Shang Hai Zheng Quan Bao·2025-09-04 19:12Core Viewpoint - China Ping An is strategically focusing on "comprehensive finance + healthcare and elderly care," leveraging technology to solidify its foundation, and is now entering a phase of strategic harvest [2][3] Company Performance - As of June 2025, China Ping An achieved a record high of nearly 247 million personal customers, reflecting a 1.8% increase from the end of 2024 [6] - The company reported an operating profit of 77.732 billion yuan for the first half of 2025, marking a year-on-year growth of 3.7% [2] Market Outlook - The insurance industry is currently undervalued, with two main supporting factors for future growth: relatively low industry valuation multiples and the life insurance sector entering a golden development period [3] - The A-share price of China Ping An has increased by approximately 12% and the H-share price by about 25% in 2023, attributed to market recovery and improved economic fundamentals [2] Competitive Advantage - China Ping An has established a unique advantage in the "comprehensive finance + healthcare and elderly care" sector, with a strong customer base that includes a significant proportion of high-value clients aged 30 to 45 [5] - The company emphasizes the importance of customer value potential, which remains underutilized, and aims to deepen its differentiated "moat" through its "insurance + service" model [5] Technological Integration - Embracing AI and other advanced technologies is seen as essential for future growth, with expectations of significant improvements in operational efficiency, cost savings, and customer experience [6] - The integration of technology into the comprehensive finance and healthcare sectors is expected to enhance customer loyalty and service delivery [6] Financial Strategy - The new business value of life and health insurance has increased by nearly 40%, and comprehensive investment income has grown by 24.5% [7] - The company is committed to asset-liability matching and plans to enhance its product strategy around "participating insurance, expanding annuities, and strengthening healthcare" [7] - In a low-interest-rate environment, the value of equity asset allocation is highlighted, with a focus on capturing opportunities in the equity market while managing risks [7]