政策东风已至，"预期差"行情修复，透视平安医疗养老新看点

Core Viewpoint - The recent policy guidance from the National Financial Regulatory Administration aims to promote high-quality development in the health insurance sector, providing significant opportunities for product innovation and market expansion for insurance companies, particularly benefiting industry leaders like Ping An [1][4][18]. Policy Impact - The new policy addresses long-standing issues in the industry, such as product uniformity and insufficient collaboration in medical insurance, creating a clear development path for health insurance and injecting strong momentum for high-quality growth [4][5]. - The policy encourages the introduction of innovative products like personal account-based long-term medical insurance and dividend-type long-term health insurance, breaking traditional limitations and opening new avenues for product development [5][6]. - Aiming for a multi-tiered health insurance market by 2030, the policy sets stable expectations for industry growth, attracting more resources into the health insurance sector [5][6]. Company-Specific Developments - Ping An Life has launched the eShengbao series of products, aligning with the new policy's direction by offering flexible coverage options and incorporating advanced medical treatments, thus becoming a direct beneficiary of the policy [6][7]. - The eShengbao series enhances service integration by providing comprehensive coverage throughout the healthcare process, aligning with the policy's advocacy for a full-cycle health service model [6][7]. - Ping An's "An You Yi" service plan integrates health services with insurance responsibilities, reflecting the policy's push for the fusion of health insurance and health management [6][7]. Market Performance Expectations - As the third-quarter earnings reports approach, the insurance sector is expected to show positive performance, with many companies likely to exceed profit expectations due to favorable market conditions and investment trends [10][11]. - Analysts predict that Ping An will demonstrate strong growth in new business value (NBV) and first-year premium (FYP) in its upcoming report, driven by its "insurance + service" strategy and improved agent productivity [12][13][14]. - The launch of Ping An's high-quality health and wellness community in Shanghai signifies a strategic expansion that is expected to convert into substantial policy revenue growth [15][19]. Long-term Strategic Positioning - The policy shift towards high-quality competition emphasizes the need for insurance companies to move away from price wars and focus on risk management, service quality, and ecosystem capabilities [18][19]. - Ping An's competitive advantage is supported by a combination of policy responsiveness, fundamental improvements, and a robust ecosystem that integrates finance, health, and elderly care [19][20].