Ge Long Hui·2026-01-06 05:52Core Viewpoint - A-shares insurance stocks are performing strongly, with China Ping An's stock price reaching a historical high of 74.88 yuan, resulting in a market capitalization of 1.35 trillion yuan [1] Group 1: Investment Highlights - Dual-wheel strategy builds a competitive moat: The company deepens its "comprehensive finance + medical and elderly care" collaborative model, serving nearly 250 million personal customers, with 63% enjoying medical and elderly care services. The average contract number and AUM significantly exceed those of ordinary customers, with the medical and elderly care ecosystem contributing nearly 70% of the new business value in life insurance, creating a unique competitive barrier [1] - Continuous release of life insurance reform dividends: In the first three quarters of 2025, the new business value of life and health insurance surged by 46.2% year-on-year, with the bancassurance channel growth rate reaching 170.9%. The effectiveness of multi-channel layout is evident; policy continuation rates are steadily improving, and the new business value rate has increased by 9 percentage points, showcasing both quality of profit and growth momentum [1] - Steady improvement in investment capability: The scale of insurance funds exceeds 6.4 trillion yuan, with a comprehensive investment return rate of 5.4% in the first three quarters of 2025, up by 1 percentage point year-on-year. The optimization of equity asset allocation ensures stable long-term investment returns, while real estate risk exposure is gradually being cleared, highlighting the resilience of the balance sheet [1]