Key Points Industry or Company Involved - **Company**: Not specified, but the discussion revolves around investment banking, insurance, and financial services. - **Industry**: Insurance, investment banking, and financial services. Core Views and Arguments - **Investment Yield Assumptions**: The company discussed adjusting investment yield assumptions, with a focus on the impact of the downward adjustment in the assumed interest rate. The adjustment was driven by two factors: the downward adjustment in the assumed interest rate and the improved investment yield performance compared to the assumed level. - **Effective Business Value**: Concerns were raised about the potential negative impact on effective business value due to the downward adjustment in the assumed interest rate. The company addressed these concerns by stating that the impact is minimal for them due to their conservative approach and the industry-wide cap on interest rates. - **Profit and Loss**: The company discussed the reduction in impairment losses in the third quarter, driven by the decrease in the balance of investment properties and the improvement in the performance of the investment portfolio. The company also addressed concerns about the impairment of Hua Xia Happiness, stating that they have made significant impairments and are working with the company as a creditor to recover debt. - **T-Ball**: The company explained the one-time loss of 127 billion yuan, which was related to the valuation of Lufax shares and the revaluation of convertible bonds. The company also addressed the impact of the revaluation of convertible bonds on the balance sheet and income statement. - **Underwriting Profit**: The company discussed the factors driving the growth of underwriting profit, including the amortization of CSM, the improvement in the quality of existing business, and the growth in investment scale. - **Reporting and Distribution**: The company discussed the impact of the reporting and distribution requirements on the insurance industry, stating that they are prepared for the changes and will align their business practices with regulatory requirements. Other Important Points - **Investment Portfolio**: The company discussed the performance of their investment portfolio, highlighting the improvement in investment yield performance compared to the assumed level. - **Hua Xia Happiness**: The company discussed their involvement with Hua Xia Happiness, stating that they have made significant impairments and are working with the company as a creditor to recover debt. - **T-Ball**: The company explained the one-time loss of 127 billion yuan, which was related to the valuation of Lufax shares and the revaluation of convertible bonds. - **Underwriting Profit**: The company discussed the factors driving the growth of underwriting profit, including the amortization of CSM, the improvement in the quality of existing business, and the growth in investment scale. - **Reporting and Distribution**: The company discussed the impact of the reporting and distribution requirements on the insurance industry, stating that they are prepared for the changes and will align their business practices with regulatory requirements.

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: 2024年10月31日 狀態: 新提交 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 | | | 10,762,657,695 | RMB | | 1 | RMB | | 10,762,657,695 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 10,762,657,695 | RMB | | 1 | RMB | | 10,762,657,695 | | 2. 股份分類 | 普通股 | | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 ...

Core Insights - Ping An Healthcare and Technology Company Limited has achieved the Digital Health Certification and Continuous Professional Development certifications from the World Organization of Family Doctors, becoming the first healthcare service company globally to receive both certifications simultaneously [1][2] Group 1: Certifications and Recognition - The dual certifications from WONCA signify that Ping An Health's family doctor expertise is recognized by a leading international authority, enhancing its global competitiveness and brand influence [2] - WONCA certification is a prestigious accreditation that aligns with WHO guidelines, providing international credibility to certified doctors and healthcare institutions [2] Group 2: Professional Development and Team Building - Ping An Health is collaborating with WONCA to develop a professional pathway for family doctors, ensuring high-quality services that meet international standards [3] - The company has introduced a family doctor professional development program to build a sustainable career pathway for family doctors, leveraging global resources and digital technology [3] Group 3: Digital Platform and Technological Innovation - Ping An Health's digital health platform has received the highest level of WONCA certification, showcasing its continuous investment in medical technology innovation [4] - The company has developed a multi-modal medical AI model and 12 AI business models, enhancing the efficiency and precision of family doctor services [4] Group 4: Service Standards and Collaboration - Ping An Health is working with the General Practice Branch of the Chinese Medical Association and the Royal Australian College of General Practitioners to elevate service standards to national levels [5] - The company aims to replicate and promote the family doctor model both domestically and globally, establishing a renowned brand of high-quality family doctor services [5] Group 5: Future Directions and Strategic Vision - Ping An Health plans to strengthen its core business hub, "family doctor," and deepen the integration of digital technology to meet growing health demands [12] - The company is committed to providing proactive health management solutions and enhancing user experience through its value proposition of "worry-free, time-saving, and money-saving" [13][16]

Investment Rating - Buy/Maintain rating for Ping An Insurance (601318) with a target price of 57.70 [1] Core Views - Ping An Insurance's Q3 2024 report shows strong growth in New Business Value (NBV) and significant profit growth driven by investment returns [1] - The company achieved a net profit attributable to shareholders of 1191.8 billion yuan, up 36.1% YoY, and an operating profit of 1138.2 billion yuan, up 5.5% YoY [1] - The annualized ROE stood at 15.9%, with growth driven by the expansion of core businesses and a recovery in the capital market [1] Business Performance Life Insurance - Life insurance operating profit reached 827.0 billion yuan, up 3.0% YoY, with NBV at 351.6 billion yuan, up 34.1% YoY [1] - Agent channel NBV increased by 31.6% YoY, with per-agent NBV growing by 54.7% and the number of agents reaching 362,000 [1] - Bancassurance channel NBV surged by 68.5% YoY, driven by exclusive agency agreements with Ping An Bank and cooperation with major state-owned banks [1] - Community financial services channel NBV increased by over 300.0%, reflecting continuous breakthroughs in customer value management [1] Property and Casualty Insurance - Property and casualty insurance operating profit reached 139.9 billion yuan, up 39.7% YoY [1] - Gross premiums written amounted to 2393.7 billion yuan, up 5.9% YoY, with auto insurance contributing 1605.4 billion yuan, up 3.8% YoY [1] - Non-auto insurance premiums were 552.4 billion yuan, up 3.5% YoY, while accident and health insurance premiums reached 235.9 billion yuan, up 31.7% YoY [1] - The combined ratio (COR) improved to 97.8%, down 1.5 percentage points YoY, with a slight increase in auto insurance COR to 98.2% due to rising liability costs and natural disasters [1] Investment Performance - The annualized comprehensive and net investment yields for the insurance fund investment portfolio were 5.0% and 3.8%, respectively, up 1.3 percentage points and down 0.2 percentage points YoY [1] - Equity market recovery in Q3 2024 contributed to the improvement in investment returns [1] - Debt plan and debt-type wealth management product investments totaled 3761.7 billion yuan, accounting for 7.1% of the portfolio, while real estate investments stood at 2050.3 billion yuan, accounting for 3.9% [1] Integrated Financial Strategy - The number of individual customers reached 240 million, up 3.8% from the beginning of the year, with 88.26 million customers holding contracts with multiple subsidiaries [1] - Customers holding four or more contracts within the group accounted for 25.1% of the total [1] - Cross-selling migration reached 16.88 million person-times in the first three quarters of 2024, reflecting the deepening of the integrated financial strategy [1] Financial Forecasts - Revenue is projected to be 10088.33 billion yuan in 2024, 10781.05 billion yuan in 2025, and 11574.71 billion yuan in 2026 [3] - Net profit attributable to shareholders is expected to be 1249.27 billion yuan in 2024, 1384.26 billion yuan in 2025, and 1544.45 billion yuan in 2026 [3] - EPS is forecasted to be 6.86 yuan in 2024, 7.60 yuan in 2025, and 8.48 yuan in 2026, with corresponding P/E ratios of 8.41x, 7.59x, and 6.80x [3] Industry Outlook - The insurance industry is expected to benefit from the recovery in the capital market and the continued growth of core businesses [1]

Core Insights - Ping An Healthcare and Technology Company Limited participated in the finalization meeting for the "High-Quality Development Standards for Internet-Based Family Doctor Contracted Services" in Beijing, involving 20 experts in general practice [1][4] - The meeting emphasized the importance of high-quality family doctor services, which include organized service supply, diverse content, optimized methods, and comprehensive guarantees [2] - Ping An Health's AI system received top accreditation from WONCA, indicating that its digital family doctor system meets international standards, and its proposed online service standards are set to become national standards in China [3] Group 1: Meeting Outcomes - The "Internet-Based Family Doctor Service Standards" will be published by the end of 2024, and a pilot program will be developed in collaboration with various medical institutions [4] - Experts highlighted the establishment of electronic health records (EHRs) as a key strength, enhancing personalized care and efficient disease management [5] - The innovative online family doctor service model allows for consultations anytime, meeting evolving user needs and aligning with digital healthcare trends [6] Group 2: Training and Quality Assurance - The integration of WONCA training and certification ensures that family doctors are equipped with the necessary skills to provide safe and reliable medical services [7] - The successful conclusion of the meeting is expected to invigorate Ping An Health's family doctor service model and contribute to the nationwide development of online family doctor services [8]

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聯合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，概不對因本聯合公告全部或任何部分內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 本聯合公告僅供參考，並不構成收購、購買或認購陸金所證券的邀請或要約，亦並非在任何司 法管轄區徵集任何表決或批准。本聯合公告不得在任何司法管轄區發佈、刊載或派發，否則將 構成違反該司法管轄區的相關法律。 倘本聯合公告所提述陸金所要約在美國作出，則是由聯合要約人直接作出。本聯合公告所提述 由摩根士丹利代表聯合要約人作出的陸金所要約應據此詮釋。 Ping An Insurance (Group) Company of China, Ltd. （於中華人民共和國註冊成立之股份有限公司） 股份代號：2318（港幣櫃台）及 82318（人民幣櫃台） 安科技術有限公司 （於香港註冊成立的有限公司） 中國平安保險海外（控股）有限公司 （於香港註冊成立的有限公司） 聯合公告 Lufax Holding Ltd 陸金所控股有限公司 (1) (I)摩根士丹利為及代表聯合要約人作出強制性無條件現金要約 （由選擇陸金所特 ...

Investment Rating - The report maintains a "Buy" rating for China Ping An, suggesting investors pay attention to the company [2]. Core Views - China Ping An is a comprehensive financial company that continues to deepen its "one customer, multiple products, one-stop service" model to meet diverse financial needs [2]. - The operating profit of the three core businesses remains robust, with a total operating profit attributable to shareholders of RMB 113.82 billion for the first three quarters of 2024, representing a year-on-year increase of 5.5% [2]. - The new business value from the agent channel has significantly improved, with a year-on-year increase of 34.1% in new business value for life and health insurance [2]. Financial Performance Summary - For the first three quarters of 2024, the group achieved an operating profit of RMB 113.82 billion, a 5.5% increase year-on-year, and a net profit of RMB 119.18 billion, a 36.1% increase year-on-year [2]. - The annualized operating ROE as of September 30, 2024, was 15.9%, a decrease of 0.1 percentage points year-on-year [2]. - The new business value for life and health insurance reached RMB 35.16 billion, a 34.1% increase year-on-year, with the agent channel's new business value growing by 31.6% [2]. - The property insurance service revenue for the first three quarters of 2024 was RMB 246.02 billion, a 4.5% increase year-on-year, with operating profit increasing by 39.7% [2]. - The investment portfolio of insurance funds grew to over RMB 5.32 trillion, a 12.7% increase from the beginning of the year, with an annualized comprehensive investment return rate of 5.0%, up 1.3 percentage points year-on-year [2]. Key Financial Indicators - The projected operating revenue for 2024 is RMB 990.9 billion, with a year-on-year growth of 8.4% [3]. - The projected net profit attributable to shareholders for 2024 is RMB 128.3 billion, representing a year-on-year increase of 49.7% [3]. - The projected new business value for 2024 is RMB 40.4 billion, with a year-on-year growth of 30.0% [3]. - The projected EPS for 2024 is RMB 7.24, compared to RMB 4.84 in 2023 [3].

Investment Rating - The report maintains a "BUY" rating for Ping An, with a revised target price of HK$65.1, representing a 35.2% upside from the current price of HK$48.15 [2][5]. Core Insights - Ping An reported robust earnings growth in Q3, with Group net profit and Life & Health (L&H) New Business Value (NBV) more than doubling year-on-year. The Group's Operating Profit After Tax (OPAT) attributable to shareholders grew 5.5% YoY to RMB 113.8 billion, indicating a steady recovery trajectory [1][10]. - The L&H NBV rose 34.1% YoY to RMB 35.2 billion in the first nine months of 2024, with Q3 showing a remarkable growth of 110.2% YoY to RMB 12.8 billion, driven by margin expansion and a stable agency force [1][11]. - The Property & Casualty (P&C) segment saw OPAT surge 455% YoY to RMB 4.0 billion in Q3, supported by improved underwriting and a better combined ratio [1][12]. Summary by Sections Earnings Performance - Group NPAT rose 36.1% YoY in the first nine months of 2024, with a significant surge of 1.51x YoY in Q3. The L&H segment's OPAT grew 3.0% YoY, while P&C's OPAT saw a dramatic increase [1][10][15]. - The report revises FY24-26 EPS forecasts upward by 14%/7%/3% to RMB 7.44/7.57/7.90, reflecting a clearer outlook for profitability [5][6]. New Business Value (NBV) - The L&H NBV margin increased to 25.4%, with expectations to rise to ~26% by the end of FY24. The agency force stabilized at 362,000 agents, contributing significantly to the NBV growth [1][11][7]. - Bancassurance NBV surged 68.5% YoY, driven by a favorable product mix and margin expansions [1]. Investment Performance - The comprehensive investment yield (CIY) reached 5%, up 1.2 percentage points YoY, indicating a positive investment experience variance that could enhance the Group's embedded value [6][14]. - The report anticipates better-than-expected earnings in the second half of 2024, supported by rebounding investment income and a low base from Q4 2023 [1][5]. Valuation Metrics - The stock is currently trading at 0.54x FY24 P/EV and 0.81x FY24 P/B, which is above the historical average for H-share listed Chinese insurers. The report suggests limited downside risk due to the turnaround in fundamentals [1][5][9]. - The sum-of-the-parts valuation assigns target multiples of 1.19x for L&H, 0.72x for P&C, and 0.90x for banking, leading to a target valuation of RMB 1,059 billion for the Group [8][9].

Investment Rating - Maintain "Overweight" rating for the company [1] Core Views - The company's Q3 2024 net profit surged by +151.3% YoY, driven by strong performance in non-banking interest income (+258% YoY to 90.53 billion CNY) and investment income [1] - Operating profit (OPAT) turned positive, with life and health insurance OPAT growing by +3% YoY and property insurance OPAT increasing by +39.7% YoY [1] - New business value (NBV) grew by +34.1% YoY (non-retrospective basis: +4.7%), exceeding expectations due to improvements in both new premiums and value rate [1] - The company's agent force increased by +4.3% to 362,000, reversing the previous trend of shrinkage, with per-agent NBV rising by +54.7% YoY [1] - Property insurance premiums grew by +5.9% YoY, with combined ratio (COR) improving by -1.5pct to 97.8%, driven by better underwriting quality [1] - Investment performance was strong, with OCI (other comprehensive income) increasing by +10.9% YoY, supported by equity market recovery and bond price appreciation [1] Financial Performance - Q3 2024 net profit reached 119.2 billion CNY, up +36.1% YoY, driven by investment income and fair value changes [1] - Life and health insurance premiums grew by +5.5% YoY, while property insurance premiums increased by +5.9% YoY [1] - The company's annualized net investment yield (NII) was 3.8%, with OCI (excluding bond floating profits) rising by +2.76pct YoY to 5% [1] - EPS forecasts for 2024, 2025, and 2026 are 7.24, 8.55, and 10.47 CNY, respectively [1] Strategic Highlights - The company is focusing on optimizing its agent force, with the "You+" segment accounting for +4pct more of the total agent force [1] - Bancassurance channel NBV grew by +68.5% YoY, with external channel productivity increasing by +77% YoY [1] - The company is leveraging its integrated financial services to drive long-term growth and maintain a competitive edge in the insurance sector [1] Valuation - The company's PEV (price-to-embedded value) ratio is 0.69x, indicating potential for further valuation recovery [1] - The stock is trading at a discount compared to its historical valuation levels, with room for re-rating as core valuation pressures, such as real estate risks, ease [1]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a significant increase in net profit for the first three quarters of 2024, achieving a net profit attributable to shareholders of 119.18 billion yuan, a year-on-year increase of 36.1%, with Q3 alone showing a remarkable 151.3% increase [1][2] - The company's new business value (NBV) in life and health insurance reached 35.16 billion yuan for the first three quarters of 2024, up 34.1% year-on-year, with Q3 showing a staggering 110.3% increase [2] - The overall combined ratio (COR) for property and casualty insurance improved to 97.8%, a year-on-year optimization of 1.5 percentage points [2] - The annualized comprehensive investment return rate improved to 5.0%, an increase of 1.3 percentage points year-on-year, benefiting from a recovery in the stock market [3] Financial Summary - For 2024, the company expects operating revenue of 970.9 billion yuan, net profit attributable to shareholders of 130.3 billion yuan, and earnings per share (EPS) of 7.16 yuan [4][6] - The projected operating revenue for 2025 and 2026 is 1,035.9 billion yuan and 1,093.6 billion yuan, respectively, with corresponding net profits of 150.8 billion yuan and 170.0 billion yuan [4][6] - The company's return on equity (ROE) is projected to improve to 13.1% in 2024, 14.0% in 2025, and 14.5% in 2026 [6][8]