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。 自願性公告 召開2025年度業績發佈會 於本公告日期，本公司的執行董事為馬明哲、謝永林、郭曉濤、付欣及蔡方方；非執行董事為謝吉 人、楊小平、何建鋒及蔡潯；獨立非執行董事為吳港平、金李、王廣謙、洪小源、宋獻中及陳曉峰。 中國平安保險（集團）股份有限公司（「本公司」）擬於2026年3月26日在香港聯合交易所 有限公司網站（www.hkexnews.hk）公佈本公司2025年年度業績。為了便於廣大投資者更深 入、全面地瞭解本公司2025年年度業績和經營情況，本公司擬於2026年3月27日中午11:45- 12:45通過網路直播方式召開2025年度業績發佈會（「業績發佈會」）。本公司董事長馬明 哲、總經理兼聯席首席執行官謝永林、聯席首席執行官郭曉濤、副總經理兼首席財務官（財 務負責人）付欣、公司秘書盛瑞生以及獨立非執行董事等將出席業績發佈會。投資者屆時可 登陸全景網（www.p5w.net）和上證路演中心（ht ...

Summary of China Ping An Conference Call Company Overview - **Company**: China Ping An - **Industry**: Comprehensive Financial Services including insurance, banking, asset management, and healthcare Key Points Business Model and Strategy - China Ping An is building a "comprehensive finance + healthcare and elderly care" ecosystem, with life insurance as the core business, expected to contribute 71% to net profit by mid-2025 [2][6] - The company has seen a significant recovery in new business value (NBV) and margin, with NBV reaching 35.72 billion yuan and margin rebounding to 40% by Q3 2025 [2][8] - The transformation towards dividend insurance is leading, with over 90% of new business in 2026 expected to come from this segment, effectively reducing liability costs [2][8] Financial Performance - The company anticipates net profit growth rates of 13%, 12.3%, and 6.6% for 2025, 2026, and 2027 respectively, with a current P/EV valuation of approximately 0.7 times, indicating a potential upside of nearly 40% if valued at 0.9 times [3][22] - The dividend per share (DPS) has shown steady growth, increasing from 0.2 yuan in 2008 to 2.54 yuan in 2024, supported by a dividend policy linked to operating profit [6] Channel Strategy - Significant improvements in distribution channels have been noted, with individual agents achieving industry-leading NBV per capita [2][9] - The new bancassurance strategy has deepened collaboration with banks, achieving a bancassurance margin of 28.6% by mid-2025 [2][9] Asset Management and Investment Strategy - The company employs a "barbell" asset allocation strategy, with 37.3% of equity assets in OCI stocks, focusing on high-dividend bank stocks to secure cash flow and mitigate volatility [2][16] - Real estate risk exposure has been reduced to below 4%, with sufficient impairment provisions in place [2][17] AI Integration - AI technology is deeply integrated across all processes, with AI-assisted sales exceeding 66 billion yuan, enhancing efficiency and customer engagement [2][15] - The "AI in all" strategy leverages comprehensive customer data to create competitive advantages in the aging population context [2][15] Risk Management - The company has proactively managed real estate risks, with a significant reduction in exposure and a robust credit impairment provision of 42.56 billion yuan by Q3 2025 [2][17][18] Market Position and Future Outlook - As a major blue-chip stock, China Ping An has significant potential for capital inflow, with a weight of 2.89% in the CSI 300 index [19] - The company is expected to maintain strong growth in premium income and new business value, with projected growth rates of 3.9%, 7.6%, and 7.5% from 2025 to 2027 [20][21] Valuation and Investment Potential - Current valuation levels indicate a discount compared to peers, with a conservative estimate suggesting a potential upside in valuation due to strong fundamentals and market positioning [22] Additional Insights - The company’s governance structure supports efficient decision-making, with a diverse shareholder base ensuring management autonomy [5] - The long-term value of the insurance industry is tied to cost efficiency, customer barriers, and ecosystem value, which Ping An is well-positioned to leverage [4]

Core Insights - The pet economy in China has grown significantly, with the market size exceeding 310 billion yuan, but issues such as product fraud, poor quality materials, and lack of transparency in veterinary services are prevalent [1] Group 1: Industry Challenges - The pet industry faces multiple challenges, including product ingredient fraud, substandard materials, and unclear medical fees, leading to difficulties for pet owners in choosing food, accessing veterinary care, and purchasing pets [1] - A letter from various companies, including JD.com and China Ping An, highlights the need for industry reform to address these issues and improve consumer trust [8] Group 2: Initiatives for Improvement - JD.com and its partners have launched six major initiatives to tackle the challenges in the pet industry, focusing on food safety, live animal transactions, health services, insurance, and overall service quality [6] - The establishment of the JD Pet Quality Ecological Alliance aims to create the largest quality alliance in the domestic pet industry, linking all aspects from production to sales to enhance quality and trust [1][8] Group 3: Specific Measures - JD.com has introduced the "JD Pet Gold Selection" standard, which offers a 100-fold compensation guarantee for consumers if purchased pet food is found to have false ingredient labels or does not meet national standards [3][4] - The company is implementing a comprehensive quality assurance system across over 80% of its core product categories, investing over 100 million yuan annually in quality control [5] - In the pet health service sector, JD Health is providing a one-stop service system that includes online consultations, home testing, and a refund policy for ineffective pet medications [7]

Core Insights - The article emphasizes the importance of value investing as a preferred strategy for identifying strong stocks in various market conditions [2] - It highlights the use of Zacks Rank and Style Scores system to identify high-quality value stocks, particularly those with high Zacks Ranks and "A" grades for Value [3] Company Analysis - Ping An Insurance Co. of China (PNGAY) is identified as a notable value investment opportunity, currently holding a Zacks Rank 2 (Buy) and a Value grade of A [4] - PNGAY's P/E ratio is reported at 6.33, significantly lower than the industry average of 8.34, indicating potential undervaluation [4] - The stock's Forward P/E has fluctuated between 4.52 and 7.81 over the past year, with a median of 5.81, further supporting its undervalued status [4] - The P/S ratio for PNGAY is 0.91, compared to the industry's average P/S of 1, reinforcing the notion that the company is undervalued [5] - Overall, the data suggests that PNGAY stands out as one of the strongest value stocks in the market, particularly when considering its earnings outlook [6]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The dual return mechanism of "guaranteed + floating" in participating insurance is regaining market share, with participating insurance expected to be a key product for the 2026 sales season [4][12] - Participating insurance products are primarily driven by the company's investment capabilities, with guaranteed returns generally lower than traditional insurance, while floating returns depend on market conditions and the insurer's performance [12][26] - Regulatory policies are continuously guiding the reduction of demonstration returns and actual settlement rates for participating insurance, impacting the overall market dynamics [29][33] Summary by Sections 1. "Guaranteed + Floating" Dual Returns of Participating Insurance - Participating insurance originated from sharing surplus and mitigating interest spread losses, allowing policyholders to receive a portion of the insurer's surplus based on actual performance [12] - The attractiveness of participating insurance is enhanced by its dual return structure, which combines guaranteed and floating returns, with the latter being influenced by the insurer's investment performance [12][26] - In 2026, many listed insurance companies are focusing on participating insurance products, with most products having a predetermined interest rate of 1.75% and demonstration rates between 3.3% and 3.9% [4][5] 2. Value Rate of Participating Insurance - Participating insurance typically has a lower value rate compared to traditional insurance under similar assumptions, as 70% of the investment returns exceeding the guaranteed return are distributed to policyholders [5][12] - The use of the Variable Fee Approach (VFA) for measuring participating insurance reduces financial statement volatility, leading to more stable net profits and net assets [5][6] - The increase in the proportion of participating insurance generally results in reduced fluctuations in net profit and net assets, especially during market volatility [5][6] 3. Supply and Demand Driving Participating Insurance Growth - Participating insurance shows comparative advantages during stock market fluctuations and low-interest periods, with regulatory policies also playing a significant role in its sales growth [6][12] - The demand for participating insurance is bolstered by its attractive features in a low-interest environment, making it a key product for capturing deposits migrating from traditional savings [6][12] - The concentration of leading insurers in the participating insurance market has been increasing, with companies like China Ping An, China Pacific Insurance, and China Life being recommended for their growth potential in this segment [6][12]

东莞证券指出，2026年政府工作报告中多次提及保险发展目标，主要包括以下方面：推动制定促进农业 保险发展的措施；出台支持灵活就业人员、新就业形态人员参加职工保险的政策；加快发展商业健康保 险，推动创新药和医疗器械高质量发展，更好满足人民群众多元化就医用药需求；推行长期护理保险制 度；完善生育保险制度和生育休假制度；健全巨灾保险保障体系。上述发展目标为保险公司布局"保险 +养老服务"生态提供了发展空间，指明加快开发涵盖创新药、罕见病的健康险产品的发展方向，充分 发挥经济"减震器"和社会"稳定器"作用。 消息面上，金融监管总局3月16日召开扩大会议，强调不断提升金融服务实体经济质效，健全巨灾保险 保障体系，大力发展商业健康保险、商业长期护理保险，强化新就业群体金融服务。 MACD金叉信号形成，这些股涨势不错！ 格隆汇3月17日｜保险股今日强势拉升，其中，中国平安A股盘中涨3.6%报62.66元，H股盘中涨3.45%报 64.4港元。 对于中国平安，摩根大通近日发表研报指，中国平安管理层对2026年寿险销售前景和核心盈利增长的信 心将成为关键催化剂，与极具吸引力的估值相得益彰。此外，风险管理措施应是关键重点，以维持 ...

摩根大通发表研报指，中国平安管理层对2026年寿险销售前景和核心盈利增长的信心将成为关键催化 剂，与极具吸引力的估值相得益彰。此外，风险管理措施应是关键重点，以维持偿付能力资本和获利韧 性，确保公司在周期性波动中保持稳健。该行认为，现阶段中国平安无需额外融资来支持业务增长和提 高股息。该行表示，将集团去年税后营运利润预测维持至1300亿元，料股息派2.73元；该行维持中国平 安港股目标价为100港元，评级"增持"。 ...

Group 1 - The core viewpoint of the report is that the management's confidence in the 2026 life insurance sales outlook and core profit growth will be a key catalyst for China Ping An, complemented by attractive valuations [1] - Risk management measures are highlighted as a critical focus to maintain solvency capital and profit resilience, ensuring the company remains robust amid cyclical fluctuations [1] - The report indicates that China Ping An does not require additional financing at this stage to support business growth and increase dividends [1] Group 2 - The forecast for the group's after-tax operating profit is maintained at 130 billion yuan, with an expected dividend payout of 2.73 yuan [1] - The target price for China Ping An's Hong Kong stock is set at 100 Hong Kong dollars, with a rating of "overweight" [1]

Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Core Viewpoints of the Report - The geopolitical tensions persist, and concerns about inflation have led to a decline in US Treasuries. The yields of 10 - year and 2 - year US Treasuries have risen significantly, with the 2 - year yield rising more, reflecting concerns about limited Fed rate - cut space due to rising inflation expectations. The situation's uncertainty remains high, and the duration of the Holmuiz Strait's navigation restrictions is crucial [1][2]. - Affected by the sharp rise in US Treasury yields, Chinese - funded US dollar bonds have declined for two consecutive weeks, with the Bloomberg Barclays Chinese - funded US dollar bond total return index falling 0.5% last week [1][3]. - In the on - shore market, the yields of 3 - year and 10 - year government bonds have risen. Factors such as improved inflation expectations, good industrial production and export performance, improved fixed investment data, and reduced expectations of future monetary policy easing have jointly promoted the rise in government bond yields. However, overall, monetary policy will remain supportive, and there is no basis for a continuous rise in interest - rate bond yields [1][4]. Summary According to Relevant Catalogs Off - shore Market - There were 3 new issuances of Chinese - funded US dollar bonds exceeding $100 million last week, totaling $1.45 billion, mainly financial bonds; about 17.5 billion RMB of off - shore RMB bonds were newly issued, also mainly financial bonds [2]. - The yields of 10 - year and 2 - year US Treasuries rose 14 and 16 basis points respectively to 4.28% and 3.72% last week, mainly due to market concerns about potential inflation problems caused by the continuous high oil price [1][2]. - Key - term US Treasuries have fully reversed all their gains this year. The yields of 10 - year and 2 - year US Treasuries have risen 11 and 24 basis points respectively compared to the end of 2025 [1][2]. - Affected by the sharp rise in US Treasury yields, Chinese - funded US dollar bonds have declined for two consecutive weeks. The Bloomberg Barclays Chinese - funded US dollar bond total return index fell 0.5% last week, and the spread narrowed by 2 basis points. Among them, the high - rating index fell 0.5%, and the spread narrowed by 3 basis points; the high - yield index fell 0.4%, and the spread widened by 3 basis points [1][3]. On - shore Market - The People's Bank of China net - withdrew 10.11 billion RMB of short - term liquidity through reverse repurchase operations last week, and inter - bank funding rates rebounded. The weighted average interest rates of 7 - day deposit - type institutional pledged repurchase and 7 - day inter - bank pledged repurchase rose 5 and 1 basis points respectively to 1.46% and 1.50% [4]. - The yields of 3 - year and 10 - year government bonds rose 1 and 3 basis points respectively to 1.37% and 1.81% last week [4]. - February's inflation data showed improved price pressure, and the continuous geopolitical tensions pushed up oil prices, improving market expectations of subsequent inflation. The macro data from January to February showed good industrial production and export performance, improved fixed investment data, and although retail data was still weak, it was better than market expectations. Coupled with the guidance of the People's Bank of China, market expectations of future monetary policy easing have weakened, jointly promoting the rise in government bond yields. However, overall, monetary policy will remain supportive, and there is no basis for a continuous rise in interest - rate bond yields [4]. Recent Newly Issued Chinese - funded US Dollar Bonds - Beijing Construction Engineering (Hong Kong) Co., Ltd. issued bonds with a coupon rate of 4.10%, an issue amount of $300 million, and a maturity date of March 19, 2029 [5]. Appendix: List of Chinese - funded US Dollar Bonds - The appendix provides a detailed list of various Chinese - funded US dollar bonds, including information such as the issuer, guarantor, coupon rate, issue amount, maturity date, and ratings from Moody's, S&P, and Fitch [17][19][21].

Investment Rating - The report maintains an "Overweight" rating for the insurance industry [2][3]. Core Insights - Short-term trading factors are suppressing insurance stock valuations, but this is not expected to alter the profit improvement outlook for listed insurance companies. The government work report guides the industry towards high-quality development, with a growth in new insurance premiums through bancassurance channels. The report emphasizes the certainty of profit improvement in the insurance sector, supported by stable interest rates and a gradual recovery in the equity market [3][4][6]. Summary by Sections 1. Short-term Valuation Pressure Does Not Change Profit Improvement Expectations - From March 2 to March 13, the Shenwan Insurance Index (801194.SI) fell from 1401.76 to 1369.48, a decline of -2.30%. In the same period, the CSI 300 index decreased by -1.26%, the Shanghai Composite Index by -2.08%, and the Hang Seng Index by -2.28%. The report identifies trading concerns as the core factor behind the divergence between corporate profit improvement and stock prices, with a high certainty of profit improvement in the insurance sector [7][8]. 2. Industry Event Tracking 2.1. Government Work Report Guides High-Quality Development - The government work report emphasizes the role of insurance in various key areas, including livelihood security and rural revitalization. It sets high-quality development goals for the insurance sector, including improvements in commercial health insurance and agricultural insurance [12]. 2.2. Growth in New Insurance Premiums - In February, 79 life insurance companies reported a total of 69 billion yuan in new premiums through bancassurance channels, a year-on-year increase of 6.9%. Cumulatively, new premiums for January and February reached 281.4 billion yuan, up 21.7% year-on-year [13]. 2.3. Steady Increase in Industry Assets - As of the end of Q4 2025, the total assets of insurance institutions reached 41.31 trillion yuan, reflecting a year-on-year growth of 15.1% [13]. 2.4. Investment in Venture Capital - Several insurance companies, including Xinhua Insurance and Zhonghui Life, have invested in the Beijing-Tianjin-Hebei Venture Capital Guidance Fund, marking their participation in venture capital [14]. 2.5. Capital Increase by Multiple Insurance Companies - By March 13, several insurance institutions, including Ping An Life and Dajia Property Insurance, have initiated capital increases totaling over 5 billion yuan [15]. 3. Company Event Tracking 3.1. New Management at Taiping Life - Wang Xuze has been appointed as the General Manager of Taiping Life, effective March 2026 [16]. 3.2. Launch of New Insurance Product by ZhongAn Insurance - ZhongAn Insurance has launched the "Zhongminbao·High-end Medical Insurance 2026," which covers various medical scenarios for individuals with pre-existing conditions [16]. 4. Investment Recommendations - The report recommends stocks such as Ping An, China Pacific Insurance, Xinhua Insurance, China Property Insurance, China Life, and China People's Insurance Group, citing strong growth in new business value (NBV) and improved underwriting profitability in the property insurance sector [16].