Core Viewpoint - Shanghai Lufax Information Technology Co., Ltd. (Lufax) has been awarded the "Golden Horse Outstanding Institution for Serving the Real Economy" for its contributions to empowering small and micro enterprises through innovative financial services [2] Group 1: Financial Services Innovation - Lufax has upgraded its financing service brand to "Ping An Rongyi," focusing on the needs of small business owners and individual operators, utilizing a "technology + finance" dual-drive model to stimulate the real economy [2] - The company has implemented a "people + enterprise" risk control concept to create a comprehensive financing lifecycle management solution for small and micro enterprises, enhancing credit asset utilization and aligning financial services with industrial transformation [2] Group 2: Inclusive Finance and Digital Financial Services - Lufax has adopted a "three savings" service philosophy (saving worry, time, and money) and is driving its services through a dual-engine model of "micro financing + consumer finance," significantly improving accessibility and convenience of financial services [3] - By the end of Q3 2025, 13.68 million customers have received timely financing services from Ping An Rongyi [3] - The company is advancing its "AI in All" strategy, leveraging AI and big data to create a diverse intelligent service matrix, resulting in a 2.5 times increase in per capita productivity and a 75% improvement in review efficiency [3] Group 3: Green Development and Social Responsibility - Lufax is committed to the national "dual carbon" goals and has launched a "green finance +" action plan to support the development of green industries, including special financing solutions for electric vehicles [4] - The company has partnered with the China Women's Development Foundation to promote the "@Her Entrepreneurship Program," assisting over 2,500 rural women in developing unique industries, thereby activating rural economic vitality [4] - Lufax plans to continue focusing on key areas such as rural revitalization, green development, and technological innovation, aiming to contribute to high-quality financial development and the construction of a financially strong nation [4]

格隆汇12月5日｜今日，中国平安AH股盘中拉升，A股一度涨超6%报62.2元/股；H股亦一度涨超6%报到60.3港元/股。 MACD金叉信号形成，这些股涨势不错！ 大摩还看好金融+医养行业空间：（1）居民财富将保持年均8%增长；（2）"超级老龄化"趋势带来养老刚性需求；（3）中高端医疗服务需求增长。平安在 四个方面有独特优势：（1）综合金融模式，覆盖客户全生命金融理财需求；（2）以客户为中心，深挖客户价值、钱包份额；（3）轻资产医疗养老服务能 力快速建设，未来有望成为第二增长曲线；（4）AI in All，科技赋能效率提升。市场担心的主要风险已经过去：（1）地产风险逐步出清；（2）科技子公 司更加赋能主业；（3）偿付能力风险有限；（4）利差损风险可控。 紧跟中国平安上涨，港股市场平安好医生(1833.HK)拉升涨3%，报14.5港元，领衔互联网医疗服务赛道。消息面上，摩根士丹利将中国平安加入重点关注名 单，仍列为首选。大摩认为，现在更加看好中国平安，相信平安可以抓住居民理财、医疗健康和养老领域的关键增长机会。同时，市场的主要担忧正在逐步 出清，为估值提升铺平道路。 ...

Core Viewpoint - China Ping An's stock surged over 6% in both A-shares and H-shares, driven by positive sentiment following its inclusion in Morgan Stanley's focus list, which highlights the company's potential in wealth management, healthcare, and elderly care sectors [1] Group 1: Stock Performance - A-shares of China Ping An reached 62.2 CNY per share, while H-shares peaked at 60.3 HKD per share, both reflecting a rise of over 6% [1] - Ping An Good Doctor, a subsidiary, also saw a 3% increase, reaching 14.5 HKD, leading the internet healthcare service sector [1] Group 2: Analyst Insights - Morgan Stanley has upgraded its outlook on China Ping An, emphasizing the company's ability to capitalize on key growth opportunities in wealth management, healthcare, and elderly care [1] - The firm believes that major market concerns are gradually dissipating, paving the way for valuation improvements [1] Group 3: Market Trends - Key trends identified include an average annual growth of 8% in resident wealth, a rigid demand for elderly care due to "super aging," and an increasing demand for mid-to-high-end medical services [1] Group 4: Competitive Advantages - China Ping An possesses unique advantages such as a comprehensive financial model that addresses all life financial needs, a customer-centric approach to enhance customer value, rapid development of light-asset healthcare and elderly care services, and the integration of AI to improve efficiency [1] Group 5: Risk Mitigation - Major risks previously concerning the market are now seen as manageable, including the gradual resolution of real estate risks, enhanced capabilities of technology subsidiaries, limited solvency risks, and controllable interest margin loss risks [1]

大摩看好金融+医养行业空间：1）居民财富将保持年均8%增长；2）"超级老龄化"趋势带来养老刚性需 求；3）中高端医疗服务需求增长。平安在四个方面有独特优势：1）综合金融模式，覆盖客户全生命金 融理财需求；2）以客户为中心，深挖客户价值、钱包份额；3）轻资产医疗养老服务能力快速建设，未 来有望成为第二增长曲线；4）AI in All，科技赋能效率提升。市场担心的主要风险已经过去：1）地产 风险逐步出清；2）科技子公司更加赋能主业；3）偿付能力风险有限；4）利差损风险可控。 中国平安AH股今日盘中跳涨，A股涨1.5%，报59.45元；H股涨2.6%，报58.15港元。 摩根士丹利发表研报，将中国平安(2318.HK)加入中国内地/中国香港重点关注名单，仍列为首选。该行 将中国平安A股目标价从70元上调至85元，H股目标价从70港元上调至89港元。大摩认为，现在更加看 好中国平安，相信平安可以抓住居民理财、医疗健康和养老领域的关键增长机会。同时，市场的主要担 忧正在逐步出清，为估值提升铺平道路。 此外，大摩预测平安未来主要财务指标将逐步向好，其中：营运ROE逐年提升，2028年恢复至14- 15%；2026年NBV ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company has shown strong growth driven by its subsidiary, Xinhua San, with significant improvements in operational cash flow [7]. - The company is focusing on enhancing its "computing power x connectivity" strategy, which is expected to drive future growth [11]. - The financial forecasts indicate a steady increase in revenue and net profit over the next few years, with a projected revenue of 944.58 billion yuan in 2025 [14]. Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 773.22 billion yuan, a year-on-year increase of 31.41%, while the net profit attributable to shareholders was 14.04 billion yuan, down 11.24% [6]. - In Q3 2025, the company achieved revenue of 298.97 billion yuan, reflecting a 43.12% year-on-year growth, but the net profit decreased by 37.56% to 3.63 billion yuan [6]. - The subsidiary Xinhua San generated 596.23 billion yuan in revenue for the first three quarters, up 48.07% year-on-year, with a net profit of 25.29 billion yuan, an increase of 14.75% [7]. Product and Market Strategy Summary - The company is advancing its next-generation ultra-node products and establishing a complete capability for liquid-cooled cabinets [11]. - It has launched new network solutions and AI computing switches, focusing on silicon photonics and optical switching technologies [11]. - The company is expanding its domestic and international business collaborations, successfully partnering with major clients across various sectors [12]. Earnings Forecast and Valuation - The earnings forecast for 2025-2027 indicates revenues of 944.58 billion yuan, 1,107.54 billion yuan, and 1,285.02 billion yuan, respectively, with net profits of 19.73 billion yuan, 25.83 billion yuan, and 32.27 billion yuan [14]. - The projected EPS for the same period is 0.69 yuan, 0.90 yuan, and 1.13 yuan, with corresponding P/E ratios of 38.65, 29.51, and 23.63 [14].

Core Insights - The forum themed "Let New Technologies No Longer 'Wait for the Wind': Fintech Supporting the New Triangle Cycle" highlighted the transformative impact of artificial intelligence (AI) on the insurance industry, with a focus on high-quality development through deep integration of AI into various business scenarios [1][2]. Group 1: AI Integration in Insurance - The company is advancing its "AI in All" strategy, aiming for comprehensive intelligence across marketing, service, operations, management, and business processes [2]. - In the auto insurance sector, over 86% of policies are now issued automatically by AI, and approximately 46% of claims are processed through automated inspections, significantly enhancing user experience and reducing operational costs by 1% over the past three years [2]. Group 2: AI Model Development - The company identifies four core elements for AI large models: computing power, data, algorithms, and scenarios, supported by a robust organizational structure and talent development [3]. - A "thousand-card scale computing cluster" has been established to ensure efficient AI model deployment, while a knowledge engineering system has accumulated over a trillion tokens to support model training [3]. Group 3: Digital Financial Services for Tech Companies - As of 2024, there are over 600,000 tech SMEs in China, facing challenges in risk assessment and product pricing for insurance [6]. - The company has developed various tech insurance products, including cybersecurity insurance, to meet the diverse needs of tech firms at different growth stages, providing over 1.9 billion yuan in cybersecurity risk coverage [6]. Group 4: Global Risk Management Services - The launch of the EagleX platform offers comprehensive global risk management services, including risk assessment and disaster warning, to support Chinese enterprises expanding overseas [7]. - The company has already assisted 654 renewable energy companies in their international ventures, helping to mitigate losses exceeding 200 million yuan [7].

Core Insights - The 2025 China Unicom Partner Conference was held in Shanghai, focusing on the theme "Co-creation of a New Ecosystem through Practical Collaboration" to explore digital technology integration and innovation in China [1] - Unisplendour's subsidiary, H3C Group, showcased its full-stack innovative achievements under the theme "Computing Power × Connectivity, AI × Future," emphasizing the dual drive of "AI in All" and "AI for All" to empower digital transformation across various industries [1][12] Group 1: Event Highlights - Key leaders from China Unicom, including Chairman Chen Zhongyue and General Manager Jian Qin, visited the H3C exhibition booth, where H3C's latest technological achievements and solutions in intelligent computing and smart home sectors were presented [3] - H3C's Senior Vice President He Ning provided detailed insights into the collaboration between H3C and China Unicom, receiving high praise from leaders for H3C's innovative technologies and applications [3] Group 2: Strategic Initiatives - H3C's participation in the launch of the "China Unicom Tongtong Huigou Enterprise Mall" aims to enhance procurement processes and service efficiency for government and enterprise clients [4] - The company was recognized with the "Outstanding Contribution Award" at the China Unicom Partner Conference for its achievements in the terminal ecosystem, particularly in FTTR products and smart home collaborations [6] Group 3: Technological Innovations - The "Lingxi Intelligent Computing Solution," central to the "AI in All" strategy, supports AIGC demands through six capabilities, including efficient computing power supply and intelligent energy management, while collaborating with over 15 major AI chip manufacturers [8] - H3C's BNC (Broadband Core Network) initiative aims to create a flexible and efficient broadband network architecture, enhancing service capabilities and operational efficiency [10] Group 4: AI Applications and Collaborations - The "Turing Town" initiative, part of the "AI for All" strategy, is being developed in multiple cities to create a closed-loop business model that integrates construction, ecology, operations, and sales [11] - H3C's AI solutions have been implemented in various sectors, including industrial manufacturing and smart healthcare, with a focus on accelerating industry intelligence transformation [11]

Core Viewpoint - The audio market is undergoing a significant evolution, highlighted by Tencent Music's acquisition of Ximalaya, which aims to redefine the value of audio content and enhance the long audio segment's potential [3][5][11]. Group 1: Acquisition Details - Tencent Music announced a plan to acquire Ximalaya for $1.26 billion in cash and up to 5.1986% of A-class common stock, along with incentives for Ximalaya's founding shareholders [3]. - The acquisition is seen as a strategic move to connect the core scenarios of the "ear economy" and innovate content consumption [11]. Group 2: Industry Landscape - The long audio segment is characterized by intense competition, with early players like Ximalaya, Qingting FM, and Lizhi FM educating consumers about long audio [5]. - Ximalaya has achieved profitability for nine consecutive quarters, with an adjusted net profit of 224 million yuan in 2023 and projected profits exceeding 500 million yuan in 2024 [5][6]. Group 3: User Engagement and Content Strategy - By the end of 2023, Ximalaya reached an average of 303 million monthly active users, indicating strong user engagement [6]. - Ximalaya has accumulated 4.88 billion audio pieces across 459 categories, providing a diverse audio experience that caters to various user demographics [12]. Group 4: AI and Technological Integration - Ximalaya is committed to integrating AI tools into its content ecosystem, with plans to enhance user experience through personalized recommendations and content generation [20][21]. - The platform has developed an AI audio multimodal model and launched intelligent voice assistants, which are expected to improve user engagement and content matching [21][23]. Group 5: Future Growth Opportunities - The integration of audio content with new scenarios, such as in-car and smart home environments, presents significant growth opportunities for the audio industry [17][18]. - Ximalaya's strategy includes leveraging hardware to drive software services, enhancing user retention and payment willingness [11][17].