未尽事项按金融监管总局有关规定办理。 二、中国平安人寿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4日，四川金融监管局发布批复称，《关于中国平安（601318）人寿保险股份有限公司都江堰 支公司营业场所变更的请示》(平保寿川分发〔2025〕360号)收悉。经审核，现批复如下： 一、同意中国平安人寿保险股份有限公司都江堰支公司将营业场所变更为：四川省成都市都江堰市都江 堰大道376号附601号、附602号、附603号、附604号。 ...

Core Insights - Ping An Life Insurance has reported a total of 4.958 million claims with a total payout amount of 41.51 billion yuan in 2025, achieving a claim approval rate of 99.2% and the fastest single claim payout in just 8 seconds [1][2] Group 1: Claims and Payouts - The company has accelerated its transition from "post-compensation" to "prevention and care" in the insurance industry, emphasizing the importance of the claims process as a key touchpoint for customer experience [1] - In 2025, the "111 Fast Claim" service has improved, with 93% of automated claims being processed within 60 seconds, and a total payout of 4.49 billion yuan through this service [2] - The total medical claims reached 4.576 million cases with a payout amount of 11.72 billion yuan, highlighting the company's commitment to providing timely financial support to customers [3] Group 2: Major Claim Categories - Critical illness claims accounted for over 50% of total payouts, with 261,000 claims totaling over 20.86 billion yuan, primarily driven by cancer claims [3] - Death and disability claims totaled 121,000 cases with a payout amount of 8.93 billion yuan, where 70% of these claims were due to illnesses [4] Group 3: Customer-Centric Initiatives - The company has demonstrated a proactive approach in claims processing, with instances of initiating claims on behalf of customers, thereby enhancing customer service [5] - In response to natural disasters, the company activated rapid response protocols 118 times in 2025, showcasing its commitment to social responsibility and customer support during crises [6]

Group 1 - The insurance sector experienced a decline, with China Pacific Insurance and Ping An Insurance both dropping over 2% [1][2]

Summary of Ping An Bank Conference Call Company Overview - **Company**: Ping An Bank - **Industry**: Banking and Financial Services Key Points and Arguments Credit Structure Adjustment - Ping An Bank is shifting its credit focus from high-yield, high-risk assets to medium-yield assets, particularly in retail lending, where consumer loan and credit card rates are decreasing while mortgage rates remain stable. Overall yield is experiencing a gradual decline [2][3][9] Deposit Cost Management - The bank is actively controlling deposit costs by reducing high-cost deposits and increasing the proportion of demand deposits to improve deposit structure. This strategy is expected to stabilize the loan growth rate in 2026, with a slight increase anticipated [2][7] Loan Growth and Yield Outlook - For 2026, Ping An Bank expects loan yields to face downward pressure but aims to stabilize margins through optimized funding costs. New loan rates may slightly decline due to macroeconomic factors affecting consumer income and spending [2][8][20] Risk Management - The bank maintains a low Loan-to-Value (LTV) ratio for mortgages, ensuring strong collateral and asset quality control. Risks associated with consumer loans and credit cards have been significantly cleared, allowing for better risk management in retail lending [2][10] Credit Cost Stability - Credit costs are expected to remain stable in 2026, with a consistent provision coverage ratio. The bank plans to maintain a sufficient loan-to-provision ratio to manage future risks effectively [2][12] Retail Business Recovery - Since Q4 2025, the recovery trend in retail business has continued, with sustained investment in mortgages and medium-yield assets while reducing high-risk assets. The bank aims for a dual recovery in revenue and performance in 2026 [4][20] Corporate Lending Strategy - Corporate lending will focus on sectors such as real estate, infrastructure, and energy, with a slight decrease in growth expected. The bank will prioritize risk control in the retail sector due to a weak consumer environment [6][20] Macro Economic Outlook - Ping An Bank holds an optimistic view of the macroeconomic environment for 2026, anticipating that government policies will effectively stimulate economic recovery and consumer spending [8][20] Non-Interest Income and Insurance Business - The bank's insurance business is a strategic focus, contributing approximately 30-40% of wealth management income. The bank expects continued growth in this area, enhancing overall revenue support [4][12][13] Future Asset Growth and Dividend Policy - The bank does not have a specific growth target for 2026 but aims for stability in corporate lending while maintaining a dividend payout ratio of around 27% [16][17] Medium-Yield Asset Development - Ping An Bank is committed to developing medium-yield assets as a key product to improve risk management and meet customer needs, with a target of 30 billion yuan for 2025 and ongoing discussions for 2026 [17] Overseas Business Development - Currently, Ping An Bank operates a branch in Hong Kong focused on cross-border financing, with plans to maintain a light business model and prioritize retail banking in the long term [18][19] Performance Expectations for 2026 - The bank anticipates a phase of performance recovery in 2026, aiming for improved revenue and profitability compared to the previous two years, although quarterly performance will need to be monitored closely [20]

个股方面，1月9日，有1778只个股获融资净买入，净买入金额在5000万元以上的有163股。其中，68股 获融资净买入额超1亿元。中国平安获融资净买入额居首，净买入11.37亿元；融资净买入金额居前的还 有金风科技、中际旭创、昆仑万维、中信证券、信维通信、先导智能等。 Wind统计显示，1月9日，申万31个一级行业中有18个行业获融资净买入，其中，国防军工行业获融资 净买入额居首，当日净买入20.07亿元；获融资净买入居前的行业还有计算机、电力设备、传媒、银 行、非银金融等。 ...

Summary of Key Points Core Viewpoint - On January 9, a total of 3,760 A-shares received financing funds for purchase, with 777 stocks having purchase amounts exceeding 100 million yuan [1] Group 1: Financing Purchase Amounts - The top three stocks by financing purchase amount were Zhongji Xuchuang, Jin Feng Technology, and Xinwei Communication, with amounts of 3.517 billion yuan, 2.654 billion yuan, and 2.516 billion yuan respectively [1] - Six stocks had financing purchase amounts accounting for over 30% of the total transaction amount for the day [1] Group 2: Financing Purchase Proportions - The stocks with the highest financing purchase amount as a percentage of total transaction amount were Hanbang Technology, Jiyuan Group, and Modern Investment, with proportions of 42.51%, 33.43%, and 32.75% respectively [1] Group 3: Net Financing Purchases - A total of 68 stocks had net financing purchases exceeding 100 million yuan [1] - The top three stocks by net financing purchase amounts were China Ping An, Jin Feng Technology, and Zhongji Xuchuang, with net purchases of 1.137 billion yuan, 949 million yuan, and 541 million yuan respectively [1]

Group 1 - Anta Sports-R (82020), Tencent Holdings-R (80700), and Geely Automobile-R (80175) have the highest short-selling ratios at 100.00%, 90.92%, and 80.03% respectively [1][2] - Meituan-W (03690), Alibaba-W (09988), and Tencent Holdings (00700) lead in short-selling amounts, with 1.554 billion, 1.440 billion, and 1.253 billion respectively [1][2] - Tencent Holdings-R (80700), China Wangwang (00151), and Country Garden (02007) have the highest deviation values at 45.18%, 36.17%, and 33.66% respectively [1][2] Group 2 - The top short-selling amounts are led by Meituan-W (03690) at 1.554 billion, followed by Alibaba-W (09988) at 1.440 billion, and Tencent Holdings (00700) at 1.253 billion [2] - The top short-selling ratios include Anta Sports-R (82020) at 100.00%, Tencent Holdings-R (80700) at 90.92%, and Geely Automobile-R (80175) at 80.03% [2] - The highest short-selling deviation values are observed in Tencent Holdings-R (80700) at 45.18%, China Wangwang (00151) at 36.17%, and Country Garden (02007) at 33.66% [2][3]

Group 1 - The announcement pertains to the address change of China Ping An Property Insurance Co., Ltd., Tianjin Hangu Branch [1] - The previous address was located at 5th Floor, No. 77, Xinkai Middle Road, Zhaishang Street, Binhai New Area, Tianjin [1] - The new address remains the same as the previous one, indicating no actual relocation [1]

Group 1 - The settlement interest rates for 2025 have been announced, applicable only for that year and do not represent future investment returns [2] - The next announcement date for the settlement interest rates is January 9, 2027 [3] - The annualized interest rates for the exclusive commercial pension insurance products are approximately 2.700% for the conservative type and 3.000% for the progressive type [4]

Core Viewpoint - On January 9, the Hang Seng Index rose by 0.32%, with southbound funds totaling HKD 111.39 billion in trading volume, resulting in a net inflow of HKD 6.81 billion [1] Group 1: Southbound Trading Activity - The total trading volume for southbound funds was HKD 111.39 billion, with buy transactions amounting to HKD 59.10 billion and sell transactions at HKD 52.29 billion, leading to a net buy of HKD 6.81 billion [1] - The Hong Kong Stock Connect (Shenzhen) recorded a total trading volume of HKD 44.30 billion, with net buying of HKD 5.15 billion, while the Hong Kong Stock Connect (Shanghai) had a trading volume of HKD 67.08 billion and a net buy of HKD 1.66 billion [1] Group 2: Active Stocks - Alibaba-W had the highest trading volume among southbound funds at HKD 99.89 billion, but experienced a net sell of HKD 26.22 billion, despite a closing price increase of 2.73% [1] - Tencent Holdings saw a net buy of HKD 14.12 billion, with a closing price decrease of 0.81%, while Xiaomi Group-W had a net buy of HKD 8.70 billion [1] - Kuaishou-W recorded a net buy of HKD 7.76 billion, and Meituan-W and China Mobile faced net sells of HKD 3.67 billion and HKD 3.11 billion, respectively [1] Group 3: Continuous Net Buying - Xiaomi Group-W and Tencent Holdings were the only two stocks with continuous net buying for more than three days, with Xiaomi Group-W having a total net buy of HKD 55.53 billion over seven days, and Tencent Holdings with HKD 42.31 billion over three days [2]