Morgan Stanley released a research report stating that based on interim results, the firm has raised its operating profit per share forecasts for PING AN (02318) for 2025-2027 by 1.9%, 0.4%, and 0.6% respectively. New business value forecasts have been increased by 3.8%, 3.9%, and 1.3% respectively, reflecting improved new business value profit margins. The target price has been raised from HK$69 to HK$70, equivalent to a predicted price-to-book ratio of 1.2x for this year, while maintaining an "Overweight" rating. The firm expects PING AN to enter the late stage of risk reduction. As China's real estate market and risk cycle gradually reach bottom, its core life insurance business may achieve high-quality growth through a stable agent team, improved agent productivity, and lower liability costs compared to industry peers.