Investment Rating - The investment rating for the company is "Buy - A / Buy - H" with a current price of 56.90 CNY / 49.05 HKD and a reasonable value of 58.55 CNY / 54.87 HKD [2]. Core Views - The company reported a significant increase in net profit attributable to shareholders, reaching 119.18 billion CNY, which is a year-on-year growth of 34.1% [2][9]. - The growth in net profit was primarily driven by the upward movement in equity markets and some one-time gains, with quarterly growth rates of -4.3%, +20.4%, and +151.3% for Q1, Q2, and Q3 respectively [2][9]. - The new business value (NBV) for the first three quarters was 35.16 billion CNY, reflecting a year-on-year increase of 34.1% [3][4]. Summary by Sections Life Insurance - The improvement in value rates and the reduction in new business premium declines contributed to a significant increase in new business value, with a year-on-year growth of 34.1% [3][4]. - The quarterly growth rates for new business value were 20.7%, 0%, and 110.3% for Q1, Q2, and Q3 respectively, with Q3 showing a substantial recovery [3][4]. - The agent workforce showed a positive trend, reaching 362,000, with a year-on-year increase of 0.6% and a quarter-on-quarter increase of 6.5% [4][6]. Property and Casualty Insurance - The original premium scale for property and casualty insurance reached 239.37 billion CNY, with a year-on-year growth of 5.9% [8]. - The combined cost ratio improved to 97.8%, a decrease of 1.5 percentage points year-on-year, indicating better underwriting profitability [8][9]. Profitability - The company's net profit for the first three quarters was 119.18 billion CNY, with a year-on-year increase of 36.1% [9][11]. - The operating profit also showed a year-on-year increase of 5.5%, with life insurance operating profit growing by 3% and property insurance by 39.7% [9][11]. Earnings Forecast and Investment Recommendations - The forecast for EPS is 7.5, 7.6, and 8.0 CNY for 2024, 2025, and 2026 respectively, with a corresponding valuation of 58.55 CNY per share for A-shares [12][13]. - The company is expected to maintain a stable growth trajectory in both insurance service performance and investment performance, with projected net profit growth rates of 58.4%, 2%, and 5.7% for 2024 to 2026 [12][13].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 69.7 CNY, compared to the current price of 56.90 CNY [1]. Core Insights - The company achieved a significant increase in net profit in Q3, with a year-on-year growth of 151.3%, driven by a recovery in new business value (NBV) and improved investment returns [1]. - The new business value for the life insurance segment reached 352 billion CNY in the first three quarters of 2024, reflecting a year-on-year increase of 34.1% [1]. - The property insurance segment showed stable growth, with a combined ratio (COR) of 97.8%, a decrease of 1.5 percentage points year-on-year, indicating improved profitability [1]. - The investment portfolio of the company saw an annualized comprehensive investment return of 5.0%, an increase of 1.3 percentage points year-on-year, benefiting from a recovery in the equity market [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a total operating profit of 113.8 billion CNY, a year-on-year increase of 5.5%, and a net profit of 119.2 billion CNY, up 36.1% year-on-year [1]. - The life insurance segment's new business value increased by 34.1% year-on-year, while the property insurance segment's service revenue rose by 4.5% year-on-year [1][2]. Business Segments - The life insurance segment's new business value rate improved by 5.7 percentage points to 31.0%, supported by product structure enhancements and adjustments in preset interest rates [1]. - The property insurance segment's COR improved due to a significant reduction in losses from credit insurance [1]. Investment Strategy - The company's investment portfolio grew to over 5.32 trillion CNY, a 12.7% increase from the beginning of the year, with a focus on controlling investment risk exposure [1]. - The annualized net investment return was 3.8%, slightly down by 0.2 percentage points year-on-year, primarily due to a decline in long-term interest rates [1]. Future Outlook - The report projects EPS for 2024-2026 to be 6.9, 7.5, and 8.0 CNY respectively, with an expected price-to-earnings value (PEV) of 0.8 times in 2025 [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company's performance is driven by the asset side, with the New Business Value (NBV) growth exceeding expectations, achieving 35.16 billion yuan, a year-on-year increase of 34.1%. The net profit attributable to shareholders reached 119.18 billion yuan, up 36.1% year-on-year, with underwriting and investment service performance growing by 5.7% and 221% respectively, slightly better than expectations [4][5]. - The report predicts NBV growth rates for 2024-2026 to be 24.4%, 12.8%, and 9.4% respectively, corresponding to a group Embedded Value (EV) growth of 6.4%, 3.4%, and 2.0% [4][5]. - The report adjusts the net profit forecast for 2024-2026 to 152.7 billion, 151.5 billion, and 162.8 billion yuan respectively, reflecting a significant increase due to a recovery in equity markets [4][5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the NBV margin increased by 7.3 percentage points to 25.4%, driven by improvements in product structure and a decrease in the preset interest rate [4]. - The company reported a total service income from property and casualty insurance of 246 billion yuan, a year-on-year increase of 4.5%, with a significant profit increase in the third quarter [4][5]. - Investment service performance reached 83.6 billion yuan, a year-on-year increase of 221%, with net investment returns at 3.8% [4][5]. Business Segments - The individual insurance channel saw a year-on-year NBV increase of 31.6%, with agent productivity improving significantly [4]. - The contribution from bancassurance and community finance channels increased, with bancassurance NBV growing by 68.5% year-on-year [4]. - The report highlights the continuous growth in the medical and pension sectors, with a 3.8% increase in personal customer numbers [4][5]. Valuation Metrics - The current price-to-embedded value (P/EV) ratios for 2024-2026 are projected at 0.6, 0.5, and 0.5 respectively, indicating a favorable valuation outlook [4][5]. - The report notes a current dividend yield of 4.25% [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company's performance is driven by the asset side, with the New Business Value (NBV) growth exceeding expectations, achieving 35.16 billion yuan, a year-on-year increase of 34.1%. The net profit attributable to shareholders reached 119.18 billion yuan, up 36.1% year-on-year, with underwriting and investment service performance growing by 5.7% and 221% respectively, slightly better than expectations [4][5]. - The report predicts NBV growth rates for 2024-2026 to be 24.4%, 12.8%, and 9.4% respectively, corresponding to a group Embedded Value (EV) growth of 6.4%, 3.4%, and 2.0% [4][5]. - The report adjusts the net profit forecast for 2024-2026 to 152.7 billion, 151.5 billion, and 162.8 billion yuan respectively, reflecting a significant increase in the equity market [4][5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the NBV margin increased by 7.3 percentage points to 25.4%, driven by improvements in product structure and a decrease in the preset interest rate [4][5]. - The company’s core business operating profit for the first three quarters was 113.82 billion yuan, a year-on-year increase of 5.5%, with life insurance, property insurance, and banking showing growth rates of 3.3%, 39.7%, and 0.2% respectively [4][5]. Business Segments - The individual insurance channel saw a year-on-year NBV increase of 31.6%, with agent productivity improving significantly [4][5]. - The contribution from the bancassurance and community finance channels reached 18.8% of total NBV, with bancassurance channel NBV growing by 68.5% [4][5]. Investment Performance - The investment services segment reported a revenue of 83.6 billion yuan for the first three quarters, a year-on-year increase of 221%, with net investment returns at 3.8% [4][5]. - The overall investment portfolio exceeded 5.32 trillion yuan, reflecting a 12.7% increase since the beginning of the year [4][5].

Investment Rating - The report maintains a rating of "Accumulate" with a target price raised to 67.26 CNY per share, compared to the previous forecast of 56.00 CNY [6][12]. Core Insights - The company's net profit for the first three quarters of 2024 increased by 36.1% year-on-year, driven primarily by improved investment returns and a one-time gain from the consolidation of Lufax [12]. - The operating profit attributable to the parent company rose by 5.5%, with core segments including life insurance, property insurance, and banking showing growth rates of 3.0%, 39.7%, and 0.2% respectively [12]. - The report highlights a continuous growth in the new business value (NBV) of life insurance, which increased by 34.1% year-on-year, with a remarkable 110.1% growth in Q3 alone [12]. Financial Summary - The company's total revenue for 2024 is projected to reach 1,019,055 million CNY, reflecting a 12% increase from 2023 [13]. - Net profit attributable to the parent company is expected to recover to 139,251 million CNY in 2024, a significant increase of 63% compared to 2023 [13]. - Earnings per share (EPS) are forecasted to be 7.65 CNY in 2024, up from 5.74 CNY in 2023, representing a growth of 33.2% [12][13]. Investment Performance - The annualized comprehensive investment return rate for the first three quarters of 2024 improved by 1.3 percentage points to 5.0% [12]. - The report notes that the property insurance combined ratio (COR) improved by 1.5 percentage points to 97.8%, attributed to a reduction in underwriting losses from the contraction of guarantee insurance business [12]. Market Position - The company’s market capitalization stands at approximately 1,036,162 million CNY, with a current price of 56.90 CNY per share [7]. - The price-to-earnings (P/E) ratio at the current price is 12.10, while the price-to-book (P/B) ratio is 1.1 [8][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported a significant increase in NBV and net profit for Q3 2024, with NBV reaching 35.16 billion yuan, a year-on-year growth of 34.1%, and net profit amounting to 119.182 billion yuan, up 36.1% year-on-year [11][12] - The operating profit for the same period was 113.818 billion yuan, reflecting a year-on-year increase of 5.5% [11] Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit of 119.182 billion yuan, with a year-on-year growth of 36.1% [11] - The operating profit for the same period was 113.818 billion yuan, showing a year-on-year increase of 5.5% [12] - The annualized net and comprehensive investment returns were 3.8% and 5.0%, respectively, with improvements noted in the comprehensive investment return [12] Business Segment Performance - The net profit growth across various business segments was as follows: life and health insurance (+35.0%), property insurance (+39.7%), banking (+0.2%), asset management (loss narrowed), and financial empowerment (+475.0%) [12] - The company’s NBV margin improved by 7.3 percentage points to 25.4%, with Q3 2024 showing a 7.9 percentage point increase [12] - The number of agents increased to 362,000, with a year-on-year improvement of 54.7% in per capita NBV [12] Earnings Forecast - The company expects insurance business revenues for 2024-2026 to be 552.3 billion, 584.8 billion, and 620.1 billion yuan, with corresponding growth rates of +3%, +6%, and +6% [12] - The projected net profits for the same period are 133.5 billion, 150.5 billion, and 172.0 billion yuan, with growth rates of +56%, +13%, and +14% respectively [12]

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [1][8] Core Views - The company has shown significant growth in net profit and new business value, with a notable increase in profitability in the third quarter [4][8] - The company is expected to continue benefiting from its diversified financial services and strong market position, leading to further improvements in valuation [8] Summary by Sections Revenue Performance - For the first three quarters of 2024, the company reported operating revenue of 775.38 billion yuan, a year-on-year increase of 10.0% [3] - The net profit attributable to shareholders reached 119.18 billion yuan, up 36.1% year-on-year, with a substantial growth of 151.3% in the third quarter [4] Core Business Growth - The core business segments, including life insurance, property insurance, and financial empowerment, contributed significantly to profit growth [4] - The life insurance segment reported a profit of 80.93 billion yuan, a year-on-year increase of 35.0% [4] Property Insurance - The property insurance service revenue grew by 4.5% to 246.02 billion yuan, with a comprehensive cost ratio improving by 1.5 percentage points to 97.8% [5] Life Insurance - The number of life insurance agents increased by 6.5% quarter-on-quarter, with new business value rising by 34.1% to 35.16 billion yuan [6] - The new business value rate improved by 7.3 percentage points to 25.4% [6] Investment Performance - The annualized comprehensive investment return rate increased by 1.3 percentage points to 5.0% [7] - The annualized net investment return rate decreased by 0.2 percentage points to 3.8% due to interest rate fluctuations [7] Banking Sector - The bank's net profit recorded a slight increase of 0.2%, with a non-performing loan ratio slightly decreasing to 1.06% [7] Financial Forecast and Valuation - The company’s net profit forecasts for 2024-2026 have been adjusted upwards to 134.3 billion yuan, 164.7 billion yuan, and 174.1 billion yuan respectively [8] - The current A/H share prices correspond to a price-to-earnings value of 0.70 and 0.56 for 2024 [8]

Investment Rating - The report maintains a "Buy" rating for Ping An Insurance [5] Core Views - The third quarter performance exceeded expectations, with a year-on-year increase in net profit of 36.1% to 119.18 billion yuan, surpassing the forecast of 34.7% [3][5] - The company's new business value (NBV) growth was also above expectations, increasing by 34.1% year-on-year to 35.16 billion yuan [4][5] - The report highlights improvements in the agent scale and profitability across core business segments, indicating a positive trend [4][5] Summary by Sections Market Data - Closing price: 56.90 yuan; Market capitalization: 612,395 million yuan; P/B ratio: 1.1; Dividend yield: 5.91% [2] Financial Performance - For the first three quarters of 2024, the company achieved a net profit of 119.18 billion yuan, with a quarterly net profit of 44.56 billion yuan, reflecting a year-on-year increase of 151.3% [3][4] - The operating profit for the same period was 113.82 billion yuan, with a year-on-year increase of 5.5% [3] Business Segments - The three core business segments (life insurance, property insurance, and banking) collectively reported a year-on-year operating profit growth of 5.7% [3] - The property insurance segment saw a significant improvement in combined operating ratio (COR), which decreased by 1.5 percentage points to 97.8% [4] Investment Performance - The company reported an annualized net investment return of 3.8% and a comprehensive investment return of 5.0% for the first three quarters of 2024 [4] - Investment assets grew by 12.7% year-to-date, reaching 5.32 trillion yuan [4] Profit Forecast - The report raises profit forecasts for 2024-2026 to 147.37 billion yuan, 164.47 billion yuan, and 191.88 billion yuan respectively [5][6]

本报记者 冷翠华 A股上市险企2024年首份三季报亮相。 10月21日晚间，中国平安发布2024年三季报。数据显示，今年前三季度，中国平安实现归属于母公司股 东的营运利润1138.18亿元，同比增长5.5%；归属于母公司股东的净利润1191.82亿元，同比增长 36.1%；营业收入7753.83亿元，同比增长10.0%。其中，寿险及健康险、财产保险以及银行三大核心业 务保持增长，三项业务合计归属于母公司股东的营运利润1196.51亿元，同比增长5.7%。 从寿险业务来看，前三季度，平安寿险经营提质增效，高质量发展成果显著。前三季度，寿险及健康险 业务新业务价值达成351.60亿元，同比增长34.1%；按标准保费计算的新业务价值率31.0%，同比上升 5.7个百分点。 从不同业务渠道来看，前三季度，平安寿险代理人渠道新业务价值同比增长31.6%，代理人人均新业务 价值同比增长54.7%，队伍产能有效提升。同时，截至今年9月末，个人寿险销售代理人数量36.2万；新 增人力中"优+"占比提升4个百分点。在银行合作方面，平安寿险深耕网点经营，银保渠道新业务价值同 比增长68.5%。持续推广社区金融服务经营模式，今年前 ...

Total Assets and Liabilities - Total assets increased by 2.8% to RMB 5,745,988 million as of September 30, 2024, compared to the end of 2023[4] - The company's total assets reached RMB 5,745.988 billion, a 2.8% increase from the end of the previous year[14] - Total assets increased to RMB 5,745,988 million, up from RMB 5,587,116 million at the end of 2023[78] - Total assets increased to RMB 5,712,437 million as of September 30, 2024, up from RMB 5,564,067 million at the end of 2023[80] - Total liabilities rose to RMB 5,255,519 million, compared to RMB 5,114,788 million at the end of 2023[78] - Total liabilities rose to RMB 5,229,015 million as of September 30, 2024, from RMB 5,097,286 million at the end of 2023[80] - Shareholders' equity grew to RMB 490,469 million, up from RMB 472,328 million at the end of 2023[78] - Total equity increased to RMB 483,422 million as of September 30, 2024, compared to RMB 466,781 million at the end of 2023[80] Profit and Income - Net profit attributable to shareholders decreased by 2.8% to RMB 13,850 million in Q3 2024, compared to the same period last year[5] - Operating income declined by 11.7% to RMB 34,450 million in Q3 2024, compared to the same period last year[5] - Net profit for the first nine months of 2024 was RMB 39.729 billion, a 0.2% year-on-year increase[14] - Net profit for the first nine months of 2024 was RMB 39,729 million, slightly higher than RMB 39,635 million in the same period of 2023[81] - Net profit attributable to shareholders for Q3 2024 was RMB 13,550 million, a decrease of 3.9% from RMB 14,095 million in Q3 2023[83] - Total operating income for Q3 2024 was RMB 34,450 million, compared to RMB 39,024 million in Q3 2023[81] - Total operating income for Q3 2024 was RMB 24,291 million, down 13.2% from RMB 27,992 million in Q3 2023[83] - Basic earnings per share for the first nine months of 2024 were RMB 1.94, unchanged from the same period in 2023[81] - Total comprehensive income for Q3 2024 was RMB 13,122 million, a decrease of 3.8% from RMB 13,638 million in Q3 2023[83] Loans and Deposits - Corporate loans increased by 11.6% to RMB 1,595,924 million as of September 30, 2024, compared to the end of 2023[6] - Personal deposits grew by 5.2% to RMB 1,270,968 million as of September 30, 2024, compared to the end of 2023[6] - Total deposits increased by 3.7% to RMB 3,533,789 million as of September 30, 2024, compared to the end of 2023[6] - Corporate loan balance increased by 11.6% from the end of the previous year, driven by growth in manufacturing, technology, and green finance sectors[14] - Personal deposit balance reached 1,270.968 billion yuan, up 5.2% year-end[18] - Corporate loan balance increased to 1,595.924 billion yuan, up 11.6% year-end[22] - Corporate deposit balance rose to 2,262.821 billion yuan, up 2.9% year-end[22] - Loans and advances decreased slightly to RMB 3,303,631 million from RMB 3,320,110 million at the end of 2023[78] - Deposits increased to RMB 3,592,532 million, up from RMB 3,458,287 million at the end of 2023[78] - Loans and advances decreased to RMB 3,303,631 million as of September 30, 2024, from RMB 3,320,110 million at the end of 2023[80] Risk and Capital Management - Non-performing loan ratio remained stable at 1.06% as of September 30, 2024[9] - Provision coverage ratio stood at 251.19% as of September 30, 2024, down from 277.63% at the end of 2023[9] - Core tier 1 capital adequacy ratio improved to 9.33% as of September 30, 2024, up from 9.22% at the end of 2023[9] - The company's core tier 1 capital adequacy ratio rose to 9.33% by the end of September 2024[14] - The company's provision coverage ratio stood at 251.19% as of September 2024, maintaining strong risk mitigation capabilities[14] - The company's non-performing loan ratio remained stable at 1.06% as of September 2024[14] - Core tier 1 capital adequacy ratio stood at 9.33% in September 2024, compared to 9.22% at the end of 2023[68] - Total capital adequacy ratio was 13.39% in September 2024, slightly down from 13.43% at the end of 2023[68] - Leverage ratio decreased to 6.58% in September 2024 from 6.61% in June 2024[69] - Liquidity coverage ratio improved to 112.65% in September 2024 from 112.34% at the end of 2023[70] - The non-performing loan ratio remained stable at 1.06% as of September 30, 2024, with a provision coverage ratio of 251.19%[60] - The bank's real estate-related credit risk exposure decreased by RMB 10.04 billion to RMB 274.16 billion as of September 30, 2024[58] - The bank's real estate development loans accounted for 2.4% of total loans and advances, with an average collateral rate of 43.6%[58] - The bank wrote off RMB 47.7 billion in loans in the first nine months of 2024, a 6.9% increase year-on-year[60] - The bank recovered RMB 22.89 billion in non-performing assets, with 82.0% recovered in cash[60] - The bank's overdue 90+ days loan deviation ratio increased by 0.03 to 0.62 as of September 30, 2024[61] - The bank's provision coverage ratio for overdue 90+ days loans decreased by 62.44 percentage points to 406.81%[61] - Corporate loan non-performing ratio increased to 0.66% in September 2024, up by 0.03 percentage points from the end of 2023[64] - Personal loan non-performing ratio rose to 1.43% in September 2024, an increase of 0.06 percentage points compared to the end of 2023[65] - Total overdue loan ratio reached 1.54% in September 2024, up by 0.12 percentage points from the end of 2023[66] Interest and Yield - Net interest margin (annualized) decreased to 1.93% for the first nine months of 2024, compared to 2.38% in the same period last year[9] - Ping An Bank's net interest margin for the first nine months of 2024 was 1.93%, a decrease of 54 basis points year-on-year[53] - Ping An Bank's total interest income from loans and advances for the first nine months of 2024 was RMB 119.735 billion, with an average yield of 4.70%, down 84 basis points year-on-year[54] - Ping An Bank's personal loan average yield for the first nine months of 2024 was 5.78%, a decrease of 96 basis points year-on-year[55] - Ping An Bank's corporate loan average yield for the first nine months of 2024 was 3.64%, a decrease of 40 basis points year-on-year[55] - Ping An Bank's total interest income from financial investments for the first nine months of 2024 was RMB 23.133 billion, with an average yield of 3.00%[51] - Ping An Bank's total interest income from deposits with central bank for the first nine months of 2024 was RMB 2.605 billion, with an average yield of 1.55%[51] - Ping An Bank's total interest income from interbank and other placements for the first nine months of 2024 was RMB 7.830 billion, with an average yield of 2.85%[51] - Ping An Bank's total interest income from deposits for the first nine months of 2024 was RMB 55.144 billion, with an average interest rate of 2.13%[51] - Ping An Bank's total interest income from issued debt securities for the first nine months of 2024 was RMB 12.837 billion, with an average interest rate of 2.50%[51] - Ping An Bank's total interest income from interbank and other liabilities for the first nine months of 2024 was RMB 12.786 billion, with an average interest rate of 2.24%[51] - The average interest rate on deposits for the first nine months of 2024 was 2.13%, a decrease of 7 basis points year-on-year, with RMB deposit rates down by 9 basis points[57] - Corporate deposits decreased by 4.1% year-on-year to RMB 2,205,255 million, with interest expenses down by 7.3% to RMB 34,109 million[56] - Personal deposits increased by 11.3% year-on-year to RMB 1,255,252 million, with interest expenses up by 7.2% to RMB 21,035 million[56] Digital and Technology - The automation rate of operational review tasks reached approximately 53% by the end of September 2024, an increase of 8 percentage points from the end of the previous year[39] - The number of applications on the container cloud platform increased by 17.3% year-over-year from January to September 2024[40] - The average data processing time was reduced by approximately 30% year-over-year from January to September 2024[41] - The bank's AI outbound call scenarios exceeded 550, with a total outbound call volume of approximately 440 million from January to September 2024[43] - The bank's AI code assistance platform generated 28.7% of the code by the end of September 2024[40] - The bank's data storage average cost decreased by approximately 18% year-over-year by the end of September 2024[41] - The bank's key business system availability rate remained above 99.99% by the end of September 2024[40] Green and Sustainable Finance - The bank's green loan balance reached 155.137 billion yuan by the end of September 2024, an increase of 11.1% from the end of the previous year[48] - The bank's rural revitalization support funds amounted to 28.436 billion yuan from January to September 2024, with a cumulative total of 134.799 billion yuan[46] - Green bonds, small and micro bonds, rural revitalization bonds, and other sustainable development bonds trading volume reached 89.6 billion yuan, a year-on-year increase of 27.0%[30] Shareholders and Equity - Ping An Bank's total number of ordinary shareholders at the end of the reporting period is 517,695[71] - China Ping An Insurance (Group) Co., Ltd. holds 9,618,540,236 shares, accounting for 49.56% of the total shares[71] - Ping An Life Insurance Co., Ltd. holds 1,186,100,488 shares, accounting for 6.11% of the total shares[71] - Hong Kong Securities Clearing Company Ltd. holds 851,414,551 shares, accounting for 4.39% of the total shares[71] - Ping An Life Insurance Co., Ltd. (Traditional-General Insurance Products) holds 440,478,714 shares, accounting for 2.27% of the total shares[71] - China Securities Finance Co., Ltd. holds 429,232,688 shares, accounting for 2.21% of the total shares[71] - China Merchants Bank Co., Ltd. - Huatai-PineBridge CSI 300 ETF holds 185,360,838 shares, accounting for 0.96% of the total shares[71] - China Construction Bank Co., Ltd. - E Fund CSI 300 ETF holds 123,146,496 shares, accounting for 0.63% of the total shares[71] - Industrial and Commercial Bank of China Ltd. - ChinaAMC CSI 300 ETF holds 78,266,877 shares, accounting for 0.40% of the total shares[71] - Bank of China Ltd. - Harvest CSI 300 ETF holds 76,478,723 shares, accounting for 0.39% of the total shares[71] - The top 10 preferred shareholders hold a total of 175,318,000 shares, representing 87.66% of the total preferred shares[74] - China Ping An Life Insurance Co., Ltd. holds the largest share of preferred stock at 58,000,000 shares, representing 29.00% of the total[74] Cash Flow and Financing - Net cash flow from operating activities for the first nine months of 2024 was RMB 137,158 million, an increase of 18.3% compared to RMB 115,930 million in the same period of 2023[85] - Total deposits and placements from customers and banks increased by RMB 135,723 million in the first nine months of 2024[85] - Cash and cash equivalents at the end of Q3 2024 were RMB 278,712 million, a decrease of 7.3% from RMB 300,715 million at the end of Q3 2023[85] - Net cash flow from operating activities increased to RMB 12,950.1 million in the first nine months of 2024, up from RMB 11,549.7 million in the same period of 2023[87] - Cash received from interest, fees, and commissions decreased to RMB 16,754.6 million in the first nine months of 2024, compared to RMB 19,184.5 million in the same period of 2023[87] - Net cash used in financing activities increased to RMB 14,553.0 million in the first nine months of 2024, up from RMB 9,102.3 million in the same period of 2023[87] - Cash and cash equivalents at the end of the period decreased to RMB 27,767.3 million in the first nine months of 2024, down from RMB 30,029.1 million in the same period of 2023[87] - Cash received from deposits and interbank placements decreased to RMB 135,690.0 million in the first nine months of 2024, compared to RMB 142,158.0 million in the same period of 2023[87] - Cash paid for interest, fees, and commissions increased to RMB 6,418.7 million in the first nine months of 2024, up from RMB 6,096.4 million in the same period of 2023[87] - Net cash used in investing activities was RMB 3,005.0 million in the first nine months of 2024, compared to a net cash inflow of RMB 50,748.0 million in the same period of 2023[87] Other Financial Metrics - Retail customer assets under management (AUM) grew to RMB 4,148.566 billion, up 2.9% from the end of the previous year[17] - Personal new energy vehicle loans issued in the first nine months of 2024 amounted to RMB 41.968 billion, a 54.8% year-on-year increase[16] - Total credit card spending in the first nine months of 2024 reached RMB 1,760.913 billion, with online spending share increasing by 5.5 percentage points[16] - Retail customer base grew to 127.2495 million, a 1.4% increase from the end of the previous year[17] - Wealth management fee income was 3.428 billion yuan, down year-over-year[20] - Private banking clients' AUM reached 1,950.206 billion yuan, up 1.8% year-end[20] - Ping An Pocket Bank APP registered users grew to 172.2325 million, up 3.7% year-end[21] - Supply chain financing volume reached 1,132.106 billion yuan, up 22.8% year-over-year[26] - Cross-border trade financing volume grew to 182.904 billion yuan, up 57.1% year-over-year[27] - Digital treasury platform signed 1,622 group clients, up 68.6% year-end[25] - Wealth clients increased to 1.4243 million, up 3.4% year-end[20] - M&A business volume reached 37.479 billion yuan, a year-on-year increase of 13.5%[28] - Syndicated loan business volume reached 1,416.18 billion yuan, a year-on-year increase of 54.6%[28] - Non-financial bond underwriting business volume reached 1,711.92 billion yuan[28] - Bond trading market share was 4.0%, up 1.0 percentage points year-on-year[30] - Number of institutional value clients reached 1,521, an increase of 11.8% from the end of the previous year[31] - Domestic and foreign institutional spot bond trading volume reached 30.7 trillion yuan, a year-on-year increase of 29.0%[32] - Asset management product sales through the "Xing e Tong" platform reached 2,765.36 billion yuan, an increase of 38.1% from the end of the previous year[33] - Custody scale reached 91.8 trillion yuan, an increase of 5.5% from the end of the previous year[34] - Number of