Core Viewpoint - China Ping An's stock price has shown a mixed performance in recent months, with a year-to-date increase of 10.35% but a decline over the last 20 and 60 days, indicating potential volatility in the market [1]. Group 1: Stock Performance - As of September 29, China Ping An's stock price rose by 2.01% to 56.33 CNY per share, with a trading volume of 2.369 billion CNY and a turnover rate of 0.40% [1]. - The company has experienced a net inflow of 196 million CNY from major funds, with significant buying activity from large orders [1]. - Year-to-date, the stock has increased by 10.35%, with a 2.14% rise over the last five trading days, but has seen declines of 3.73% over the last 20 days and 0.18% over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, China Ping An reported a net profit of 68.047 billion CNY, a year-on-year decrease of 8.81% [2]. - The company has distributed a total of 374.702 billion CNY in dividends since its A-share listing, with 133.997 billion CNY distributed in the last three years [3]. Group 3: Shareholder Information - As of June 30, 2025, China Ping An had 720,900 shareholders, a decrease of 9.74% from the previous period [2]. - The largest shareholder, Hong Kong Central Clearing Limited, holds 639 million shares, a reduction of 31.7802 million shares from the previous period [3].

Group 1 - The insurance sector stocks experienced significant gains, with New China Life Insurance rising by 6.84% to HKD 45.94, China Life Insurance increasing by 5.46% to HKD 22.4, China Pacific Insurance up by 4.6% to HKD 31.82, and Ping An Insurance rising by 2.96% to HKD 53.95 [1] - The National Financial Regulatory Administration reported that the insurance industry's premium income for January to August 2025 reached CNY 47,998 billion, reflecting a year-on-year growth of 9.6%, while the premium income for August alone was CNY 5,913 billion, showing a significant year-on-year increase of 35.6% [1] - In August, the life insurance premium income was CNY 4,644 billion, marking a year-on-year growth of 49.7%, driven by the "stop selling" effect catalyzed by the reduction in the preset interest rate; property insurance premium income was CNY 1,268 billion, with a modest year-on-year increase of 0.9% [1] Group 2 - CITIC Securities released a report indicating that the recent slight rise in long-term interest rates is beneficial for alleviating the pressure on insurance companies' asset allocation, and the current valuation levels excessively reflect the suppression of future investment returns due to low interest rates [1] - The report suggests that listed insurance companies are actively increasing their allocation to high-dividend strategies to hedge against the impact of declining interest rates on net investment returns, indicating a potential for valuation recovery in the context of stabilizing long-term interest rates [1] - The current valuation levels of listed insurance companies are still considered low, with sufficient long-term safety margins, suggesting that there is room for valuation recovery [1]

Core Viewpoint - The A-share market has seen a strong performance in insurance stocks, with notable increases in share prices for major companies such as China Life, China Pacific Insurance, and New China Life [1] Summary by Category Stock Performance - China Life (601628) increased by 3.30%, with a total market capitalization of 1,123.5 billion and a year-to-date decline of 4.10% [2] - China Pacific Insurance (601601) rose by 3.10%, with a market cap of 349.1 billion and a year-to-date increase of 9.62% [2] - New China Life (601336) saw a rise of 2.70%, with a market cap of 193.4 billion and a year-to-date increase of 28.60% [2] - China Insurance (601319) increased by 1.94%, with a market cap of 348.9 billion and a year-to-date increase of 5.98% [2] - Ping An Insurance (601318) rose by 1.83%, with a market cap of 1,018.2 billion and a year-to-date increase of 9.89% [2] Technical Indicators - The formation of a MACD golden cross signal indicates a positive trend in the stock prices of these insurance companies [2]

Group 1 - The A500ETF by Jiashi has a turnover rate of 3.57% and a transaction volume of 4.41 billion yuan, with an average daily transaction of 22.80 billion yuan over the past year as of September 26, 2025 [3] - The latest scale of A500ETF by Jiashi reached 116.54 billion yuan, with a net value increase of 18.59% over the past year as of September 26, 2025 [3] - The highest monthly return since inception for A500ETF by Jiashi was 11.71%, with the longest consecutive monthly gains being 4 months and a maximum gain of 22.93% [3] Group 2 - The top ten weighted stocks in the CSI A500 index as of August 29, 2025, include Kweichow Moutai, CATL, Ping An Insurance, and others, accounting for a total of 19.11% [4] - The individual weightings of the top stocks are as follows: Kweichow Moutai at 3.87%, CATL at 2.89%, and Ping An Insurance at 2.60% [6] - Investors without stock accounts can access the A500ETF Jiashi linked fund (022454) for exposure to the top 500 A-shares [6]

Core Viewpoint - The performance of the CSI 300 ETF managed by CICC shows a slight decline in opening price, while individual stocks within the ETF exhibit mixed results, indicating a volatile market environment [1] Group 1: ETF Performance - The CSI 300 ETF (510320) opened down by 0.90%, priced at 1.210 yuan [1] - Since its inception on April 16, 2025, the fund has achieved a return of 22.05%, with a monthly return of 2.22% [1] Group 2: Individual Stock Performance - Kweichow Moutai opened up by 0.31% [1] - Contemporary Amperex Technology Co. (CATL) increased by 1.56% [1] - China Ping An decreased by 0.07% [1] - China Merchants Bank fell by 0.07% [1] - Industrial Bank dropped by 0.30% [1] - Yangtze Power declined by 0.15% [1] - Midea Group rose by 0.31% [1] - Zijin Mining increased by 1.09% [1] - BYD fell by 0.27% [1] - East Money Information decreased by 0.08% [1]

Investment Rating - The report maintains a "Positive" investment rating for the non-bank financial sector [7]. Core Insights - Recent market enthusiasm remains high, with Q3 brokerage performance expected to continue its high growth trend. It is essential to reassess policies and regulations, focusing on the balance of investment and financing mechanisms. The financing balance and proportion have also reached new highs, warranting close monitoring of leverage risks and regulatory dynamics related to derivatives. In the insurance sector, the overall trend supports the logic of deposit migration, increased equity allocation, and improved new policy costs, leading to a higher certainty of mid-to-long-term ROE improvement and accelerated valuation recovery. The overall cost-effectiveness of investment is gradually increasing [2][4]. Summary by Sections Market Performance - The non-bank financial index decreased by 0.1% this week, with an excess return of -1.2% relative to the CSI 300. Year-to-date, the non-bank financial index has increased by 4.1%, with an excess return of -11.5% compared to the CSI 300 [5]. Brokerage Sector - The average daily trading volume in the two markets was 23,131.93 billion yuan, down 8.13% week-on-week. The margin financing balance increased to 2.44 trillion yuan, up 1.74% [39][44]. Insurance Sector - In July 2025, the cumulative premium income reached 42,085 billion yuan, a year-on-year increase of 6.75%. The life insurance sector saw a premium income of 31,153 billion yuan, up 7.34% year-on-year [22][23]. Recommendations - The report recommends stable dividend-paying stocks such as Jiangsu Jinzu, China Ping An, and China Pacific Insurance, which have strong market positions and business models. Additionally, it suggests considering New China Life, China Life, Hong Kong Stock Exchange, CITIC Securities, Dongfang Wealth, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation levels [4].

Core Viewpoint - The article emphasizes the importance of travel safety and the launch of the "Ping An Travel Safety Guardian Plan," which aims to provide comprehensive risk management and emergency support for travelers in China [1][6]. Group 1: Travel Trends and Risks - There is a growing preference among tourists for more autonomous and exploratory outdoor activities, leading to increased travel to remote areas [2]. - The "2024 Annual China Outdoor Adventure Accident Report" indicates that there were 335 outdoor adventure-related accidents, involving 1,126 people, resulting in 92 injuries, 84 deaths, and 11 missing persons [2]. Group 2: Emergency Response Capabilities - The "Ping An Travel Safety Guardian Plan" features a seamless emergency response mechanism that ensures rescue operations are initiated within 15 minutes of an incident report [2][3]. - The plan can mobilize helicopters, mountain rescue teams, and medical units to form a comprehensive rescue network, significantly reducing response times in emergencies [3][5]. Group 3: Risk Prevention and Compensation - The plan incorporates a proactive risk prevention mechanism that provides users with real-time safety information about their travel destinations, helping them avoid potential hazards [6]. - The compensation aspect of the plan addresses traditional insurance shortcomings by offering same-day payouts for claims under 10,000 yuan, broad coverage, and customizable add-on protection for high-risk activities [7][8]. Group 4: Medical Support Services - The plan integrates extensive medical support services, including 24/7 online consultations, home delivery of medications, and expedited access to quality medical resources [10][11]. - The medical service network includes partnerships with top hospitals and a team of approximately 50,000 medical professionals, ensuring comprehensive healthcare support for travelers [10][12]. Group 5: Overall Value Proposition - The "Ping An Travel Safety Guardian Plan" redefines the value of travel insurance by encompassing risk alerts, rapid rescue, efficient claims processing, and robust medical support, thereby enhancing the overall travel experience [12].

2025 年 09 月 28 日 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjg@swsresearch.com jinld@swsresearch.com 联系人 罗钻辉 (8621)23297818× luozh@swsresearch.com 申万宏源研究微信服务号 管局再提保险法修订,预贷 下调预期带动 8 月保费表现亮朗 -非银金融行业周报（2025/9/22-2025/9/26） 本期投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 简单金融 成就梦想 行业点评 图表目录 若研究我 券商：本周申万券商 II 指数收跌 0.18%，跑输沪深 300 指数 1.25pct。1) "9•24"一揽子政策 实施一周年，资本市场高质量稳增长态势巩固。根据中证报，截至 9 月 25 日，市场融资融券余额 为 24,443.66 亿元。今年以来 A 股市场有 4 个交易日单日成交额突破 3 万亿元，A 股总市值站上百 万亿元规模。8 月 A 股新增开户数 265.03 万户，环比增长 34.97%，同比增长 1 ...

2025年9月26日下午，由全球商报联盟、香港商报联合主办的2025全球商报经济论坛暨「金鲲鹏」中国财经价值榜颁奖盛典，在香港喜来登 酒店 宴会厅隆重 举行。 会上公布了2025「金鲲鹏」中国财经价值榜获奖公司及企业家名单， 中国平安 财产保险股份有限公司（以下简称"平安产险"或"公司"）在一众参选公司中 脱颖而出，最终斩获"最佳公司治理金融机构"奖项。 2025「金銀鵬」 中國財經價值榜 最佳公司治理金融機有 中國平安財產保險股份有限公司 生齡調視 香港高频 全球商服聯盟 2025 全球簡報經濟論壇 2025 查「金眼鵬」中國財經價值榜颁獎典禮 CHINA HEALTHERE VALLE PARKING 亚登陆海拔 (器) 全球商贸易影 卓越金融機構大獎 最佳RWA創新實踐與諮詢服務機構: 最佳金融服務機構: 管理有限公司 展 4 E 金 展公 控 F 伊奇娃面积 参考期期間 2025全球商報經濟論壇暨「金鯤鵬」中國財經價值榜頒獎典禮 全球商报经济论坛至今已举办七届。本届2025全球商报经济论坛暨「金鲲鹏」中国财经价值榜系列活动以"在世界变局中拥抱新机遇"为主题，旨在聚焦中国 经济发展新动能，展现具有代表性 ...

Group 1 - The core viewpoint of the news is that China Ping An has been awarded the "Best Practice in Internal Control for Listed Companies" for its integrated management practice in regulatory internal control [1][2] - Internal control is identified as a key management mechanism for enterprises to standardize operations, prevent risks, enhance management efficiency, and ensure the effective realization of strategic goals [1] - China Ping An has developed an integrated internal control management model characterized by clear positioning, efficient mode, and technology empowerment [1] Group 2 - The internal control practices of China Ping An exhibit three main characteristics: clear positioning, efficient mode, and technology empowerment [1] - The company’s internal control management acts as a "guardian" and "gatekeeper," focusing on risk management and compliance effectiveness [1] - The transition to a proactive management model allows for precise and controllable risk management, supported by key performance indicators such as external regulation conversion rate and control effectiveness [1] Group 3 - The event was organized by the China Association of Public Companies under the guidance of the Ministry of Finance and the China Securities Regulatory Commission, evaluating companies on their risk identification and internal control effectiveness [2] - China Ping An's achievements in internal control system construction have been highly recognized, showcasing advanced levels and industry influence [2] - The company aims to continuously improve its internal control and compliance management mechanisms to enhance risk prevention and operational efficiency [2]