Core Insights - The Chinese innovative drug sector is experiencing significant opportunities, with a surge in business development (BD) transactions and supportive policies for commercial health insurance [1][2] Group 1: Business Development Transactions - The total amount of external licensing transactions for innovative drugs in China is expected to reach nearly $66 billion in the first half of 2025, surpassing the total of $51.9 billion for the entire year of 2024, indicating BD's role as a major growth accelerator for the industry [1] - The current period is characterized as a "harvest season" for BD transactions in the innovative drug sector [1] Group 2: Policy Support for Innovative Drugs - The National Financial Regulatory Administration released guidelines on September 30 to promote high-quality development of health insurance, emphasizing flexible and effective payment support for innovative drugs and devices [1] - The establishment of a commercial insurance innovative drug directory, led by the National Medical Insurance Administration, aims to create a "second channel" for innovative drug payments, with the first version of expert review results already published [1] Group 3: Challenges in Payment Systems - Experts highlight that the diversification of drug payment solutions, while alleviating economic burdens on patients, has introduced challenges such as inconsistent application processes and settlement cycles across different payment channels [1] - Traditional commercial insurance claims processes are complicated, with issues like excessive documentation, long waiting periods, and significant upfront payment pressures on patients [1] Group 4: Innovations in Payment Solutions - The industry is accelerating innovation, with a focus on one-stop settlement solutions for medical insurance and commercial insurance [2] - Ping An Group has developed "Ping An Medical Health Payment," the first product in China utilizing medical insurance data for seamless claims processing, eliminating the need for patients to make upfront payments [2] - The "One Code Direct Payment" platform by Meixin Health expands the direct payment network to major hospitals nationwide, integrating various payment methods into a single interface, significantly simplifying the payment process for patients [2] Group 5: Systematic Development of Payment Framework - The trend of policy guidance and platform integration signifies a new phase in the construction of the innovative drug payment system, transitioning from mere policy guidance to systematic and institutional development [3] - Third-party management platforms, already a mature model in international commercial health insurance, are expected to provide standardized services in areas such as eligibility verification, medication management, payment settlement, compliance tracking, cost control, and fraud prevention [3]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責 , 對其 準確性或完整性亦不發表任何聲明 , 並明確表示 , 概不對因本公告全部或任何部份內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 自 2025 年 10 月 15 日起，本公司第十三屆董事會各專業委員會人員組成亦將同步調整。 有關進一步詳情，請參見本公司日期為 2025 年 10 月 15 日有關董事名單與其角色和職 能的公告。 公告 委任獨立非執行董事 謹此提述中國平安保險（集團）股份有限公司（「本公司」）日期為 2025年 3月 19日 及 2025 年 5 月 13 日之公告（「該等公告」）及本公司日期為 2025 年 4 月 17 日之通函 （「通函」），內容有關（其中包括）建議委任獨立非執行董事以及於 2025 年 5 月 13 日召開的股東週年大會選舉洪小源先生（「洪先生」）、宋獻中先生（「宋先生」） 和陳曉峰先生（「陳先生」）為本公司第十三屆董事會（「董事會」）獨立非執行董 事。洪先生、宋先生和陳先生的委任須待獲得國家金融監督管理總局核准彼等董事任 職資格後方會生效。除文義另有指定者外，本公告中所用詞彙與 ...

Core Insights - PAObank, a digital bank under Ping An Group, has successfully launched an "Anti-Fraud Strategy Platform" in collaboration with OneConnect, marking a significant advancement in AI technology application within Hong Kong's banking sector [1][2] - The platform aims to combat deepfake fraud risks by utilizing AI to enhance fraud detection and risk management capabilities in the banking industry [1][3] Group 1: AI Technology and Fraud Prevention - The "Anti-Fraud Strategy Platform" is part of the GenA.I. sandbox launched by the Hong Kong Monetary Authority, focusing on risk management and fraud prevention in the banking sector [1][2] - The platform employs advanced AI facial recognition technology to verify user identities in real-time, helping to detect potential fraudulent activities [2][3] - The platform has a detection defense rate exceeding 99%, showcasing its effectiveness in identifying complex attacks such as face-swapping and forged videos [3] Group 2: Business Performance and Growth - As of Q3 2025, PAObank's total customer deposits have surpassed 8 billion HKD, indicating strong growth in personal banking services [2] - Ping An Group has developed a comprehensive database with over 3.2 trillion text data, 310,000 hours of annotated voice data, and over 7.5 billion image data, enhancing its AI capabilities across various business scenarios [4] - The implementation of AI has led to significant operational efficiencies, including a 94% instant underwriting rate for life insurance policies and a 64.4 billion CNY reduction in claims fraud for property insurance [4]

该行预计中国平安第三季除税后经营溢利同比升8.1%，在相同基准下，今年首九个月的增长率将升至 5%。另外，由于股票市场利好及较高配置，第三季净盈利同比增长或达31%，带动今年首九个月同比 增长6%。另外，大摩预期会有较高的FYP增长，而利润率亦会适度改善，令第三季的新业务价值增长 45%，今年首九个月增长将升至42%。 摩根士丹利发布研报称，整体而言，预期中国平安（601318）(02318)第三季业绩稳健，尤其是新业务 价值和除税后经营溢利持续改善，以及净盈利因人寿业务高增长而表现强劲。该行予中国平安"增持"评 级，目标价70港元。 ...

摩根士丹利发布研报称，整体而言，预期中国平安(02318)第三季业绩稳健，尤其是新业务价值和除税 后经营溢利持续改善，以及净盈利因人寿业务高增长而表现强劲。该行予中国平安"增持"评级，目标价 70港元。 该行预计中国平安第三季除税后经营溢利同比升8.1%，在相同基准下，今年首九个月的增长率将升至 5%。另外，由于股票市场利好及较高配置，第三季净盈利同比增长或达31%，带动今年首九个月同比 增长6%。另外，大摩预期会有较高的FYP增长，而利润率亦会适度改善，令第三季的新业务价值增长 45%，今年首九个月增长将升至42%。 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [4][6] Core Viewpoints - The report highlights the release of the "Guiding Opinions on Promoting the High-Quality Development of Health Insurance" by the National Financial Regulatory Administration, which includes six key points aimed at developing commercial medical insurance, nursing insurance, disability insurance, and disease insurance, promoting the integration of health insurance and health management, and facilitating the coordinated development of the health industry [4][5] - The support for insurance companies with good regulatory ratings to develop participating long-term health insurance is expected to significantly impact listed insurance companies [5][6] - The report anticipates that the actual payment costs for participating disease insurance may decrease, opening up innovation opportunities for insurance products [6] Summary by Sections Industry Performance - The growth rate of health insurance premiums has declined from a peak of 40%-70% between 2014-2016 to below 10% since 2021, indicating a challenging sales environment for new long-term disease insurance policies [5] - The proportion of high-value critical illness insurance has decreased from 64% in 2020 to 56.4% in 2023 [5][11] Sales Trends - The sales of long-term disease insurance have weakened due to previous extensive coverage and a reduction in the preset interest rate from 3.5% to 2%, leading to higher policy prices [5][6] - Future sales growth may come from new births or previously uncovered populations, as well as existing policyholders increasing their coverage after price adjustments [5][6] Product Innovation - The report expects further guidelines on the development of participating disease insurance products, allowing insurance companies to innovate and meet specific customer needs [6] - The current environment for insurance industry spreads is improving, supporting the overall positive outlook for the industry [6][7]

Core Viewpoint - China Ping An's stock increased by 2.35% with a trading volume of 4.794 billion yuan and a market capitalization of 1,046.803 billion yuan [1] Group 1: Dividend and Shareholding - The dividend yields for China Ping An over the past three years were 5.15%, 6.03%, and 4.84% respectively [2] - Central Huijin Asset Management and China Securities Finance Corporation are among the top ten shareholders of the company [2] - As of June 30, 2025, China Ping An has distributed a total of 374.702 billion yuan in dividends since its A-share listing, with 117.338 billion yuan distributed in the last three years [7] Group 2: Business Overview - China Ping An Insurance (Group) Co., Ltd. was established on March 21, 1988, and listed on March 1, 2007, providing diversified financial services including insurance, banking, securities, and trust [6] - The revenue composition of the company includes life and health insurance (45.76%), property insurance (34.46%), banking (13.87%), asset management (5.27%), and financial empowerment (3.85%) [6] - The company is involved in several unicorn companies, including Lufax, Ping An Good Doctor, and others, with Lufax valued at 39.4 billion USD as of March 2019 [2] Group 3: Market Activity - The net inflow of main funds today was 523 million yuan, accounting for 0.13%, with the industry ranking at 1 out of 5 [3] - Over the past three days, the main funds have increased their positions in the stock, with a total net inflow of 628 million yuan [4] - The average trading cost of the stock is 51.94 yuan, with the current price fluctuating between resistance at 57.97 yuan and support at 57.69 yuan [5]

Group 1 - The core viewpoint of the articles highlights the positive impact of the Federal Reserve's interest rate cut expectations on the Hong Kong stock market, with significant gains in major indices and tech stocks [1] - The Hang Seng Index and Hang Seng Tech Index both rose over 1% in early trading, with notable increases in stocks such as China Life (+4.93%), Haidilao (+4.52%), and Pop Mart (+4.33%) [1] - The probability of a 25 basis point rate cut by the Federal Reserve in October is reported at 97.3%, reinforcing market expectations for further rate cuts [1] Group 2 - The Hang Seng China Enterprises Index (HSCE) has its top ten weighted stocks, including Alibaba, Tencent, and Xiaomi, which collectively account for 55.78% of the index [2] - Continuous attention is recommended for the Hang Seng China Enterprises ETF (159960), which closely tracks the performance of H-shares listed in Hong Kong [2]

摩根士丹利发表研究报告，预计中国平安第三季除税后经营溢利按年升8.1%，在相同基准下，今年首 九个月的增长率将升至5%。另外，由于股票市场利好及较高配置，第三季净盈利按年增长或达31%， 带动今年首九个月按年增长6%。另外，大摩预期会有较高的FYP增长，而利润率亦会适度改善，令第 三季的新业务价值增长45%，今年首九个月增长将升至42%。 整体而言，该行预期中国平安第三季业绩稳健，尤其是新业务价值和除税后经营溢利持续改善，以及净 盈利因资产管理亏损减少和人寿业务高增长而表现强劲。该行予中国平安"增持"评级，目标价为70港 元。 ...

摩根士丹利发表研究报告，预计中国平安第三季除税后经营溢利按年升8.1%，在相同基准下，今年首 九个月的增长率将升至5%。另外，由于股票市场利好及较高配置，第三季净盈利按年增长或达31%， 带动今年首九个月按年增长6%。另外，大摩预期会有较高的FYP增长，而利润率亦会适度改善，令第 三季的新业务价值增长45%，今年首九个月增长将升至42%。整体而言，该行预期中国平安第三季业绩 稳健，尤其是新业务价值和除税后经营溢利持续改善，以及净盈利因资产管理亏损减少和人寿业务高增 长而表现强劲。该行予中国平安"增持"评级，目标价为70港元。 ...