Group 1 - The former Vice President of GF Securities, Li Qian, is set to join Ping An Securities as the proposed General Manager, highlighting a strategic talent acquisition move by the company [1] - Li Qian holds a PhD in Economics from Renmin University of China and has extensive experience in various roles within the financial sector, including positions at the Industrial and Commercial Bank of China and GF Securities [1] - Ping An Securities is actively enhancing its wealth management capabilities and has adopted an integrated ATO service model, maintaining a leading position in personal customer numbers and app user engagement within the industry [1] Group 2 - Alongside Li Qian, Ping An Securities has promoted its Chief Risk Officer, Zou Li, who will expand her responsibilities to oversee the internal control system, aiming to strengthen management consistency and execution efficiency [2] - Zou Li, a graduate of Peking University, brings a diverse background in investment banking, fixed income, quality control, product management, and risk management, contributing to the company's leadership team [2] - Since the establishment of the new management team in 2018, Ping An Securities has maintained a clear strategic path, achieving robust growth with projected revenues of 11.382 billion yuan and net profits of 4.376 billion yuan for 2024, doubling figures from 2018 [2]

【导读】广发证券原副总经理李谦即将加盟平安证券 据了解，除外部引进专业化人才外，平安证券积极通过内部培养提拔优秀干部，去年晋升副总经理、分管公司核心板块经纪业务的姜学红，拥有丰富的证 券期货行业工作经验，在平安履职期间业绩表现突出。近一年来，平安证券加快推进财富管理能力建设，全面落地ATO一体化经营服务模式，个人客户数 稳居行业前三，App用户活跃度持续领先同业。 与姜学红同期晋升副总经理的还有首席风险官邹丽。据了解，邹丽的分管范围将进一步扩大，统筹公司内控体系建设，以强化内控管理体系的一致性，深 化协同与执行效能，提升内控质效。与此相关的任职资格或需监管部门进一步审批。 邹丽毕业于北京大学，拥有投行、固收、质控、产品、风控等多个业务条线及中台工作的领导经验，是平安培养的复合型人才干部。 平安证券董事长仍为何之江。何之江于2018年4月加入平安证券，2019年3月起担任公司董事长。加入平安证券前，何之江曾任平安银行副行长、行长特别 助理、浙江稠州商业银行总行行长等职务。 自2018年组建新一届班子以来，平安证券各方面都有不错的发展，业绩大幅增长。数据显示，2024年，平安证券实现营业收入113.82亿元，净利 ...

Group 1 - UBS maintains an overweight rating on China within emerging markets, citing faster revenue and earnings growth compared to India, and improving capital return rates in the MSCI China index [1] - A-shares have experienced a style shift from "growth" to "value dividend" since October, influenced by US-China trade tensions and profit-taking in the tech sector, but the medium-term outlook for A-shares remains positive [1][3] - Foreign investors are closely monitoring China's 14th Five-Year Plan, particularly aspects related to "anti-involution," consumption promotion, high-quality growth, and the development of new productive forces [1][11] Group 2 - A-shares are showing structural differentiation, with major indices fluctuating, but foreign investors believe there is still high allocation value in the market despite recent tariff impacts [3][4] - The market's sensitivity to US-China trade tensions has decreased, and there is an expectation of policy measures to stabilize the market if significant volatility occurs [4] - Foreign investors favor industry leaders, with significant holdings in companies like Kweichow Moutai, Ping An, and Wuliangye, indicating a preference for stable, high-quality stocks [6][7] Group 3 - Foreign investors are increasing their positions in leading stocks, with notable increases in holdings for companies like Siyi Electric and Hai Da Group during the third quarter [8][6] - UBS expresses a preference for A-shares over H-shares due to their defensive nature against geopolitical tensions, maintaining a focus on growth styles as the main investment theme [10] - The upcoming policies in the 14th Five-Year Plan are expected to create potential opportunities in "anti-involution" and service consumption, which could drive cyclical improvements in various industries [12]

智通财经记者 | 冯丽君 在金价不断攀升、黄金热度接连走高的2025年，保险公司获批入市黄金，部分积极投资黄金的险企如今 大概率已赚得"盆满钵满"。 今年以来，COMEX黄金期货今年累计上涨约50%；上海黄金交易所SGE黄金9999今年累计上涨约 54%，但近期黄金市场剧烈波动。 10月21日晚间，现货黄金跌破每盎司4200美元关口，创下近四年来最大跌幅，10月22日盘中一度逼近 4000美元关口。而就在两天前，COMEX黄金期货创下近4400美元/盎司的历史高价，达到4398美元/盎 司。 面对黄金巨震，险资作为中长期资金有什么态度？ 试点险企积极投资黄金 今年2月7日，国家金融监管总局发布《关于开展保险资金投资黄金业务试点的通知》（下称《通 知》），规定自发布之日起，10家试点保险公司可以中长期资产配置为目的，开展投资黄金业务试点。 在短期快速下调之后，3月25日至今，COMEX黄金期货涨幅仍超过30%。而2024年，五大上市险企（中 国人寿、中国平安、中国太保、中国人保、新华保险）总投资收益率均不足6%。 在2025年半年报中，中国平安提到上半年积极增加优质另类资产布局，并试点黄金投资业务，多元化拓 展 ...

Core Viewpoint - The event organized by Ping An Property & Casualty Insurance in Quanzhou aims to celebrate the elderly during the Double Ninth Festival by providing a creative photography session, helping seniors embrace their beauty and self-worth regardless of age [1][9]. Group 1: Event Overview - Volunteers from Ping An Property & Casualty Insurance engaged with seniors at the Cizhonghong Elderly Care Center, creating personalized fashion photo shoots to deliver unique blessings for the Double Ninth Festival [1]. - The initiative seeks to challenge the perception that aging diminishes beauty, encouraging seniors to express themselves and enjoy the moment [1]. Group 2: Volunteer Engagement - Volunteers demonstrated patience and care, assisting seniors with their appearance and encouraging them to relax and smile, which helped to create a lively atmosphere [4]. - The interaction included personalized attention, such as promising to arrange future photo sessions for seniors who expressed regret about not having their medals during the shoot [4]. Group 3: Photography Experience - A total of 25 seniors participated, with volunteers capturing their unique moments and expressions, fostering a sense of comfort and joy among the participants [7]. - Each photograph serves as a reflection of the seniors' lives and a means of intergenerational connection, with plans to deliver framed photos to the seniors afterward [7]. Group 4: Philosophical Perspective - The volunteers view their role as "time restorers," aiming to help each elder feel like the protagonist of their own life story, reinforcing the idea that age should not limit one's sense of beauty [9]. - The event embodies the spirit of "enjoying life in old age" and promotes respect for the elderly, with hopes that this warmth will spread across communities [9].

Core Insights - The rise of AI deepfake scams poses significant threats to both individual finances and the security of the financial system, with direct economic losses exceeding 1.8 billion yuan as reported by the China Internet Finance Association [1] - Hong Kong's financial sector is exploring the use of AI to combat AI-generated fraud, exemplified by the inclusion of PAObank's anti-fraud strategy platform in the Hong Kong Monetary Authority's GenA.I. sandbox [1] - The disconnect between AI technology and actual business needs has created a "value divide," necessitating a reevaluation of how AI is integrated into financial services [3][4] Group 1: Value Divide and AI Integration - The phenomenon of "value divide" arises from the prevalent "technology-first" approach in AI projects, leading to isolated implementations that do not align with real business scenarios [3][4] - McKinsey's research indicates that while 80% of companies claim to use next-generation AI, 80% of these companies have not seen significant value enhancement from their AI initiatives [3] Group 2: AI as a Business Partner - AI should not be viewed as a standalone solution but rather as a business partner that integrates deeply into financial operations, enhancing risk control, marketing, customer service, and overall operational efficiency [4][6] - The collaboration between PAObank and Financial One Account to create an anti-fraud platform demonstrates a successful application of AI technology in the banking sector, with significant operational metrics such as over 90 million calls and 20,000 intercepted attacks [6] Group 3: Empowering Core Business - The successful realization of AI's value is marked by its ability to address public pain points and enhance enterprise-level applications, as emphasized by Ping An Group's approach to integrating AI into its financial services [5][9] - AI applications in areas such as auto insurance have led to measurable improvements, including a 0.3 percentage point increase in risk control capabilities, translating to billions in value due to the scale of operations [9][10] Group 4: Long-term Value Creation - The focus on practical applications of AI rather than mere technological advancements is crucial for creating sustainable value in the financial sector, as illustrated by Ping An's strategy of leveraging extensive data and operational experience [10]

Core Insights - The rise of AI deepfake scams poses significant threats to both individual finances and the security of the financial system, with direct economic losses exceeding 1.8 billion yuan as reported by the China Internet Finance Association [1] - Hong Kong's financial sector is exploring the use of AI to combat AI-generated fraud, as evidenced by the inclusion of PAObank's anti-fraud strategy platform in the Hong Kong Monetary Authority's GenA.I. sandbox [1][3] - The disconnect between AI technology and actual business needs has created a "value gap," necessitating a reevaluation of how AI is integrated into financial services [3][4] Group 1: Value Disconnection - The narrative surrounding AI is expanding globally, with many financial institutions adopting "AI First" strategies, yet a significant number of these initiatives fail to deliver tangible value [3] - McKinsey's research indicates that while 80% of companies are utilizing next-generation AI, 80% of these companies report no significant value enhancement from their AI projects [3][4] - The phenomenon of "crossing the Darwinian sea" highlights the challenges faced by tech innovation firms in transitioning from R&D to successful commercialization, particularly in the AI sector [4] Group 2: Addressing Public Pain Points - The successful realization of AI's value in the financial sector is marked by its ability to address public pain points and generate social value [4][5] - PAObank's collaboration with Financial One Account to create an anti-fraud platform exemplifies the application of AI technology in banking, with over 90 million calls made to the technology and over 20,000 black market attacks intercepted [5] - The integration of AI into business processes is emphasized, with AI being viewed as a business partner rather than a standalone tool [5][6] Group 3: Empowering Core Business - The transformation of AI into a valuable asset for core business operations is crucial, with a focus on ensuring that every AI project has a clear value proposition [7] - In the auto insurance sector, AI-driven pricing models have improved risk control capabilities by 0.3 percentage points, translating to significant financial benefits given the scale of claims [7][8] - AI applications have led to substantial cost optimizations across various functions, including marketing, service, and risk management, with notable savings reported [8]

Market Overview - The Hang Seng Index fell by 245.78 points, a decrease of 0.94%, closing at 25,781.77 points [1] - The total turnover for the day was 227.536 billion HKD [1] - The Hang Seng China Enterprises Index dropped by 78.88 points, closing at 9,223.78 points, a decline of 0.85% [1] - The Hang Seng Tech Index decreased by 84.85 points, closing at 5,923.09 points, a drop of 1.41% [1] Blue-Chip Stocks - Tencent Holdings decreased by 1.11%, closing at 623.5 HKD [1] - Hong Kong Exchanges and Clearing fell by 1.58%, closing at 422.4 HKD [1] - China Mobile declined by 0.88%, closing at 84.45 HKD [1] - HSBC Holdings increased by 0.1%, closing at 102.5 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings fell by 0.26%, closing at 37.86 HKD [1] - Sun Hung Kai Properties decreased by 1.44%, closing at 92.35 HKD [1] - Henderson Land Development dropped by 0.87%, closing at 27.3 HKD [1] Chinese Financial Stocks - Bank of China decreased by 0.23%, closing at 4.36 HKD [1] - China Construction Bank fell by 0.13%, closing at 7.81 HKD [1] - Industrial and Commercial Bank of China increased by 0.17%, closing at 5.96 HKD [1] - Ping An Insurance dropped by 0.72%, closing at 55.5 HKD [1] - China Life Insurance decreased by 2.33%, closing at 24.36 HKD [1] Oil and Petrochemical Stocks - Sinopec increased by 0.24%, closing at 4.13 HKD [1] - PetroChina rose by 1.15%, closing at 7.89 HKD [1] - CNOOC increased by 0.93%, closing at 19.5 HKD [1]

Group 1 - The core viewpoint of the article highlights the strategic personnel changes at Ping An Securities, including the appointment of Li Qian as the new general manager, which is expected to strengthen the company's management and operational capabilities [1][2] - Li Qian has extensive experience in the financial sector, having held various significant positions at China Construction Bank and GF Securities, indicating a strong background in financial markets and securities [1] - Ping An Securities has been actively enhancing its wealth management capabilities and has adopted an integrated service model, achieving a leading position in personal customer numbers and app user engagement within the industry [1] Group 2 - Alongside Li Qian, the promotion of Chief Risk Officer Zou Li is noted, with her responsibilities expanding to strengthen the internal control management system, which is crucial for enhancing operational efficiency [2] - Since the establishment of the new leadership team in 2018, Ping An Securities has maintained a clear strategic direction, resulting in robust performance growth and resolution of historical issues, with projected revenues of 11.382 billion and net profits of 4.376 billion in 2024, doubling since 2018 [2] - The adjustments in personnel are seen as foundational for the company's strategic deepening, service system upgrades, and internal control management enhancements, which are essential for maintaining competitive advantages in a challenging industry landscape [2]

Core Viewpoint - Insurance capital is actively increasing its holdings in bank stocks, driven by high dividend yields and stable returns, particularly in a low-interest-rate environment [1][3][4]. Group 1: Recent Activities of Insurance Capital - On October 10, Ping An Life increased its holdings in China Merchants Bank H-shares by 2.989 million shares, raising its total to 781 million shares, which accounts for 17% of the bank's H-shares [1]. - On the same day, Ping An purchased 6.416 million shares of Postal Savings Bank, bringing its total holdings to 17.01% [1]. - As of September 30, Ping An Life had acquired 39.634 million shares of Agricultural Bank H-shares, increasing its stake to 17.03%, with total holdings across its subsidiaries exceeding 19% [2]. Group 2: Reasons for Increased Investment in Bank Stocks - The high dividend yields and stable returns of bank stocks make them an ideal choice for insurance capital, especially in a declining interest rate environment [3]. - Regulatory encouragement for insurance capital to enter the market and new accounting standards promoting high-dividend asset allocation are also driving this trend [3]. - Current valuations of bank stocks are at historical lows, providing a favorable investment opportunity with cyclical resilience and policy support [3]. Group 3: Growth in Equity Allocation by Insurance Capital - A joint initiative by six departments aims to guide long-term funds, including insurance capital, to increase their market participation [4]. - As of the second quarter of 2025, the total investment balance of insurance companies exceeded 36 trillion yuan, with stock investments rising by 26.38% year-on-year [4]. - The five major listed insurance companies reported a total stock investment balance of 1.8 trillion yuan by mid-2025, reflecting an increase of over 400 billion yuan from the previous year [4]. Group 4: Market Outlook and Challenges - Insurance capital is expected to benefit from equity investments, enhancing investment returns and optimizing portfolio performance [5]. - However, challenges include the inherent volatility of the stock market, necessitating improved risk management and investment proportion control [5]. - Increased instances of insurance capital acquiring stakes may lead to market discussions regarding their impact [5].