刚刚！A股“吹哨人”，突放大利好！

Core Viewpoint - Morgan Stanley has upgraded China Ping An's stock price targets, indicating strong confidence in the company's growth potential in wealth management, healthcare, and elderly care sectors [2][3]. Group 1: Morgan Stanley's Analysis - Morgan Stanley has added China Ping An to its focus list and maintains it as a top pick, raising the A-share target price from 70 CNY to 85 CNY and the H-share target price from 70 HKD to 89 HKD [3]. - The firm believes that China Ping An can capitalize on key growth opportunities in the wealth management, healthcare, and elderly care sectors, with major market concerns gradually dissipating [3]. - Key advantages for China Ping An include a comprehensive financial model, customer-centric value extraction, rapid development of light-asset healthcare and elderly care services, and technology-driven efficiency improvements [3]. Group 2: Financial Projections - Morgan Stanley forecasts that China Ping An's operational ROE will gradually improve, reaching 14%-15% by 2028, with NBV growth exceeding 20% in 2026 and an average growth rate of over 15% in the next three years [4]. Group 3: Insurance Industry Outlook - The insurance industry's net assets are projected to grow from 2.7 trillion CNY at the beginning of 2024 to 3.7 trillion CNY by September 2025, indicating a return to rapid growth [5]. - Total assets in the insurance industry are expected to increase from 31.8 trillion CNY to 40.4 trillion CNY during the same period, confirming a positive expansion trend [5]. - CITIC Securities also expresses a positive outlook for insurance stocks, noting that the industry is transitioning from a narrative of balance sheet decline to healthy expansion, with significant growth expected in net assets and product sales [6].