Group 1 - The core viewpoint of the article is that China Ping An's after-tax operating profit for the first half of the year increased by 3.7% year-on-year to 77.7 billion RMB, with a 4.9% growth in the second quarter, meeting expectations [1] - The new business value saw a significant increase of 39.8% year-on-year, reaching 22.3 billion RMB, which greatly exceeded expectations [1] - CMB International raised its target price for China Ping An from 65.1 HKD to 71 HKD, maintaining a "Buy" rating [1]

Core Viewpoint - China Ping An's (601318)(02318) after-tax operating profit for the first half of the year increased by 3.7% year-on-year to 77.7 billion RMB, with a 4.9% growth in the second quarter, meeting expectations [1] - The new business value surged by 39.8% year-on-year to 22.3 billion RMB, significantly exceeding expectations [1] - The target price has been raised from 65.1 HKD to 71 HKD, maintaining a "Buy" rating [1] Financial Performance - After-tax operating profit for the first half of the year: 77.7 billion RMB, up 3.7% year-on-year [1] - Second quarter growth: 4.9% year-on-year [1] - New business value: 22.3 billion RMB, up 39.8% year-on-year [1] Analyst Rating - Target price adjustment: from 65.1 HKD to 71 HKD [1] - Rating maintained: "Buy" [1]

Core Viewpoint - Ping An's mid-term performance report highlights its strong foundation and leading advantages in financial technology, driven by its "AI IN ALL" strategy aimed at integrating AI across the entire value chain of finance, healthcare, and elderly care [1][2]. Group 1: AI Strategy and Development - Ping An's "Five Intelligence" strategy includes intelligent marketing, service, operations, management, and business, emphasizing the comprehensive application of AI [1]. - The company has established a full system of AI capabilities, including data, algorithms, scenarios, and computing power, supported by massive data accumulation [1][2]. - Ping An's database contains 30 trillion bytes of information, covering nearly 247 million individual customers, positioning it among the world's leading data accumulators [6][7]. Group 2: AI Technology and Applications - The accuracy of Ping An's algorithms is industry-leading, with self-developed technologies in key areas such as vision, hearing, and big data, resulting in a total of 460 published papers [2][12]. - The company has developed 67 proprietary domain-specific models, with 14 new models added in the first half of the year, enhancing its capabilities in underwriting, pricing, claims, and operations [2][12]. - Ping An has achieved zero-code development for all employees, enabling rapid deployment of intelligent applications, with 23,000 new intelligent applications launched in the first half of the year, covering 22% of its workforce [2][15]. Group 3: Performance Metrics and Impact - As of June, Ping An's large model has been called upon 818 million times, with over 650 applications across various scenarios [3][15]. - In the life insurance sector, the "AI Trainer" covers 31% of new individual insurance agents, effectively boosting activity rates and productivity [3][17]. - In healthcare, the AI product system launched by Ping An Good Doctor achieves over 95% accuracy in medical document assistance and over 90% improvement in chronic disease management [3][19]. - The car insurance AI model enhances pricing accuracy and optimizes business quality, contributing to a 0.3 percentage point reduction in claims costs over the past three years [3][21].

Core Viewpoint - China Ping An reported a steady growth in operating profit and new business value in its life and health insurance segment, while emphasizing its strategic focus on innovation and technology integration in financial services [1][6]. Financial Performance - In the first half of 2025, China Ping An's operating profit reached 77.732 billion RMB, a year-on-year increase of 3.7% [1]. - The new business value for life and health insurance grew by 39.8% year-on-year [1]. - The company announced an interim dividend of 0.95 RMB per share, reflecting a 2.2% increase, marking over ten consecutive years of dividend growth [1][6]. Strategic Initiatives - The company is focusing on a multi-faceted strategy for 2025, highlighting significant innovation and reform efforts [1]. - Ping An's "AI IN ALL" strategy aims to integrate AI across its financial and healthcare services, with a focus on five key areas: intelligent marketing, service, operations, management, and business [2]. - The company has developed 67 proprietary vertical models in AI, with 14 new models added in the first half of the year [2]. Healthcare and Elderly Care Strategy - Ping An views the healthcare and elderly care sector as a critical area for differentiation in a competitive financial market, with an expected market size exceeding 20 trillion RMB [3][4]. - The company has established a service framework called "Four Arrivals" and "Six Bests" to meet comprehensive customer needs in healthcare [4]. Shareholder Returns - The company emphasizes a long-term value approach for shareholders, with a commitment to maintaining stable dividend policies [6]. - The sustained increase in dividends is supported by stable and healthy business growth, particularly in the life insurance sector [6].

Core Insights - China Ping An reported a parent company operating profit of 77.732 billion RMB for the first half of 2025, a year-on-year increase of 3.7% [2] - The new business value of life and health insurance increased by 39.8% year-on-year [2] - The company announced an interim dividend of 0.95 RMB per share, marking a 2.2% increase and continuing over ten years of dividend growth [2] Business Strategy and Innovation - The year 2025 is highlighted as a year of significant innovation and reform for China Ping An, with a focus on multiple business strategies [2] - The company is undergoing a reform in its life insurance channel, with noticeable effects from its differentiated medical and elderly care strategies [2] - Ping An's asset allocation strategy will increase equity investments, focusing on new productive forces and high dividend directions [2] - The "AI IN ALL" strategy was unveiled, emphasizing the integration of AI across the financial and healthcare value chains [3][4] AI and Technology Development - Ping An's "Five Intelligence" strategy includes intelligent marketing, service, operations, management, and business [3] - The company has developed 67 proprietary vertical large models, with 14 new models added in the first half of 2025 [4] - Approximately 23,000 intelligent agents have been created, covering over 20% of employees' daily work scenarios, enhancing efficiency and customer interaction [4] Healthcare and Elderly Care Strategy - The medical and elderly care sector is viewed as a key area for differentiation in a competitive financial market, with a projected market size exceeding 20 trillion RMB [4][5] - Ping An has established a service system covering all customer scenarios, including online consultations, local services, home delivery, and corporate health management [4][5] Shareholder Returns - The company emphasizes a long-term value orientation, with a commitment to maintaining stable dividend policies [6] - The interim cash dividend reflects the company's stable performance, particularly in the life insurance sector, which has shown strong growth [6] - Ping An aims to provide sustainable investment returns to shareholders, supported by robust business growth and effective reforms [6]

大华继显发布研报称，中国平安（601318）(02318)上半年税后营运利润同比升3.7%，大致上符合预 期，主要得益于财产险及意外险业务综合成本率表现强劲，以及资产管理业务在去风险化后的复苏。该 行将公司在2025年至2027年各年税后营运利润上调5.7%、1.3%及1.2%，而各年新价值业务预测上调 8.1%、7.7%及5.7%，目标价由61港元上调至69港元，维持其"买入"评级。 该行表示，受惠今年第二季首年保费增长复苏以及利润率持续增长，新业务价值同比加速增长至40%。 管理层对营业利润和新业务价值增长动能在下半年持续保持乐观。 ...

该行表示，受惠今年第二季首年保费增长复苏以及利润率持续增长，新业务价值同比加速增长至40%。 管理层对营业利润和新业务价值增长动能在下半年持续保持乐观。 大华继显发布研报称，中国平安(02318)上半年税后营运利润同比升3.7%，大致上符合预期，主要得益 于财产险及意外险业务综合成本率表现强劲，以及资产管理业务在去风险化后的复苏。该行将公司在 2025年至2027年各年税后营运利润上调5.7%、1.3%及1.2%，而各年新价值业务预测上调8.1%、7.7%及 5.7%，目标价由61港元上调至69港元，维持其"买入"评级。 ...

大华继显发表研究报告指，中国平安上半年税后营运利润按年升3.7%，大致符合预期，主要得益于财 产险及意外险业务综合成本率表现强劲，以及资产管理业务在去风险化后的复苏。受惠今年第二季首年 保费增长复苏以及利润率持续增长，新业务价值按年加速增长至40%。管理层对营业利润和新业务价值 增长动能在下半年持续保持乐观。该行将公司在2025年至2027年各年税后营运利润上调5.7%、1.3%及 1.2%，而各年新价值业务预测上调8.1%、7.7%及5.7%，目标价由61港元上调至69港元，维持"买入"评 级。 ...

该行将公司在2025年至2027年各年税后营运利润上调5.7%、1.3%及1.2%，而各年新价值业务预测上调 8.1%、7.7%及5.7%，目标价由61港元上调至69港元，维持"买入"评级。 大华继显发表研究报告指，中国平安上半年税后营运利润按年升3.7%，大致符合预期，主要得益于财 产险及意外险业务综合成本率表现强劲，以及资产管理业务在去风险化后的复苏。受惠今年第二季首年 保费增长复苏以及利润率持续增长，新业务价值按年加速增长至40%。管理层对营业利润和新业务价值 增长动能在下半年持续保持乐观。 ...

Group 1 - The core viewpoint is that the Chinese insurance industry is emerging from a low point, with several positive factors driving it towards a new phase of higher quality and sustainable development [1] - China People's Insurance Group reported a mid-year revenue of 324.12 billion yuan, up from 292.34 billion yuan in the same period last year, and a net profit of 26.7 billion yuan, compared to 23.4 billion yuan year-on-year [1] - China Pacific Insurance and New China Life Insurance both saw stock price increases of 2%, while China Life and Ping An rose by 0.5% [2] Group 2 - China Property & Casualty Insurance reported a net profit of 24.455 billion yuan for the first half of the year, representing a year-on-year growth of 32.3% [1] - Prudential announced a mid-year profit attributable to shareholders of 1.284 billion USD, a year-on-year increase of 9.7 times [1] - Ping An's operating profit attributable to shareholders grew by 3.7% in the first half of the year, with a strong growth of 39.8% in new business value for life insurance [1]