Investment Rating - The report maintains an "Accumulate" rating for the non-bank financial sector [5]. Core Insights - The China Securities Regulatory Commission (CSRC) is expanding the types of strategic investors to enhance long-term capital inflow into the market, allowing various institutional investors to act as strategic investors [1][2]. - The insurance sector is expected to benefit from long-term trends such as the migration of deposits and increasing demand for long-term medical and pension insurance, despite short-term market adjustments [3][37]. - The securities sector is experiencing heightened market activity, with brokerage firms expected to benefit from increased trading volumes and improved valuations [3][37]. Summary by Sections Industry Dynamics - The non-bank financial sector indices showed varied performance, with the insurance sector increasing by 5.50% while the securities sector decreased by 0.69% during the week [10][12]. - China Life Insurance led the insurance sector with an increase of 8.73% [13]. Insurance - Ping An Life increased its stake in China Life H shares by purchasing 11.891 million shares at an average price of 32.0553 HKD, raising its ownership to 9.14% [14]. - The original premium income for property insurance reached 1,470.3 billion RMB, a year-on-year increase of 2.60%, while life insurance premiums reached 4,649.1 billion RMB, up 9.05% [15][19]. Securities - The A-share market saw a daily average trading volume of 2.08 trillion RMB in 2025, a 70.36% year-on-year increase, with IPO approvals rising by 109.43% [24]. - Brokerage firms that have released earnings forecasts are expected to see a net profit growth of 59%-66% year-on-year [24]. Multi-Financial - The Shanghai Futures Exchange has implemented measures to enhance market risk control, including adjustments to margin requirements and price limits for various futures contracts [35].

The credit quality of the Fund's underlying investments met Lianhe Global's criteria for 'AAAmf' rated MMFs, with asset-weighted average credit quality equivalent to a high-investment-grade international rating ('BBB+' or above), throughout the review period since January 2025. Concentration risk was also well managed; large exposures were only limited to strong credit quality assets. In addition, the Fund had a strong liquidity profile, supported by sufficient daily and weekly liquidity to meet investors' ...

Summary of Ping An Insurance Group Co of China Ltd Conference Call Company Overview - **Company**: Ping An Insurance Group Co of China Ltd - **Industry**: Insurance and Financial Services - **Market Cap**: US$172.647 billion - **Stock Rating**: Overweight - **Price Target**: HK$89.00, representing a 22% upside from the closing price of HK$72.70 on January 30, 2026 Key Points Financial Performance and Outlook - **Return on Equity (ROE)**: Management targets an ROE above 15% over the medium term, supported by structural growth in Value of New Business (VNB) and improvements across subsidiaries [2][11] - **VNB Growth**: Expected to be driven by solid agency channel growth and strong performance in the banca channel, with a projected >20% VNB margin [2][17] - **Cost of Capital**: New business profit net of cost of capital is projected to increase from RMB 28.5 million in 2025 to RMB 58.8 million by 2027 [7] Strategic Initiatives - **Integrated Finance Strategy**: Ping An is leveraging its healthcare and senior care businesses to create strategic advantages, combining high-end senior care communities with home-based services [3][24] - **AI Adoption**: Ping An is recognized as a leader in AI, with full-stack capabilities that enhance productivity, risk control, and operational efficiency across its subsidiaries [4][30] Senior Care Business - **Differentiated Model**: Ping An offers both home-based services and premium senior care communities, targeting ultra-high-net-worth customers with specific needs [32][35] - **Community Development**: The ZHEN Living community in Shenzhen exemplifies the company's focus on high-quality facilities and services, catering to affluent seniors [33][36] Banking Operations - **Ping An Bank**: Expected to recover from previous drags on group operating profit after 2026, with improved revenue and profit growth driven by easing net interest margin (NIM) pressure and retail opportunities [5][41] - **Retail AUM Growth**: Anticipated double-digit growth in retail assets under management (AUM) in 2026, supported by a focus on wealth management and customized product offerings [43] Risks and Challenges - **Market Conditions**: Potential risks include volatile equity markets, low interest rates, and elevated asset risks, which could impact capital levels and dividend payouts [54][55] - **Credit Quality**: Management expects continued pressure on corporate loans, particularly in the property sector, but anticipates a decline in non-performing loans (NPLs) as risk digestion progresses [47][48] Conclusion - Ping An Insurance Group is positioned for sustained growth through its integrated finance strategy, strong AI capabilities, and differentiated senior care offerings. The company aims to improve its ROE and VNB growth while navigating potential market risks and challenges.

Core Viewpoint - The collaboration between Botai Car Union and Ping An Property & Casualty Insurance aims to integrate technology, finance, automotive, and services to transform the insurance landscape in the smart mobility era [1] Group 1: Strategic Cooperation Details - The companies will create a new service paradigm by integrating AI and data while ensuring data security, leveraging their technological and insurance expertise to enhance user value and satisfaction [2] - They will build a leading safety ecosystem through the "car-insurance linkage" model, combining driving behavior risk perception with Ping An's customer operation system to inject technological momentum into the construction of a strong transportation nation [2] - The partnership will explore new dimensions in smart mobility services by integrating resources, providing one-stop travel solutions, and innovating embedded insurance financial products to foster a new ecosystem of technology empowerment and cross-industry collaboration [2]

Investment Rating - The report maintains an "Accumulate" rating for the non-bank financial sector [1] Core Insights - The non-bank financial sector has shown mixed performance, with the insurance industry outperforming the CSI 300 index recently, while the securities and diversified financial sectors lagged [10][11] - The report highlights a positive outlook for the insurance sector, driven by expected growth in new policies and the ongoing development of the "insurance + health care" model [24][28] - The securities sector is experiencing increased trading volumes and regulatory support, which may lead to new growth opportunities [16][22] - The diversified financial sector is transitioning to a more stable growth phase, with trust assets and futures trading volumes remaining robust [32][38] Summary by Sections 1. Recent Performance of Non-Bank Financial Sub-Sectors - In the last five trading days (January 26-30, 2026), the insurance sector rose by 5.55%, while the securities sector fell by 0.70% and diversified financials dropped by 3.49% [10] - Year-to-date, the diversified financial sector has increased by 2.06%, followed by insurance at 1.24%, while the securities sector has decreased by 1.64% [11] 2. Insights on Non-Bank Financial Sub-Sectors 2.1 Securities - Trading volume has increased significantly, with an average daily trading value of 34,743 billion yuan in January, up 155.35% year-on-year [16] - The China Securities Regulatory Commission (CSRC) is proposing to expand the types of strategic investors, which may enhance market stability [20][21] 2.2 Insurance - The insurance sector's premium income for 2025 is projected at 52,696 billion yuan, reflecting an 8.5% year-on-year increase [25] - The report anticipates strong performance in new policy sales for 2026, particularly in health and pension insurance [31] 2.3 Diversified Financials - The trust industry saw its asset scale reach 32.43 trillion yuan by mid-2025, a 20.11% increase year-on-year [32] - The futures market recorded a trading volume of 9.51 billion contracts in December 2025, with a transaction value of 90.81 trillion yuan, marking a 45.17% year-on-year growth [38] 3. Industry Ranking and Key Company Recommendations - The report ranks the insurance sector highest, followed by securities and diversified financials, recommending companies such as China Life, Ping An, and CITIC Securities for investment [32][46]

Investment Rating - The investment rating for the industry is "Positive" and maintained [6] Core Insights - The non-bank sector has shown strong performance this week, with some companies disclosing 2025 earnings forecasts, continuing a high growth trend. The securities sector is advised to seize allocation opportunities as market trading has rebounded and remains at historical highs. In the insurance sector, the logic of deposit migration, increased equity allocation, and improved new policy costs has been confirmed since the third quarter report, enhancing the certainty of long-term ROE improvement and accelerating valuation recovery. A proactive allocation to insurance is recommended under a healthy slow bull market [4][6] - From the perspective of profitability and dividend stability, recommendations include Jiangsu Jinzhong for stable profit growth and dividend rates, China Ping An for stable dividends and high dividend yield, and China Pacific Insurance for its strong business model and market position. Additionally, based on performance elasticity and valuation levels, recommendations include New China Life, China Life, Hong Kong Stock Exchange, CITIC Securities, Dongfang Caifu, Tonghuashun, and Jiufang Zhitu Holdings [4][6] Summary by Sections Market Performance - The non-bank financial index increased by 1.0%, with an excess return of 1.0% relative to the CSI 300, ranking high in the industry. Year-to-date, the non-bank financial index decreased by 0.5%, with an excess return of -2.2% relative to the CSI 300, ranking low [5] - Market activity has rebounded, with an average daily trading volume of 30,632.46 billion yuan, up 9.45% week-on-week, and an average turnover rate of 2.97%, up 28.54 basis points. The margin financing balance has increased to 2.74 trillion yuan, up 0.53% [5][36] Insurance Sector Insights - In November 2025, cumulative premium income reached 57,629 billion yuan, a year-on-year increase of 7.56%. Among this, property insurance income was 16,157 billion yuan (up 3.88%), and life insurance income was 41,472 billion yuan (up 9.06%) [19][20] - As of December 2025, the total assets of insurance companies reached 41.31 trillion yuan, with life insurance companies holding 36.39 trillion yuan (up 1.79%) and property insurance companies holding 3.12 trillion yuan (down 0.97%) [23][24] Securities Sector Insights - In January 2026, the equity financing scale rebounded to 1284.56 billion yuan, up 93.7% month-on-month, while bond financing decreased to 62 billion yuan, down 15.6% [46] - The average daily trading volume in the two markets has exceeded the 2025 average, indicating a recovery in brokerage business profitability [36][39] Key Industry News - The China Securities Regulatory Commission held a seminar on the "14th Five-Year Plan" for listed companies, focusing on optimizing issuance and listing systems, enhancing the quality and investment value of listed companies, and promoting long-term capital inflow into the market [56][57]

Core Viewpoint - The collaboration between Botai Car Union and Ping An Property & Casualty Insurance aims to integrate technology, finance, automotive, and services to transform the insurance landscape in the smart mobility era [1]. Group 1: Strategic Cooperation Details - The companies will create a new service paradigm by integrating AI and data while ensuring data security, leveraging their technological and insurance expertise to enhance user value and satisfaction [2]. - They will build a leading safety ecosystem through the integration of driving behavior risk perception systems with Ping An's customer operation systems, aiming to establish a new "car-insurance linkage" model [2]. - The partnership will explore innovative embedded insurance solutions and provide comprehensive travel solutions by merging their ecological resources, focusing on diverse travel scenarios [2].

Core Viewpoint - The collaboration between Botai Che Lian and Ping An Property & Casualty Insurance aims to integrate technology, finance, automotive, and services to transform the insurance landscape in the smart mobility era through AI and data-driven innovations [1][2]. Group 1: Strategic Cooperation - The framework agreement establishes a partnership to create a new service paradigm that combines AI and data, enhancing user value and satisfaction while ensuring data security [1]. - The collaboration will build a leading safety ecosystem that integrates driving behavior risk perception with Ping An's customer operation system, leveraging Botai's technology in multimodal interaction and cloud platforms [1]. Group 2: Market Opportunities - The partnership seeks to explore embedded insurance financial innovations and provide comprehensive travel solutions by deeply integrating both parties' ecological resources [2]. - The initiative aims to foster a new ecosystem characterized by technology empowerment, cross-industry integration, and collaborative development, seizing market opportunities for upgrading the smart transportation ecosystem [2].

Core Viewpoint - The collaboration between Botai Che Lian and Ping An Property & Casualty Insurance aims to integrate technology, finance, automotive, and services to enhance the insurance ecosystem for smart mobility, transitioning from basic services to personalized, all-scenario empowerment [1][2] Group 1: Strategic Cooperation - The companies will co-create a new service paradigm that integrates AI and data, ensuring data security while leveraging their technological and insurance expertise to enhance user value and satisfaction [1] - They will build a leading safety ecosystem that links vehicles and insurance, combining Botai's technology in multi-modal interaction and cloud platforms with Ping An's customer operation system to create a new model for vehicle-insurance interaction [1] Group 2: Expanding Smart Mobility Services - The partnership will deeply integrate their ecological resources to merge driving safety with insurance services, providing comprehensive travel solutions and exploring embedded insurance financial innovations [2] - This collaboration aims to foster a new ecosystem characterized by technology empowerment, cross-industry integration, and collaborative development, seizing market opportunities to upgrade the smart transportation ecosystem [2]

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之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就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之任何損失承擔任何責任。 PATEO CONNECT Technology (Shanghai) Corporation 博 泰 車 聯 網 科 技 ( 上 海 ) 股 份 有 限 公 司 （ 於 中 華 人 民 共 和 國 成 立 的 股 份 有 限 公 司 ） （股份代號：2889） 自願性公告 與中國平安財產保險股份有限公司訂立框架合作協議 – 1 – 該框架合作協議是雙方為加強合作而訂立的框架性協議，對雙方均不具有強 制約束力。在具體業務合作過程中，將以框架合作協議約定內容為指導，簽署 具體合作協議。截至本公告日期，本公司已在框架合作協議下與平安財險生態 夥伴公司訂立具體合作協議並開展業務。 有關平安財險的資料 平安財險是一家依中國法律合法成立並有效存續的股份有限公司，是一家以 從事保險業為主的企業。據董事作出一切合理查詢後所知、所悉及所信，平安 財險及其最終實益擁有人均為獨立於本公司及其關連人士的第三方。 訂立框架合作協 ...