Bei Jing Shang Bao·2025-08-27 11:57Core Viewpoint - China Ping An expresses strong confidence in the development of its life insurance business and the overall market, highlighting a positive outlook for the A-share market and the company's strategic initiatives in growth and value stocks [1][3][4]. Investment Strategy - The company plans to increase its allocation to equity assets, focusing on growth sectors representing new productive forces and high-dividend value stocks [3]. - The approval of its private equity investment fund in May is expected to enhance its investment capabilities once registered [3]. Market Confidence - The management emphasizes that the current valuation levels in the Chinese market are reasonable, and there is a strong belief in the long-term stability and health of the Chinese economy [3]. - The company has been actively acquiring stakes in peer companies, adhering to the "three Cs" principle: reliable operations, growth potential, and sustainable dividends [3]. Life Insurance Business Growth - The life insurance sector is believed to be entering a golden development period, with significant growth potential driven by recent reforms [6]. - The company reports that the new business value from non-agent channels has exceeded 36%, reflecting a 15 percentage point increase from the previous year [6]. Dividend Policy - China Ping An has consistently increased its dividends, with a projected mid-2025 dividend of 0.95 yuan per share, marking a 2.2% year-on-year growth [4]. - High-dividend assets are becoming more attractive in the current low-interest-rate environment, which is expected to bolster market confidence [4]. Operational Insights - The decline in net profit attributable to the parent company is attributed to one-time accounting adjustments, convertible bond issuance, and unrealized gains from equity investments [5]. - The company encourages stakeholders to focus on operating profit as a more accurate measure of the insurance sector's performance [5]. Distribution Channels - The company is developing a new channel through part-time agents to tap into lower-tier markets, complementing its traditional agent distribution [7][8]. - The part-time agent system, which operates through a digital platform, aims to achieve low-cost and high-efficiency sales, particularly for life insurance products [8].