Core Viewpoint - The article discusses the performance of deep value fund managers during different market conditions, highlighting their underperformance in the current bull market compared to growth-style fund managers, particularly in sectors like technology and innovation [4][20]. Group 1: Performance Comparison - In the past three years of bear markets, deep value fund managers performed relatively well, with many managing over 10 billion in assets [5]. - As of September 24, 2023, mainstream deep value fund managers like Xu Yan and Jiang Cheng had annual returns below 20%, while the average return of the CSI Active Equity Fund Index reached 34.11% [6][12]. - The article notes that deep value fund managers typically focus on low-valuation, stable companies, which leads to lower returns in bull markets but better performance in bear markets [14][19]. Group 2: Investment Philosophy - Deep value fund managers invest from an owner's perspective, focusing on long-term intrinsic value rather than short-term market fluctuations [16]. - They emphasize "quality and price," seeking high-quality companies that are undervalued due to market sentiment [17]. - Safety margins are crucial in their investment decisions, as they aim to protect against errors and downside risks [17][18]. Group 3: Market Trends and Strategies - The current bull market has favored growth-style funds, particularly those heavily invested in technology, with some achieving over 200% annual returns [7]. - Deep value fund managers often hold significant positions in traditional sectors like finance and real estate, which have underperformed in the current market [14][19]. - The article suggests that deep value funds should be considered for core portfolio allocations, especially for conservative investors [23][24]. Group 4: Selection Criteria - Not all low-valuation stocks represent deep value; some may belong to contrarian or cyclical strategies [29]. - Investors should focus on the stability of deep value fund managers' styles, as many have shifted towards growth or other strategies over time [36][38]. - The article advises that deep value funds can serve as a bottom-layer allocation in a diversified portfolio, balancing risk and return [24][26].

Core Viewpoint - The release of the "Guiding Opinions on Promoting the High-Quality Development of Health Insurance" by the China Banking and Insurance Regulatory Commission (CBIRC) is expected to benefit the long-term development of health insurance, improving the investment ecology for insurance funds in a persistently low interest rate environment. The implementation of new standards is anticipated to enhance the profitability elasticity of insurance companies as stock holdings increase [1][2]. Group 1: Policy Highlights - The policy supports the development of dividend-type long-term health insurance, allowing well-rated insurance companies to engage in this business, which has seen improvements in pricing standards and consumer protection [3]. - The introduction of "personal account-style long-term medical insurance" emphasizes the accumulation of personal funds to cover out-of-pocket expenses, aiming to alleviate financial pressure on residents' medical insurance funds [4]. - The policy encourages the development of commercial insurance payment functions to reduce the burden on basic medical insurance and support the innovation of drugs and medical devices [5]. Group 2: Industry Development Opportunities - The policy promotes data sharing and collaboration across industries to enhance the efficiency of commercial health insurance claims [6]. - Support is provided for health insurance companies to integrate health management services into their products, potentially creating a competitive advantage in the market [7][8]. - New opportunities are anticipated for long-term care insurance, with provisions for converting life insurance benefits into care expenses and addressing various care needs [9].

Core Viewpoint - The article discusses the analysis of the embedded value changes of listed life insurance companies for the first half of 2025, highlighting a 7.7% growth in embedded value, driven by various factors including expected returns and new business value creation [2][14]. Summary by Sections Embedded Value Changes - The embedded value of listed life insurance companies increased by 7.7% in the first half of 2025, with the expected return on the initial embedded value contributing 2.8%, new business value creation contributing 2.6%, investment return differences contributing 1.4%, and operational experience deviations contributing 0.83% [14][26]. ROEV Analysis - The overall Return on Embedded Value (ROEV) for listed life insurance companies was 6.3%, a decrease of 0.5 percentage points year-on-year. Companies like China Life, Ping An Life, and Taiping Life saw a decline in ROEV, while New China Life, AIA, and Sunshine Life experienced improvements [29][30]. Factors Influencing Embedded Value - The factors influencing the embedded value changes are ranked as follows: expected return on embedded value, new business value creation, investment return differences, operational experience deviations, and changes in assumptions and models [16][18]. Detailed Breakdown of Influencing Factors - **Expected Return on Embedded Value**: Averaged 2.8%, down 0.5 percentage points year-on-year, with most companies (except AIA) showing a decline [18]. - **New Business Value Creation**: Contributed 2.56%, down 0.2 percentage points year-on-year, with some companies like Ping An Life and New China Life showing improvements while others declined [18]. - **Operational Experience Deviations**: Averaged 0.83%, up 0.1 percentage points year-on-year, indicating positive impacts from actual operational experiences [23]. - **Investment Return Differences**: Averaged 1.4%, up 0.5 percentage points year-on-year, with most companies reporting positive deviations [26]. Company-Specific Insights - Sunshine Life reported the highest ROEV at 11.1%, followed by AIA at 8.6% and Ping An Life at 7.5% [30].

9月29日，平安人寿正式发布"平安六境 基业长青"平安家族办公室品牌。该品牌整合财富管理、健康守 护、养老规划、文化娱乐、家族传承与社会公益六大维度，旨在为客户提供全方位、一站式、定制化的 服务方案。平安人寿表示，将充分发挥其在保险保障与资源整合协同等方面的专业实力，依托平安集 团"综合金融+医疗养老"生态圈，打造独具优势的平安家族办公室服务体系，助力客户家业长青。为推 动家办服务落地，平安人寿成立"平安家办名人堂"，选拔来自各分支机构的200名顶尖保险康养顾问作 为一线家办服务精英 ，为客户提供定专业家办服务。 Pattle Village PINGAN . e . 0 ", 0 0 . 0 c g o o ● 0 e . ● 9 e 变业 - 行业 平安家族办公室 名人堂成员 百度协 白家 定城 际 : 10 12 19 19 JULY 平安人寿副董事长兼副总经理蔡霆、个险事业部销售支持部总监李冠如、平安家办名人堂代表及首批签 约客户代表等嘉宾出席发布活动。 ...

平安人寿副董事长兼副总经理蔡霆、个险事业部销售支持部总监李冠如、平安家办名人堂代表及首批签约客户代表等嘉宾出席发布活动。 9 月 29 日，平安人寿正式发布"平安六境 基业长青"平安家族办公室品牌。该品牌整合财富管理、健康守护、养老规划、文化娱乐、家族传 承与社会公益六大维度，旨在为客户提供全方位、一站式、定制化的服务方案。平安人寿表示，将充分发挥其在保险保障与资源整合协同等方 面的专业实力，依托平安集团"综合金融 + 医疗养老"生态圈，打造独具优势的平安家族办公室服务体系，助力客户家业长青。为推动家办服 务落地，平安人寿成立"平安家办名人堂"，选拔来自各分支机构的 200 名顶尖保险康养顾问作为一线家办服务精英 ，为客户提供定专业家办 服务。 中国平安 e PING AN @ @ a � e 0 ● @ @ � o 9 ● 专业 - 价值 平安索族办公室 名人堂成员 C 流江 金號群 北京 18 - TH 01 7 7 0 and Common ...

中国平安子公司"将帅"齐调整，涉及平安产险、平安好医生（1833.HK）两家子公司。 日前，21世纪经济报道记者从知情人士处独家了解到，平安产险上海分公司党委书记、总经理苏东已调 任平安好医生，担任平安好医生副总经理。据悉，平安集团体系内部已正式任命苏东为副总经理。 与此同时，记者还独家了解到，原平安产险重庆分公司总经理何莹接替苏东，出任平安产险上海分公司 总经理，目前何莹已赴上海履新。 记者查询天眼查、企查查等第三方平台发现，中国平安财产保险股份有限公司上海分公司的法定代表 人/负责人，早在2025年8月26日已由苏东变更为何莹。 上述人事变动后，平安健康于10月7日发布公告称，委任郭晓涛为董事会主席，委任何明科为首席执行 官、执行董事，自本公告之日起生效。同时，平安好医生董事会接受李斗因个人工作安排原因，辞任董 事会主席、执行董事、首席执行官的请求。 此次履新的苏东是一位平安"老将"，在平安产险供职已超30年。公开信息显示，他早在1994年末便加入 平安产险深圳分公司，从业务员逐步晋升至部门经理、分公司副总经理；此后，苏东历任厦门分公司副 总经理、福建分公司总经理，后又调任至浙江分公司。 2016年起，苏 ...

中国平安子公司"将帅"齐调整，涉及平安产险、平安好医生（1833.HK）两家子公司。日前，记者从知 情人士处了解到，平安产险上海分公司党委书记、总经理苏东已调任平安好医生，担任平安好医生副总 经理。据悉，平安集团体系内部已正式任命苏东为副总经理。与此同时，记者还独家了解到，原平安产 险重庆分公司总经理何莹接替苏东，出任平安产险上海分公司总经理，目前何莹已赴上海履新。（21世 纪经济报道） ...

21世纪经济报道记者曹媛深圳报道 中国平安子公司"将帅"齐调整，涉及平安产险、平安好医生（1833.HK）两家子公司。 经历一番人事变动后，目前平安好医生的高管团队主要包括：董事会主席郭晓涛，首席执行官、执行董事何明科，副总经理苏东，执行副总裁兼首席财务官 臧珞琦，资深副总裁兼首席技术官贺立权等。 此次履新的苏东是一位平安"老将"，在平安产险供职已超30年。公开信息显示，他早在1994年末便加入平安产险深圳分公司，从业务员逐步晋升至部门经 理、分公司副总经理；此后，苏东历任厦门分公司副总经理、福建分公司总经理，后又调任至浙江分公司。 2016年起，苏东开始担任平安财险浙江分公司总经理，据媒体报道，他曾带领浙江分公司成为全国第四家保费规模突破百亿的机构，2019年保费收入达 141.5亿元，市场排名第二；此后他又从浙江分公司调任上海分公司，直至此次调任平安好医生。 从苏东的工作履历看，他无疑是一个从基层起步、管理经验丰富的"老将"。从平安好医生近来的人事变动看，平安集团内部将"精兵强将"调至平安好医生， 同时"空降"外部人才，如近期履新的首席执行官、执行董事何明科，曾任58同城联席总裁、百度集团资深副总裁等。 ...

Core Viewpoint - The performance of the Hu-Shen 300 ESG ETF (561900) shows a mixed trend among its major holdings, with some stocks experiencing gains while others decline, reflecting the current market volatility [1] Group 1: ETF Performance - As of the midday close on October 9, the Hu-Shen 300 ESG ETF (561900) increased by 1.54%, priced at 0.990 yuan, with a trading volume of 247,200 yuan [1] - Since its inception on July 6, 2021, the fund has reported a return of -2.42%, while the return over the past month is 3.54% [1] Group 2: Major Holdings Performance - Among the major holdings, Kweichow Moutai decreased by 1.11%, China Merchants Bank fell by 0.79%, while Contemporary Amperex Technology Co. (CATL) rose by 3.91% [1] - Other notable movements include: Yangtze Power up by 0.62%, Industrial Bank down by 0.40%, Midea Group down by 0.89%, BYD up by 2.12%, Industrial and Commercial Bank of China down by 0.27%, Wuliangye down by 0.89%, and Ping An Insurance down by 0.49% [1]

Core Insights - Ping An Good Doctor has announced a leadership change, with Mr. Li Dou resigning as Chairman, Executive Director, and CEO, and Mr. Guo Xiaotao taking over as Chairman while Mr. He Mingke is appointed as CEO [1][4][5] Management Transition - The transition of management is smooth and orderly, indicating a mature governance mechanism within the company [5] - Mr. Guo Xiaotao's extensive experience in various key positions within the Ping An Group positions him well to enhance the synergy between financial and healthcare services [4] - Mr. He Mingke's diverse background in consulting, investment, internet, and healthcare aligns with the company's current needs as it shifts from expansion to quality improvement [4] Business Performance - The company is entering a phase of accelerated profitability, having achieved revenue and profit growth in the first half of 2025, with a 35.1% year-on-year increase in paid users to 24 million [8] - The quality of profitability is improving fundamentally, with AI-assisted consultation accuracy reaching approximately 98% and multi-disciplinary consultation accuracy nearing 80% [8] - AI technology has significantly enhanced operational efficiency, with daily consultation capacity reaching 4 million and a 52% reduction in average service costs for family doctors [8] Investment Logic - The investment logic for Ping An Good Doctor is transitioning from "concept premium" to "value discovery," as evidenced by its successful business model and user growth [11] - The deep application of AI technology is creating a solid competitive barrier, supported by extensive data accumulation and algorithm optimization [11] - The company has launched a comprehensive AI application system, enhancing its smart healthcare capabilities and service offerings [11][13] Market Position - The Chinese healthcare market is entering a golden development period driven by aging population, health consumption upgrades, and policy support [16] - Ping An Good Doctor's unique "AI + healthcare" model and improving profitability position it favorably in this market [16] - Despite recent stock performance, the company's valuation remains attractive relative to its growth potential in the digital healthcare sector [13][16]