中国平安发声！会适度加大权益资产配置

Core Viewpoint - China Ping An is committed to increasing its equity asset allocation, focusing on growth sectors representing new productivity and high-dividend value stocks [2][5]. Performance Summary - In the first half of 2025, China Ping An achieved a net operating profit of 77.732 billion yuan, a year-on-year increase of 3.7%. The overall performance is described as stable, with strong growth in core business and ongoing innovation [4]. - However, the net profit attributable to shareholders decreased by 8.8% year-on-year to 68.047 billion yuan. This discrepancy is attributed to three main factors: one-time accounting treatment related to the consolidation of Ping An Good Doctor, the issuance of convertible bonds leading to short-term valuation declines, and significant unrealized capital gains not reflected in the profit statement [4]. - The CFO advises investors to focus on operating profit changes rather than short-term profit fluctuations due to investment volatility, as operating profit better reflects the company's operational capabilities [4]. Investment Strategy - As of mid-2025, China Ping An's insurance asset investment scale exceeded 6.2 trillion yuan, an increase of 8.2% from the beginning of the year, with stock assets accounting for 10.5% [6]. - The company plans to increase its equity market allocation, particularly in new productivity sectors and high-dividend value stocks, as it views the current valuation levels of the Chinese capital market as reasonable [6]. - Future asset allocation will dynamically match high-yield stocks, value stocks, and growth stocks, optimizing the investment strategy in line with capital market developments [6]. Stock Price and Valuation - On August 27, 2025, China Ping An's A-share closed at 58.69 yuan per share, with a total market capitalization exceeding 1 trillion yuan. The A-share price has increased by over 14% year-to-date [8]. - The company believes that the market is gradually recognizing its value, especially as the life insurance industry enters a golden development period, and the advantages of its comprehensive financial and healthcare services are becoming more apparent [8].