瑞银发表研究报告，预计中国平安(02318.HK) 的除税后经营溢利按年增长低单位数。人寿保险业务的除税后经营溢利增长，主要是受到营运差异改善，及保险基金管理资产增加所带动。不过，由于以公允价值计量损益(FVTPL)债券的公允价值下降，以及一次性交易亏损，集团的除税后净溢利受到影响。展望未来，由于减值压力减轻，预期集团除税后净溢利将按年加快增长，预计今年增长6%，并料每股派息为2.64元人民币，即股息率为6.4%，在主要同业中最高。
该行认为，今年首季的总新业务价值利润率扩张，是受到多个因素支持，包括定价利率于去年9月下调、代理佣金自8月起重组及延长产品付款期。
该行表示，由于关税紧张增加资本市场的复杂性，下调集团2025至27年的除税后净利润预测13%、6%及5%，同时上调新业务价值预测，而反映银保合作加快扩展。该行续予集团目标价60元及“买入”评级。(sl/u)(港股报价延迟最少十五分钟。沽空资料截至 2025-04-15 16:25。)
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