Zhi Tong Cai Jing·2025-08-04 07:18Core Viewpoint - DBS reaffirms "Buy" rating for Ping An Insurance (601318) (02318), maintaining H-share target price at HKD 69 and A-share target price at CNY 68.41 based on a 15% premium [1] Group 1: Business Performance - The new business value (VNB) for Ping An is expected to grow in the first half of the year, driven by strong sales of dividend-type products, particularly through the bank insurance channel [1] - The marginal profit margin is anticipated to improve slightly [1] Group 2: Investment Outlook - The company's investment income and asset portfolio outlook remain optimistic [1] - A significant improvement in the combined cost ratio for property and casualty insurance business year-on-year is expected [1] Group 3: Banking Operations - Ping An Bank continues to adjust its business operations [1]