Core Insights - China Ping An has been ranked as the most valuable insurance brand in China for the tenth consecutive time, with a brand value of $48.839 billion, placing it 32nd globally and showing a year-on-year growth of 13% [1][4] - The company has demonstrated resilience and sustained growth in a complex external environment, attributed to its customer-oriented approach and high-quality operations [1] Financial Performance - As of September 30, 2025, China Ping An reported total revenue of approximately 901.668 billion yuan, maintaining stable growth [1] - The operating profit attributable to shareholders reached 116.264 billion yuan, a year-on-year increase of 7.2%, with a notable 15.2% growth in the third quarter [1] - The net profit attributable to shareholders was 132.856 billion yuan, reflecting an 11.5% year-on-year increase, with a significant 45.4% growth in the third quarter [1] Customer Engagement - The company serves nearly 250 million individual customers, with an average of 2.94 contracts held per customer, indicating strong customer retention with a 94.4% retention rate for clients with over five years of service [1] - China Ping An is enhancing customer experience through the "Three Savings" service initiative, which focuses on saving time, money, and effort for clients [2] Technological Advancements - The company has developed leading AI capabilities, leveraging a database of 30 trillion bytes of data to enhance customer service, risk control, and cost reduction [3] - In the first three quarters of 2025, 58% of life insurance claims were processed through the "111 Fast Claim" service, showcasing efficiency improvements [3] - AI-driven fraud detection in property insurance has resulted in a loss reduction of 9.15 billion yuan [3] Social Responsibility and Sustainability - In the first three quarters of 2025, China Ping An's green insurance premium income was 55.279 billion yuan, and it provided 47.39 billion yuan in support for rural industries through the "Three Villages Project" [4] - The company has received high ESG ratings, including an MSCI ESG rating upgrade to AAA, ranking first in the Asia-Pacific region for comprehensive insurance and brokerage [4] Strategic Focus - China Ping An aims to deepen its "comprehensive finance + medical and elderly care" strategy, focusing on customer needs and long-term commitments to enhance its core competitiveness [5]

格隆汇1月23日｜中金发表研报指，中国平安将于今年3月下旬发布2025年全年业绩，预计公司归母净利 润年增5.2%至1332.5亿元，归母营运利润(OPAT)年增8.8%至1325.4亿元，全年每股分红年增6.2%至2.71 元。中金重申此前判断，在"存款搬家"浪潮与客群升级机遇下，公司或有望再迎黄金发展期，依托其优 秀核心经营能力，实现好于行业整体的份额增长。中金维持平安"跑赢行业"评级，维持A股目标价89.8 元及H股目标价99.4港元不变。 ...

Group 1 - The total margin financing balance in A-shares reached 27,249.13 billion yuan, an increase of 38.90 billion yuan from the previous trading day, accounting for 2.62% of the A-share circulating market value [1] - The margin trading volume on the same day was 2,686.14 billion yuan, which is an increase of 78.01 billion yuan from the previous trading day, representing 9.88% of the total A-share trading volume [1] Group 2 - Among the 31 primary industries, 18 industries experienced net financing inflows, with the electronics industry leading at a net inflow of 1.749 billion yuan [3] - Other industries with significant net financing inflows include telecommunications, non-bank financials, and basic chemicals [3] Group 3 - A total of 53 individual stocks had net financing inflows exceeding 100 million yuan, with China Ping An leading at a net inflow of 658 million yuan [3][4] - Other notable stocks with high net financing inflows include Zhongji Xuchuang, Runze Technology, Poly Development, Zhongchao Holdings, Longxin Technology, Xinyi Sheng, Kweichow Moutai, and Wolong Nuclear Materials [3][4]

Group 1 - The total margin financing balance of A-shares reached 27,249.13 billion yuan on January 22, increasing by 38.90 billion yuan from the previous trading day, accounting for 2.62% of the A-share circulating market value [1] - The margin trading volume on the same day was 2,686.14 billion yuan, which is an increase of 78.01 billion yuan from the previous trading day, representing 9.88% of the total A-share trading volume [1] Group 2 - Among the 31 primary industries, 18 sectors experienced net financing inflows, with the electronics sector leading at a net inflow of 1.749 billion yuan [3] - Other sectors with significant net financing inflows include telecommunications, non-bank financials, and basic chemicals [3] Group 3 - A total of 53 individual stocks had net financing inflows exceeding 100 million yuan, with China Ping An leading at a net inflow of 658 million yuan [3] - Other notable stocks with high net financing inflows include Zhongji Xuchuang, Runze Technology, Poly Development, Zhongchao Holdings, Longxin Technology, Xinye Technology, Kweichow Moutai, and Wolong Nuclear Materials [3][4]

Core Insights - As of January 22, the total market financing balance reached 2.71 trillion yuan, an increase of 39.72 billion yuan from the previous trading day [1] - A total of 1,756 stocks received net financing purchases, with 566 stocks having net purchases exceeding 10 million yuan, and 53 stocks exceeding 100 million yuan [1] - China Great Wall topped the net financing purchases with 662 million yuan, followed by China Ping An and Zhongji Xuchuang with 658 million yuan and 559 million yuan respectively [1] Individual Stock Highlights - The average financing balance as a percentage of market capitalization for stocks with significant net purchases is 4.21% [2] - The stock with the highest financing balance relative to its market capitalization is Guokewi, with a financing balance of 3.18 billion yuan, accounting for 9.71% of its market cap [2] - Other notable stocks with high financing balance percentages include Demingli (9.32%), Dongfang Caifu (8.80%), and Weichai Heavy Industry (8.22%) [2] Industry Distribution - The industries with the highest concentration of stocks receiving net financing purchases over 100 million yuan include electronics, national defense and military, and power equipment, with 13, 6, and 4 stocks respectively [1] - In terms of board distribution, 38 stocks on the main board, 10 on the ChiNext board, and 5 on the Sci-Tech Innovation board received significant net purchases [1] Financing Purchase Rankings - The top net financing purchases on January 22 included: - China Great Wall: 661.94 million yuan, with a market cap financing ratio of 4.06% [2] - China Ping An: 657.93 million yuan, with a market cap financing ratio of 4.66% [2] - Zhongji Xuchuang: 558.74 million yuan, with a market cap financing ratio of 3.42% [2] - Other significant net purchases included Runze Technology, Poly Development, and Zhongchao Holdings [1]

A股1月22日共有3765只个股获融资资金买入，有567股买入金额超亿元。其中，中际旭创、新易盛、澜 起科技融资买入金额排名前三，分别获买入38.23亿元、25.62亿元、22.56亿元。 从融资买入额占当日总成交金额比重来看，有4只个股融资买入额占比超30%。其中中超控股、潍柴重 机、家联科技融资买入额占成交额比重排名前三，分别为73.1%、35.45%、32.34%。 从融资净买入金额来看，有53只个股获融资净买入超亿元。其中，中国长城、中国平安、中际旭创融资 净买入金额排名前三，分别获净买入6.62亿元、6.58亿元、5.59亿元。 ...

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with Zijin Mining, BAIC Blue Valley, and Huqin Technology leading the rankings with target price increases of 65.69%, 40.29%, and 39.15% respectively, across the industrial metals, passenger vehicles, and consumer electronics sectors [1][2]. Group 2 - On January 22, a total of 24 listed companies received recommendations from securities firms, with Lihigh Food receiving 2 recommendations, while companies like Baolong Oriental and BAIC Blue Valley received 1 recommendation each [4]. - The companies that received first-time coverage on January 22 include BAIC Blue Valley with a "Buy" rating from Guotai Junan Securities, Yanzhou Coal with an "Outperform" rating from Guosen Securities, Hezhu Intelligent with a "Buy" rating from Huayuan Securities, and Jiachih Technology with a "Buy" rating from Kaiyuan Securities [5][6].

1月20日，《Brand Finance 2026年全球品牌价值500强榜单报告》在瑞士达沃斯正式发布。 具体来看，此次有多家银行进入上述榜单，包括工商银行、建设银行、中国银行、农业银 行、招商银行、中信银行、邮储银行、交通银行、浦发银行、兴业银行、民生银行、光大银 行等。与2025年榜单相比，光大银行排名下滑最多，降71个名次至461位；其次是民生银 行，降60个名次至404位。 此外，另有中国平安、中国人寿、中国人保、太平洋保险、友邦保险、保诚保险、国泰人寿 7家中国保险公司上榜。其中，保诚保险排名下滑明显，较上年排位下降117个名次。 | 排名变化 | 2026年排名 | 2025年排名 | 银行名称 | 工商银行 | 12 | 13 | 11 | | --- | --- | --- | --- | --- | --- | --- | --- | | 建设银行 | 1 d | I d | 1 | 12 | 中国银行 | 17 | 19 | | 农业银行 | 19 | J3 | 16 | 招商银行 | 74 | 69 | 1 5 | | 中信银行 | 126 | 128 | V2 | 邮储银行 | 134 ...

证券研究报告 | 2026年01月22日 寻找中国保险的 Alpha 系列之四 优于大市 从保单到数据：新能源车险的价值跃迁 产业周期看财险：我国新能源车险已步入"量价齐升"的黄金发展期。在"双 碳"目标的国家战略指引与延续性的购置税减免等政策激励下，我国新能源 汽车市场渗透率持续快速提升。2024 年，我国新能源汽车销量占总新车销量 的比例已高达 40.9%，零售渗透率逼近 50%，其销量增速显著超越传统燃油 车，这为车险保费增长提供了坚实的原生动力。与此同时，"高级驾驶辅助 系统（ADAS）"渗透率超过 50%以及"基于使用行为的保险（UBI）"等创 新模式的普及，正从技术层面重塑车险的风险管理与定价逻辑，为行业破解 成本困局提供了关键工具。 | 证券分析师：孔祥 | 证券分析师：王京灵 | | --- | --- | | 021-60375452 | 0755-22941150 | | kongxiang@guosen.com.cn | wangjingling@guosen.com.cn | | S0980523060004 | S0980525070007 | 新能源车险高增长背后是当前"高成本、高 ...

Core Insights - The core viewpoint of the article highlights that China Ping An Life Insurance Co., Ltd. Guangxi Branch has been recognized as a provincial-level demonstration project in pension finance due to its innovative "insurance product + rights" pension financial service system [2][3] Group 1: Pension Financial Service System - The company has developed a comprehensive pension solution that covers the entire life cycle, creating a closed-loop process of "payment - service - risk control" [2] - The product supply strategy includes a precise customer adaptation approach, forming a product matrix that covers different life stages [2] - For middle-aged clients, the company recommends a combination of "medical insurance + long-term insurance" to strengthen pension security [2] Group 2: Value-Added Services - The company has established a dual-driven rights system of "home-based elderly care + family doctor" [3] - The home-based elderly care service utilizes a "three-in-one steward" platform, integrating AI, life stewards, and doctor stewards to provide 24/7 service [3] - The family doctor service offers a one-stop health management solution, including a dedicated family doctor, three health services, a proactive process, and numerous medical resources [3] Group 3: Future Development - The recognition as a district-level demonstration project injects strong momentum into the development of the company's pension financial services [3] - The company plans to continue deepening product innovation and service optimization in the pension finance sector to provide secure and comfortable pension guarantees for more families [3]