中国AI领域正掀起巨头与产业链企业协同合作的热潮，深耕数智化服务赛道的正元智慧（300645）与 华为等众多行业巨头深度绑定，形成了生态化合作布局，迎来盈利与估值双升的戴维斯双击。 2025年12月25日，正元智慧披露重要合作动态，公司与吉利人才发展集团旗下海南芯位教育科技有限公 司签署战略合作协议。双方将基于各自核心优势，在智慧校园建设、AI教学场景落地、产教深化融 合、跨境教育资源拓展等领域开展务实合作，共同助力教育高质量发展。 合作协议明确，双方将锚定三大核心方向落地协同举措，智慧校园板块，通过供需资源互通、服务推广 联动实现资源价值最大化；教育数字化板块，深耕"AI+高教"核心赛道，联合探索市场路径与合作范 式，打造贴合高教场景的标杆级产品方案；教育出海板块，借力芯位学院全球网络优势开拓增量市场， 正元智慧输出技术与产品核心能力，双方以成果共享机制实现合作共赢。 近来，从字节跳动与中兴通讯联手布局AI手机，到阿里巴巴等科技巨头的跨界协同案例频出，无不印 证"人工智能+"浪潮席卷之下，中国AI领域正掀起巨头与产业链企业的合作热潮，核心逻辑在于通过市 场主体间的协同互补，打通"技术-算力-场景"全链条，进 ...

Summary of the Conference Call on Hong Kong/China Insurance Industry Industry Overview - The insurance industry in Asia Pacific, particularly in China, is viewed as Attractive, with expectations for continued re-rating driven by strong sales growth, improved quality, and a favorable investment environment [1][7] - Concerns regarding interest rate spread loss risks are anticipated to ease further, supporting the positive outlook for insurers [1][2] Core Insights - The insurance segment outperformed the market in 2024-25, primarily due to asset-side catalysts and stabilized interest rates since the second half of 2025 [2] - For 2026, a dual boost is expected from both asset and liability sides, with strong Value of New Business (VNB) growth anticipated, improved product mix, channel margins, and productivity [2] - The market sentiment remains healthy, contributing to expectations of improved underlying earnings and enterprise value (EV) for China insurers [2] Investment Trends - In 2025, insurers increased their stock market allocations significantly, with over Rmb1 trillion of new inflows estimated [3] - A similar trend is expected in 2026, with regulatory modifications potentially allowing for further relaxation of equity investment capital consumption [3] Stock Preferences - The preference order for stocks is: Ping An (Top Pick), followed by China Life, CPIC, AIA, and PICC P&C [4] - Ping An is highlighted for its strong performance potential, while China Life H and CPIC H are also expected to benefit from industry-wide tailwinds [4] Risks - Identified downside risks include lower interest rates, a sluggish stock market, and unexpected regulatory tightening [5] Performance Metrics - The insurance sector saw a broad-based re-rating in 2025, with notable stock performance: New China Life (+130%), China Life (+87%), Prudential (+93%), and PICC Group (+74%) [13] - H-shares outperformed broader benchmarks, with significant gains compared to the Hang Seng Index (HSI) and the Hang Seng China Enterprises Index (HSCEI) [13] Valuation Insights - Valuation upside is anticipated through Price-to-Book (P/B), Price-to-Enterprise Value (P/EV), and Price-to-Earnings (P/E) ratios, with expectations for mid-teens return on equity (ROE) and double-digit VNB growth [2][52] - The current P/B for H-share life names is around 1.0-1.3x, with potential to rise to 1.3-1.5x [53] Regulatory Environment - The regulatory environment is seen as supportive, with favorable policies emerging since late 2023 to mitigate risks and encourage long-term investments in the stock market [61] - Upcoming modifications to solvency rules are expected, which could impact capital levels and investment strategies [67][69] Key Drivers of Demand - The expansion of household financial assets in China is a significant multi-year demand tailwind, projected to grow to Rmb440 trillion by 2030 [19] - Increasing demand for senior care and healthcare services is expected to drive insurance product appeal and retention [20] Conclusion - The outlook for the Hong Kong/China insurance industry remains positive, with strong growth potential driven by favorable market conditions, regulatory support, and evolving consumer needs in financial and healthcare services [1][2][61]