Insurance, Fintech & EM-focused Analyst, KT Capital Group, KT Capital Group

Alec Tseung

Insurance, Fintech & EM-focused Analyst, KT Capital Group

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

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Ping An L&amp;H: quality-focused restructuring has nearly doubled agent productivity since 2019, pushing NBV to post-Cvoid highs despite a much smaller agency force.</li>
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Ping An P&amp;C: tech integration and enablement is closing the gap vs. market leader in product distribution and customer acquisition.</li>
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Integrated finance and health/senior care strategy presents cross-selling opportunities and differentiated upside not yet priced in.</li>
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Ping An L&amp;H: quality-focused restructuring has nearly doubled agent productivity since 2019, pushing NBV to post-Cvoid highs despite a much smaller agency force.

Ping An P&amp;C: tech integration and enablement is closing the gap vs. market leader in product distribution and customer acquisition.

Integrated finance and health/senior care strategy presents cross-selling opportunities and differentiated upside not yet priced in.


2026 High Conviction: Ping An to Re-Rate if Growth/Recovery Continues

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Ping An reported upbeat 3Q25 results, with Group OPAT rising 7.2% YoY to RMB 116.3bn in 9M25, accelerating to a 15.2% YoY increase in 3Q25 and beating our estimate of RMB 114bn.</li><li>This improvement was primarily driven by OPAT growth in P&amp;C (9M/3Q25: +8.3%/+26.2% YoY), technology (9M/3Q25: +2.0x/+2.9x YoY), and the AM segment profit turnaround to RMB 2.7bn (9M24: a loss of RMB 2.3bn).</li><li>Group net profit jumped 11.5% YoY to RMB133bn in 9M25, bolstered by a 45.4% YoY escalation in 3Q25, also exceeding our bottom-line forecast of RMB129bn. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ping An reported upbeat 3Q25 results, with Group OPAT rising 7.2% YoY to RMB 116.3bn in 9M25, accelerating to a 15.2% YoY increase in 3Q25 and beating our estimate of RMB 114bn.This improvement was primarily driven by OPAT growth in P&amp;C (9M/3Q25: +8.3%/+26.2% YoY), technology (9M/3Q25: +2.0x/+2.9x YoY), and the AM segment profit turnaround to RMB 2.7bn (9M24: a loss of RMB 2.3bn).Group net profit jumped 11.5% YoY to RMB133bn in 9M25, bolstered by a 45.4% YoY escalation in 3Q25, also exceeding our bottom-line forecast of RMB129bn. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ping An (2318 HK) - 3Q Earnings Beat; Improving Business Quality with Catalysts Across

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 162 stocks over the last week. The average A-H premium was 60.8% as of Jan 9th.</li>
<li>The average A-H premium changed by -8.4ppt week-on-week, led by health care, information technology, energy.</li>
<li>We highlight weekly changes in A-H premium for Hua Hong Semiconductor, China Coal Energy, Wuxi Apptec, Joinn Lab, Cmoc, Goldwind.</li>
</ul>


We analyse the changes of A-H premium on 162 stocks over the last week. The average A-H premium was 60.8% as of Jan 9th.
The average A-H premium changed by -8.4ppt week-on-week, led by health care, information technology, energy.
We highlight weekly changes in A-H premium for Hua Hong Semiconductor, China Coal Energy, Wuxi Apptec, Joinn Lab, Cmoc, Goldwind.


A-H Premium Weekly (Jan 9th): Hua Hong Semiconductor, China Coal Energy, Wuxi Apptec, Joinn Lab

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jan 2nd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Alibaba, Meituan, AIA, ABC, Sensetime.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jan 2nd.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Alibaba, Meituan, AIA, ABC, Sensetime.


HK Short Interest Weekly: Alibaba, Meituan, AIA, ABC, Sensetime

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 9th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Xiaomi, China Mobile, Ping An Insurance, Tencent, China Life, Alibaba, Kuaishou, Zijin Mining.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 9th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Xiaomi, China Mobile, Ping An Insurance, Tencent, China Life, Alibaba, Kuaishou, Zijin Mining.


HK Connect Flows Weekly (Jan 9th): Xiaomi, China Mobile, Ping An Insurance, Tencent, China Life

China

Ping An Insurance (Group) Company of China Limited provides products and services through its five ecosystems in financial services, healthcare, auto services, real estate services and Smart City solutions. The Group's insurance business writes property, casualty, and life insurance products.

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Ping An Insurance Group of (601318 CH)

2026 High Conviction: Ping An to Re-Rate if Growth/Recovery Continues

Despite decent share price performance this year, Ping An remains a laggard among other Chinese insurance stocks. It warrants a re-rating if its...

Alec Tseung

Ping An (2318 HK) - 3Q Earnings Beat; Improving Business Quality with Catalysts Across

Ping An reported upbeat 3Q25 results, with Group OPAT rising 7.2% YoY to RMB 116.3bn in 9M25, accelerating to a 15.2% YoY increase in 3Q25 and...

CMB International

A-H Premium Weekly (Jan 9th): Hua Hong Semiconductor, China Coal Energy, Wuxi Apptec, Joinn Lab

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Hua Hong Semiconductor, China Coal Energy, Wuxi Apptec,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Alibaba, Meituan, AIA, ABC, Sensetime

We analyzed the latest HK SFC report for aggregate short position as of Jan 2nd and highlight short interest changes in Alibaba, Meituan, AIA, ABC,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jan 9th): Xiaomi, China Mobile, Ping An Insurance, Tencent, China Life

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Xiaomi, China Mobile, Ping An Insurance, Tencent, China...

Ke Yan, CFA, FRM

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52-week Range

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