Report Industry Investment Rating No relevant content provided. Core Viewpoints - This week, the trading behavior of various institutions was generally subdued. Only large banks showed a firm willingness to buy interest rate bonds with maturities of less than 3Y and 5 - 7Y, while funds were keen on buying credit bonds with maturities of less than 3Y. Large banks' cumulative net purchase of interest rate bonds reached 141.4 billion yuan this week, the highest weekly net purchase scale in the past year. Funds' net purchase of credit bonds was 3.4 billion yuan, the third - highest since August [10]. - Looking ahead, attention should be focused on the recovery of allocation power. For banks, the easing of government bond supply pressure in the fourth quarter may boost large banks' purchasing power. For insurance companies, after the reduction of product predetermined interest rates, the slowdown of liability - side expansion may be a long - term trend, and the "rush to allocate" situation in previous years may not be repeated in the fourth quarter [10]. Summary by Directory 1. Overall Sentiment: Bond Market Vitality Index Declined Slightly - The bond market vitality index was compiled based on the historical quantile levels of bond market leverage ratio, turnover rate, bond fund duration, and implied tax rate of China Development Bank bonds since 2022 and their correlation coefficients with bond market trends. As of October 24, the bond market vitality index dropped 4 pcts to 15% compared with October 17, and the 5D - MA dropped 1 pct to 24% [11]. - Indicators of rising bond market vitality included the implied tax rate of 10 - year China Development Bank bonds (inverse) and the excess level of the inter - bank bond market leverage ratio compared with the average of the past four years. Indicators of declining vitality included the trading volume of active 10Y China Development Bank bonds / the balance of 9 - 10Y China Development Bank bonds, the turnover rate of 30Y treasury bonds, and the median duration of medium - and long - term pure bond funds [13][14]. 2. Institutional Behavior: Current Institutional Behavior is Generally Subdued, Pay Attention to Allocation Power in the Future 2.1. Buying and Selling Strength and Bond Type Selection: Large Banks Continuously Buy Short - Term Bonds, Funds Focus on Credit Bonds - In the current bond market, the order of net buying strength was money market funds > funds > large banks > wealth management > securities firms > others > insurance > other product types > foreign banks, and the order of net selling strength was joint - stock banks > city commercial banks > rural financial institutions. For ultra - long - term bonds (bonds with a maturity of more than 15Y), the order of net buying strength was insurance > other product types > funds > wealth management > others, and the order of net selling strength was large banks > city commercial banks > joint - stock banks > rural commercial banks > securities firms > foreign banks [22]. - On different trading days from October 20 to 24, the buying and selling behaviors of various institutions varied. For example, on October 20, when the bond market fell across the board, large banks mainly bought interest rate bonds with maturities of less than 1Y, and funds mainly bought 7 - 10Y interest rate bonds, 1 - 3Y credit bonds, etc. [22][23]. - Based on the net purchase volume of bonds and historical quantiles, the main bond types of various institutions were as follows: large banks focused on interest rate bonds with maturities of less than 1Y, 1 - 3Y, and 5 - 7Y; rural commercial banks focused on other bonds with maturities of 3 - 5Y; insurance focused on 1 - 3Y credit bonds; funds focused on 1 - 3Y credit bonds; wealth management focused on interest rate bonds with maturities of less than 1Y and 1 - 3Y; other product types focused on credit bonds with maturities of less than 1Y [28]. 2.2. Trading Portfolio: The Durations of Credit and Interest Rate Bond Funds Continued to Decline, while the Durations of High - Performing Bond Funds Stabilized - As of October 24, the mean and median durations of the full - sample medium - and long - term pure bond funds decreased by 0.12 years and 0.11 years respectively compared with October 17. Among them, the median durations of pure interest rate bond funds, interest rate bond funds, and credit bond funds decreased by 0.19 years, 0.17 years, and 0.08 years respectively. The median durations of high - performing interest rate bond funds and credit bond funds increased by 0.00 years and 0.05 years respectively [38][42]. 2.3. Allocation Portfolio: Large Banks Concentrated on Buying Interest Rate Bonds with Maturities of Less than 3Y - **Differentiated Primary Subscription Demand for Treasury Bonds and Policy - Financial Bonds, and Differentiated Demand for Ultra - Long - Term Bonds**: This week, the weighted average full - subscription multiples of treasury bonds and policy - financial bonds changed. The weighted average full - subscription multiples of 10Y and above treasury bonds and policy - financial bonds also showed different trends [56]. - **Large Banks: Constraints on Bond Allocation May Ease**: In the fourth quarter, the supply pressure of ultra - long - term bonds is expected to be lower than that in the second and third quarters, and interest rate risk indicators are mostly assessed at the end of the month or quarter. Therefore, the constraints on large banks' bond allocation may ease. In terms of short - term treasury bond trading, large banks' net buying of 1Y and below treasury bonds has been higher than that of the same period last year since June, and the cumulative net buying of 1 - 3Y treasury bonds as of October 24 has reached 845.3 billion yuan [63]. - **Rural Commercial Banks: Weak Bond - Buying Power, Emphasizing Long - Term Bonds over Short - Term Bonds**: This year, the cumulative net purchase of bonds by rural commercial banks has been significantly weaker than in previous years, mainly due to the weak net purchase of short - term bonds with maturities of less than 1Y. However, the net purchase of 7 - 10Y and 10Y + bonds has been significantly higher than in previous years [76]. - **Insurance: The Acceleration of Government Bond Issuance Helps Insurance Deploy Ultra - Long - Term Bonds**: This year, the net purchase of bonds by insurance companies has been significantly higher than in previous years, mainly due to the strong purchase of ultra - long - term bonds with maturities of more than 10Y. As of October 24, the ratio of cumulative net bond purchases to cumulative premium income and the ratio of cumulative net bond purchases to the cumulative issuance of 10Y + government bonds were both higher than those at the end of October last year [85]. - **Wealth Management: Extending Duration in the Secondary Market**: Since June, the cumulative net purchase of bonds by wealth management products has continued to rise, significantly higher than the levels of the past three years. As of October 24, the cumulative net purchase of 10Y + bonds by wealth management products has reached 16.59 billion yuan [93]. 3. Asset Management Product Tracking: Credit Bond Funds Performed Better in the Past Week - Since October, the scale of bond funds and equity funds has changed little. This week, 1.952 billion yuan of new bond funds were established, at a historically low level [95][96]. - In terms of bond fund performance, the net values of most interest rate bond funds declined in the past week, while credit bond funds performed better. The median annualized returns of pure interest rate bond funds, interest rate bond funds, and credit bond funds in the past week were - 2.51%, - 1.96%, and 2.79% respectively, and most credit bond funds had positive returns in the past three months [96].

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The third quarter reports are expected to exceed expectations, indicating a balanced offensive and defensive stance in the non-bank financial sector [5] - The China Securities Regulatory Commission emphasizes the need to deepen comprehensive reforms in investment and financing, enhancing the capital market's inclusiveness and competitiveness [5] - The upcoming financial forum is anticipated to highlight the positive outlook for the third quarter reports of brokerage and insurance companies [5] Summary by Relevant Sections Brokerage Sector - Daily average trading volume for equity funds is 2.33 trillion, down 16.2% week-on-week, but market recovery is driving new fund launches [6] - Major brokerage firms like CITIC Securities and Oriental Fortune reported strong third-quarter results, with CITIC's net profit up 52% year-on-year and Oriental Fortune's up 78% [6] - The outlook for brokerage firms remains positive, with expected improvements in investment banking, derivatives, and public fund businesses, alongside low valuations and significant institutional underweight [6] Insurance Sector - Recent third-quarter earnings forecasts from major insurers indicate substantial growth, with China Life expecting a net profit increase of 50% to 70% year-on-year [7] - The stabilization of long-term interest rates and improved asset yields are expected to enhance insurers' return on equity (ROE) [7] - Recommended stocks include China Life, China Pacific Insurance, and Ping An, with a focus on undervalued companies [7]

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial sector [1] Core Views - The insurance and brokerage stocks are expected to see valuation recovery driven by high earnings growth [1] - The non-bank financial sector has shown a mixed performance, with insurance leading in growth, followed by diversified finance and securities [8][9] Summary by Sections Non-Bank Financial Subsector Performance - In the recent five trading days (October 20-24, 2025), all non-bank financial subsectors underperformed the CSI 300 index, with insurance up by 2.99%, diversified finance by 2.70%, and securities by 2.02% [8] - Year-to-date performance shows insurance leading with a 14.47% increase, followed by diversified finance at 12.38%, and brokerage at 7.73% [9] Non-Bank Financial Subsector Insights Securities - Trading volume has increased year-on-year, with October's average daily stock trading volume at CNY 25,070 billion, up 12.07% from last year [13] - Margin financing balance reached CNY 24,510 billion, a year-on-year increase of 47.76% [13] - The average price-to-book (PB) ratio for the securities industry is projected at 1.3x for 2025 [23] Insurance - Major insurers like China Life and New China Life are expected to report significant profit increases for Q3, with China Life's net profit projected between CNY 156.8 billion and CNY 177.7 billion, reflecting a 50%-70% year-on-year growth [25] - The insurance sector is benefiting from regulatory support for high-quality health insurance development [31] Diversified Finance - The trust industry is experiencing a stable transition, with total trust assets expected to reach CNY 29.56 trillion by the end of 2024, a 23.58% year-on-year increase [34] - The futures market saw a trading volume of 770 million contracts in September, with a transaction value of CNY 71.50 trillion, reflecting a 33.16% year-on-year growth [38] Industry Ranking and Key Company Recommendations - The non-bank financial sector is currently undervalued, presenting a safety margin for investors [34] - The recommended ranking for investment is insurance > securities > diversified finance, with key companies including China Ping An, New China Life, China Pacific Insurance, CITIC Securities, and Tonghuashun [34]

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, particularly highlighting the rebound opportunities in the brokerage segment [2][3]. Core Insights - The report emphasizes the strong performance of major brokerages such as CITIC Securities and Dongfang Wealth, with significant profit growth in Q3 2025, indicating a robust recovery in the brokerage sector [3]. - The insurance sector is expected to benefit from the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan," focusing on high-quality development and risk management [3]. - The report identifies three main investment themes in the brokerage sector: strong head institutions benefiting from competitive landscape optimization, brokerages with high earnings elasticity, and firms with strong international business capabilities [3]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4,660.68 with a weekly change of +3.24%, while the non-bank index closed at 2,017.91 with a change of +2.02% [6]. - The brokerage, insurance, and diversified financial indices reported changes of +2.05%, +1.85%, and +2.46% respectively [6]. Non-Bank Financial Data - As of October 24, 2025, the average daily trading volume in the stock market was 20,966.76 billion, reflecting a decrease of 29.04% compared to the previous month [15][50]. - The margin trading balance reached 24,510.45 billion, an increase of 31.5% from the end of 2024 [15][47]. Key Company Announcements - China Life Insurance expects a net profit increase of approximately 50% to 70% year-on-year for the first three quarters of 2025, driven by effective investment strategies and market recovery [37][38]. - Dongfang Wealth reported a net profit of 9.1 billion for the first nine months of 2025, marking a 51% year-on-year increase [3]. Investment Recommendations - The report recommends investing in leading brokerages such as Guangfa Securities, Guotai Junan, and CITIC Securities, as well as insurance companies like China Life and China Pacific Insurance, due to their strong fundamentals and market positioning [3].

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The A-share market has shown increased trading activity, with the average daily trading volume reaching 18,262 billion yuan, a decrease of 6.4% week-on-week but an increase of 93.0% compared to the average daily trading volume in 2024 [1][18] - The number of active users on brokerage apps reached a record high in September 2025, indicating a recovery in the A-share market and a significant increase in new account openings [3][13] - Insurance companies are undergoing a "streamlining" process, with 2,565 branch offices exiting the market in 2025, a 60% increase compared to the previous year, reflecting a shift towards digital and efficient operational models [4][14][15] Summary by Sections Market and Sector Performance - The non-bank financial index rose by 2.02%, underperforming the CSI 300 index by 1.23 percentage points, ranking 16th among all primary industries [2][12] - The securities sector increased by 2.05%, while the insurance sector rose by 1.85% [2][12] Brokerage Insights - In September 2025, the number of active users on securities apps reached approximately 175 million, marking a 0.74% increase month-on-month and a 9.73% increase year-on-year [3][13] - Major brokerage apps like Tonghuashun, Dongfang Caifu, and Dazhihui dominate the market, with user numbers exceeding 10 million [3][13] Insurance Sector Developments - A total of 2,565 insurance branch offices exited the market in 2025, with a net exit of 2,293 offices after accounting for 272 new establishments [4][14] - The trend of branch office exits is expected to continue as insurance companies focus on optimizing resource allocation and transitioning to digital operations [15]

Regulatory Dynamics - The People's Bank of China maintains the 1-year and 5-year Loan Prime Rate (LPR) at 3.0% and 3.5% respectively, unchanged for five consecutive months since May [5] - The National Healthcare Security Administration reports that 25 provinces will implement direct payment of maternity allowances to individuals, covering nearly 90% of coordinated areas [6] - The Ministry of Health aims to increase the average life expectancy in China from 79 to around 80 years within five years [8] - The Financial Regulatory Bureau emphasizes the role of artificial intelligence in enhancing the core competitiveness of insurance institutions [9] Company Dynamics - China Life Insurance expects a year-on-year increase of 50% to 70% in net profit for the first three quarters [27] - China Ping An has completed the repurchase and cancellation of shares, aiming to enhance shareholder returns [28] - Zhong Postal Life has increased its registered capital to approximately 32.64 billion RMB [21] - AIA Group has received an increase in shares from JPMorgan Chase, totaling 768,100 shares [23] Industry Dynamics - Multiple insurance companies report significant profit increases in their third-quarter results, with growth rates between 40% and 70% [40] - Insurance Asset-Backed Securities (ABS) have become a popular investment choice, with nearly 100 billion in scale during the third quarter [43] - The overall dividend realization rate for insurance products has improved, with many companies reporting rates exceeding 100% [46] - A total of 2,565 insurance branch offices have exited the market this year, reflecting a trend of consolidation in the industry [48] Personnel Changes - Zhou Mingqiang has been approved as the Deputy General Manager of Everbright Yongming [32] - Chen Ping has been appointed as the Deputy General Manager of Ruizhong Life Insurance [33] - Zhao Peng has been approved as the financial responsible person for China Insurance [34]

Group 1 - The core viewpoint of the article highlights the performance of the Ping An CSI A50 ETF, which reported a net value growth rate of 16.91% over the past year [1] - The fund's top ten holdings saw the addition of Luxshare Precision, while Citic Securities exited the top ten [1] - The largest holding in the fund is CATL, accounting for 11.08% of the total holdings, with a significant reduction in positions for several other stocks [1] Group 2 - The report provides detailed changes in the fund's top holdings, including a 22.68% reduction in CATL shares, a 22.5% reduction in Kweichow Moutai, and a 22.55% reduction in Ping An Insurance [1] - Luxshare Precision was newly added to the top ten holdings with 3.21 million shares valued at 208 million yuan [1] - The fund's recent performance includes a 0.96% change over the last five days, with a net inflow of 14.639 million yuan [3]

平安银行 2025 年第三季度经营情况亦可参阅本公司在上海证券交易所网站 （www.sse.com.cn）披露的《平安银行 2025 年第三季度报告》。 特此公告。 中国平安保险（集团）股份有限公司董事会 2025 年 10 月 24 日 中国平安保险（集团）股份有限公司 关于披露平安银行 2025 年第三季度报告的公告 中国平安保险（集团）股份有限公司（以下简称"本公司"）董事会及全体董事 保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的 真实性、准确性和完整性承担法律责任。 本公司控股子公司平安银行股份有限公司（以下简称"平安银行"）在深圳 证券交易所网站（www.szse.cn）公布了《平安银行 2025 年第三季度报告》。 证券代码：601318 证券简称：中国平安 公告编号：临 2025-042 ...

Core Viewpoint - Ping An Bank reported a decline in revenue and net profit for the first three quarters of 2025, indicating challenges in the banking sector amidst economic conditions [1][2] Financial Performance - The bank achieved an operating income of 100.668 billion yuan, a year-on-year decrease of 9.8% [1] - Net profit for the same period was 38.339 billion yuan, down 3.5% year-on-year [1] Asset Quality - As of September 2025, the non-performing loan (NPL) ratio stood at 1.05%, a slight decrease of 0.01 percentage points from the end of the previous year [1] - The overdue loan ratios for loans overdue by more than 60 days and 90 days were 0.77 and 0.66, respectively [1] - The provision coverage ratio was 229.60%, indicating a strong risk mitigation capacity [1] Loan and Deposit Growth - Total assets reached 576.6764 billion yuan, with total loans and advances amounting to 341.7753 billion yuan, reflecting a growth of 1.3% from the previous year [1] - Corporate loan balances increased by 5.1% year-on-year, highlighting the bank's commitment to supporting the real economy, particularly in technology and green finance sectors [1] - Personal loan balances decreased by 2.1% year-on-year, with mortgage loans making up 63.6% of personal loans, as the bank optimized its retail asset portfolio [1] Liability Management - Total liabilities were 524.8834 billion yuan, with total deposits amounting to 355.4955 billion yuan, a growth of 0.6% from the previous year [2] - The bank focused on attracting low-cost deposits and adjusting the pace of deposit and interbank liabilities to reduce overall funding costs [2] - The average interest rate on interest-bearing liabilities was 1.73%, down 47 basis points year-on-year, while the average interest rate on deposits was 1.70%, down 43 basis points year-on-year [2]

本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.09和13.10B條而 作出。 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。 海外監管公告 茲載列中國平安保險（集團）股份有限公司在上海證券交易所網站刊登的「中國 平安保險（集團）股份有限公司關於披露平安銀行2025年第三季度報告的公告」， 僅供參閱。 承董事會命 盛瑞生 公司秘書 中國深圳，2025年10月24日 於本公告日期，本公司的執行董事為馬明哲、謝永林、郭曉濤、付欣及蔡方方；非執行 董事為謝吉人、楊小平、何建鋒及蔡潯；獨立非執行董事為吳港平、金李、王廣謙、洪 小源、宋獻中及陳曉峰。 证券代码：601318 证券简称：中国平安 公告编号：临 2025-042 中国平安保险（集团）股份有限公司 关于披露平安银行 2025 年第三季度报告的公告 中国平安保险（集团）股份有限公司（以下简称"本公司"）董事会及全体董事 保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的 ...