PING AN OF CHINA(SH:601318) 格隆汇APP·2026-01-20 08:55Core Viewpoint - China Ping An has been recognized as a core asset in the "Betting on China" list for 2026, reflecting its comprehensive strength and industry leadership [2] - The year 2025 marked a strong recovery in stock prices and market confidence for China Ping An, with A-shares increasing by 37% and H-shares by over 50% [2] - The market's positive outlook is attributed to the reassessment of the long-term value of its unique "comprehensive finance + healthcare and elderly care" ecosystem [2][3] Financial Performance - In the first three quarters of 2025, China Ping An achieved a year-on-year net profit growth of 11.5%, with a significant quarterly increase of 45.4% [3] - The new business value in life and health insurance grew robustly by 46.2% [3] - The revenue structure for H1 2025 shows life and health insurance contributing 45.8%, property insurance 34.5%, banking 13.9%, and other asset management 5.3% [6] Market Position and Trends - China Ping An's market position is strengthened by its ability to adapt to structural changes in wealth allocation and the aging population, becoming a core platform for family needs [10] - The shift in asset allocation from single appreciation to comprehensive planning for "protection, retirement, health, and inheritance" is a significant trend [10] - The insurance products that provide stable long-term returns are increasingly attractive as the real estate market evolves [10] Healthcare and Elderly Care Ecosystem - The demand for integrated healthcare and elderly care services is rising due to accelerated aging and increased health awareness [12] - The healthcare ecosystem is expected to grow significantly, with the comprehensive health service market projected to reach 11.8 trillion yuan by 2029, growing at a CAGR of 7.7% [12] - The healthcare ecosystem contributes nearly 70% to the new business value of life insurance, indicating a shift from merely selling insurance contracts to providing comprehensive solutions [23] Technological Empowerment - Technology plays a crucial role in enhancing the efficiency of the financial and healthcare ecosystems, with a focus on AI capabilities [25] - The "super AI portal" has significantly improved operational efficiency, handling over 12.92 billion service interactions in the first three quarters of 2025 [26] - The integration of AI has led to a 23% improvement in policy renewal efficiency and a reduction of 91.5 billion yuan in claims through fraud prevention [26] Valuation and Market Recognition - The valuation of China Ping An is being driven by a dual engine: short-term financial recovery and long-term structural revaluation [28] - The company is recognized for its high dividend yield, with expected yields of 4.0% for A-shares and 4.5% for H-shares in 2025 [30] - Major institutions have raised their target prices for China Ping An, reflecting a shift in market perception towards its unique ecosystem model [32][33] Future Outlook - 2026 is anticipated to be a pivotal year for value re-evaluation, with multiple catalysts expected to drive performance and valuation recovery [37] - The company is well-positioned to benefit from structural adjustments in financial demand and aligns with national policies addressing health and aging [37]