JPMorgan released a research report maintaining an "Overweight" rating on PING AN (02318) with a target price of HK$90. The bank considers the valuation reasonable based on a projected 2027 fiscal year price-to-earnings ratio of 7 times and a dividend yield of 6%. The report stated that the group's first-quarter results this year largely alleviated market-related concerns. During the period, new business value reached RMB 15.6 billion, a 21% year-on-year increase, while core profit (operating profit after tax) amounted to RMB 40.8 billion, up 7.6% year-on-year, both meeting or exceeding the bank's expectations. The bank expressed surprise at the strong growth in life insurance sales volume and the resilience of product margins.