Core Viewpoint - China Ping An has significantly increased its holdings in both insurance and banking stocks since September, indicating a strong investment strategy in the financial sector [1][2][4]. Investment in Insurance Stocks - On September 11, China Ping An's subsidiary, Ping An Life, purchased 77.8092 million shares of China Pacific Insurance (China Taibao) H-shares, raising its holding from 8.47% to 11.28%, with an estimated investment of approximately HKD 2.5 billion [2][3]. - The buying spree began in August, with an initial purchase of 1.7414 million shares, which increased the holding to 5.04% [2]. - The total investment in China Taibao H-shares since August has exceeded HKD 5 billion, with a significant increase in holding percentage by 6.24 points [2][3]. - Ping An Life also increased its stake in China Life H-shares by acquiring 44.095 million shares for over HKD 1 billion, raising its holding to 8.13% [3]. Investment in Banking Stocks - China Ping An has continued to invest in banking stocks, purchasing 40.213 million shares of Agricultural Bank H-shares and 12.381 million shares of Postal Savings Bank H-shares, raising their holdings to 18.07% and 16.01%, respectively [4][5]. - The company has adopted a "bulk buying" strategy for both banking and insurance stocks, indicating a strong bullish outlook on these sectors [4][6]. - The total expenditure on banking stocks this year has surpassed HKD 100 billion [4]. Market Context and Strategy - The continuous increase in holdings reflects a broader trend of insurance companies entering the market, with a reported 26.69% increase in stock holdings by life insurance companies since the beginning of the year [6]. - The low interest rate environment and new financial regulations have prompted insurance companies to seek high-dividend stocks to enhance investment returns [6][7]. - Regulatory support has facilitated the entry of long-term funds into the market, allowing companies like China Ping An to focus on stable, high-dividend stocks [6][7].

此前，基于业务发展的需求，平安集团决定大举进军上海，并选择在陆家嘴东方明珠旁建造平安金融大 厦。2002年，平安将第二总部正式落户上海，其旗下诸多独角兽公司譬如陆金所控股、金融壹账通、平 安好医生、平安医保科技等总部纷纷设在上海。当时最先迁沪的专业公司正是平安的寿险，据当时的报 道称，首批迁沪的数百名员工，主要来自寿险的银行保险事业部、团体保险部和个险营销部。如今相继 回迁，不仅是公司整体战略发展与管理的需求，也是监管与合规的要求。 平安人寿表示，根据《保险法》《公司法》及《市场主体登记管理条例》等相关规定，公司主要办公场 所应与注册登记的住所保持一致。 【深圳商报讯】（首席记者 谢惠茜）继平安银行之后，市场上传出平安人寿上海总部部分员工也将南 迁深圳的消息。对此，平安人寿向深圳商报记者证实了该消息属实，表示这主要是为了"顺应公司整体 经营发展需要"。 平安人寿强调，此举是为进一步加强管理，提升团队协作效率，助力业务转型，公司对总部办公地点进 行统筹安排，部分异地职场办公的员工需回迁深圳总部进行集中办公。 ...

该消息一出，引发了市场上一些关于中国平安要搬离上海的讨论。 据第一财经记者从中国平安内部知情人士获知，这样的结论完全是无中生有。这次涉及搬迁的是注册总 部位于深圳的中国平安集团下属公司，其中平安人寿总公司注册地深圳，有部分原本在上海办公的总公 司员工需要回迁深圳。相反注册总部位于上海的平安资产管理公司、平安养老险公司、平安健康险公 司、平安国际租赁公司及中国平安集团下属医疗科技、后援运营中心等均保持不变。平安人寿在回应中 明确表示，此次调整是根据《保险法》《公司法》及《市场主体登记管理条例》等相关监管规定而不得 不做的一些业务职场调整。 也就是说，中国平安的这次团队调整并非公司"撤离"上海，而是根据监管要求在治理架构上所做的一次 调整。 【#中国平安称搬离传闻无中生有# ，#中国平安称上海仍是第二总部# 】 近日，有消息称，平安人寿总公司原在上海办公的员工将南迁深圳。平安人寿表示，出于《公司法》等 监管要求，公司注册地需与办公场所一致，部分在上海办公的员工需回迁至深圳总部集中办公，公司将 保障员工合法权益。 ...

中国平安回应搬离传闻：纯属无中生有，上海仍是第二总部。 ...

Core Viewpoint - China Pacific Insurance (Group) Co., Ltd. successfully issued a zero-coupon convertible bond due in 2030, raising HKD 15.556 billion, marking several records in the process [2][3] Group 1: Bond Issuance Details - The issuance is the largest zero-coupon convertible bond in Hong Kong dollars ever and the first negative yield convertible bond in nearly 20 years [2] - The bond attracted significant interest from long-term funds and international investors, achieving multiple times coverage in subscriptions [2][3] Group 2: Market Context and Investor Sentiment - The issuance reflects a growing trend among Chinese insurance companies to issue zero-coupon convertible bonds, with Ping An Group also completing a similar issuance earlier [4][5] - Long-term overseas capital is optimistic about the potential capital gains from converting these bonds into shares, driven by factors such as aging population and increasing insurance demand [5][6] Group 3: Valuation and Investment Rationale - China Pacific's H-share price-to-book ratio (PB) is at 1.04, indicating a relatively low valuation, while its embedded value ratio (P/EV) is approximately 0.53, suggesting significant room for valuation recovery [6] - The initial conversion price for the bond is set at HKD 39.04 per share, representing a premium of about 21.24% over the closing price of HKD 32.20 on September 10 [7] Group 4: Future Considerations - If the bonds are fully converted, it could increase China Pacific's share capital by approximately 12.55%, leading to potential dilution of dividend yields [9] - The company aims to use the raised funds to support its core insurance business and strategic initiatives, including "Big Health, AI+, and Internationalization" [10]

Core Viewpoint - China Ping An's recent team adjustment is not a withdrawal from Shanghai, but rather a compliance-driven restructuring to align its registered and operational locations as required by regulatory changes [1][2][6] Group 1: Team Adjustment and Compliance - The adjustment involves relocating some employees from Shanghai to Shenzhen to comply with the new Company Law and related regulations, which mandate that the registered office must match the operational office [1][2] - Ping An Life's registered office is in Shenzhen, while some business teams were previously based in Shanghai, necessitating this compliance adjustment [2][6] Group 2: Shanghai's Role and Importance - Shanghai remains a critical hub for China Ping An, serving as its second headquarters, with significant functions in asset management, support services, and healthcare [2][3] - The asset management center in Shanghai manages over 5.8 trillion yuan, making it a key player in the industry [2][5] - Shanghai is home to various core subsidiaries, including Ping An Asset Management, Ping An Pension Insurance, and Ping An Good Doctor, which are leaders in their respective fields [5][6] Group 3: Historical Context and Contributions - China Ping An has established a long-standing presence in Shanghai since 1994, with the second headquarters approved in 2005 [4][5] - Over the past decade, China Ping An has created 770,000 jobs in Shanghai, served 7.07 million customers, and contributed 104.6 billion yuan in taxes [5] Group 4: Strategic Advantages of Shanghai - Shanghai's selection as the second headquarters is attributed to favorable policies, market opportunities, and a rich talent pool [6][7] - The city’s development as an international financial center aligns with Ping An's strategic goals, enhancing its operational efficiency and service capabilities [7]

Group 1 - Maiwei Biotech signed an exclusive licensing agreement with Kalexo Bio, potentially receiving up to $1 billion in upfront and milestone payments, along with low single-digit royalties [2] - The agreement allows Kalexo to exclusively develop, manufacture, and commercialize the 2MW7141 project, a dual-target small nucleic acid drug aimed at lipid regulation and cardiovascular event prevention [2] - The deal is expected to positively impact Maiwei's future performance and enhance profitability [2] Group 2 - China Ping An completed the purchase of 74.615 million H shares under its 2025 long-term service plan, accounting for 0.412% of the total share capital, with a total transaction value of 3.875 billion yuan [3] - The average transaction price was approximately 51.87 yuan per share, with 83,024 core talents voluntarily participating in the plan [3] - The holding ratio of directors, supervisors, and senior management in the plan is 2.52%, while other employees hold 97.48% [3] Group 3 - Top Group's actual controller and vice chairman decided to terminate their share reduction plan early, having reduced their holdings by a total of 349.36 million shares, or 0.201% of the total shares [4] - The early termination was due to the fulfillment of their personal funding needs [4] Group 4 - Haon Electric stated that its order amounts are based on customer sales forecasts, and actual order amounts may vary due to market changes [5] - The company is primarily engaged in the development, design, manufacturing, and sales of automotive intelligent driving perception systems, while its robotics business is still in the R&D stage [5] Group 5 - Pinming Technology announced a stock suspension due to planning a significant matter that may lead to a change in control [6][7] - The stock will be suspended for no more than two trading days, with timely announcements to follow regarding the matter's progress [7] Group 6 - Tianpu Co. completed its stock trading suspension investigation and will resume trading on September 18, 2025, after a period of price increases and abnormal trading [8] - The investigation confirmed that there are no asset injection plans from the rumored acquirer, Zhonghaoxin [8] Group 7 - Changchun High-tech's subsidiary, Jinsai Pharmaceutical, secured exclusive agency rights for three products in mainland China from Denmark's ALK-Abelló A/S [9] - Jinsai will pay an upfront fee of 32.7 million euros and additional milestone payments based on regulatory approval and sales performance [9]

Core Insights - Shenzhen has 8 companies listed in the top 100 of the 2025 China Enterprise 500 list, showcasing the city's strong economic performance and innovation-driven growth [1][2] Group 1: Company Rankings - China Ping An ranks 12th with a revenue of 1.14 trillion yuan, making it the only trillion-yuan company in Guangdong [1] - Huawei ranks 23rd, BYD ranks 26th, Tencent ranks 31st, and other notable companies include China Merchants Bank (48th), Vanke (79th), SF Express (92nd), and Shenzhen Investment Holding (99th) [1] - The revenue threshold for inclusion in the list increased to 47.96 billion yuan, up by 579 million yuan from the previous year [1] Group 2: R&D Investment - The top 500 companies collectively invested 1.73 trillion yuan in R&D, with an average R&D intensity reaching a historical high of 1.95% [2] - Shenzhen companies significantly exceed the average R&D investment, with Huawei leading at 179.69 billion yuan and BYD following with 53.20 billion yuan [2] Group 3: Industry Distribution - Shenzhen's listed companies exhibit a diversified layout across various sectors, including internet, electronic information, smart manufacturing, and consumer electronics, aligning with the city's "20+8" industrial strategy [3] - The new energy sector stands out, with BYD selling 4.27 million new energy vehicles globally, marking a 41.26% year-on-year increase and maintaining its position as the global sales leader [3] - Xinwangda Electronics, with a revenue of 56.02 billion yuan, made its debut at 439th and was also recognized in multiple innovation and emerging industry rankings [3]

第一财经根据公告统计，自推出长期服务计划的7年以来，中国平安（601318.SH；02318.HK）已累计 有48.68万人次参与其中，累计参与资金总额近288亿元，共购得A股3.51亿股、H股1.82亿股。 中国平安持续多年的长期服务计划，近日又完成了2025年公司股票的购买。公告显示，此次共购得H股 股票7461.5万股，成交金额38.75亿元（含费用），共约8.3万名员工参与，其中包括执行董事马明哲、 谢永林在内的十多位董监高。 【#平安近49万员工参与长期服务计划#，#平安7年花了288亿元购买公司股票#】 ...

Group 1 - The core point of the news is that Ping An Insurance has completed its 2025 long-term service plan by purchasing 74.615 million H-shares, totaling approximately 3.875 billion RMB, with participation from around 83,024 employees [1][2] - The shares purchased represent 0.412% of the total share capital, with an average transaction price of approximately 51.87 RMB per share [2] - Since the launch of the long-term service plan seven years ago, a total of 486,800 employees have participated, contributing nearly 28.8 billion RMB, and acquiring 351 million A-shares and 182 million H-shares [1][4] Group 2 - The long-term service plan is designed to strengthen the alignment of interests between the company and its employees, ensuring that employees are motivated to contribute to the company's sustainable development [4][5] - The plan has a broader coverage compared to the previous core personnel stockholding plan, with 83,024 participants in the long-term service plan compared to 2,263 in the core personnel plan, making it nearly 37 times larger [4] - The distribution of dividends under the long-term service plan varies among employees based on their contributions to the company, reflecting a value-oriented approach [5]