Core Insights - The article presents the "Top 10 Core Assets for 2026" as voted by millions of members from over 70 countries, highlighting the collective wisdom of global investors in navigating market uncertainties [2][5]. Summary by Categories Core Assets - The selected core assets include: - **Zhongji Xuchuang (中际旭创)**: Market cap of 6,778 million RMB, focusing on AI and advanced manufacturing [3] - **Tencent (腾讯)**: Market cap of 49,160 million RMB, centered on AI applications [3] - **Alibaba (阿里巴巴)**: Market cap of 24,500 million RMB, involved in AI and cloud computing [3] - **Gold ETF (黄金ETF)**: Market cap of 1 million RMB, categorized under precious metals [3] - **Luoyang Molybdenum (洛阳钼业)**: Market cap of 4,279 million RMB, with no specific industry listed [3] - **China Ping An (中国平安)**: Market cap of 12,400 million RMB, in the financial sector [3] - **Dongfang Caifu (东方财富)**: Market cap of 3,663 million RMB, with no specific industry listed [3] - **Wanhua Chemical (万华化学)**: Market cap of 2,400 million RMB, in the chemical industry [3] - **WuXi AppTec (药明合联)**: Market cap of 1,515 million RMB, in the pharmaceutical sector [3] - **Trip.com Group (携程集团)**: Market cap of 3,250 million RMB, in consumer discretionary [3] Market Context - The investment landscape in China for 2025 is characterized by uncertainties, including fluctuating recovery expectations, geopolitical tensions, and evolving trends in real estate and AI [4]. - The article emphasizes the importance of collective intelligence in investment decisions, asserting that the aggregated insights from millions can effectively guide investors through market complexities [5][7]. Performance Metrics - From 2019 to 2025, the "Top 10 Core Assets Index" achieved a cumulative growth of 318.67%, significantly outperforming the CSI 300 Index (+56.2%) and the Hang Seng Index (-0.82%) [11]. - In 2025, the equal-weighted return of the top assets reached 35.1%, again surpassing the performance of major indices [11]. Selection Criteria - The selected companies must meet four key principles: 1. Represent Chinese enterprises with a domestic market focus 2. Align with future economic directions and create long-term value 3. Possess competitive advantages or potential in emerging sectors 4. Have a projected market cap growth of 20% or more in 2026 [10] Individual Company Insights - **Zhongji Xuchuang**: Expected to benefit from a surge in AI-related demand, with a projected market cap growth of 25%-30% [12]. - **Tencent**: Anticipated to see a 25%-30% increase in adjusted net profit, driven by its strong domestic user base and advertising revenue [13]. - **Alibaba**: Forecasted to achieve a 25%-28% stock price increase, supported by its dual focus on AI and consumer markets [14]. - **Gold ETF**: Positioned as a key hedging tool, with a projected 28%-32% growth in fund inflows [15]. - **Luoyang Molybdenum**: Expected to maintain its leading position in the battery materials sector, with a projected net profit of 320-350 million RMB [16]. - **China Ping An**: Anticipated to grow its market cap by 20%-25%, benefiting from the domestic financial market's recovery [17]. - **Dongfang Caifu**: Projected to see a 22%-28% increase in market cap, driven by the growth in wealth management services [18]. - **Wanhua Chemical**: Expected to achieve a net profit of 155-162 million RMB, supported by domestic demand [19]. - **WuXi AppTec**: Positioned as a leader in the ADC field, with significant growth driven by domestic innovation [20]. - **Trip.com Group**: Forecasted to grow revenue by over 25%, capitalizing on the recovery of domestic travel [21]. Conclusion - The selected core assets reflect a strategic alignment with China's economic growth and key sectors, including AI, renewable energy, finance, and healthcare, emphasizing their potential for long-term value creation [22].

Investment Rating - The report indicates a positive outlook for the insurance industry, with expectations of double-digit growth in new premiums and net profit value (NBV) driven by the migration of deposits and improved margins [2][22]. Core Insights - The insurance sector is expected to benefit from strong household savings demand, with insurance products becoming increasingly attractive as low-risk savings options amid declining bank deposit rates [2][22]. - The transition towards participating insurance products is anticipated to enhance market share for leading insurance companies, as they leverage their stronger investment capabilities and distribution channels [2][3]. - The report highlights a favorable market environment for insurance stocks, driven by high demand for new policies and a stable investment return outlook, which is expected to support valuation recovery [4][8]. Summary by Sections Liability Side Outlook - New business and NBV are projected to grow at double-digit rates, supported by strong household savings and a shift towards insurance products due to declining bank deposit rates [2][22]. - The insurance sector is expected to maintain stable margins despite the downward adjustment of preset interest rates and the transition to participating insurance [2][22]. Asset Side Outlook - Insurance funds are expected to actively enter the market, with a significant portion of new premiums allocated to equities, particularly in A-shares [3][16]. - The report anticipates a diversified approach to asset allocation, with a focus on high-dividend stocks and sectors such as technology and advanced manufacturing [3][19]. Market Performance Review - The insurance sector has outperformed the broader market, with significant gains in both A-shares and H-shares, indicating strong investor confidence [8][4]. - The report notes that the insurance index has increased by 27.0%, outperforming the CSI 300 index, which rose by 18.2% [8]. Premium Income and Profitability - New premium income is expected to achieve double-digit growth, with specific companies like China Life and Ping An showing substantial increases in their new business premiums [14][32]. - The report highlights the importance of maintaining a favorable cost structure and investment returns to support profitability in the insurance sector [4][11].

Core Viewpoint - The article highlights the significant impact of extreme weather conditions, including heavy snowfall and cold waves, on various provinces in China, and emphasizes the proactive response of China Ping An in managing the situation and supporting affected clients [1] Group 1: Weather Impact - Multiple provinces in China, including Shaanxi, Shanxi, Hebei, Beijing, Tianjin, Henan, Shandong, Liaoning, and Inner Mongolia, experienced the largest scale of strong rain and snow since the beginning of winter this year [1] - Some areas recorded snowfall levels reaching blizzard magnitude, with temperatures hitting new lows, posing severe challenges to transportation, public welfare, and enterprise production [1] Group 2: Company Response - In response to the extreme weather, China Ping An activated its major disaster emergency plan and launched a series of emergency service measures [1] - The company focused on risk reduction, rapid claims processing, and heartfelt services to ensure the safety of clients' lives and property, demonstrating the social responsibility and commitment of the insurance industry in disaster response [1] Group 3: Operational Metrics - As of December 31, China Ping An dispatched over 2,580 claims personnel and deployed more than 2,108 rescue vehicles [1] - The company conducted over 2,769 emergency rescues and processed 31,000 claims related to the rain and snow, with total compensation exceeding 177 million yuan, and the fastest claim being settled within 10 minutes [1]

Core Insights - The insurance industry in Shandong is accelerating its development in high-quality growth, risk protection, and public service, responding to economic transformation and social demand changes [1] - The "Influential Shandong 2025 Annual Insurance Industry Impact Assessment" event recognized 38 insurance companies for their contributions to the industry [1][2] - Digital transformation, smart risk control, and inclusive insurance are key trends driving innovation in the Shandong insurance sector [2] Industry Developments - The insurance sector is becoming a stabilizer, booster, and ballast for high-quality development, extending its services from personal pensions to family health and disaster response [1] - The total votes for the impact assessment exceeded 2.4 million, indicating strong public engagement and interest in the insurance industry [2] - The event highlighted the importance of integrating technology with insurance services, enhancing efficiency and social influence [2] Award Winners - The most influential insurance companies in Shandong for 2025 include major players such as People's Insurance Company of China, China Life, and Ping An Life [3][4] - The best claims service companies recognized include China Life Property Insurance and Sunshine Property Insurance [4] - The leading insurance products awarded include various life and health insurance plans, showcasing innovation in product offerings [5] Media Influence - Qilu Evening News, the organizer of the event, has a significant media presence in Shandong, with over 1.05 billion downloads of its app and a daily active user base exceeding 1.75 million [3] - The media outlet has adapted to new communication trends, focusing on mobile platforms and smart content production to enhance its reach and effectiveness [2]

Group 1 - Southbound funds net bought Hong Kong stocks worth 3.449 billion HKD today [1] - The top net purchases included China Merchants Bank at 724 million HKD, Industrial and Commercial Bank of China at 589 million HKD, and China Construction Bank at 562 million HKD [1] - Notable net sales included Zijin Mining at 682 million HKD, Tencent Holdings at 646 million HKD, and China Ping An at 298 million HKD [1] Group 2 - Southbound funds have recorded a continuous net sell of Tencent for five consecutive days, totaling 3.94334 billion HKD [2]

Investment Rating - The industry investment rating is "Recommended" [2] Core Insights - The report indicates that the premium income for life insurance and health insurance has shown a marginal improvement, with a year-on-year increase of 9.1% in original premium income for the first 11 months of 2025, totaling 414.72 billion yuan [1] - In November, the decline in premium income for personal insurance narrowed compared to October, with a monthly income of 154.8 billion yuan, down 2.4% year-on-year, an improvement from the previous month's decline of 4.6% [1] - The report highlights a positive trend in property insurance, with total premium income for the first 11 months of 2025 reaching 161.57 billion yuan, a year-on-year increase of 3.9%, and a monthly income of 124.8 billion yuan in November, up 2.3% year-on-year [2] - The total assets of the insurance industry reached 4.06463 trillion yuan by the end of November 2025, reflecting a robust growth of 13.2% compared to the end of 2024, driven by premium income growth and appreciation of investment assets [3] - The report suggests that the demand for savings insurance remains strong due to higher preset interest rates compared to bank deposits, which may attract some deposits into the insurance sector [4] - The supply side is expected to benefit from ongoing reforms in the insurance marketing system and the removal of certain restrictions, leading to a concentration of market share among leading insurance companies [4] Summary by Sections Personal Insurance - Original premium income for personal insurance companies from January to November 2025 was 414.72 billion yuan, with life insurance, health insurance, and accident insurance contributing 338.74 billion, 72.52 billion, and 3.46 billion yuan respectively [1] - The monthly premium income for November was 154.8 billion yuan, with life insurance at 112.6 billion yuan, health insurance at 40.2 billion yuan, and accident insurance at 2 billion yuan [1] Property Insurance - Original premium income for property insurance companies from January to November 2025 was 161.57 billion yuan, with motor insurance and non-motor insurance at 84.32 billion and 77.25 billion yuan respectively [2] - The monthly premium income for November was 124.8 billion yuan, with motor insurance at 82 billion yuan and non-motor insurance at 42.8 billion yuan [2] Asset Growth - Total assets of the insurance industry reached 4.06463 trillion yuan by the end of November 2025, with life insurance companies holding 3.57526 trillion yuan and property insurance companies holding 314.81 billion yuan [3] - Net assets totaled 367.97 billion yuan, reflecting a year-on-year increase of 10.7% [3]

Core Viewpoint - The extreme weather conditions in December have posed significant challenges to transportation, public welfare, and business operations across multiple provinces in China, prompting China Ping An to activate its emergency response plan and provide comprehensive support to clients [1][2]. Group 1: Emergency Response Measures - China Ping An has implemented a full-process emergency handling mechanism covering pre-disaster warnings, in-disaster responses, and post-disaster claims to ensure comprehensive service and protection for clients [2]. - The company utilized technology to send over 140 million pre-warning messages to clients, including safety tips for driving and home protection during the cold wave [2]. - A green channel for claims was established to simplify the claims process, allowing clients to receive compensation in the most convenient manner possible [2][3]. Group 2: Resource Allocation and Support - To address the surge in vehicle accidents due to snow, China Ping An formed temporary emergency rescue teams and coordinated with repair shops nationwide to ensure timely assistance [3]. - An emergency case-sharing center was set up to manage severely damaged vehicles, expediting the claims and repair processes [3]. - Frontline employees of China Ping An provided on-site assistance and emotional support to clients affected by the extreme weather, demonstrating the company's commitment to customer care [4][5]. Group 3: Public Awareness and Preparedness - China Ping An published a detailed disaster prevention and reduction guide to enhance public and corporate awareness of disaster preparedness [6]. - Recommendations for residents included protecting water supply systems from freezing and safe driving practices on icy roads [6]. - For businesses, advice included insulating firewater pipes and ensuring the availability of snow removal equipment, while agricultural producers were encouraged to take measures to protect crops from snow damage [6]. Group 4: Commitment to Service and Innovation - China Ping An aims to enhance public and corporate resilience against extreme weather through risk reduction services and safety knowledge dissemination [7]. - The company is committed to optimizing its disaster response system and leveraging technology to improve service efficiency and customer experience [7].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中国平安保险（集团）股份有限公司 呈交日期: 2025年12月31日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601318 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,660,065,083 | RMB | | 1 | RMB | | 10,660,065,083 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 10,660,065,083 | RMB | | | 1 RMB | | 10,660,065,083 ...

Core Insights - In 2025, the market capitalization increment of A-share listed companies in Guangdong Province reached 42.7 billion, representing a growth of 27.95% compared to the beginning of the year [1] Group 1: Market Capitalization Growth - The top five companies contributing to market capitalization growth all exceeded 100 billion, with Industrial Fulian leading at an increment of 805 billion, marking a growth rate of 188.46% and contributing 18.85% to the total market capitalization increase in the province [1] - The remaining four companies in the top five, namely China Ping An, Shenghong Technology, Luxshare Precision, and Shunyi Technology, each had market capitalization increments below 300 billion, with their contributions to the overall growth rate not exceeding 7% [1] Group 2: Market Capitalization Decline - The companies experiencing the most significant market capitalization decline in Guangdong Province included Mindray Medical, Haitian Flavoring, Huali Group, Poly Development, and Transsion Holdings [1] - Mindray Medical's market capitalization decreased by 78.3 billion, which is significantly higher than the other four companies, each of which saw declines not exceeding 40 billion [1]

Core Viewpoint - The insurance industry is experiencing a capital replenishment wave by the end of 2025, driven by regulatory changes and new accounting standards, with a total capital replenishment exceeding 114 billion yuan throughout the year [2][4][6]. Group 1: Capital Replenishment Trends - Insurance companies have issued a total of 1,013.7 billion yuan in capital supplementary bonds and perpetual bonds in 2025, with 23 companies participating in this issuance [4]. - The issuance of bonds has remained high for three consecutive years, with 1,121.7 billion yuan and 1,175 billion yuan issued in 2023 and 2024 respectively [3]. - The trend of capital replenishment is particularly pronounced in the last months of 2025, with several companies announcing significant bond issuances [3][4]. Group 2: Regulatory and Market Drivers - The tightening of regulatory policies and the complex market environment are key drivers for the capital replenishment, particularly the end of the transitional period for the "Second Generation of Solvency" rules and the implementation of IFRS 17 [6][7]. - The core solvency ratio of insurance companies has decreased to approximately 134.3%, down 4.8 percentage points from the previous year, indicating a pressing need for capital replenishment [7]. - The new accounting standards will increase reserve requirements and financial statement volatility, further pressuring capital levels [7][8]. Group 3: Industry Dynamics and Future Outlook - The capital replenishment wave is expected to lead to increased industry differentiation, with capital strength becoming a core competitive barrier [9]. - Companies with sufficient capital and clear strategies are likely to gain advantages in high-quality development, especially in capital-intensive sectors like pension finance [9]. - The effective allocation of newly raised capital towards high-quality business and risk management will be crucial for sustainable development in the industry [9][10].