Ping An of China (601318.SH) Analysis of Popular Driving Factors and Investment Value

###1. Executive Summary
This analysis is based on tushare_hot_stocks data [0], showing that Ping An of China (601318.SH) made it to the popular list on November 18, 2025. Key driving factors include strong performance growth, improved new business value, deepening of the medical and elderly care strategy, and release of policy dividends [0]. The company’s net profit attributable to shareholders in the first three quarters increased by 11.5% year-on-year, with a 45.4% growth in Q3 alone [1], and the new business value of life insurance rose by 46.2% [0]. Currently, the TTM P/E ratio is only 8.54 times, and valuations are at a low level [0].

###2. Comprehensive Analysis
Ping An of China delivered outstanding performance in the first three quarters of 2025, realizing operating income of 832.94 billion yuan, up 7.4% year-on-year; net profit attributable to shareholders was 132.856 billion yuan, up 11.5% year-on-year [1]. Net profit attributable to shareholders in Q3 alone surged 45.4% year-on-year [0], mainly driven by a 46.2% growth in new business value (NBV) of life and health insurance, and a 29.9% increase in average new business value per agent [0].

Deepening of the medical and elderly care ecosystem strategy is a key growth driver: nearly 63% of customers enjoy relevant service rights, with average AUM per customer reaching 63,400 yuan [0]. The investment performance of insurance funds improved, with a non-annualized comprehensive investment return rate of 5.4%, up 1.0 percentage point year-on-year [0].

Favorable policy environment: The restart of dividend-type health insurance brings new growth points to the industry [3]. The comprehensive financial model builds a competitive barrier, with nearly 250 million individual customers and an average of 2.94 contracts per customer [0].

In terms of valuation, the stock price fluctuates between 56-60 yuan, with a total market value of about 1.03 trillion yuan, a TTM P/E ratio of 8.54 times, and a P/B ratio of 1.09 times, which are at low levels [0]. Institutions predict full-year net profit of about 138.5 billion yuan and EPS of 7.60 yuan in 2025 [2,5].

###3. Key Insights

1. Performance and Strategic Synergy
   : The combination of the medical and elderly care ecosystem and the comprehensive financial model promotes the increase of average AUM per customer, forming long-term growth momentum [0].
2. Policy Dividends Landing
   : The restart of dividend-type health insurance will further release the potential of the life insurance business and bring incremental revenue to the company [3].
3. Valuation Depression Emerges
   : The low P/E ratio (8.54 times) and stable growth (ROE 13.7%) form a valuation advantage, with a high margin of safety [0].

###4. Risks and Opportunities

:

• Expansion of life insurance business under policy support: The restart of dividend-type health insurance brings new business growth points [3];
• Valuation repair space: Current valuations are lower than the industry average, and institutions are optimistic [2,5];
• Ecosystem synergy effect: The increase in penetration rate of medical and elderly care services will continue to drive customer stickiness and value growth [0].

:

• Market volatility risk: The stock price may fluctuate in the short term due to the impact of the broader market, but it is strongly supported by long-term fundamentals [0];
• Changes in interest rate environment: Investment returns of insurance funds may be affected by interest rate fluctuations, but the current investment return rate has improved [0].

: Opportunities take priority over risks. It is recommended to pay attention to the progress of policy implementation and sustained release of performance [0].

###5. Key Information Summary
The core driving factors for Ping An of China (601318.SH) to become a popular stock include strong performance growth, deepening strategy, policy dividends, and valuation advantages. Net profit attributable to shareholders increased by 11.5% in the first three quarters, with a growth rate of 45.4% in Q3. New business value grew significantly, and the layout of the medical and elderly care ecosystem has shown results. Current valuations are at a low level, institutions are optimistic, and it has high investment value. Investors should pay attention to the progress of policy implementation, sustainability of business growth, and market valuation repair opportunities [0,1,2,3,5].