智通财经网·2025-08-04 07:13Core Viewpoint - DBS has reiterated a "Buy" rating for Ping An Insurance (02318), maintaining a target price of HKD 69 for H-shares and CNY 68.41 for A-shares, reflecting a 15% premium [1] Group 1: Business Performance - The company is expected to see an increase in new business value (VNB) in the first half of the year, driven by strong sales of participating insurance products, particularly through bank insurance channels [1] - There is a slight improvement in the marginal profit margin for the company [1] Group 2: Investment Outlook - The investment income and asset portfolio outlook for the company remains optimistic [1] - The comprehensive cost ratio for property and casualty insurance business is expected to improve significantly year-on-year in the first half of the year [1] Group 3: Banking Operations - Ping An Bank continues to adjust its business operations [1]