招银国际：中国平安（601318）-1QOPATaslightbeat;positiveoutlookforfull-yearNBVandlifeOPATacceleration

中国平安(601318) PingAnpostedsolid1Qresults,withGroupOPATup7.6%YoYtoRMB40.8bn,outpacingourestimateofRMB39.2bn(link).Thisincreasecanbeattributedto1)aresilientL&HOPATuptrend(+4.6%vsCMBIest:+4.5%);2)PABprofitturnaround(+3.0%);and3)anotablesurgeinAMprofitability(+193.3%).GroupNPATfell7.4%YoYtoRMB25bn,slightlybetterthanourestimateofRMB24.3bn,duetoheightenedmarketheadwindsin1Q26.Groupnetassetvalue(NAV)grew1.8%fromyear-starttoRMB1.02tn,inlinewithourforecast.LifeNBVgrew20.8%YoYtoRMB15.6bn(vs.CMBIest:RMB15.4