Ge Long Hui·2026-02-02 08:00Core Viewpoint - China Ping An's bancassurance business is leading performance growth, with high dividends and low valuations highlighting its investment value [1] Group 1: Business Performance - The company has a stable and reliable dividend, with both A and H shares yielding around 4%, which is relatively high in the industry [1] - The bancassurance business is experiencing rapid growth, supported by deep collaboration with Ping An Bank and a high-quality team [1] - The market share of the "old seven" bancassurance companies is continuously increasing, indicating a positive outlook for Ping An's bancassurance business [1] Group 2: Investment Strategy - The company is expanding its partnerships with state-owned banks, leading joint-stock banks, and quality city commercial banks to enhance its network [1] - The asset allocation strategy is conservative, with controllable risks in real estate investments [1] - The company's stock price corresponds to 0.74x 2026E PEV, which is at the 43% and 72% percentile levels of the past ten and five years, respectively [1] Group 3: Future Outlook - The expected reforms in public fund management are likely to further highlight the company's high-weight characteristics, enhancing its investment value [1] - The rapid growth of the bancassurance business is anticipated to drive overall performance upward, with potential for valuation recovery [1] - The company maintains a "buy" rating based on these positive indicators [1]