Core Viewpoint - 招银国际 has upgraded the earnings per share (EPS) forecast for China Ping An (02318) for 2025 to 2027 by 9%, 4%, and 5% respectively, reflecting improvements in investment income, reduced burdens from asset management, and enhanced internal synergies [1] Financial Performance - China Ping An's net profit for the first three quarters increased by 11.5% year-on-year to 133 billion RMB [1] - The third quarter saw a significant growth of 45.4%, surpassing the expected 129 billion RMB [1] - Excluding one-time non-operating factors, the after-tax net profit growth was even stronger, with year-on-year increases of 27% and 82% for the first three quarters and the third quarter respectively [1] New Business Value - The new business value (NBV) for the first three quarters grew by 46.2% to 35.7 billion RMB, with a remarkable growth of 58.3% in the third quarter [1] - This growth was driven by strong performance in agency channels and bank insurance channels [1] Target Price and Rating - The target price for China Ping An has been raised from 71 HKD to 75 HKD, with a reiterated "Buy" rating [1]

Core Viewpoint - 招银国际 has upgraded the earnings per share (EPS) forecasts for China Ping An (601318) for 2025 to 2027 by 9%, 4%, and 5% respectively, reflecting improvements in investment income, reduced burdens in asset management, and enhanced internal synergies [1] Group 1: Earnings Forecasts - The EPS forecasts for China Ping An are now set at 8 RMB, 8.3 RMB, and 9.2 RMB for the years 2025, 2026, and 2027 respectively [1] - The target price has been raised from 71 HKD to 75 HKD, maintaining a "Buy" rating [1] Group 2: Financial Performance - For the first three quarters, China Ping An's net profit increased by 11.5% year-on-year to 1,330 billion RMB [1] - The net profit growth for the third quarter reached 45.4%, exceeding the expected 1,290 billion RMB [1] - Excluding one-time non-operating factors, the after-tax net profit growth was even stronger, with year-on-year increases of 27% and 82% for the first three quarters and the third quarter respectively [1] Group 3: New Business Value - The new business value (NBV) for the first three quarters grew by 46.2% to 357 billion RMB [1] - The NBV for the third quarter saw a significant increase of 58.3%, driven by strong growth in agency and bancassurance channels [1]

Core Viewpoint - Goldman Sachs reports that China Ping An (02318) outperformed both its and market expectations in Q3, primarily due to substantial equity investment income and strong new policy sales momentum [1] Financial Performance - Goldman Sachs has raised its net profit forecasts for Ping An for the fiscal years 2025 to 2027 by 3% to 19% [1] - The first-year premium forecast for 2025 to 2027 has been increased by 5% to 8% [1] - The new business value forecast for 2025 to 2027 has been adjusted upward by 5% to 9% [1] Stock Price Target - The target price for Ping An has been raised from HKD 63 to HKD 64, maintaining a "Buy" rating [1]

Core Viewpoint - Goldman Sachs reports that China Ping An's Q3 performance exceeded both the bank's and market expectations, primarily due to substantial equity investment gains and strong new policy sales momentum [1] Financial Performance - Goldman Sachs has raised its net profit forecasts for Ping An for the fiscal years 2025 to 2027 by 3% to 19% [1] - The first-year premium forecast for 2025 to 2027 has been increased by 5% to 8% [1] - The new business value forecast for 2025 to 2027 has been adjusted upward by 5% to 9% [1] Stock Price Target - The target price for Ping An has been raised from HKD 63 to HKD 64, maintaining a "Buy" rating [1]

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10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11月3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 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The report highlights significant profit growth, with the life insurance new business value (NBV) continuing to grow at a high rate [4] - In Q3 2025, the group's net profit attributable to shareholders and operating profit after tax (OPAT) increased by 15.2% and 45.4% year-on-year, reaching 385 billion and 648 billion yuan respectively [5] - The cumulative net profit attributable to shareholders for 2025 increased by 7.2% year-on-year, while the OPAT grew by 11.5% [5] - The life insurance NBV growth rate improved from 39.8% in the mid-year report to 46.2% in the Q3 report [6] - The comprehensive investment return rate for the first three quarters of 2025 increased by 1 percentage point to 5.4% [7] Summary by Sections Financial Performance - In Q3 2025, the life insurance, property insurance, and banking segments' OPAT year-on-year growth rates were 0.6%, 26.2%, and -2.8% respectively, with life insurance remaining the core business [5] - The net profit for Q3 2025 was 64.8 billion yuan, with a significant contribution from life insurance investments [10] Life Insurance Business - The life insurance NBV growth rate for the first three quarters of 2025 was 46.2%, driven by agent and bancassurance channels [6] - The report anticipates continued good growth in the agent channel due to the company's strategy of combining products with medical and elderly care services [6] Investment Situation - The company's investment income for the first three quarters of 2025 was positively impacted by an increase in equity assets, which rose from 616.4 billion yuan in H1 2024 to 942.1 billion yuan in H1 2025 [7] - The core solvency ratio for life insurance decreased by 32.5 percentage points to 135% by the end of Q3 2025 [8] Profit Forecast and Valuation - The forecasted net profit for the company for 2025-2027 is 1494 billion, 1785 billion, and 2018 billion yuan respectively, with year-on-year growth rates of 18.0%, 19.5%, and 13.0% [8] - The current stock price corresponds to a price-to-embedded value (PEV) ratio of 0.66, 0.61, and 0.57 for the years 2025-2027 [8]

Core Insights - Shenzhen Beiyi Rehabilitation Hospital, a flagship rehabilitation institution under Ping An's Peking University Health Group, officially opened on November 1, 2025, marking a significant addition to the healthcare landscape in Shenzhen and the Greater Bay Area [1][3][5] Industry Overview - The rehabilitation medicine sector is experiencing rapid growth, transitioning from a "hundred billion blue ocean" to a "two hundred billion urgent demand market," with an expected annual compound growth rate of approximately 20%, potentially exceeding 200 billion yuan by 2025 [4][13] - There is a significant supply-demand gap in rehabilitation services in Shenzhen, with a calculated demand for around 6,000 rehabilitation beds, while the actual supply is less than 2,000, highlighting a substantial shortfall of over 4,000 beds [4][5] Company Strategy - The establishment of Shenzhen Beiyi Rehabilitation Hospital is a strategic move in Ping An's "comprehensive finance + medical care and elderly care" strategy, aimed at addressing the increasing demand for high-quality rehabilitation services in the Greater Bay Area [3][5] - The hospital features a total construction area of nearly 30,000 square meters, with 301 approved beds and an expected annual patient volume of 100,000, covering a wide range of rehabilitation needs from acute to chronic care [5][10] Innovative Approach - The hospital adopts a "family-style rehabilitation living hall" concept, emphasizing a warm and supportive environment for long-term patients, which includes art therapy spaces and interactive areas for family engagement [7][8] - An "AI brain" integrated into the hospital's operations allows for personalized rehabilitation plans through precise assessments and AI analysis, enhancing the effectiveness of treatment [8][9] Integration with Insurance - The hospital represents a shift in Ping An's business model from being merely a claims payer to becoming a proactive "health partner," aligning its interests with the health outcomes of its clients [10][11] - The integration of health management, top-tier medical services, and rehabilitation care creates a seamless continuum of care, enhancing patient outcomes and reducing insurance claim rates [11][13] Financial Performance - The North University Medical Group, which operates the hospital, reported a revenue of nearly 4.1 billion yuan in the first three quarters of 2025, indicating robust financial health and operational stability [14] - The collaboration between Shenzhen Beiyi Rehabilitation Hospital and Ping An's elderly care services aims to create a comprehensive care model that spans from hospital to home, enhancing the quality of life for patients [14]

截至月份: 2025年10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11月3日 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 I. 法定/註冊股本變動 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 H | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02318 | 說明 | | | | | | | 多櫃檯證券代號 | 82318 | RMB 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 7,447,576,912 | | 0 | | 7,447,576,912 | | 增加 / 減少 (-) | | | | | | | | | 本月底結存 | | | 7,447,576,912 | | 0 | | 7,447,5 ...

Core Viewpoint - The opening of Shenzhen Beiyi Rehabilitation Hospital marks a significant step for Ping An in expanding its healthcare services, particularly in rehabilitation, aligning with the national strategy of building a healthy China and enhancing the integration of insurance, rehabilitation, and elderly care services [1][2][4]. Group 1: Hospital Overview - Shenzhen Beiyi Rehabilitation Hospital, operated by Peking University Health Group under Ping An, is the first self-operated hospital in Shenzhen, covering an area of nearly 30,000 square meters with 301 approved beds and an expected annual patient volume of 100,000 [1]. - The hospital aims to provide comprehensive rehabilitation services from acute to chronic care, featuring advanced facilities such as an intensive care unit and a hydrotherapy center [1][2]. Group 2: Service Model and Technology Integration - The hospital is designed to emulate top domestic institutions, focusing on high-quality medical expert teams and a unique service model that combines family-oriented care with AI technology [2][3]. - It will implement a "no companion, no worry" nursing system and a multidisciplinary team approach, integrating advanced rehabilitation technologies like exoskeleton robots and 3D gait analysis systems into its services [3]. Group 3: Strategic Importance - The establishment of the hospital is a key move in Ping An's "medical and elderly care" strategy, enhancing the quality of rehabilitation services in Shenzhen and the Greater Bay Area [2][4]. - The hospital will collaborate with Ping An's insurance, medical, and elderly care sectors to create an innovative synergy model, facilitating seamless payment experiences and reducing patient costs through integrated insurance solutions [4]. Group 4: Financial Performance and Ecosystem - As of September 2025, nearly 63% of Ping An's 250 million personal customers are utilizing services from its medical and elderly care ecosystem, indicating strong market penetration [5]. - The North University Medical Group, which includes the new rehabilitation hospital, reported a revenue of nearly 4.1 billion yuan in the first three quarters of 2025, showcasing stable and positive growth [5][6].

Core Insights - China Ping An aims to transform "small oats" into a "big industry" through financial support and community engagement, focusing on rural revitalization in Ulanqab, Inner Mongolia [2][3][4] - The company has invested over 200 million yuan in the region since 2018, emphasizing a shift from "blood transfusion" to "blood production" to empower local communities [2][4][12] Financial Support and Investment - China Ping An has provided financial assistance through various models, including "insurance + interest-subsidized loans + order agriculture," facilitating the growth of local enterprises like Yingshan Youmai [4][5][9] - The company has mobilized 930 million yuan in loans for Yingshan Youmai, which has grown from a small enterprise with annual sales of a few million yuan to a leading agricultural company with sales exceeding 400 million yuan [4][9] Agricultural Development - The company has implemented a "guarantee insurance + full interest subsidy" model to support local agricultural production, including a dedicated insurance product for oat farmers [5][9] - Yingshan Youmai has purchased 50,000 tons of oat raw materials from nearly 8,000 farmers, generating over 200 million yuan in income for them [5][9] Community Engagement and Social Responsibility - China Ping An has established community service points and invested in local infrastructure, including healthcare and education, benefiting over 13,000 households [8][10][12] - The company has upgraded 52 village health clinics and trained over 200 village doctors, providing significant healthcare support to the community [10][12] Future Plans and Strategic Goals - China Ping An plans to continue its support by purchasing at least 30 million yuan worth of local agricultural products and providing additional credit to key enterprises [6][12] - The company aims to enhance the accessibility of financial products and services tailored to rural needs, ensuring effective support for agricultural and community development [7][12]