Core Viewpoint - China Ping An (601318) is not only engaged in insurance but also has diversified non-insurance business segments, including comprehensive finance, healthcare and elderly care, and financial technology, which are expected to drive the company's performance growth by 2025 [1] Group 1: Comprehensive Finance - The comprehensive finance model creates a "one customer, multiple accounts, various products, one-stop service" solution, achieving a customer retention rate of 99% for clients holding three or more product types by 2025 [1] - Internal customer acquisition costs are reduced by 35% to 45% compared to external averages [1] Group 2: Healthcare and Elderly Care - The healthcare and elderly care business serves as a differentiated advantage, with a 4 percentage point increase in the insurance coverage rate for clients using healthcare services by 2025 [1] - Ping An Health achieved operating revenue of 5.468 billion yuan and a net profit of 380 million yuan [1] Group 3: Financial Technology - The financial technology business focuses on "AI in ALL," with a data repository of 33 trillion bytes by the end of 2025 [1] - Model calls are expected to reach 3.65 billion times by 2025, empowering high-quality business development [1] Group 4: Overall Performance - These non-insurance business segments contribute to making China Ping An the largest insurance group globally by asset size, with total assets exceeding 13 trillion yuan [1] - The company has maintained an increase in cash dividends for 14 consecutive years [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列中國平安保險（集團）股份有限公司在上海證券交易所網站刊登的根 據中國會計準則編制的「中國平安保險（集團）股份有限公司2025年年度報 告摘要」，僅供參閱。 承董事會命 盛瑞生 公司秘書 中國深圳，2026年3月26日 於本公告日期，本公司的執行董事為馬明哲、謝永林、郭曉濤、付欣及蔡方方；非執 行董事為謝吉人、楊小平、何建鋒及蔡潯；獨立非執行董事為吳港平、金李、王廣謙、 洪小源、宋獻中及陳曉峰。 2025年年度报告摘要 （股票代码：601318） 二〇二六年三月二十六日 2025 年年度报告摘要 一、重要提示 1.5 公司简介 | 股票简称 | 中国平安 | | | --- | --- | --- | | 股票代码 | H A 股：601318 | 股：02318（港币柜台） | | | | 82318（人民币 ...

Group 1: China Ping An - The core strategy of China Ping An is "comprehensive finance + medical care and elderly care," which aims to create a new value growth pole through a "product + service" model, leading to long-term stable profit growth [3][4] - The report suggests that the current market valuation of China Ping An is low, with a PEV of 0.75, and recommends a target market value of 1.6 trillion yuan, corresponding to a target price of 88.53 yuan per share [3][4] - The aging population in China and the increasing importance of commercial health insurance in medical payments are expected to enhance the effectiveness of the "product + service" model, positioning it as a new growth driver for the company [3][4] Group 2: Steel Research High Temperature Alloy - Steel Research High Temperature Alloy is a leading company in the high-temperature alloy sector, benefiting from strong demand in the aerospace industry and the trend towards technological self-sufficiency [5][6] - The company is expected to achieve steady growth in net profit, with forecasts of 132 million yuan, 152 million yuan, and 172 million yuan for 2025 to 2027, respectively [5][6] - The report highlights the resilience of the high-temperature alloy industry, driven by increasing defense budgets and the upgrade of aerospace equipment, which supports long-term demand [6][7] Group 3: CSPC Pharmaceutical Group - CSPC Pharmaceutical Group is recognized for its strong innovation capabilities, with a focus on oncology and chronic disease treatment pipelines, and has established an international business development ecosystem [8][9] - The company has entered a strategic collaboration with AstraZeneca to develop innovative long-acting peptide drugs, which is expected to generate significant revenue potential [9][10] - The report predicts EPS growth of 48%, 36%, and -7% for 2025 to 2027, with a target price of 16.58 HKD per share [8][9] Group 4: Real Estate Market - The real estate market in China is currently in a deep adjustment phase, with only 19% of cities showing signs of bottoming out as of Q4 2025 [18][19] - New home prices are experiencing significant fluctuations, particularly in first-tier cities, while second-hand home prices are generally declining [19][20] - The report indicates that the inventory clearance cycle is extending, with first-tier cities reaching 19-28 months and some second-tier cities exceeding 38 months [20] Group 5: Robotics and Automation - The company is actively expanding into the humanoid robotics sector, with new product launches expected to drive growth [21][22] - The report forecasts EPS of 1.14, 1.47, and 1.83 yuan for 2025 to 2027, with a target price of 147.00 yuan per share [21][22] - The company is leveraging its expertise in micro-drive systems to enhance its competitive position in the robotics market [22][23] Group 6: Energy Storage Sector - The energy storage sector is anticipated to see significant growth, with the introduction of capacity pricing mechanisms in provinces like Qinghai [36][37] - The report suggests that the demand for energy storage systems and batteries will increase, recommending several key stocks in this sector [36][37] - The expected growth rate for energy storage demand in 2026 is projected to be around 50% [38]

Group 1 - Shanghai and Hong Kong are accelerating the deep integration of "technology + finance" to cultivate a new high ground for global innovation resource allocation [1] - Bank of China Shanghai Branch is actively participating in the collaborative development of the Shanghai-Hong Kong International Financial Center, leveraging its global advantages to provide robust financial support for the integration of innovation chains, industrial chains, and capital chains [1] Group 2 - The Bank of China Shanghai Branch has provided comprehensive credit support to a leading domestic lidar company, facilitating its dual listing on the Hong Kong and US stock markets, marking the largest financing scale for a Chinese concept stock IPO in Hong Kong in the past four years [2] - The bank has tailored a comprehensive financial service covering the entire listing process to meet the core needs of hard technology companies in accessing international capital markets [2] Group 3 - In serving an AI chip design company, the Bank of China Shanghai Branch offered customized financial services throughout the company's growth cycle, supporting its successful listing on the Hong Kong stock market [3] - The bank provided integrated services including equity incentive plans and funding coordination to support the company's research and talent stability in both Shanghai and Hong Kong [3] Group 4 - In the biopharmaceutical sector, the Bank of China Shanghai Branch has facilitated cross-border capital flow by participating in the expansion of a large biopharmaceutical merger fund and a Hong Kong biotech fund [4] - The bank aims to establish a new model of cross-border cooperation in biopharmaceuticals, focusing on "Shanghai R&D, Hong Kong financing, and industrial collaboration" to provide efficient capital support for the transformation and industrialization of cutting-edge technologies [4] - Looking ahead, the bank will continue to deepen financial cooperation and innovation linkage between Shanghai and Hong Kong, contributing to the construction of a globally influential technology innovation center [4]

Core Viewpoint - The strategic cooperation agreement between Hengfeng Bank and China Telecom marks a new phase of comprehensive and in-depth collaboration, focusing on the integration of communication and finance to build a new digital financial ecosystem [1][3]. Group 1: Strategic Cooperation Details - The agreement includes joint efforts in building intelligent computing centers, financial innovation, data modeling, and security applications, as well as exploring the application of 5G and quantum communication in the financial sector [3]. - Both parties will enhance customer resource sharing, channel connectivity, and jointly conduct market expansion activities to support national strategies and regional economic development [3][4]. Group 2: Technological Integration - Hengfeng Bank aims to provide comprehensive financial services to China Telecom and its upstream and downstream enterprises, while China Telecom will support Hengfeng Bank in improving communication infrastructure and providing solutions like smart buildings and green data centers [3][4]. - The collaboration seeks to integrate China Telecom's advanced technologies, such as cloud-network integration and quantum encryption, with Hengfeng Bank's financial products and services [4]. Group 3: Future Prospects - The partnership is expected to focus on key areas such as computing infrastructure, smart finance, integration of industry and finance, and green technology, exploring the limitless possibilities of "communication + finance" innovation [3][4]. - Both companies aim to create a new benchmark for cooperation between banks and enterprises in the digital age [3].

Group 1 - The signing ceremony between Bank of Communications Binzhou Branch and Shandong Bind Group marks a new phase in their strategic cooperation, aiming for collaborative development and mutual benefits [1][2] - Bind Group focuses on urban comprehensive operations and industrial development, enhancing urban quality and industrial capacity, with Bank of Communications providing robust financial support for key projects [1] - Bank of Communications Binzhou Branch emphasizes its commitment to serving local economic development and aims to offer customized financial services to support Bind Group's growth [1][2] Group 2 - The strategic partnership aims to leverage the bank's comprehensive operational advantages to meet Bind Group's needs in areas such as state-owned enterprise industrial upgrading, debt structure optimization, bond issuance, and financial management [2] - The collaboration is expected to set a new benchmark for bank-enterprise cooperation and contribute significantly to the financial support for the modernization of Binzhou [2]

Core Viewpoint - KaYuan Securities has established a strategic partnership with Xi'an High-tech Zone, focusing on serving the real economy and supporting high-quality economic development in Shaanxi province through comprehensive financial services tailored for technology-oriented SMEs [2][6]. Group 1: Strategic Development and Market Position - The company aims to create a "first-class investment bank" by focusing on technology-oriented SMEs, which have high initial investment and risk but significant long-term returns and growth potential [2]. - KaYuan Securities has maintained the leading position in the New Third Board (NTE) by being the top in both the number of new listed companies and the number of companies under supervision for seven consecutive years since 2018, with a market share of 11.83% [3]. - The company ranks fifth in the industry for sponsoring North Exchange (NCE) listings, having sponsored 14 companies and raised 2.869 billion yuan, with over 90% being "specialized, refined, distinctive, and innovative" enterprises [4]. Group 2: Financial Services and Innovations - During the "14th Five-Year Plan" period, KaYuan Securities completed 228 targeted issuance projects, assisting listed companies in raising a total of 6.479 billion yuan, maintaining the highest number of issuances in the market for five consecutive years [3]. - The company has established a comprehensive financial service system covering the entire lifecycle of technology-oriented SMEs, aiming to provide the best comprehensive financial services for these enterprises [2]. - KaYuan Securities has issued 35.31 billion yuan in local government bonds and 151.732 billion yuan in corporate bonds, leading the bond financing industry in Shaanxi [8][9]. Group 3: Investment and Research Capabilities - The subsidiary KaYuan Sichuang manages 16 funds with a total scale of 4.569 billion yuan, focusing on strategic emerging industries, with 77% of investments directed towards "specialized, refined, distinctive, and innovative" enterprises [5]. - The company has published 1,595 research reports on the NCE and New Third Board, earning recognition as the best research team in the sector for three consecutive years [5]. - KaYuan Securities has invested in 13 technology innovation companies in Shaanxi, with a total investment of 305 million yuan, and has supported 38 local enterprises on the New Third Board [7]. Group 4: Regional Development and Community Engagement - The company is committed to deepening its services in Shaanxi, aligning with local industrial characteristics and resources to enhance the modern investment banking and wealth management service system [6]. - KaYuan Securities has actively engaged in regional industry research, participating in over 140 enterprise surveys and hosting more than 20 industry-finance exchange activities [10]. - The company has established partnerships with local enterprises and institutions to support the transformation of scientific and technological achievements into productive forces [12][13]. Group 5: Future Outlook - Looking ahead to the "15th Five-Year Plan," KaYuan Securities plans to focus on enhancing its role as a distinctive investment bank, emphasizing innovation and high-quality development in line with national economic strategies [14].

Core Viewpoint - Shanxi Securities has been awarded the "Golden Horse Award for Outstanding Service to the Real Economy," recognizing its significant contributions to national strategies, empowering the real economy, and assisting in industrial transformation and upgrading [1][3]. Group 1: Award Significance - The "Golden Horse Award" has been held since 2004, aiming to honor institutions that contribute to the healthy development of the capital market and empower the real economy, making it a highly credible and influential annual award in the industry [3]. - The award reflects Shanxi Securities' commitment to serving the local economy, promoting green transformation in resource-based regions, and providing comprehensive financial services throughout the enterprise lifecycle [3]. Group 2: Company Overview - Established in July 1988, Shanxi Securities is one of the first securities companies in China and is the only listed brokerage in Shanxi Province, having been listed on the Shenzhen Stock Exchange in November 2010 [3]. - The company has developed into a medium-sized brokerage with a prudent operating style, standardized management, and a complete range of business licenses, consistently adhering to its mission of "deepening in Shanxi and serving Shanxi" [3]. Group 3: Business Performance - Shanxi Securities has maintained its leading position in the investment banking sector within Shanxi, ranking first in the province for corporate bond underwriting for five consecutive years (2020-2024) and local government bond underwriting for three consecutive years (2022-2024) [5]. - The company has also led in provincial equity financing, with 33 New Third Board enterprises under its supervision, accounting for 45% of the total in Shanxi, and has recommended over 360 small and medium-sized enterprises to list on the Shanxi Equity Trading Center [5]. Group 4: Subsidiary Contributions - The investment banking subsidiary, Zhongde Securities, has consolidated its advantages in the Shanxi region while expanding into key areas, completing 4 refinancing projects, 82 bond projects, and 85 financial advisory projects in 2024 [7]. - Zhongde Securities has seen significant improvements in its core business rankings, with equity underwriting amount rising to 27th place (up 36 positions year-on-year) and bond underwriting amount rising to 24th place [7]. - The futures subsidiary, Green Dahuah, is focusing on the "insurance + futures" pilot in Luliang and expanding its business in Xinjiang, aiming to help the real economy mitigate market risks [7]. Group 5: International Expansion - The wholly-owned overseas subsidiary, Shanxi International, is enhancing its international business platform, focusing on investment banking, wealth management, and FICC, while optimizing its operational system and deepening collaboration with the parent company [8]. - The recent award serves as a testament to Shanxi Securities' commitment to its financial roots and its dedication to serving the real economy over the past 30 years [8].

Core Viewpoint - The collaboration between CITIC Bank Hohhot Branch and CITIC Group, termed the "CITIC Joint Fleet," is focused on high-quality development in Inner Mongolia, providing significant financial support to local enterprises and government projects [1][2]. Group 1: Financial Contributions - The "CITIC Joint Fleet" has invested nearly 10 billion yuan in local government bonds and provided over 3 billion yuan in joint financing for various enterprises in Inner Mongolia this year [1]. - The bank offers comprehensive financial support through a model that integrates commercial banking, investment banking, and financial consulting, optimizing collaboration with local governments and enterprises [1]. Group 2: Strategic Focus Areas - The bank is tailoring comprehensive financial solutions around key areas such as energy strategy, green development, and rural revitalization, advancing financial services for the real economy [2]. - The "Joint Fleet" employs a combination of loans, bonds, equity, and consulting services to support key enterprises and projects in sectors like new energy, ecological agriculture, and modern chemical industries [2]. Group 3: Future Directions - CITIC Bank Hohhot Branch plans to continue expanding the scope and depth of the "Joint Fleet," focusing on ecological protection, infrastructure development, and modern energy economy in Inner Mongolia [2].

Core Viewpoint - The inclusion of Guangfa Securities in the MSCI China Index is expected to enhance its market liquidity and attract more international passive funds, reflecting the company's recognition in terms of market capitalization, liquidity, corporate governance, and business stability [1][2]. Group 1: Company Overview - Guangfa Securities has four main business segments: investment banking, wealth management, trading and institutional services, and investment management, holding a full business license and continuously enhancing its comprehensive financial service capabilities [1]. - The company has shown strong performance in operational stability, business expansion, and capital market performance, positioning itself favorably within the industry [1]. Group 2: Financial Performance - In the first three quarters of 2025, Guangfa Securities achieved steady growth in revenue and net profit, with an expanding asset scale in wealth management and solid rankings in investment banking key indicators [2]. - The company has experienced good growth momentum in trading, institutional business, and asset management, benefiting from increased capital market activity [2]. Group 3: Market Impact - The stock price of Guangfa Securities has shown a steady upward trend this year, reaching multiple new highs, driven by improved fundamentals, stable industry policies, and a recovery in investor risk appetite [2]. - The inclusion in the MSCI China Index is expected to provide additional funding support for the stock price through automatic increases from passive index funds and enhance the company's visibility among global investors [2]. Group 4: Future Strategy - Guangfa Securities plans to focus on its core responsibilities and embrace technological innovation, aiming to integrate finance and technology deeply while creating a comprehensive financial service platform that emphasizes quality assets, products, and clients [3].