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

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聯合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，概不對因本聯合公告全部或任何部分內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 本聯合公告僅供參考，並不構成收購、購買或認購陸金所證券的邀請或要約，亦並非在任何司 法管轄區徵集任何表決或批准。本聯合公告不得在任何司法管轄區發佈、刊載或派發，否則將 構成違反該司法管轄區的相關法律。 倘本聯合公告所提述陸金所要約在美國作出，則是由聯合要約人直接作出。本聯合公告所提述 由摩根士丹利代表聯合要約人作出的陸金所要約應據此詮釋。 （於中華人民共和國註冊成立之股份有限公司） 股份代號：2318（港幣櫃台） 及82318（人民幣櫃台） 安科技術有限公司 （於香港註冊成立的有限公司） 中國平安保險 海外（控股）有限公司 （於香港註冊成立的有限公司） 聯合公告 (1) 摩根士丹利為及代表聯合要約人作出強制性無條件現金要約 （由選擇陸金所特別股息觸發） (2) 有關所有未歸屬陸金所績效股份單位的陸金所績效股份單位安排 Lufax Holding Ltd 陸金所控股有限公司 （於開曼群島註冊成立的 ...

证券代码：601318 证券简称：中国平安 公告编号：临 2024-056 中国平安保险（集团）股份有限公司 保费收入公告 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。 根据中华人民共和国财政部《企业会计准则解释第 2 号》以及《保险合同相 关会计处理规定》，本公司如下子公司于 2024 年 1 月 1 日至 2024 年 9 月 30 日 期间的原保险合同保费收入为： | | | 2024 年 | 1-9 月 | | --- | --- | --- | --- | | 子公司名称 | 原保险合同保费收入 | | 同比 | | | （人民币万元） | | （%） | | 中国平安财产保险股份有限公司 | 23,937,136 | | 5.9 | | 中国平安人寿保险股份有限公司 | 42,171,646 | | 10.2 | | 平安养老保险股份有限公司 | 1,419,692 | | -4.9 | | 平安健康保险股份有限公司 | 1,389,066 | | 14.6 | ...

证券代码：601318 证券简称：中国平安 公告编号：临 2024-055 中国平安保险（集团）股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： 投资者可于 2024 年 10 月 17 日（星期四）23:59 前将相关问题通过电子邮件 的形式发送至本公司投资者关系邮箱：IR@pingan.com.cn。本公司将会于 2024 年第三季度业绩说明会（以下简称"业绩说明会"）上对投资者普遍关注的问题 进行回答。 一、业绩说明会类型 为了便于广大投资者更全面深入地了解本公司 2024 年第三季度业绩和经营 情况，本公司拟召开业绩说明会，并对投资者普遍关注的问题进行回答。 二、业绩说明会召开的时间、地点 （一）会议召开时间：2024 年 10 月 21 日（星期一）18:45-19:45 （二）会议召开方式：上证路演中心（http://roadshow.sseinfo.com）网络文 字互动 三、参加人员 本 ...

证券代码：601318 证券简称：中国平安 公告编号：临 2024-054 中国平安保险（集团）股份有限公司 2024 年半年度分红派息实施公告 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。 重要内容提示： 每股分配比例 每股派发现金红利人民币 0.93 元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/10/17 | － | 2024/10/18 | 2024/10/18 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 根据《中国平安保险（集团）股份有限公司章程》规定，本公司 2024 年半年度分红派息 实施方案（以下简称"本次分红派息"）经本公司 2024 年 8 月 22 日召开的第十三届董事会第四 次会议审议通过。 二、 分配方案 1. 发放年度：2024 年半年度 2. 分派对象： 截至 A 股股权登记 ...

关于中国平安保险（集团）股份有限公司 差异化分红事项的核查意见 平安证券股份有限公司（以下简称"平安证券"）作为中国平安保险（集团） 股份有限公司（以下简称"中国平安"或"公司"）2024 年中期利润分配所涉及 差异化分红事项的财务顾问，根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股份回购 规则》（以下简称"《回购规则》"）、《上海证券交易所上市公司自律监管指引第 7 号——回购股份》（以下简称"《回购股份指引》"）、《上海证券交易所股票上市规 则》（以下简称"《上市规则》"）以及《中国平安保险（集团）股份有限公司章程》 （以下简称"《公司章程》"）等相关法律、法规及规范性文件的规定，对中国平 安 2024 年中期利润分配所涉及的差异化分红（以下简称"本次差异化分红"）相 关事项进行了审慎核查，并出具核查意见如下： 一、本次差异化分红的原因 2021 年 8 月 26 日，公司召开第十二届董事会第四次会议，审议通过了《关 于审议回购公司股份的议案》。根据该议案，公司拟使用不低于人民币 50 亿元且 不超过人民币 100 亿元（均包含本 ...

承董事會命 盛瑞生 公司秘書 中國深圳，2024 年 10 月 8 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、蔡方方及付欣；非執行董事為謝吉人、楊小 平、何建鋒及蔡潯；獨立非執行董事為伍成業、儲一昀、劉宏、吳港平、金李及王廣謙。 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。 更改董事會召開日期 茲提述中國平安保險（集團）股份有限公司（「本公司」及其附屬公司「本集團」） 日期為 2024 年 9 月 27 日之公告，內容有關本公司董事會（「董事會」）定於二零二 四年十月二十九日（星期二）舉行董事會會議，以考慮及通過本集團截至二零二四 年九月三十日止九個月之第三季度業績，以及處理任何其他事項。 董事會謹此宣佈，董事會會議日期已更改為二零二四年十月二十一日（星期一）。 有關董事會會議的其他資料維持不變。 ...

Investment Rating - The report indicates a positive investment outlook for Ping An, highlighting a significant recovery in its market valuation and stock price, which has reached a three-year high [1][4]. Core Insights - The report emphasizes that the factors previously suppressing Ping An's valuation are now turning positive, with new business value returning to double-digit growth, which is expected to support future earnings and profit releases [21]. - Ping An is positioned as a major beneficiary of recent financial policies aimed at supporting high-quality economic development, particularly in the insurance sector [4][15]. - The company's internal value, measured by embedded value, has shown substantial growth from 264.2 billion yuan in 2014 to 930.2 billion yuan in 2023, indicating a strong recovery from a "broken net" state [7][9]. Summary by Sections Business Performance - Ping An's new business value (NBV) reached 22.3 billion yuan in the first half of 2024, with a year-on-year growth rate of 11%, marking six consecutive quarters of positive growth [9][10]. - The company's agent channel saw a 10.8% increase in new business value, with the average income of agents rising from 6,309 yuan in 2019 to 12,000 yuan in 2023 [9][10]. Regulatory Environment - Recent regulatory changes, including the implementation of the "Solvency II Phase II" rules, have positioned Ping An as a significant beneficiary due to its accumulation of long-term protection-type policies [11][12]. - The new "National Ten Articles" for the insurance industry aims to enhance regulatory oversight and promote high-quality development, benefiting leading firms like Ping An [15]. Strategic Direction - Ping An's strategy focuses on a "comprehensive finance + healthcare" model, integrating various financial services and healthcare offerings to meet consumer needs [19][20]. - The company has established a robust ecosystem that leverages technology and AI to enhance service delivery across its financial and healthcare services [19]. Customer Engagement - As of mid-2024, Ping An has 236 million individual customers, with a significant portion engaging with multiple services, indicating strong customer retention and cross-selling potential [19]. - The company's commitment to customer-centric services is reflected in its "Three Savings" initiative, which aims to provide value through convenience, efficiency, and cost savings [17][18].