中国股票策略 -聚焦名单调整：中港及 A 股主题-China Equity Strategy-Focus List Changes – ChinaHK and China A-share Thematic

Summary of Key Points from the Conference Call Industry and Company Involvement - Industry: Focus on the China/HK market and China A-share thematic investments - Companies Added: - Sinoma Science & Technology (002080.SZ) to the China/HK Focus List - Ping An Insurance Group (601318.SS) to the China A-share Thematic Focus List - Companies Removed: - PetroChina-H (0857.HK) from the China/HK Focus List - PetroChina-A (601857.SS) from the China A-share Thematic Focus List [1][2] Core Insights and Arguments Sinoma Science & Technology (002080.SZ) - Positive Outlook: Driven by a surge in demand for special electronic fabrics, essential for printed circuit boards (PCBs), due to AI infrastructure growth - Profitability Recovery: Earnings rebound from the battery separator business, supported by increasing energy storage system (ESS) demand in China - Growth Projections: Expected year-on-year earnings growth of 101% in 2025, 63% in 2026, and 45% in 2027 - Valuation: Appealing at 21.9x P/E for 2026, compared to a historical peak of 36.2x [8] Ping An Insurance Group (601318.SS) - Fundamental Improvement: The company's fundamentals are improving, with an attractive A-share valuation at approximately 1.1x F26E P/B and a dividend yield exceeding 4% - Growth in Life Business: Anticipated strong growth in the value of new business (VNB), particularly in 2026 - Easing Property Risk: The company has consistently written off property risks across subsidiaries, leading to positive outcomes in recent results - AI Applications: Potential to leverage AI for cost reduction and efficiency improvements, enhancing core business value [3][8] Additional Important Information - Market Position: Sinoma S&T holds a leading position in its sector, while Ping An is expanding into wealth management, healthcare, and elderly care markets - Analyst Ratings: Both companies are rated as Overweight, indicating expected performance above the average total return of their respective sectors [9][12] - Focus List Performance: The Morgan Stanley China/HK Equity Strategy Focus List has outperformed the MSCI China Index since its inception, with a total return of +102.3% compared to +60.5% for the index [11] This summary encapsulates the essential insights and projections regarding Sinoma Science & Technology and Ping An Insurance Group, highlighting their growth potential and market positioning within the China/HK investment landscape.