Core Viewpoint - The trend of insurance capital "shareholding" is expected to continue into 2026, driven by the focus on high dividend stocks and the need for long-term equity investments to enhance return on equity (ROE) [2][18]. Group 1: Recent Trends in Insurance Capital Shareholding - In 2025, insurance capital shareholding reached 41 instances, a significant increase from 20 in 2024, marking a new high in the past decade [2][3]. - The current wave of shareholding differs from the past, as it is influenced by a low interest rate environment and the need for stable cash returns through high dividend stocks [5][14]. - Analysts indicate that the demand for high dividend and high ROE stocks will persist, suggesting that the shareholding trend will continue [18]. Group 2: Characteristics of the Current Shareholding Wave - The shareholding activities are more diversified compared to previous years, with "Ping An" leading with 15 instances, primarily targeting bank and insurance stocks [11][12]. - Bank stocks were the most favored, being targeted 17 times, accounting for 41.5% of total shareholding instances in 2025 [13][14]. - The average dividend yield of the targeted companies was approximately 5.0%, higher than previous waves, indicating a preference for high-yield investments [15]. Group 3: Investment Strategies and Regulatory Environment - The new accounting standards implemented in 2023 require insurance companies to choose between FVTPL and FVOCI for stock investments, influencing their investment strategies [6][7]. - The regulatory environment has encouraged long-term capital market participation, enhancing the attractiveness of shareholding for insurance companies [7][18]. - The investment strategy includes a focus on high ROE assets, particularly state-owned enterprises with stable business models, to improve the overall ROE of insurance capital [17].

证券日报网讯 1月13日，中国平安在互动平台回答投资者提问时表示，公司于2025年3月19日召开第十 三届董事会第七次会议，审议通过了《关于注销回购A股股份、减少注册资本并相应修订〈公司章程〉 的议案》，并于2025年9月完成了对102592612股A股股份的注销。公司高度重视股东回报，一直在寻找 对市值管理最佳的平衡，回购和分红都是股东回报的重要组成部分，目前来看，绝大部分投资者更重视 现金分红，公司现金分红水平已经超过10年保持上涨。公司将保持稳定、一致的分红政策。 （编辑 任世碧） ...

Core Viewpoint - The Ping An Group, as the largest shareholder of Huaxia Happiness, has initiated legal arbitration against Huaxia Holdings and its actual controller Wang Wenxue, claiming a compensation of 6.4 billion yuan due to unmet performance guarantees from a 2018 investment agreement [1][16]. Group 1: Background of the Investment - In 2018, Huaxia Happiness was expanding rapidly and needed capital, while Ping An was looking for quality real estate investments, leading to a partnership [2][3]. - The partnership involved two rounds of share transactions, with Ping An acquiring a total of 25.25% of Huaxia Happiness through investments exceeding 17.9 billion yuan [4]. - The investment included strict performance guarantees, requiring Huaxia Happiness to achieve specific net profit growth rates for 2018, 2019, and 2020 [4][5]. Group 2: Performance and Consequences - Huaxia Happiness met the profit targets for 2018 and 2019 but failed dramatically in 2020, achieving only 36.65 billion yuan against a target of 180 billion yuan, triggering compensation clauses [5][6]. - The failure to meet performance targets led to a prolonged delay in Ping An's compensation claims, which were not pursued until five years later [7][16]. Group 3: Changes in Shareholding and Governance - Following the 2020 performance failure, Huaxia Happiness faced a liquidity crisis, leading to a shift in shareholding dynamics where Ping An became the largest shareholder [8]. - Despite being the largest shareholder, Ping An's influence in governance diminished, with its representatives often sidelined in decision-making processes [9][10]. - In late 2025, Ping An attempted to regain governance control through five proposals, all of which were rejected by Huaxia Happiness's board [12][13][14]. Group 4: Legal Actions and Current Developments - After the rejection of its proposals, Ping An escalated the situation by filing for arbitration to claim the 6.4 billion yuan in compensation, intertwining the legal dispute with ongoing governance issues [16].

Market Performance - The Hang Seng Index increased by 239.99 points, a rise of 0.9%, closing at 26,848.47 points [1] - The total turnover for the day on the main board was HKD 315.92 billion [1] - The National Enterprises Index rose by 65.33 points, closing at 9,285.41 points, with a gain of 0.71% [1] - The Hang Seng Tech Index saw a slight increase of 6.59 points, closing at 5,869.79 points, reflecting a gain of 0.11% [1] Blue-Chip Stocks - Tencent Holdings rose by 0.72%, closing at HKD 627.5 [1] - Hong Kong Exchanges and Clearing increased by 1.31%, closing at HKD 431.8 [1] - China Mobile decreased by 0.25%, closing at HKD 80.95 [1] - HSBC Holdings rose by 1.85%, closing at HKD 126.4 [1] Local Hong Kong Stocks - Cheung Kong Holdings fell by 0.19%, closing at HKD 42.56 [1] - Sun Hung Kai Properties increased by 1.22%, closing at HKD 107.9 [1] - Henderson Land Development rose by 2.99%, closing at HKD 31.72 [1] Chinese Financial Stocks - Bank of China increased by 0.9%, closing at HKD 4.48 [1] - China Construction Bank rose by 1.17%, closing at HKD 7.81 [1] - Industrial and Commercial Bank of China increased by 0.96%, closing at HKD 6.3 [1] - Ping An Insurance rose by 2.19%, closing at HKD 70 [1] - China Life Insurance increased by 3.51%, closing at HKD 33 [1] Oil and Petrochemical Stocks - Sinopec increased by 0.65%, closing at HKD 4.65 [1] - PetroChina rose by 1.36%, closing at HKD 8.22 [1] - CNOOC increased by 2.58%, closing at HKD 21.48 [1]

Group 1 - Shenzhen's "14th Five-Year Plan" proposes the establishment of five "centers" to guide the next phase of economic and social development [1] - The 9th Shenzhen Business Convention emphasizes the theme of "Encountering the Future of Chinese Enterprise Thought," focusing on key issues such as industrial innovation, technological breakthroughs, ecological construction, and social responsibility [1][3] - Entrepreneurs shared insights on how technology empowers industrial upgrades, reflecting on the achievements of the China Entrepreneur Club over the past 20 years and analyzing industry trends for the "14th Five-Year" period [3] Group 2 - AI is identified as a key driver of future economic growth, transitioning from concept to deep industrialization amid increasing global technological competition [3][5] - The founder of iFlytek, Liu Qingfeng, highlights the rapid arrival of the era of general artificial intelligence, which is fundamentally reshaping industrial forms [5] - By 2025, over 40% of the 203 new unicorn companies will be closely related to AI, with a projected 1000-fold increase in China's per capita token model consumption by the end of 2025 [5] Group 3 - The wealth management market in China is expected to grow significantly, with household assets projected to reach 440 trillion by 2030, indicating a structural change in financial markets [6] - The medical services market is anticipated to reach 30 trillion by 2030, with personal out-of-pocket medical expenses accounting for approximately 27% of total medical costs in 2024 [6] - The future of insurance is seen as a crucial payment method for healthcare, presenting significant growth opportunities for insurance companies [6] Group 4 - Financial services should focus on supporting the real economy, with financial technology driving upgrades in industrial chain finance [7] - The CEO of BGI emphasizes the importance of core technology in the life and health industry, advocating for the integration of cutting-edge technologies into everyday life [7] Group 5 - The ESG (Environmental, Social, and Governance) concept is becoming a vital guideline for high-quality corporate development, with a focus on sustainable practices [9] - Shenzhen entrepreneurs are recognized for their commitment to ESG principles, which align with the spirit of innovation and responsibility inherent in the Shenzhen business community [9][10] - The Shenzhen business community aims to balance economic benefits with social responsibility, fostering sustainable development through various initiatives [10]

Core Viewpoint - Shenzhen United Property Exchange Co., Ltd. is being put up for sale, with China Ping An planning to divest its 34% stake after holding it for 8 years [1][6] Group 1: Share Transfer Details - The 17 million shares (34% of total equity) of Shenzhen United Property Exchange are listed for sale at a price of 408 million yuan, with a deposit of 81.6 million yuan, and the listing period is 10 working days [1][10] - As of now, the listing has received "0 attention and 100 views" [1] - The major shareholders include Shenzhen Trading Group Co., Ltd. (45%), Shenzhen Innovation Investment Group Co., Ltd. (16%), and others [1][2] Group 2: Shareholder Information - The three shareholders planning to transfer their shares are not state-owned: Fintech Technology (Shenzhen) Co., Ltd. (15%), Qianhai Lianliang Investment Co., Ltd. (10%), and Ping An Financial Technology Consulting Co., Ltd. (9%) [2][4] - Fintech Technology (Shenzhen) Co., Ltd. is a wholly-owned subsidiary of China Property Platform Holdings (Group) Co., Ltd. [2] - Qianhai Lianliang Investment Co., Ltd. is a wholly-owned enterprise under Ping An Financial Technology Consulting Co., Ltd. [2] Group 3: Financial Performance - As of November 30, 2025, Shenzhen United Property Exchange reported revenues of 142 million yuan and a net profit of 61.77 million yuan, with total assets of 3.376 billion yuan and total liabilities of 2.278 billion yuan [7][8] - The company was established with a registered capital of 500 million yuan and has been recognized as a AAA-level credit enterprise by the China State-owned Assets Supervision and Administration Commission [7][8] Group 4: Market Context - The transfer of shares is described as a routine financial investment arrangement by China Ping An [6] - The potential buyers must meet specific criteria, including being a legally registered entity in China with a net asset of no less than 10 million yuan [6]

瑞银发表报告指，内险企业今年以来开门红销售强劲，在吸收存款转移机会中处有利位置，基于相对吸 引的分红保单收益率、仍然低企的风险胃纳及退休需求增长与承继计划，认为银保渠道自然地受惠于有 关机遇。该行指，中国平安目前拥有约2万非平安银行销售点，公司今年将提升销售点渗透及生产力。 纵使产品定价利率去年8月下调，对盈利率的积累影响有限，基于公司已转向利率敏感度低的分红保单 产品。该行予中国平安"买入"评级，目标价为88港元。 ...

另外，该行预期友邦保险(01299)多数关键指标在去年第四季将呈现持续改善的趋势，并维持对新业务 价值健康增长的预期。 智通财经APP获悉，摩根士丹利发布研报称，预期2026年将是内险股再次跑赢大市的一年，主要驱动因 素包括强劲的销售增长、更佳的业务质量以及有利的投资环境，预期监管政策、利率走势及市场投资情 绪将是追踪行业整体表现的主要催化剂，相信行业估值有上升空间。 另外，内险股将于下月发布业绩预告，3月底及4月底分别发布去年度及今年首季业绩，大摩认为均是追 踪该板块上行周期的重要催化剂，预测中国平安(02318) 今年首季新业务价值增长将非常强劲，去年全 年业绩则预计符合市场预期。大摩又相信，中国人寿(02628)将于本月底发布年度业绩预告，为市场带 来轻微的惊喜。 ...

Core Viewpoint - Morgan Stanley reaffirms a positive outlook on the insurance industry, highlighting a potential "Davis Double" opportunity for valuations, with a strong recommendation for China Ping An [1] Group 1: Market Conditions - Strong premium growth, continuous improvement in business quality, and a favorable investment environment are expected to support the upward trend in insurance company stock prices [1] - Market concerns regarding interest spread loss risks may further ease [1] Group 2: Capital Inflows - Insurance funds are continuously flowing into the stock market, with capital conditions requiring close monitoring [1] - In 2025, insurance companies are expected to increase stock market allocations as per regulatory requirements, with new inflows projected to exceed 1 trillion RMB [1] - A similar situation is anticipated for 2026 [1] Group 3: Regulatory Environment - An adjustment in solvency rules is another focus for this year, with potential further relaxation of equity investment capital consumption and solvency rules under a favorable regulatory environment [1]

一、同意中国平安财产保险股份有限公司烟台市牟平支公司营业场所变更为：烟台市牟平区新城大街 818号辰光装饰综合楼2楼202室。 二、中国平安财产保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 2026年1月6日，国家金融监督管理总局烟台监管分局发布批复称，《关于变更中国平安财产保险股份有 限公司烟台市牟平支公司营业场所的请示》（平保产鲁分发〔2025〕102号）收悉。经审核，现批复如 下： ...