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.

Equity Bottom-Up

<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

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

Ping An Insurance (H) / Equity Derivatives

<ul>
<li>
Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich. This Insight provides volatility analysis for eight prominent Hong Kong stocks</li>
<li>
Highlights: <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a>stands out with historically low implied volatility across the term structure. <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a>is rich in November and December contracts.</li>
<li>
Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.</li>
</ul>



Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich. This Insight provides volatility analysis for eight prominent Hong Kong stocks

Highlights: Ping An Insurance (H) (2318 HK)stands out with historically low implied volatility across the term structure. Alibaba (9988 HK)is rich in November and December contracts.

Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.


Volatility Cones: Ping An (2318 HK) And Alibaba (9988 HK) Stand Out

Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Ping An Insurance Group  of / Equity Bottom-Up

<ul>
 <li>Ping An's integrated financial services model, combining insurance, banking, asset management, and technology, provides a significant competitive advantage through cross-selling opportunities and a holistic customer approach.</li>
 <li>The strategic focus on a 'finance + healthcare' ecosystem is a key long-term growth driver, capitalizing on China's aging demographics and rising demand for health and senior care services.</li>
 <li>Despite strong fundamentals and a dominant market position, the company faces significant headwinds from China's macroeconomic slowdown, real estate market risks, and a volatile investment environment, which could pressure earnings and growth.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Ping An's integrated financial services model, combining insurance, banking, asset management, and technology, provides a significant competitive advantage through cross-selling opportunities and a holistic customer approach.
  The strategic focus on a 'finance + healthcare' ecosystem is a key long-term growth driver, capitalizing on China's aging demographics and rising demand for health and senior care services.
  Despite strong fundamentals and a dominant market position, the company faces significant headwinds from China's macroeconomic slowdown, real estate market risks, and a volatile investment environment, which could pressure earnings and growth.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Ping An Insurance Group  of (601318 CH) - Sep 2025

<ul>
<li>
Be inspired by sophisticated, live, multi-leg options strategies on <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (2318 HK)</a>, executed over the period from 6 to 12 June on the Hong Kong exchange.</li>
<li>
Highlights: Many strategies creatively utilize weekly expiries, sometimes employing options with as little as one or two days to maturity to generate upfront yield or financing.</li>
<li>
Why read: Detailed examples and break-down of complex option strategies provide actionable insights that could inspire similar strategies,</li>
</ul>



Be inspired by sophisticated, live, multi-leg options strategies on Ping An Insurance (2318 HK), executed over the period from 6 to 12 June on the Hong Kong exchange.

Highlights: Many strategies creatively utilize weekly expiries, sometimes employing options with as little as one or two days to maturity to generate upfront yield or financing.

Why read: Detailed examples and break-down of complex option strategies provide actionable insights that could inspire similar strategies,


Ping An (2318 HK): Strategic Insights and Top Option Trades

<ul><li>Ping An reported mixed 1H25 results, with Group OPAT rising 3.7% YoY to RMB 77.7bn, translating to a 4.9% YoY uptick in 2Q25 (vs.1Q25: +2.4%), in-line with consensus.</li><li>OPAT of three core business segments (Life, P&amp;C, and PAB) edged up 1% YoY to RMB 76.9bn (98.9% mix), slightly short of our expectations.</li><li>NBV jumped 39.8% YoY to RMB 22.3bn, a clear beat, mainly driven by bancassurance (+169%, 27% mix). </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 mixed 1H25 results, with Group OPAT rising 3.7% YoY to RMB 77.7bn, translating to a 4.9% YoY uptick in 2Q25 (vs.1Q25: +2.4%), in-line with consensus.OPAT of three core business segments (Life, P&amp;C, and PAB) edged up 1% YoY to RMB 76.9bn (98.9% mix), slightly short of our expectations.NBV jumped 39.8% YoY to RMB 22.3bn, a clear beat, mainly driven by bancassurance (+169%, 27% mix). 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) - 1H25 a Mixed Bag: NBV Beat While OPAT in Line

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)

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

Volatility Cones: Ping An (2318 HK) And Alibaba (9988 HK) Stand Out

Volatility cones for eight prominent Hong Kong stocks highlight opportunities in cheap implied volatility in Ping An Insurance, Meituan, and...

Gaudenz Schneider

Primer: Ping An Insurance Group of (601318 CH) - Sep 2025

Ping An's integrated financial services model, combining insurance, banking, asset management, and technology, provides a significant...

αSK

Ping An (2318 HK): Strategic Insights and Top Option Trades

Noteworthy options strategies executed on the Hong Kong exchange, utilizing weekly expiries and short-term options for upfront yield or financing....

Gaudenz Schneider

Ping An (2318 HK) - 1H25 a Mixed Bag: NBV Beat While OPAT in Line

Ping An reported mixed 1H25 results, with Group OPAT rising 3.7% YoY to RMB 77.7bn, translating to a 4.9% YoY uptick in 2Q25 (vs.1Q25: +2.4%), in...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Volatility Cones: Ping An (2318 HK) And Alibaba (9988 HK) Stand Out

​Volatility cones for eight prominent Hong Kong stocks highlight opportunities in cheap implied volatility in Ping An Insurance, Meituan, and...

Gaudenz Schneider

Primer: Ping An Insurance Group of (601318 CH) - Sep 2025

Ping An's integrated financial services model, combining insurance, banking, asset management, and technology, provides a significant...

αSK

Ping An (2318 HK): Strategic Insights and Top Option Trades

Noteworthy options strategies executed on the Hong Kong exchange, utilizing weekly expiries and short-term options for upfront yield or financing....

Gaudenz Schneider

Ping An (2318 HK) - 1H25 a Mixed Bag: NBV Beat While OPAT in Line

Ping An reported mixed 1H25 results, with Group OPAT rising 3.7% YoY to RMB 77.7bn, translating to a 4.9% YoY uptick in 2Q25 (vs.1Q25: +2.4%), in...

CMB International

Volatility cones for eight prominent Hong Kong stocks highlight opportunities in cheap implied volatility in Ping An Insurance, Meituan, and...