Ge Long Hui·2026-01-05 07:05Core Viewpoint - The recent strong performance of Ping An's A-shares and H-shares, with cumulative gains exceeding 20% since early December, indicates a potential value reassessment in the insurance sector, with Ping An positioned as a high-dividend stock that can adapt to market conditions [1][2][4]. Group 1: Business Elements Perspective - Ping An's value foundation is supported by three key business elements: life insurance, ecological integration, and technological empowerment, which enhance each other and create a unique growth model [5][6]. - The life insurance business is the primary source of value, with new business value (NBV) reaching 35.724 billion yuan in the first three quarters of 2025, a significant increase of 46.2% year-on-year, driven by channel optimization and structural changes [6]. - The asset-liability management aspect shows Ping An's strength, with an investment portfolio exceeding 6.41 trillion yuan and a non-annualized comprehensive investment return rate of 5.4% as of September 30, 2025, demonstrating robust performance in a complex market [8][10]. Group 2: Ecological Value Reassessment - The HMO (Health Maintenance Organization) model, centered around Ping An Good Doctor, represents a strategic transformation that integrates health management with insurance, creating a closed-loop ecosystem that enhances customer stickiness and lifetime value [14][15]. - The HMO model opens new revenue streams through corporate health management and membership services, which are less cyclical and have higher profit margins, potentially leading to a higher valuation premium for the company [15][16]. - The unique data assets generated from the HMO model, covering nearly 250 million customers, provide significant independent commercial value and enhance service precision and risk control [16][17]. Group 3: Future Outlook - The successful implementation of the HMO model is expected to create stable cash flows and a strong competitive moat, leading to a systematic increase in Ping An's valuation midpoint, especially in the context of China's aging population and rising health demands [18]. - Investors are likely to recognize that Ping An's value is rooted not only in its deep business accumulation and strategic evolution but also in its sustainable cash flow generation and shareholder returns, with cumulative cash dividends nearing 400 billion yuan since its A-share listing in 2007 [20].