Investment Rating - The report maintains an "Overweight" rating for the non-bank financial sector [1] Core Insights - The non-bank financial sector is expected to see significant valuation improvement, with catalysts anticipated from upcoming quarterly reports [1] - The insurance sector is experiencing rapid asset growth and an increase in equity allocation, while the securities sector is benefiting from rising trading volumes and supportive regulatory developments [3][21] - The multi-financial sector is transitioning into a stable growth phase, with trust and futures industries showing varied performance and potential for innovation [33][37] Summary by Sections Non-Bank Financial Sector Performance - In the recent five trading days (March 9-13, 2026), all sub-sectors of non-bank financials underperformed the CSI 300 index, with declines of 1.72% in securities, 2.05% in insurance, and 2.79% in multi-financials, while the overall non-bank financial sector fell by 1.82% [8][9] Securities Sector - Trading volume has increased month-on-month, with March's average daily trading volume reaching 29,726 billion yuan, a year-on-year increase of 73.84% and a month-on-month increase of 10.55% [14] - The margin financing balance as of March 12, 2026, was 26,647 billion yuan, up 37.75% year-on-year and 4.88% since the beginning of the year [14] - The average price-to-book (PB) ratio for the securities sector is projected at 1.2x for 2026, indicating potential for growth in leading firms like CITIC Securities and Tonghuashun [21] Insurance Sector - By the end of 2025, total assets of insurance companies reached 41.3 trillion yuan, a 15.1% increase from the beginning of the year [23] - The insurance sector's premium income for 2025 was 6.1 trillion yuan, reflecting a year-on-year growth of 7.4% [24] - The average solvency ratio for insurance companies was 181.1% at the end of 2025, indicating strong financial health [24] Multi-Financial Sector - The trust industry saw its asset scale reach 32.43 trillion yuan by mid-2025, a year-on-year growth of 20.11% [33] - The futures market recorded a trading volume of 5.03 billion contracts in February 2026, with a transaction value of 55.59 trillion yuan, showing a year-on-year increase in transaction value of 7.82% [37] - The report suggests that innovation in risk management will be a key focus for the futures industry moving forward [41] Industry Ranking and Recommendations - The report ranks the insurance sector highest, followed by securities and other multi-financials, recommending companies such as China Ping An, China Taiping, and CITIC Securities for investment [48]

Investment Rating - The report maintains a positive outlook on the insurance sector, indicating a high cost-performance ratio for investment opportunities [2][11] Core Views - The insurance sector has experienced significant adjustments due to pessimistic narratives surrounding AI, geopolitical conflicts, and investor concerns about the investment performance of the insurance sector. However, the valuation has dropped to historically low levels, suggesting a high cost-performance ratio for investment [2][11] - The banking sector is expected to see a stabilization in interest margins due to marginal improvements in both assets and liabilities, with non-interest income likely to recover as the equity market rebounds [3][20] Summary by Sections Insurance Sector - The insurance sector's index fell by 2.10%, underperforming the CSI 300 index by 2.28 percentage points. The sector has seen a cumulative decline of over 9% this year, with current valuations indicating significant room for recovery [2][11] - The sector's price-to-earnings value (PEV) is at 0.65x for A-shares and 0.42x for H-shares, indicating potential recovery spaces of 53% and 137% respectively [11] - The long-term core logic of improvement in both assets and liabilities remains unchanged, with expectations for dual recovery in valuation and performance as market sentiment improves [2][11] Brokerage Sector - The brokerage sector index decreased by 1.75%, underperforming the CSI 300 index by 1.94 percentage points. The sector's price-to-book (PB) ratio is at 1.27x, indicating a significant mismatch between earnings and valuation [17][18] - The "14th Five-Year Plan" emphasizes the need for comprehensive reforms in the capital market, which will benefit leading brokerages with strong service capabilities [17][18] - Recommendations include focusing on large brokerages with strong fundamentals and low valuations, as well as those undergoing mergers or restructuring [18][19] Banking Sector - The banking sector index increased by 1.39%, outperforming the CSI 300 index by 1.20 percentage points. The sector's PB ratio is at 0.52x [20][21] - Expected improvements in both asset and liability sides are anticipated to stabilize interest margins, with a projected decrease in the average cost of interest-bearing liabilities by 40 basis points in 2025 [20][21] - The overall asset quality is expected to remain stable, with non-performing loans in corporate real estate and non-real estate consumer credit anticipated to stabilize at high levels [22][23] - Recommendations include focusing on high-dividend large banks and those with strong recovery potential in performance [23]

Core Insights - Ping An's financial large language model, PingAnGPT-Qwen3-32B, achieved the highest overall score in the CNFinBench evaluation, which benchmarks AI capabilities in the financial sector [1] Group 1: Model Performance - The CNFinBench evaluation included leading models such as GPT-4o and Claude Sonnet 4, as well as Chinese open-source models like DeepSeek-R1 and Qwen3-235B-A22B [1] - PingAnGPT-Qwen3-32B excelled in financial factual reasoning, financial knowledge Q&A, and compliance and risk control, demonstrating high numerical accuracy and logical reasoning [1] Group 2: Business Applications - The model has been deployed across 97 real-world business scenarios, including auto insurance claims, customer service, expense auditing, and intelligent call operations [1] - By enhancing AI capabilities and optimizing model deployment, Ping An aims to provide efficient and high-quality digital financial services [1] Group 3: Company Overview - Ping An is one of the largest financial services companies globally, with over RMB 12 trillion in total assets as of December 2024 [1] - The company ranked 27th in the Forbes Global 2000 list and 47th in the Fortune Global 500 list in 2025, and received an AAA rating in MSCI ESG Ratings [1]

1. Report Industry Investment Rating - No information provided on industry investment rating. 2. Core Viewpoints of the Report - The China Securities REITs Total Return Index closed at 1023.2 points this week, down 0.43% week - on - week and 2.78% from the end of January. The trading volume remained sluggish, with the average daily turnover rate hovering around 0.36%, lower than the 60 - day average of 0.45%. As of March 13, the total market value of 79 listed REITs was 224.1 billion yuan, with a week - on - week decrease of 0.41%, and the circulating market value was 123.9 billion yuan [11]. - The "merger of public rental housing and affordable rental housing" in Shanghai may attract some public rental housing applicants to choose affordable rental housing projects, but it may also divert the applicants of original affordable rental housing projects. Attention should be paid to the competition around rental housing REITs projects [2][22]. - The rental housing REITs sector has excellent fundamentals, and high occupancy rates and rent advantages ensure the stability of cash flow at the numerator end. The sector may be more affected by the discount rate at the denominator end. The current distribution rate of the sector is about 3.12%. Attention can be paid to trading opportunities in the sector with subsequent interest rate adjustments, especially individual bonds of affordable rental housing with stronger policy attributes [3][24]. - In the secondary market this week, except for the data center sector which rose 0.73%, all other sectors declined, with the decline ranging from 0.01% to 1.06%, narrowing compared with last week. The industrial park sector declined the most, while the energy facility sector declined the least [4][26]. 3. Summary by Relevant Catalogs 3.1 "Merger of Public Rental Housing and Affordable Rental Housing", Continuously Monitor the Impact on the Supply of Affordable Rental Housing REITs - China's housing security system is divided into rental - type (public rental housing and affordable rental housing) and sales - type affordable housing. Public rental housing has relatively strict application conditions, and the rent is generally lower than that of affordable rental housing projects [2][19]. - Since March 2026, multiple batches of public rental housing in Shanghai have been unified for supply management according to the relevant policies of affordable rental housing. The rights and interests of existing tenants remain unchanged, and new tenants will be reviewed according to the standards of affordable rental housing. After the expiration of the lease contract, those who still meet the access conditions can renew the lease [2][22]. - The "merger of public rental housing and affordable rental housing" may attract some public rental housing applicants to choose affordable rental housing projects, but it may also divert the applicants of original affordable rental housing projects. Attention should be paid to the competition around rental housing REITs projects [2][22]. - The rental housing sector fell 0.62% this week. The current distribution rate of the sector is about 3.12%. Attention can be paid to trading opportunities in the sector with subsequent interest rate adjustments, especially individual bonds of affordable rental housing such as Huaxia Beijing Affordable Housing and CICC Xiamen Anju [3][24]. 3.2 Secondary Market: Data Centers Lead the Rise, Industrial Parks Lead the Fall, and Trading Sentiment is Low - This week, except for the data center sector (+0.73%), all other asset sectors declined, with the decline ranging from 0.01% to 1.06%, narrowing compared with last week. The industrial park sector declined the most (-1.06%), and the warehousing and logistics and rental housing sectors declined about 0.6%. The energy facility and municipal environmental protection sectors declined less, at -0.01% and -0.11% respectively [4][26]. - The data center sector was the only one that rose this week. However, the two individual bonds in the sector showed different performances. Runze Technology rose while Wanguo declined. The current distribution rates of Runze and Wanguo are 3.40% and 3.49% respectively, slightly higher than the reference value of 3.31% for the distribution rate of rental - type REITs projects, and there may still be an upward space of 10 - 20BP. However, the China Securities Computing Power Index in the equity market retreated 1.07% this week. Allocation can be made at an appropriate time in combination with Runze's expansion process [4][28]. - The industrial park sector declined the most this week. The current distribution rate of the park sector has increased by 5BP to 4.72%. Under the pressure on the fundamentals, attention should be paid to the marginal improvement and repair opportunities of individual bonds with poor fundamentals, large previous declines, and distribution rates as high as over 5%. It is recommended to carefully focus on park REITs with stable fundamentals, income distribution adjustment mechanisms, and leading distribution rates, such as Jinyu Zhizao Gongchang and Chuangjin Hexin Shounong [30][31]. - The energy facility sector declined the least this week. The "coordination of computing and power" was first proposed in the 2026 government work report. Attention should be paid to the stability of regional consumption, on - grid power generation, on - grid electricity prices, and changes in the demand side of the energy sector [37][41]. - The warehousing sector declined significantly this week. The recent poor performance of Harvest JD Warehousing Infrastructure may be related to the upcoming expiration of the lease of the Langfang project. It is expected that the rent reduction of the Langfang project will be similar to that of the Chongqing project, ranging from 16% to 40%. Attention can be paid to the subsequent renewal situation [5][45]. 3.3 Primary Market: Shenzhen Stock Exchange Welcomes the Second Commercial Real Estate REIT - On March 10, 2026, after Huatai Zijin Huazhu Anju Commercial Real Estate REIT, the Shenzhen Stock Exchange welcomed the second commercial real estate REIT - Hongtu Innovation Xinghe Group Closed - end Commercial Real Estate Securities Investment Fund, with Xinghe Industrial (Shenzhen) Co., Ltd. as the original equity holder [57]. - As of March 13, 2026, there were 11 projects that had received inquiries and feedback and 2 projects that had been accepted among the projects declared to the exchange [61].

Core Insights - The first Shanghai Commercial Space Conference and Exhibition was held on March 12, 2026, attracting over 200 core enterprises in the industry chain, with China Ping An as the only invited financial institution to present a comprehensive financial solution for commercial space development [1] Group 1: Industry Growth and Challenges - The domestic commercial space industry is experiencing a golden growth period with a compound annual growth rate exceeding 25%, further accelerated by the government's recognition of aerospace as an emerging pillar industry in the 2026 government work report [1] - The industry faces challenges such as high R&D risks, significant capital investment, and long return cycles [1] Group 2: Comprehensive Financial Solutions - China Ping An introduced the first comprehensive financial solution combining insurance, funding, and capital support to address the three major pain points of commercial space: fear of failure, funding delays, and growth challenges [1][2] - The insurance coverage includes a full lifecycle risk management system for commercial space, addressing risks from R&D to launch and in-orbit operations, ensuring comprehensive protection against core risks [2] Group 3: Tailored Financial Services - Ping An Bank offers customized financial services to meet the funding needs of commercial space enterprises, including project loans and working capital loans tailored for rocket launches and satellite networking [2] - Ping An Securities provides a multi-layered capital service system, including equity, debt, and asset securitization, to support the entire development cycle of commercial space enterprises [2] Group 4: Localized Collaborative Service Model - The service model will be implemented in the Yangtze River Delta, leveraging local resources and creating a collaborative ecosystem involving government, banks, enterprises, and research institutions [3] - China Ping An has been involved in the aerospace insurance sector since the 1990s, providing risk coverage for over 400 satellites and more than 100 rocket launches [3] Group 5: Future Plans - The company plans to continuously iterate its comprehensive financial service system for the entire lifecycle of commercial space, expanding the service model to more industrial clusters across the country [4]

Core Viewpoint - China Ping An has launched the industry's first comprehensive financial solution combining "insurance protection + funding support + capital promotion" to provide comprehensive support for the development of commercial aerospace [1] Group 1: Industry Development - Commercial aerospace is currently on a fast track due to the support of technology, demand, and policy, but it still faces challenges and difficulties as it is in its early development stage [1] - The comprehensive financial solution aims to address three major pain points in commercial aerospace: fear of failure, inability to wait, and slow growth [1] Group 2: Financial Solution Details - The solution will integrate multiple institutions including property insurance, banking, and securities to create a collaborative mechanism with "one entry, full response" [1] - The first implementation of this solution will be in the Yangtze River Delta industrial cluster, with Ping An Property & Casualty's Shanghai branch collaborating with Ping An Bank and Ping An Securities to establish a specialized service team for commercial aerospace [1] Group 3: Core Capabilities - The solution focuses on three core capabilities: localized customization, national resource integration, and full ecological collaboration [1] - It aims to construct a "full lifecycle" precise service map to quickly allocate relevant resources within the group to meet the needs of different stages of industry development [1]

Core Insights - The commercial aerospace industry in China is experiencing a compound annual growth rate of over 25%, with government support accelerating its development as a new pillar industry [3] - China Ping An has introduced a comprehensive financial solution combining insurance, funding, and capital support to address key challenges in the commercial aerospace sector [3][4] Group 1: Financial Solutions - China Ping An's comprehensive financial solution aims to create a collaborative mechanism among various institutions, addressing the industry's concerns of failure, funding delays, and growth limitations [3] - The insurance component provides a full lifecycle risk management solution covering research, testing, launch, and in-orbit phases, ensuring comprehensive risk coverage for commercial aerospace enterprises [3][4] - Customized financial services from Ping An Bank include project loans and working capital loans tailored to the specific funding needs of rocket launches and satellite networks [4] Group 2: Capital Support - Ping An Securities offers a multi-tiered capital service system, including equity, debt, and asset securitization, to support the capital needs of commercial aerospace companies from R&D to scaling [4] - The service model is being piloted in the Yangtze River Delta, leveraging local resources and nationwide capabilities to provide tailored services for different stages of industry development [4][7] Group 3: Industry Experience - China Ping An has been involved in the aerospace insurance sector since the 1990s, providing risk coverage for over 400 satellites and more than 100 rocket launches [5] - The company plans to expand its comprehensive financial service model to more commercial aerospace clusters across the country, contributing to the development of China's aerospace capabilities [7]

Core Viewpoint - The commercial aerospace industry in China is experiencing a robust growth period with a compound annual growth rate exceeding 25%, and the government is prioritizing it as a new pillar industry, which will further accelerate its development [1][4]. Group 1: Financial Solutions - China Ping An has introduced a comprehensive financial solution combining insurance, funding, and capital support to address the challenges faced by the commercial aerospace sector, including high R&D risks, significant capital investment, and long return cycles [1][2]. - The insurance component provides a full lifecycle risk coverage plan that includes property, liability, and contract risks, ensuring comprehensive protection against failures during development, testing, launch, and operation [1][2]. - Customized financial services from Ping An Bank, such as project loans and supply chain financing, are designed to meet the specific funding needs of commercial aerospace enterprises [2]. Group 2: Collaborative Ecosystem - The initiative will first be implemented in the Yangtze River Delta, a key area for the commercial aerospace industry, creating a localized service model that integrates national resources and collaborative capabilities [3]. - The service team will engage with local governments, industry parks, and academic institutions to build a collaborative ecosystem that supports the aerospace sector [3]. - Ping An has a long history in the aerospace insurance field, having provided risk coverage for over 400 satellites and more than 100 rocket launches, demonstrating its extensive experience and commitment to the industry [3]. Group 3: Future Plans - The company plans to continuously iterate its comprehensive financial service system for the entire lifecycle of commercial aerospace projects, expanding its service model to more industrial clusters across the country [4].

Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [1] Core Insights - The government work report for 2026 sets a GDP growth target of 4.5%-5%, aligning with the principle of "seeking progress while maintaining stability." It is expected that bank credit issuance will show a "stable total and improved structure" characteristic [1][46] - The report proposes the issuance of special government bonds worth 300 billion yuan to support state-owned commercial banks in capital replenishment, continuing the 500 billion yuan injection from 2025 [1][46] - The securities market reform will focus on three dimensions to empower new productive forces, enhancing inclusivity for hard technology and new business models [3][48] - The insurance sector is set to develop measures to promote agricultural insurance and support flexible employment personnel in participating in employee insurance [4][49] Summary by Sections Market Review - As of March 12, 2026, the banking, securities, and insurance indices changed by +2.66%, -3.89%, and -3.31% respectively, while the CSI 300 index changed by -0.83%. Among 31 industries, banking and non-banking sectors ranked 7th and 21st respectively [12][14] - The best performers in sub-sectors included Chongqing Bank (+12.31%), First Venture (+6.20%), and China Life Insurance (-0.35%) [12][14] Investment Recommendations - For banking, focus on regional banks with strong performance certainty such as Ningbo Bank (002142) and Hangzhou Bank (600926) [47] - In the securities sector, attention is drawn to firms with restructuring expectations like Zheshang Securities (601878) and Guolian Minsheng (601456) [48] - The insurance sector is encouraged to develop health insurance products covering innovative drugs and rare diseases, enhancing its role as an economic stabilizer [4][49] Valuation Situation - As of March 12, 2026, the banking sector's price-to-book (PB) ratio is 0.70, with state-owned banks at 0.75 and joint-stock banks at 0.58 [21] - The securities sector's PB ratio is 1.38, indicating potential for valuation recovery [26] Recent Market Indicators - The one-year Medium-term Lending Facility (MLF) rate is 2.0%, with the one-year and five-year Loan Prime Rates (LPR) at 3.0% and 3.50% respectively [31] - The average daily trading volume of A-shares is 24,023.87 billion yuan, showing a 14.70% increase week-on-week [36]

Group 1 - The core point of the article is the approval of the address change for China Ping An Life Insurance Co., Ltd. Maoming Branch's Maonan Marketing Service Department to a new location in Guangdong Province [1][3] - The new address is specified as No. 1301-1320, 13th Floor, Building 1, 188 Xiyue South Road, Maonan District, Maoming City, Guangdong Province [1] - The approval was issued by the Maoming Regulatory Bureau of the National Financial Supervision Administration, confirming the receipt and review of the request for the address change [3] Group 2 - China Ping An Life Insurance Co., Ltd. is required to handle the change and license renewal matters in accordance with relevant regulations [2]