Investment Rating - The investment rating for the non-bank financial industry is "Positive" (first-time rating) [4] Core Viewpoints - The non-bank financial sector has underperformed compared to the overall A-share market, with a year-to-date increase of 10.6% as of October 14, 2025, while the Wind All A Index has grown by 23.5%. However, the sector is expected to present investment opportunities driven by performance and changes in market preferences [4] - Strong third-quarter earnings expectations are anticipated to drive valuation growth, particularly in the insurance sector, where companies like New China Life Insurance are expected to see a net profit increase of 45%-65% year-on-year [5][6] - The report highlights a relative "mismatch" between performance and valuation, suggesting that the insurance companies' equity holdings have significantly increased, which will positively impact their investment income and net profit [5][6] Summary by Sections Insurance Sector - New China Life Insurance's net profit for the first three quarters of 2025 is expected to grow by 45%-65% compared to the same period in 2024, exceeding market expectations [6] - Major insurance companies have seen substantial growth in their equity holdings, with China Life, Ping An, and China Pacific's equity and equity fund holdings increasing significantly from June 2024 to June 2025 [6][9] - The PEV valuation points for China Life, Ping An, and China Pacific are at 45.2%, 56.3%, and 62.1% respectively, indicating potential for further valuation improvement supported by regulatory policies and market conditions [6][9] Brokerage Sector - The brokerage sector is expected to benefit from an active equity capital market in Q3 2025, with a 213% year-on-year increase in average daily trading volume and a 56% increase in average margin financing balance [7] - The current PB ratio for the brokerage industry is approximately 1.42 times, which is at the 61% percentile since 2020, indicating a favorable valuation environment [7] Market Preference Changes - Increased global political and economic uncertainties may lead to a shift from high-valuation to lower-valuation sectors, with the financial industry potentially serving as a medium for such transitions [8] - Historical performance indicates that the non-bank financial sector has shown strong performance during periods of rising risk appetite, suggesting a potential rebound in the near future [8]

Core Viewpoint - The banking sector is experiencing a rally, with significant increases in stock prices for various banks, driven by insurance capital increasing their holdings in Hong Kong bank stocks, particularly by China Ping An [1][2]. Group 1: Investment Activities - China Ping An's subsidiary, Ping An Life, increased its holdings in China Merchants Bank (CMB) by 2.989 million H-shares, raising its total to 781 million shares, which represents 17% of CMB's H-shares [2]. - On the same day, China Ping An purchased 641,600 H-shares of Postal Savings Bank, increasing its stake to 17.01% [2]. - Since the beginning of the year, China Ping An has significantly increased its investments in H-shares of banks, including Agricultural Bank and Industrial and Commercial Bank, with total expenditures exceeding 100 billion Hong Kong dollars [4]. Group 2: Market Trends - The banking sector has seen a net inflow of nearly 100 million yuan into the Bank AH Preferred ETF (517900) over four consecutive days, indicating strong investor interest [7]. - The insurance sector's stock holdings have increased by 26.69% since the beginning of the year, with banks consistently representing the highest proportion of these holdings, reaching 47.2% by mid-2025 [4][6]. Group 3: Performance Metrics - The China Banking Index has experienced a cumulative decline of 15.21% from July 11 to October 9, while the CSI 300 Index rose by 17.44% during the same period [9]. - Since the launch of the Bank AH Total Return Index on December 6, 2017, it has achieved a cumulative return of 82.26%, outperforming the China Banking Total Return Index by 21.49% [9][11].

Core Viewpoint - The recent short-term market fluctuations do not alter the long-term bullish trend of the stock market, with dividend and technology assets expected to yield excess returns over time [1] Group 1: Market Trends - The long-term investment strategy emphasizes a barbell approach, combining dividend and technology assets, which are anticipated to benefit from increased equity market allocation by residents [1] - The Shanghai Stock Exchange 180 Index (000010) is structured with a 90% allocation to dividend assets and 10% to technology assets, making it a suitable choice for equity market investment [1] Group 2: Performance Data - As of October 16, 2025, the Shanghai Stock Exchange 180 Index rose by 0.45%, with notable increases in constituent stocks such as China Life (601628) up 4.37% and Zhaoyi Innovation (603986) up 4.17% [1] - The Shanghai 180 ETF Index Fund (530280) increased by 0.33%, with a current price of 1.23 yuan, and has shown a cumulative increase of 1.57% for the month as of October 15, 2025, ranking 1st among comparable funds [1] Group 3: Index Composition - The Shanghai 180 Index includes 180 large-cap, liquid stocks from the Shanghai market, with the top ten weighted stocks accounting for 26.75% of the index [2] - The top ten stocks by weight include Kweichow Moutai (600519), Zijin Mining (601899), and China Ping An (601318), among others [2][4]

Core Insights - China Ping An Insurance (Group) Co., Ltd. increased its stake in Postal Savings Bank of China (01658.HK) by acquiring 6.416 million shares at an average price of HKD 5.3638 per share, totaling approximately HKD 34.41 million [1][2] - Following this transaction, Ping An's total shareholding in Postal Savings Bank rose to 3,378,877,000 shares, increasing its ownership percentage from 16.98% to 17.01% [1][2] Summary by Categories Shareholding Changes - China Ping An Insurance acquired 6.416 million shares of Postal Savings Bank at an average price of HKD 5.3638 [1][2] - The total number of shares held by Ping An increased to 3,378,877,000, representing a 0.03% increase in ownership [1][2] Financial Implications - The total investment made by Ping An in this transaction was approximately HKD 34.41 million [1][2]

证券代码：601318 证券简称：中国平安 公告编号：临2025-038 中国平安保险（集团）股份有限公司关于董事任职资格获国家金融监督管理总局核准的公告 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，并对公告内容的真实性、准确性和完整性承担法律责任。 本公司已收到国家金融监督管理总局关于核准洪小源先生、宋献中先生和陈晓峰先生董事任职资格的批 复（金复〔2025〕595号）。据此，洪小源先生、宋献中先生和陈晓峰先生担任本公司第十三届董事会 独立非执行董事的委任自批复之日2025年10月15日起生效。 伍成业先生、储一昀先生和刘宏先生于同日不再担任本公司第十三届董事会独立非执行董事及其于董事 会各专业委员会的相关任职。伍成业先生、储一昀先生和刘宏先生确认，其与董事会并无任何意见分 歧，亦无有关其退任的事宜须提请股东注意。 自2025年10月15日起，本公司第十三届董事会各专业委员会人员组成亦将同步调整。有关进一步详情， 请参见本公告附件。 本公司谨此感谢伍成业先生、储一昀先生和刘宏先生于任期内为本公司所作的重要贡献，并欢迎洪小源 ...

Core Viewpoint - China Ping An and its subsidiaries continue to increase their holdings in bank stocks, particularly in China Merchants Bank and Postal Savings Bank, reflecting a strategic investment approach in the banking sector [1][2][3]. Group 1: Investment Activities - On October 10, China Ping An increased its holdings in China Merchants Bank by purchasing 2.989 million H-shares, raising its total holdings to 781 million shares, which accounts for 17% of the bank's H-shares [1]. - On the same day, China Ping An acquired 6.416 million H-shares of Postal Savings Bank, bringing its total holdings to 3.379 billion shares, representing 17.01% of the bank's H-shares [2][5]. - Since the beginning of the year, China Ping An has consistently bought shares in China Merchants Bank, increasing its holdings from 230 million shares in January to over 780 million shares in October [3]. Group 2: Broader Investment Strategy - China Ping An has adopted a "bulk buying" strategy for bank stocks, indicating a strong confidence in the sector's performance [3]. - The company has also been actively purchasing shares in Agricultural Bank and other financial institutions, with significant increases in their holdings [4][5]. - As of February 14, China Ping An held 15.699 billion shares of Industrial and Commercial Bank, representing 18.08% of its H-shares [6]. Group 3: Market Context and Trends - The insurance sector has seen a significant increase in stock holdings, with a reported 2.87 trillion yuan in stock value held by life insurance companies as of June, marking a 26.69% increase from the beginning of the year [8]. - Insurance companies have made 30 stake acquisitions this year, the highest since 2021, driven by a low-interest-rate environment and the need for high-yield assets [9]. - Regulatory changes have facilitated the entry of long-term capital into the market, allowing companies like China Ping An to invest in stable, high-dividend stocks [10]. Group 4: Future Outlook - The low-interest-rate environment and supportive policies are expected to lead to a continued increase in the equity asset allocation by insurance companies [12]. - China Ping An aims to enhance its equity allocation while managing risks effectively, indicating a positive outlook for the equity market [12]. - The recovery of the capital market has positively impacted the investment returns of insurance companies, contributing to their profitability [13].

Core Viewpoint - China Ping An and its subsidiaries continue to increase their holdings in bank stocks, particularly in China Merchants Bank and Postal Savings Bank, reflecting a strategic investment approach in the banking sector [1][4][5]. Group 1: Investment Activities - On October 10, Ping An Life increased its holdings in China Merchants Bank by 2.989 million shares, raising its total to 781 million shares, which constitutes 17% of the bank's H-shares [1][2]. - On the same day, China Ping An purchased 6.416 million shares of Postal Savings Bank, increasing its holdings to 3.378 billion shares, representing 17.01% of the bank's H-shares [1][2]. - Since the beginning of the year, Ping An has been actively buying bank stocks, with a notable increase in its holdings in China Merchants Bank from 2.3 million shares in January to over 781 million shares by October [4][5]. Group 2: Broader Investment Strategy - Ping An's investment strategy includes a "sweeping" approach to acquiring bank and insurance stocks, indicating a strong confidence in these sectors [4][5]. - The company has also been increasing its stakes in Agricultural Bank of China, with holdings exceeding 19% when including its subsidiaries [4][5]. - Ping An's total expenditure on bank stocks this year has surpassed 100 billion HKD, reflecting a significant commitment to this investment strategy [5]. Group 3: Market Context and Trends - The insurance sector has seen a notable increase in stock holdings, with a reported 26.69% growth in the market value of stocks held by life insurance companies as of mid-year [8]. - Regulatory changes have facilitated greater investment from insurance funds into equities, allowing companies like Ping An to pursue larger investments in stable, high-dividend stocks [10]. - The overall performance of the A-share market has improved, leading to enhanced investment returns for insurance companies, which in turn supports their profitability [12][13].

Core Points - China Ping An announced the approval from the National Financial Regulatory Administration for the appointment of three independent non-executive directors, effective from October 15, 2025 [2] Group 1 - The company received approval for the qualifications of Mr. Hong Xiaoyuan, Mr. Song Xianzhong, and Mr. Chen Xiaofeng as directors [2] - The appointments are part of the company's 13th Board of Directors [2]

Group 1 - The Hong Kong Monetary Authority and Hong Kong Cyberport announced the second phase of the generative AI sandbox, with PAObank and OneConnect selected as participants [1] - The second phase focuses on enhancing AI governance, employing an "AI against AI" strategy for automated quality detection of AI-generated content [1] - PAObank and OneConnect are concentrating on the identification of deepfake technology, utilizing advanced AI facial recognition for real-time verification of user selfies to detect potential fraud [1] Group 2 - China Ping An is promoting AI models and big data across its group, accumulating over 32 trillion text records, 310,000 hours of annotated voice data, and over 7.5 billion images by June 2025 [2] - The company aims to deepen its dual strategy of "comprehensive finance + healthcare and elderly care," driving digital transformation across various operational aspects [2]

Core Viewpoint - China Ping An has appointed three new independent non-executive directors to its board, enhancing its governance structure and strategic direction [1] Group 1: Board Appointments - The National Financial Regulatory Administration approved the qualifications of Hong Xiaoyuan, Song Xianzhong, and Chen Xiaofeng as independent non-executive directors of China Ping An's 13th board [1] - The appointments are effective immediately, while Wu Chengye, Chu Yiyun, and Liu Hong have stepped down from their roles on the same board [1] Group 2: Directors' Backgrounds - Hong Xiaoyuan is a senior economist with previous roles including Assistant General Manager at China Merchants Group and General Manager at China Merchants Financial Holdings [1] - Song Xianzhong holds a PhD in Finance and has served as the President of Jinan University [1] - Chen Xiaofeng is a practicing lawyer in Hong Kong and a member of the National People's Congress representing Hong Kong [1] Group 3: Awards and Recognition - In 2024, China Ping An's board received the "Outstanding Director Award" and the "Climate Governance Award" from the Hong Kong Institute of Directors, marking the sixth time it has won the "Outstanding Director Award" [1] - The board emphasizes its commitment to excellent corporate governance and sustainable development practices, aiming to create long-term, stable, and sustainable value for stakeholders [1]