核心结论资负两端发力，业绩回暖已确认。总结2025年中报，一是归母净利润实现小幅增长，其中新华、人保增速较好，平安增速较弱，核心在于投资收益的差异。二是归母净资产基本持平，各公司增速-13.3%~6.1%，其中新华、太保出现负增长，主要系传统险折现率下行，以及今年利率震荡下债券增值相对有限。三是新业务价值增长动能强劲，增幅20%~65%，主要系银保渠道加速下新单保费高增叠加部分价值率改善。四是...
Source Link核心结论资负两端发力，业绩回暖已确认。总结2025年中报，一是归母净利润实现小幅增长，其中新华、人保增速较好，平安增速较弱，核心在于投资收益的差异。二是归母净资产基本持平，各公司增速-13.3%~6.1%，其中新华、太保出现负增长，主要系传统险折现率下行，以及今年利率震荡下债券增值相对有限。三是新业务价值增长动能强劲，增幅20%~65%，主要系银保渠道加速下新单保费高增叠加部分价值率改善。四是...
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