In "The Big Banks," CITIC Securities raised the target price for Zhongjin Property & Casualty Insurance to 19.1 yuan and adjusted the earnings forecast upward, indicating significant potential for overseas expansion

CICC published a report stating that PICC P&C (02328.HK) announced its third-quarter results, with net profit for the third quarter and the first three quarters increasing by 91.5% and 50.5% year-on-year to RMB 15.81 billion and RMB 40.27 billion, respectively. It had previously disclosed positive earnings guidance, in line with market expectations; net assets increased by 12.3% from the beginning of the year to RMB 289.9 billion.

The report indicated that recently, People’s Insurance Group (01339.HK) held a capital market open day, showcasing several high-quality development paths for the company's non-auto business. One of these paths is the collaborative promotion of business overseas in the process of serving Chinese enterprises going global, which includes two main lines: enterprises going abroad and products going abroad. The company has made systematic organizational planning and arrangements to achieve business expansion in these two directions and anticipates that 30% of the incremental premiums in the next five years will come from overseas business contributions. The firm believes that under the trend of Chinese enterprises going global during the 14th Five-Year Plan period, the expansion of P&C insurance overseas will have great potential and bring upward revision space for the company's valuation.

CICC maintains a "outperform industry" rating for P&C insurance. Due to better-than-expected investment performance, it raised the company's earnings per share forecasts for 2025 and 2026 by 25% and 7% to RMB 2.14 and RMB 1.89, respectively, and extended the valuation basis to 2026, raising the valuation basis from the previously predicted price-to-book ratio of 1.2 times to 1.3 times, with the target price raised by 23% to HKD 19.1