2026 年上半年前瞻：二季度营运利润维持强劲，新业务价值增速放缓 1H26 preview 2Q OPAT strength persists while NBV takes a breather.docxVIP

22Jul2026

CMBInternationalGlobalMarkets|EquityResearch|CompanyUpdate

PingAn(2318HK/601318CH)

1H26preview:2QOPATstrengthpersistswhileNBVtakesabreather

PingAnissettoreleaseits1H26resultsonAug20(Thu)post-market.WeestimateGroupOPATatRMB83.3bn(+7.2%YoY),implyingarobust2Q26increaseof6.8%,(vs.+7.6%in1Q26).WeexpectGroupNPATtoreachRMB83.8bn(+23%YoY),slightlyaboveOPAT,reflectingpositiveshort-terminvestmentvariancesfromthe2Qequitymarketrally(i.e.CSI300:+12%in2Q26vs.-4%in1Q26/+1%in2Q25)andrevaluationgainsonthe