Insurance & Central Asia-focused Analyst, KT Capital Group

Alec Tseung

Insurance & Central Asia-focused Analyst

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

Thematic (Sector/Industry)

<ul><li>The NFRA reported 1Q26 premiums. Total insurance premium grew 6.3% YoY to RMB2.31tn, with industry premium modestly up by 1.4% YoY in March.</li><li>The divergence between personal life and P&amp;C premiums persisted in 1Q26 with the former marking +7.9% to RMB1.93tn and the latter falling 1.3% YoY to RMB382bn, indicating a continued strong momentum during life jumpstart sales, and a marginal recovery in P&amp;C with auto/non-auto premiums up 1.8%/ 2.7% YoY in Mar (vs. Feb: -0.3%/+0.3%).</li><li>We see three key trends in 1Q26 including 1) Life sustained robust growth in Mar, after achieving a compelling increase during the jumpstart period; 2) P&amp;C saw a marginal rebound in premium growth supported by a turnaround in both auto and non-auto segments; and 3) Health and accident (H&amp;A) insurance remained the two key drivers of P&amp;C non-auto premium growth, sustaining doubledigit increases in Mar 2026. </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.

The NFRA reported 1Q26 premiums. Total insurance premium grew 6.3% YoY to RMB2.31tn, with industry premium modestly up by 1.4% YoY in March.The divergence between personal life and P&amp;C premiums persisted in 1Q26 with the former marking +7.9% to RMB1.93tn and the latter falling 1.3% YoY to RMB382bn, indicating a continued strong momentum during life jumpstart sales, and a marginal recovery in P&amp;C with auto/non-auto premiums up 1.8%/ 2.7% YoY in Mar (vs. Feb: -0.3%/+0.3%).We see three key trends in 1Q26 including 1) Life sustained robust growth in Mar, after achieving a compelling increase during the jumpstart period; 2) P&amp;C saw a marginal rebound in premium growth supported by a turnaround in both auto and non-auto segments; and 3) Health and accident (H&amp;A) insurance remained the two key drivers of P&amp;C non-auto premium growth, sustaining doubledigit increases in Mar 2026. 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.

China Insurance - 1-3M26: Life growth resilient and P&C marginally recovered in March

<ul><li>In 1-2M26, total insurance premiums amounted to RMB1.64tn, up 8.4% YoY with Feb premium income up 0.8% YoY (vs. Jan: +11.6%) partly due to the impact of Chinese New Year (Feb: 16 working days).</li><li>Personal life and P&amp;C industry premiums growth diverged by +10.2%/-1.4% YoY to RMB1.4tn/RMB240bn in 1-2M26 given the strength in Life jumpstart sales and weakened UW demands from auto insurance.</li><li>We have observed three key trends in the industry for the first two months incl. 1) Life growth sustained in double-digit (+10.9%) driven by resilient savings demands amid the trend of deposit migration; 2) P&amp;C weakened (-1.4%) as auto premiums dipped for two consecutive months (Jan/Feb: -0.8%/-1.1%) due to the lackluster new vehicle sales; 3) P&amp;C Health drove non-auto premium growth up by 20.5% YoY in 1-2M26, signalling upside potential amid deepening cooperation between basic medical and commercial health. </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.

In 1-2M26, total insurance premiums amounted to RMB1.64tn, up 8.4% YoY with Feb premium income up 0.8% YoY (vs. Jan: +11.6%) partly due to the impact of Chinese New Year (Feb: 16 working days).Personal life and P&amp;C industry premiums growth diverged by +10.2%/-1.4% YoY to RMB1.4tn/RMB240bn in 1-2M26 given the strength in Life jumpstart sales and weakened UW demands from auto insurance.We have observed three key trends in the industry for the first two months incl. 1) Life growth sustained in double-digit (+10.9%) driven by resilient savings demands amid the trend of deposit migration; 2) P&amp;C weakened (-1.4%) as auto premiums dipped for two consecutive months (Jan/Feb: -0.8%/-1.1%) due to the lackluster new vehicle sales; 3) P&amp;C Health drove non-auto premium growth up by 20.5% YoY in 1-2M26, signalling upside potential amid deepening cooperation between basic medical and commercial health. 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.

China Insurance - 1-2M26: Life Sustained Double-Digit Rise...

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of Sep 30th. The aggregated net margin trading position is USD352,195m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in ANHUI JIANGHUAI AUTOMOBILE, BEIJING COMPASS TECHNOLOGY DEVELOPMENT, SICHUAN EM TECHNOLOGY, ROCKCHIP ELECTRONICS, GUIZHOU REDSTAR DEVELOPING.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Sep 30th. The aggregated net margin trading position is USD352,195m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in ANHUI JIANGHUAI AUTOMOBILE, BEIJING COMPASS TECHNOLOGY DEVELOPMENT, SICHUAN EM TECHNOLOGY, ROCKCHIP ELECTRONICS, GUIZHOU REDSTAR DEVELOPING.


A-Share Margin Trading Weekly (Sep 30th): ANHUI JIANGHUAI AUTOMOBILE, SICHUAN EM TECHNOLOGY

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

China Insurance - 1-3M26: Life growth resilient and P&C marginally recovered in March

The NFRA reported 1Q26 premiums. Total insurance premium grew 6.3% YoY to RMB2.31tn, with industry premium modestly up by 1.4% YoY in March.

CMB International

China Insurance - 1-2M26: Life Sustained Double-Digit Rise...

In 1-2M26, total insurance premiums amounted to RMB1.64tn, up 8.4% YoY with Feb premium income up 0.8% YoY (vs. Jan: +11.6%) partly due to the...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

China Insurance - 1-3M26: Life growth resilient and P&C marginally recovered in March

The NFRA reported 1Q26 premiums. Total insurance premium grew 6.3% YoY to RMB2.31tn, with industry premium modestly up by 1.4% YoY in March.

CMB International

China Insurance - 1-2M26: Life Sustained Double-Digit Rise...

In 1-2M26, total insurance premiums amounted to RMB1.64tn, up 8.4% YoY with Feb premium income up 0.8% YoY (vs. Jan: +11.6%) partly due to the...

CMB International

A-Share Margin Trading Weekly (Sep 30th): ANHUI JIANGHUAI AUTOMOBILE, SICHUAN EM TECHNOLOGY

We analyzed A-share margin trading positions report for the past week and highlighted ANHUI JIANGHUAI AUTOMOBILE (600418 CH), BEIJING COMPASS...

Ke Yan, CFA, FRM