，医养产业在二级市场备受追捧已成为一种趋势。例如，全球领先的养老社区运营商Brookdale Senior Living在业绩多年亏损的背景下，股价自2023年以来从2.27美元大幅上涨至15.1美元；专注于投资并运营养老社区及医疗保健物业的房地产投资信托公司Ventas，最新市净率（PB，LF）高达3.2倍，股价连创历史新高；主营养老院、康复中心运营及老年护理服务的Ensign Group，估值更是达到5.57倍市净率（PB，LF），股价同样持续攀升。　　反观中国平安，其通过“自营+合作”双管齐下的模式，持续深耕医疗健康与养老生态体系建设，已构建起行业领先的服务网络。截至2025年9月末，公司在国内拥有内外部医生团队约5万人，合作医院超过3.7万家，实现了国内百强医院及所有三甲医院的100%合作覆盖；合作健康管理机构超10.7万家；合作药店近24.1万家，全国药店覆盖率超过35%。在海外，平安的合作网络已覆盖全球35个国家，接入超1300家医疗机构。截至同期，集团医疗养老相关服务的付费企业客户已超过8.7万家，2025年前三季度，已有超1600万平安寿险客户使用了健康管理服务，这验证了其商业模式的可行性与现金流创造能力。　　基于以上分析，刘欣琦、李嘉木团队采用“综合金融业务”与“医养服务业务”分部估值的方法进行评估。他们给予中国平安1.6万亿元人民币的目标总市值，对应A股目标价为88.53元。以当前约63.5元的股价计算，潜在上涨空间约为39.4%。（文章来源：证券市场周刊）","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 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