Group 1 - The insurance sector experienced a decline, with China Pacific Insurance and Ping An Insurance both dropping over 2% [1][2]

Summary of Ping An Bank Conference Call Company Overview - **Company**: Ping An Bank - **Industry**: Banking and Financial Services Key Points and Arguments Credit Structure Adjustment - Ping An Bank is shifting its credit focus from high-yield, high-risk assets to medium-yield assets, particularly in retail lending, where consumer loan and credit card rates are decreasing while mortgage rates remain stable. Overall yield is experiencing a gradual decline [2][3][9] Deposit Cost Management - The bank is actively controlling deposit costs by reducing high-cost deposits and increasing the proportion of demand deposits to improve deposit structure. This strategy is expected to stabilize the loan growth rate in 2026, with a slight increase anticipated [2][7] Loan Growth and Yield Outlook - For 2026, Ping An Bank expects loan yields to face downward pressure but aims to stabilize margins through optimized funding costs. New loan rates may slightly decline due to macroeconomic factors affecting consumer income and spending [2][8][20] Risk Management - The bank maintains a low Loan-to-Value (LTV) ratio for mortgages, ensuring strong collateral and asset quality control. Risks associated with consumer loans and credit cards have been significantly cleared, allowing for better risk management in retail lending [2][10] Credit Cost Stability - Credit costs are expected to remain stable in 2026, with a consistent provision coverage ratio. The bank plans to maintain a sufficient loan-to-provision ratio to manage future risks effectively [2][12] Retail Business Recovery - Since Q4 2025, the recovery trend in retail business has continued, with sustained investment in mortgages and medium-yield assets while reducing high-risk assets. The bank aims for a dual recovery in revenue and performance in 2026 [4][20] Corporate Lending Strategy - Corporate lending will focus on sectors such as real estate, infrastructure, and energy, with a slight decrease in growth expected. The bank will prioritize risk control in the retail sector due to a weak consumer environment [6][20] Macro Economic Outlook - Ping An Bank holds an optimistic view of the macroeconomic environment for 2026, anticipating that government policies will effectively stimulate economic recovery and consumer spending [8][20] Non-Interest Income and Insurance Business - The bank's insurance business is a strategic focus, contributing approximately 30-40% of wealth management income. The bank expects continued growth in this area, enhancing overall revenue support [4][12][13] Future Asset Growth and Dividend Policy - The bank does not have a specific growth target for 2026 but aims for stability in corporate lending while maintaining a dividend payout ratio of around 27% [16][17] Medium-Yield Asset Development - Ping An Bank is committed to developing medium-yield assets as a key product to improve risk management and meet customer needs, with a target of 30 billion yuan for 2025 and ongoing discussions for 2026 [17] Overseas Business Development - Currently, Ping An Bank operates a branch in Hong Kong focused on cross-border financing, with plans to maintain a light business model and prioritize retail banking in the long term [18][19] Performance Expectations for 2026 - The bank anticipates a phase of performance recovery in 2026, aiming for improved revenue and profitability compared to the previous two years, although quarterly performance will need to be monitored closely [20]

个股方面，1月9日，有1778只个股获融资净买入，净买入金额在5000万元以上的有163股。其中，68股 获融资净买入额超1亿元。中国平安获融资净买入额居首，净买入11.37亿元；融资净买入金额居前的还 有金风科技、中际旭创、昆仑万维、中信证券、信维通信、先导智能等。 Wind统计显示，1月9日，申万31个一级行业中有18个行业获融资净买入，其中，国防军工行业获融资 净买入额居首，当日净买入20.07亿元；获融资净买入居前的行业还有计算机、电力设备、传媒、银 行、非银金融等。 ...

Group 1 - The settlement interest rates for 2025 have been announced, applicable only for that year and do not represent future investment returns [2] - The next announcement date for the settlement interest rates is January 9, 2027 [3] - The annualized interest rates for the exclusive commercial pension insurance products are approximately 2.700% for the conservative type and 3.000% for the progressive type [4]

Market Overview - The Shanghai Composite Index rose by 0.92% on January 9, with 29 out of the 31 sectors experiencing gains, led by the media and comprehensive sectors, which increased by 5.31% and 3.60% respectively [1] - The banking and non-bank financial sectors were the biggest losers, declining by 0.44% and 0.20% respectively [1] Capital Flow - The main capital flow showed a net outflow of 24.126 billion yuan across the two markets, with 8 sectors seeing net inflows [1] - The media sector had the highest net inflow of 9.703 billion yuan, coinciding with its 5.31% increase, followed by the non-ferrous metals sector, which saw a 2.78% rise and a net inflow of 4.552 billion yuan [1] Non-Bank Financial Sector - The non-bank financial sector experienced a decline of 0.20%, with a total net outflow of 5.343 billion yuan [2] - Out of 82 stocks in this sector, 67 rose, with 3 hitting the daily limit, while 14 fell [2] - The top three stocks with significant net inflows were Hainan Huatie (1.54 billion yuan), Huajin Capital, and Yuexiu Capital (both 1.45 billion yuan) [2] - Major stocks with net outflows included China Ping An (3.328 billion yuan), CITIC Securities (999 million yuan), and Huatai Securities (270 million yuan) [2] Non-Bank Financial Sector Capital Flow Rankings - The table lists various stocks in the non-bank financial sector, highlighting their daily price changes, turnover rates, and main capital flows, with notable mentions including: - China Ping An: -1.96% with a net outflow of 3.328 billion yuan [2] - Huajin Capital: +9.98% with a net inflow of 1.4549 billion yuan [4] - Hainan Huatie: +4.01% with a net inflow of 1.5428 billion yuan [4]

Group 1 - The core point of the article is that JPMorgan has increased its long position in the H-shares of China Ping An Insurance (Group) Company Limited from 7.72% to 7.75% as of January 6, 2026 [1]

Core Viewpoint - The conflict between Huaxia Happiness and its major shareholder, Ping An, has escalated, with Ping An seeking arbitration for a compensation of approximately 6.4 billion yuan due to unmet performance targets from previous agreements [1][2]. Group 1: Background of the Dispute - The dispute originates from multiple share transfer agreements signed between 2018 and 2019, which included performance compensation clauses [1]. - Ping An Asset Management and Ping An Life acquired shares of Huaxia Happiness for a total of 179.73 billion yuan, with specific profit targets set for the years 2018, 2019, and 2020 [2]. Group 2: Financial Performance and Implications - Huaxia Happiness met the profit targets for 2018 and 2019 but failed to meet the target for 2020, reporting a net profit of only 3.665 billion yuan due to various adverse factors [2]. - Ping An's arbitration request includes not only the compensation but also overdue payment penalties and related legal fees, with a total claim of around 6.4 billion yuan [2]. Group 3: Impact on Restructuring Process - The ongoing arbitration may complicate Huaxia Happiness's pre-restructuring process, which is critical as the company faces significant liquidity issues [2][3]. - Ping An has expressed concerns regarding the compliance and necessity of the pre-restructuring process, indicating a breakdown in negotiations between the two parties [3]. - Huaxia Happiness has projected a net loss for 2025, with expected losses exceeding the previous year's audited net assets, potentially leading to negative net assets by the end of 2025 [3].

证券之星消息，1月8日保险板块较上一交易日下跌2.61%，中国平安领跌。当日上证指数报收于 4082.98，下跌0.07%。深证成指报收于13959.48，下跌0.51%。保险板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 601336 | 新华保险 | 81.45 | -1.06% | 34.08万 | | 27.83亿 | | 601319 | 中国人保 | 9.80 | -1.31% | 102.29万 | | 26666 | | 601601 | 中国太保 | 46.95 | -1.96% | 58.81万 | | 27.60亿 | | 601628 | 中国人寿 | 49.00 | -2.33% | 17.05万 | | 8.35 7 | | 601318 | 中国平安 | 70.38 | -4.18% | 168.54万 | | 119.70亿 | 从资金流向上来看，当日保险板块主力资金净流出21.09亿元，游资资金净流入5.31亿元，散户资金净 ...

数据宝统计，截至14:34，中国平安成交额107.14亿元，超100亿元。最新股价下跌4.77%，换手率 1.41%。上一交易日该股全天成交额为67.97亿元。（数据宝） （文章来源：证券时报网） ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The recent strength of the insurance sector, represented by China Ping An, is driven by a combination of policy support, macroeconomic changes, fundamentals, and market liquidity [3][24] - The valuation of China Ping An is expected to be re-evaluated in 2026, driven by both internal adjustments in public fund allocations and external capital inflows [4][11] - The company's strategic focus on "comprehensive finance + ecosystem" aligns well with the aging economy and domestic demand themes, particularly through its investments in health and wellness and AI technologies [5][15][22] Summary by Relevant Sections Investment Rating - The report maintains an "Outperform the Market" rating for China Ping An, with expected earnings per share (EPS) of 7.72, 8.57, and 9.26 CNY for 2025 to 2027, respectively [3][26] Market Dynamics - Since December 2025, the A-share insurance sector has seen a maximum monthly increase of 20%, with China Ping An reaching a nearly four-year high [2] - The appreciation of the RMB has attracted foreign capital to reallocate towards core Chinese assets, with China Ping An being a key choice due to its liquidity and low valuation [3][11] Internal and External Factors - Internally, the high-quality development of public funds is expected to shift from growth to value styles by 2026, favoring low-valuation, high-dividend stocks like China Ping An [3][4] - Externally, the strategic allocation of overseas capital is anticipated to increase, focusing on stable, high-dividend companies like China Ping An [4][11] Strategic Initiatives - China Ping An's investments in health and wellness, along with AI, are expected to create a second growth curve, enhancing service experience and operational efficiency [5][15][22] - The company is building a "finance + healthcare" service system that meets the growing demand for high-quality health and elderly care services, aligning with national policies to boost domestic consumption [15][22] Financial Projections - The report projects an average annual growth rate of 11% for the company's enterprise value (EV) over the next three years, with a reasonable P/EV valuation range of 1.02 to 1.13 [3][26] - The current P/EV ratios for 2025, 2026, and 2027 are expected to be 0.71, 0.65, and 0.59, respectively, indicating significant potential for valuation recovery [3][26]