<div id="readability-page-1"><div>After PING AN (02318.HK) +3.000 (+4.996%) Short selling $287.36M; Ratio 17.291% announced its 1Q26 results, the stock opened 2% higher this morning (29th), with gains widening in early trading. It once peaked at HKD63.75, rebounding as much as 6.2%, and was last reported at HKD62.9, up 4.7%, with turnover of HKD2.198 billion. CLSA noted that PING ANs 1Q26 operating profit rose 7.6% YoY while net profit fell 7.4% YoY, both slightly beating market consensus. This was mainly due to its smaller exposure to capital market volatility compared with peers, resilient Contractual Service Margin (CSM) in life insurance, and in-line performance of New Business Value (NBV) and margins, alongside easing capital pressure. The broker maintained its Outperform rating and slightly raised its TP from HKD71 to HKD74. G Sachs expected a positive share price reaction, reflecting resilient operating profit growth and strong expansion in life NBV.PING AN announced after market close yesterday (28th) that 1Q26 total revenue amounted to RMB238.477 billion, down 7.1% YoY. Operating profit increased 7.6% YoY to RMB40.78 billion. Net profit declined 7.4% YoY to RMB25.022 billion, with basic EPS of RMB1.43.During the period, Ping An P&amp;C recorded original insurance premium income of RMB90.951 billion, up 6.8% YoY. Insurance service revenue rose 3.9% YoY to RMB84.334 billion. The overall combined ratio improved 0.8 ppts YoY to 95.8%. NBV for the life and health insurance segment reached RMB15.574 billion, up 20.8% YoY. As of March 31, 2026, the core solvency adequacy ratio and comprehensive solvency adequacy ratio of Ping An Life were 131% and 183.3%, respectively. For Ping An P&amp;C, the core and comprehensive solvency adequacy ratios were 171.9% and 217.9%, respectively, all meeting regulatory requirements.Quarterly Results Beat Expectations; Share Price SupportedM Stanley said PING AN delivered solid 1Q26 results, with operating profit rising 7.6% YoY to RMB40.8 billion, about 4%5% above its and market expectations. The broker maintained its Overweight rating with a TP of HKD89 and named PING AN as a top pick. Management is confident of achieving double-digit NBV growth and positive CSM balance growth in FY26, and expects the asset management segment to return to profit in 2026.BofAS said 1Q26 net profit fell 7% YoY to RMB25 billion, slightly ahead of expectations. The decline was mainly due to lower investment income, though PING AN showed greater resilience than peers given its relatively conservative equity investment strategy. NBV grew 21% YoY, and first-year premium surged 46% YoY. However, as the proportion of participating products increased, NBV margin declined from 28.3% in 1Q25 to 23.5%. Overall, life insurance and banking were key highlights, while P&amp;C was dragged by investments but saw improvement in the cost ratio. The broker maintained its Buy rating with a TP of HKD74, equivalent to 1.4x forecast P/B for the year.JPM said that if the strong NBV momentum continues over the next one to two quarters, there could be upside to NBV and CSM balance forecasts, especially assuming stable product margins. The broker does not expect 1Q26 results to trigger significant revisions to market earnings consensus. The current share price implies about 7x FY26 consensus P/E and a dividend yield of 6%.----------------------------------------------The table below summarizes investment ratings and TPs from six brokers for PING AN (02318.HK) +3.000 (+4.996%) Short selling $287.36M; Ratio 17.291% :BrokerRatingTP (HKD) JPMOverweight90 M StanleyOverweight89 CitiBuy82 G SachsBuy75 CLSAOutperform71-&gt;74 BofASBuy74BrokerView JPMHigh-quality growth and solid core profitability ease major market concerns M Stanley1Q results reinforce fundamentals CitiManagement expects double-digit NBV growth this year G Sachs1Q earnings beat; resilient operating profit growth; strong life NBV growth CLSA1Q net profit decline smaller than industry average BofAS1Q earnings slightly beat expectations (ta/w)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-28 16:25.)</div>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</div>

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PING ANreported its 1Q26 results, showing a 7.6% YoY increase in operating profit to RMB40.78 billion, while net profit fell 7.4% YoY to RMB25.022 billion. The stock opened 2% higher and peaked at HKD63.75, with a turnover of HKD2.198 billion. Brokers like CLSA and M Stanley maintained positive ratings, with CLSA raising its target price from HKD71 to HKD74. Overall, the results beat expectations, driven by resilient life insurance performance and a conservative investment strategy, despite a decline in net profit due to lower investment income.

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MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

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BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH INT NON CUM PFD QQ

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '5'

BANK OF AMERICA CORPORATION 7.25% NON-CUM PERP CONV PFD SER L

BANK OF AMERICA CORPORATION 5.875%NON CUM DEP SHS REP1/1000TH SER HH

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '2'

BANK OF AMERICA CORPORATION 5% DEP SHS REPR 1/1000TH NON CUM PFD LL

BANK OF AMERICA CORPORATION DEP SHARES REP 1/1000TH PERP PFD SER 'E'

BANK OF AMERICA CORPORATION INCOME CAPITAL OBLIG NTS DUE 15/12/2066

BANK OF AMERICA CORPORATION 4.375% DP SH RP 1/1000TH IN NON CU PF NN

BANK OF AMERICA CORPORATION DEP SH REP 1/1200TH PRF SER 1 USD25

BANK OF AMERICA CORPORATION 5.375%DEP SHS REP 1/1000TH NON CUM SR KK

BANK OF AMERICA CORPORATION 6%NON CUM DEP SHS EACH REP 1/1000 SER GG

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200 PFD SER 4 USD25

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH NON CUM PFD SER SS

BANK OF AMERICA CORPORATION 4.125%DEP SH REP 1/1000 PFD SER PP USD25

Bank of America Corp

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

CITIGROUP INC 6.250 NON CUM SER II PFD WI

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