Core Insights - China Ping An (601318)(02318) reported a 39.8% year-on-year growth in new business value (NBV) for the first half of the year [1] - The new business contract service margin (CSM) turned to positive year-on-year growth during the period [1] - The pre-dividend book value increased by 4.8% year-on-year [1] Financial Performance - The proportion of equity investments in asset allocation increased, contributing to a comprehensive return rate of 3.1% for the first half, up by 0.3 percentage points [1] - The comprehensive cost ratio for property insurance improved to 95.2%, a decrease of 2.6 percentage points [1] - Operating profit from asset management and financial empowerment businesses accelerated, marking another highlight for the company [1] Analyst Rating - The bank reiterated a "Buy" rating for China Ping An, maintaining a target price of HKD 69 [1]