南下资金“投票”平安好医生（1833.HK）：连续7日增持背后的政策、资本与内功“三重奏”

Core Viewpoint - The investment logic of Ping An Good Doctor is entering a rare "triple resonance moment" driven by policy support, capital consensus, and internal strategic transformation [3][15]. Group 1: Policy Support - Recent adjustments in insurance company solvency regulations by the National Financial Regulatory Administration have lowered the risk factors for investing in the CSI 300 index, effectively reducing capital costs for equity investments and encouraging long-term capital market support [4]. - As the largest comprehensive financial group in China, Ping An Group stands to benefit significantly from this policy, enhancing its investment flexibility and overall valuation expectations, which will provide a stronger backing for Ping An Good Doctor's long-term strategic initiatives [4]. Group 2: Capital Consensus - Major international and domestic financial institutions have recently formed a rare consensus on a bullish outlook for Ping An Good Doctor, providing strong external support for its stock price [5]. - Morgan Stanley has raised its target price and included Ping An in its focus list, citing the company's ability to capitalize on key growth opportunities in personal finance, healthcare, and elderly care, while market concerns are gradually dissipating [6][8]. - Other leading domestic brokerages have also raised their valuations, emphasizing the synergy between medical insurance and AI empowerment as key drivers for growth [9]. Group 3: Internal Strength - Ping An Good Doctor's clear strategic transformation and robust business growth, driven by AI efficiency improvements, form the core internal strength for its value re-evaluation [10]. - The company has established a comprehensive business matrix focusing on "medical, health, and elderly care," integrating online and offline services, which lays a solid foundation for long-term development [10]. - The growth path is supported by a unique multi-engine model involving F-end (financial clients), B-end (enterprise clients), and C-end (individual consumers), ensuring diverse revenue sources and growth resilience [11]. - The company has built a strong competitive advantage through AI-driven efficiency and a substantial data barrier, significantly reducing service costs while maintaining high diagnostic accuracy [12]. - With a focus on improving profit margins through strategic shifts towards higher-margin services, the company aims for a net profit margin of around 10% or higher, up from the projected 5-6% in 2025, providing clear financial guidance for its value re-evaluation [13].