东吴证券研报指出，中国平安银保业务引领业绩增长，高股息+低估值凸显配置价值。作为国内综合金 融龙头，中国平安经营基础向好、分红稳定可靠。目前公司A、H股息率均在4%上下，属于同业中较高 水平，具有典型的红利属性。公司银保业务"内外兼修"：对内深化与平安银行专属代理深度合作，依托 银保优才高质量队伍带动业绩增长。对外积极拓展与国有大行、头部股份行和优质城商行合作，扩充优 质合作网点。当前银保市场"老七家"份额持续提升，看好平安银保业务保持快速增长态势。资产配置风 格稳健，地产投资风险可控。预计在公募基金改革背景下，平安高权重的特性将进一步凸显其配置价 值。截至2026年1月30日，公司股价对应0.74x2026EPEV，分别处于近十年和近五年估值的43%、72%分 位水平。看好公司银保业务快速增长带动整体业绩持续向上，同时高权重、低持仓特性或将进一步催化 估值修复提升，维持"买入"评级。 ...

February 1, 2026 09:37 PM GMT M Idea Ping An Insurance Group Co of China Ltd | Asia Pacific Trip Takeaways - Improving ROE on Solid Group Strategy and Synergies; AI Impresses in Favorable Environment We held full day meetings with PA's Group CFO, Chief Scientist, and Bank management, and we visited its high end senior care community. The trip strengthened our positive view, supported by a strong outlook, leading AI, and solid elderly care synergies. Improving ROE outlook at >15% over the medium term, underp ...

Core Viewpoint - The collaboration between Botai Che Lian and Ping An Property & Casualty Insurance aims to integrate technology, finance, automotive, and services to transform the insurance landscape in the smart mobility era through AI and data-driven innovations [1][2]. Group 1: Strategic Cooperation - The framework agreement establishes a partnership to create a new service paradigm that combines AI and data, enhancing user value and satisfaction while ensuring data security [1]. - The collaboration will build a leading safety ecosystem that integrates driving behavior risk perception with Ping An's customer operation system, leveraging Botai's technology in multimodal interaction and cloud platforms [1]. Group 2: Market Opportunities - The partnership seeks to explore embedded insurance financial innovations and provide comprehensive travel solutions by deeply integrating both parties' ecological resources [2]. - The initiative aims to foster a new ecosystem characterized by technology empowerment, cross-industry integration, and collaborative development, seizing market opportunities for upgrading the smart transportation ecosystem [2].

Core Viewpoint - The collaboration between Botai Che Lian and Ping An Property & Casualty Insurance aims to integrate technology, finance, automotive, and services to enhance the insurance ecosystem for smart mobility, transitioning from basic services to personalized, all-scenario empowerment [1][2] Group 1: Strategic Cooperation - The companies will co-create a new service paradigm that integrates AI and data, ensuring data security while leveraging their technological and insurance expertise to enhance user value and satisfaction [1] - They will build a leading safety ecosystem that links vehicles and insurance, combining Botai's technology in multi-modal interaction and cloud platforms with Ping An's customer operation system to create a new model for vehicle-insurance interaction [1] Group 2: Expanding Smart Mobility Services - The partnership will deeply integrate their ecological resources to merge driving safety with insurance services, providing comprehensive travel solutions and exploring embedded insurance financial innovations [2] - This collaboration aims to foster a new ecosystem characterized by technology empowerment, cross-industry integration, and collaborative development, seizing market opportunities to upgrade the smart transportation ecosystem [2]

Investment Rating - The report maintains a "Buy" rating for China Ping An [1] Core Views - China Ping An is positioned as a leading comprehensive financial group in China, with a strong operational foundation and reliable dividend returns. The company has demonstrated a robust average ROE of 16.7% from 2015 to 2024, the highest among its peers. The dividend per share has consistently increased for 13 years, with a CAGR of 19.1% from 2015 to 2024, and a dividend payout ratio exceeding 30% [7][9][14]. Summary by Sections Company Overview - China Ping An has developed into one of the most comprehensive financial groups in China, with a diverse ownership structure and a wide range of services including insurance, banking, and asset management. The company has over 2.47 billion individual clients and aims to become a leading provider of comprehensive financial and healthcare services globally [14][15]. Strategic Blueprint - The company focuses on a "comprehensive finance + healthcare" strategy, leveraging technology to enhance service quality and efficiency. This strategy has evolved through various phases, emphasizing sales, service, technology, and demand-driven approaches [22][24]. Operating Performance - The company's net profit has rebounded significantly, with a 47.8% year-on-year increase in 2024, and a projected net profit of 132.9 billion yuan for the first three quarters of 2025, reflecting a 11.5% growth [43][46]. The average ROE for the past decade stands at 16.7%, although it has slightly lagged behind peers in recent years due to accounting policy differences [50]. Dividend Returns - China Ping An has maintained a high dividend yield, with A and H shares yielding approximately 3.9% and 4.0% respectively. The company has consistently increased its cash dividends, with a notable rise from 0.53 yuan to 2.55 yuan per share from 2015 to 2024 [52][53].

Investment Rating - The report maintains a "Buy" rating for Ping An Insurance [1] Core Views - Ping An Insurance is positioned as a leading comprehensive financial group in China, with strong operational fundamentals and reliable dividend returns. The company has demonstrated a robust growth trajectory in its insurance and banking sectors, particularly through its bancassurance business, which has significantly contributed to its net profit growth. The stock is currently undervalued, presenting a compelling investment opportunity due to its high dividend yield and low valuation metrics [1][7][9]. Summary by Sections Company Overview - Ping An Insurance has evolved into one of the most comprehensive financial groups in China, with a diverse range of services including insurance, banking, and asset management. The company has a decentralized shareholding structure, with no controlling shareholder, which enhances its operational flexibility [14][15]. Strategic Blueprint - The company focuses on a dual strategy of comprehensive finance and healthcare, leveraging technology to enhance service quality and efficiency. This strategy aims to build competitive barriers and provide a wide array of financial services to its clients [22][24]. Operating Performance - The net profit of Ping An Insurance has shown a significant recovery, with a projected net profit of 126.6 billion yuan for 2024, reflecting a year-on-year growth of 47.8%. The company has maintained a high return on equity (ROE) of 16.7% on average from 2015 to 2024, which is among the highest in the industry [43][50]. Dividend Returns - The company has consistently increased its dividend per share for 13 consecutive years, with a compound annual growth rate (CAGR) of 19.1% from 2015 to 2024. The current dividend yield for both A and H shares is around 4%, which is considered high within the industry [52].

俄罗斯时间1月28日，一辆载有10名中国游客的越野车在俄罗斯贝加尔湖冰面上翻车，事故导致一名中 国籍游客死亡，4名游客受伤。中国平安快速启动重大突发应急响应和全球急难救援服务，排查客户出 险情况。截至北京时间1月30日，排查到本次事故中有5名游客均为平安产险境外旅行意外险客户，其中 1位不幸身故、剩余4位分别为肋骨骨裂、轻微伤等。 获知客户信息后，平安产险第一时间成立海外救援专项小组与客户取得联系，派遣当地合作伙伴前往事 故现场提供急难救援服务。 针对3位需要支持的受伤客户，平安产险积极协调俄罗斯当地专业医疗资源，陪同客户前往具备CT检查 能力的大型医院就医、复查，为客户提供医疗垫付、物资补给等支持；为安抚客户情绪，还专门为客户 配备了当地电话卡与国内亲属快速联系报平安。 针对不幸身故客户，平安产险第一时间为其亲属安排航班及接送机服务，派出员工代表陪同亲属前往俄 罗斯协助处理后事。 事故无情，平安守护。中国平安表示，公司将持续关注相关应急处置进展，调集各方资源协助伤员救 治，确保各项海外应急、快速理赔及客户关怀服务举措落实到位，尽最大努力帮相关客户及家属渡过难 关。目前中国平安已针对该事故启动海外急难救援专项 ...

Core Viewpoint - The frequent equity stakes taken by insurance companies, particularly by Ping An Life, signal a strategic shift towards long-term investments in stable financial institutions and state-owned enterprises, moving away from short-term financial investments and arbitrage opportunities [2][3][5]. Group 1: Investment Activities - Ping An Life increased its stake in China Life's H-shares by purchasing 11.891 million shares at an average price of HKD 32.0553 per share, raising its holding from 8.98% to 9.14%, totaling approximately 681 million shares [2]. - In 2025, insurance capital was notably active in the capital market, with 41 public equity stakes recorded, the highest in nearly a decade, primarily in H-shares [3]. - Ping An Life has made multiple significant investments in Agricultural Bank of China H-shares, reaching a stake of 20% by December 30, 2025, with a total investment balance of approximately CNY 32.428 billion [3]. Group 2: Market Performance - The stock price of China Life H-shares increased by 150% from around HKD 14 in May to approximately HKD 35 by January 30, 2023, with its market capitalization nearing HKD 1 trillion [2]. - The insurance sector has shown strong performance at the beginning of the year, with several stocks, including New China Life and China Pacific Insurance, reaching historical highs [5]. Group 3: Investment Logic - Ping An's investment strategy is characterized by a focus on long-term value and strategic asset allocation, emphasizing patience and shared growth [5][6]. - The company adheres to a "three criteria" principle for investments: operational reliability, growth potential, and sustainable dividends, which guide its long-term investment decisions [6].

Group 1 - Ping An Group's strategic cooperation with large public hospitals aims to address the challenges of "difficult and expensive medical care" by integrating commercial insurance into the healthcare system, complementing public health insurance [1] - The three-way win model proposed by Ping An involves patients benefiting from better treatment options and financial support, hospitals gaining increased patient inflow and stable funding, and Ping An enhancing its brand value and customer loyalty through deeper involvement in healthcare [1] - The launch of partnerships with China Pharmaceutical University and nearly 40 top-tier public hospitals marks a significant milestone in Ping An's strategy to strengthen its medical insurance collaboration and expand quality healthcare resources [2] Group 2 - Ping An Health Insurance plans to leverage its resources to deepen cooperation with large public hospitals, focusing on innovative products like disease-specific insurance and long-term care insurance to meet diverse customer needs [3] - The "Health Management" model promoted by Peking University Health emphasizes a shift from treatment-centered to health-centered approaches, integrating insurance and healthcare to provide comprehensive health management services [4] - The collaboration aims to reduce insurance claim costs while offering proactive health management services, thus enhancing the long-term health value for customers [4]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][6]. Core Views - The company has been continuously promoting liability-side business and value transformation, significantly improving product structure and channel value rates. Recent easing of real estate risks is favorable for further valuation enhancement [2][15]. - The company is expected to maintain its earnings forecast for 2025 to 2027, with projected EPS of 7.72, 8.57, and 9.26 CNY per share, respectively. The current stock price corresponds to P/EV ratios of 0.77, 0.69, and 0.63 [2][15]. - The company is anticipated to have a clear valuation recovery space, with an expected annual growth rate of approximately 11% in EV over the next three years, suggesting a reasonable P/EV valuation range of 1.02 to 1.13 [2][15]. Summary by Sections Business Transformation - The company is shifting from a scale-oriented approach to a value-oriented strategy, reducing the proportion of low-value short-term savings products and focusing on long-term protection and savings products. The integration of "insurance + services" enhances customer stickiness and premium capabilities [3][7]. - As of mid-2025, the company has served over 13 million customers in health management, with home care services covering 85 cities and nearly 210,000 customers qualifying for home care services [3]. Channel Development - The company is implementing deep reforms in its sales channels, focusing on high-quality development. The agent channel has seen a 17% increase in new business value, with a 21.6% increase in per capita new business value [9][13]. - The company is expanding its bancassurance channel and other innovative channels, with bancassurance new business value growth reaching 168.6%, ranking among the top in the industry [9][13]. Real Estate Policy Impact - Recent regulatory changes have eased constraints on real estate financing, which is expected to improve market expectations regarding the quality of insurance capital's real estate exposure. This is likely to drive valuation recovery for companies like Ping An [14][15].