All Hong Kong stocks quotes are at least 15 minutes delayed.
01336
NCI
HKD
60.200-1.200
(-1.95%)
1D
AI Analysis for 01336
AI Analysis
High
61.400
Open
59.950
VWAP
60.48
Vol
5.11M
Mkt Cap
146.24B
Low
59.500
Amount
308.99M
EV/EBITDA(TTM)
31.04
Total Shares
3.12B
EV
350.55B
EV/OCF(TTM)
3.73
P/S(TTM)
5.50
New China Life Insurance Co Ltd is a China-based company principally engaged in life insurance business and asset management business. The Company operates its businesses through three segments. The Traditional Insurance segment mainly include traditional life insurance, health insurance and accident insurance, as well as reinsurance related to traditional insurance. The Participating Insurance segment mainly include insurance business with direct participation features and reinsurance related to participating insurance business. The Other Business segment mainly include universal life business, investment management business and unallocated other income and expenses. The Company mainly operates its businesses in the domestic market.
Show More
News
4.0
01-28aastocks<Study> HSBC Research Evaluates Ratings and Target Prices for Chinese Insurers (Table)
H Shares Performance: China Life and Ping An saw increases in share prices, while CPIC and NCI experienced slight declines; short selling ratios indicate varying investor sentiment across these companies.
A Shares Performance: China Life and Ping An of China had mixed results, with Ping An's rating upgraded from Hold to Buy, while NCI maintained a Hold rating despite a price increase.
Investment Ratings: Analysts have assigned ratings of Hold, Buy, and Underweight to various insurance companies, reflecting differing outlooks on their future performance.
Market Insights: CICC anticipates a new era in China's commercial health insurance sector, emphasizing four key areas for development.
4.0
01-28aastocksHSBC Research: Continued Optimism for Chinese Life Insurers; PING AN Named Top Choice in the Sector
Strong 2025 Results: Chinese insurers reported robust results for 2025, driven by higher investment returns from a stock market rebound, according to HSBC Global Research.
Shift in Investment Strategy: Insurers are changing their product mix towards participating products with lower guaranteed returns, focusing on creating new business value.
PING AN Upgrade: HSBC upgraded PING AN OF CHINA's A-shares from Hold to Buy, favoring it over CHINA LIFE, and identified it as a top pick due to its strong agency team and enhanced bargaining power with banks.
Cautious Outlook on NCI and CHINA LIFE: HSBC expressed caution regarding NCI and CHINA LIFE, highlighting their higher sensitivity to capital market fluctuations compared to PING AN.
4.0
01-27aastocksCICC Ratings and Target Prices for Chinese Insurers (Table)
Stock Performance: Several insurance companies, including PING AN and CHINA LIFE, showed positive stock performance with increases of 2.423% and 5.345%, respectively.
Short Selling Data: The short selling ratios for these companies varied, with CPIC having the highest ratio at 28.360%, while NCI had the lowest at 5.968%.
Analyst Ratings: All listed companies received an "Outperform" rating, indicating positive expectations from analysts.
Market Outlook: Citi has raised target prices for life insurers, favoring leaders like CHINA LIFE and PING AN, and anticipates a prosperous year for the Chinese life insurance sector.
4.0
01-20aastocksCiti's Ratings and Target Prices for Chinese Insurers (Table)
Stock Performance: Various Chinese insurance companies showed mixed stock performance, with China Life and Ping An experiencing notable gains, while China Re remained stable.
Short Selling Data: Short selling activity varied across companies, with Ping An having the highest short selling amount at $345.76M and a ratio of 18.733%.
Investment Ratings: Analysts have given "Buy" ratings to China Life, CPIC, PICC Group, PICC P&C, and Ping An, while China Re, China Taiping, and NCI received "Neutral" ratings.
Target Prices: Target prices for the companies range from 1.37 to 79 HKD, indicating potential growth opportunities for investors in the insurance sector.
6.5
01-19aastocksCiti Favors CHINA LIFE and PING AN for Chinese Insurers, and PICC P&C for Property Insurance
Citi's Report on Chinese Insurers: Citi predicts that life insurers in China will benefit from a wealth reallocation as retail investors seek higher yields from maturing bank deposits, while profit margins are expected to remain stable despite changes in product mix.
Investment Recommendations: Citi favors leading insurers like CHINA LIFE and PING AN, anticipating a significant growth divergence between these industry leaders and smaller insurers due to ongoing regulatory changes.
Property Insurance Sector Outlook: The report highlights that PICC P&C is likely to outperform in the property insurance sector, benefiting from its leading position.
Stock Ratings and Target Prices: Citi provides specific stock ratings and target prices for various insurers, recommending buys for CHINA LIFE, CPIC, and PICC P&C, while maintaining neutral ratings for others like CHINA RE and CHINA TAIPING.
Money Flow
Over the past 66 trading days, overall net money flow is 421.41M, with retail investors contributing 15.68M and major investors adding 308.02M.
Net Buy $ Volume
Net Sell $ Volume
HSBC Research
Hold
maintain
$20 -> $29
2026-01-28
Reason
The analyst ratings for the companies mentioned in the article are based on various factors, including short selling activity, price targets, and overall market sentiment. Here are the reasons for each rating:
1. CHINA LIFE (02628.HK) - Hold: The stock has shown a slight increase, but the short selling ratio is relatively high at 27.183%, indicating some market caution. The target price range suggests limited upside potential.
2. CPIC (02601.HK) - Buy: Despite a small decline in share price, the short selling ratio is lower at 23.395%. The target price indicates a favorable outlook, suggesting potential for growth.
3. NCI (01336.HK) - Underweight: The stock has a low short selling ratio of 13.937%, but the rating reflects concerns about its performance relative to peers, with a target price that suggests limited upside.
4. PING AN (02318.HK) - Buy: The stock has increased, and while the short selling ratio is high at 27.396%, the target price indicates significant upside potential, making it a top pick in the sector.
For the A shares:
1. CHINA LIFE (601628.SH) - Hold: Similar to its H share counterpart, the rating reflects a cautious outlook with limited upside potential.
2. CHINA PACIFIC INSURANCE (601601.SH) - Buy: The stock has a slight decline, but the target price suggests a positive outlook and potential for growth.
3. NCI (601336.SH) - Hold: The stock has shown some positive movement, but the rating indicates a cautious approach with limited upside.
4. PING AN OF CHINA (601318.SH) - Hold -> Buy: The change in rating reflects a more optimistic outlook, with a significant increase in the target price indicating strong potential for growth.
Overall, the ratings are influenced by market conditions, short selling activity, and analysts' expectations for future performance.
HSBC Research
Hold
Price Target
$20 -> $29
2026-01-28
maintain
The analyst ratings for the companies mentioned in the article are based on various factors, including short selling activity, price targets, and overall market sentiment. Here are the reasons for each rating:
1. CHINA LIFE (02628.HK) - Hold: The stock has shown a slight increase, but the short selling ratio is relatively high at 27.183%, indicating some market caution. The target price range suggests limited upside potential.
2. CPIC (02601.HK) - Buy: Despite a small decline in share price, the short selling ratio is lower at 23.395%. The target price indicates a favorable outlook, suggesting potential for growth.
3. NCI (01336.HK) - Underweight: The stock has a low short selling ratio of 13.937%, but the rating reflects concerns about its performance relative to peers, with a target price that suggests limited upside.
4. PING AN (02318.HK) - Buy: The stock has increased, and while the short selling ratio is high at 27.396%, the target price indicates significant upside potential, making it a top pick in the sector.
For the A shares:
1. CHINA LIFE (601628.SH) - Hold: Similar to its H share counterpart, the rating reflects a cautious outlook with limited upside potential.
2. CHINA PACIFIC INSURANCE (601601.SH) - Buy: The stock has a slight decline, but the target price suggests a positive outlook and potential for growth.
3. NCI (601336.SH) - Hold: The stock has shown some positive movement, but the rating indicates a cautious approach with limited upside.
4. PING AN OF CHINA (601318.SH) - Hold -> Buy: The change in rating reflects a more optimistic outlook, with a significant increase in the target price indicating strong potential for growth.
Overall, the ratings are influenced by market conditions, short selling activity, and analysts' expectations for future performance.
HSBC
HSBC Global Research
Hold
to
Buy
upgrade
2026-01-28
Reason
The analyst rating from HSBC Global Research was influenced by several key factors:
1. Strong 2025 Results: Chinese insurers, including PING AN, reported strong results in 2025 due to higher investment returns from a rebound in the stock market.
2. Shift in Product Mix: Insurers are changing their product offerings towards participating products with lower guaranteed returns, which indicates a strategic shift in focus towards creating new business value.
3. Valuation Framework: The report suggests that investors are expected to incorporate new business value growth into their valuation assessments, which is a positive outlook for the sector.
4. Agency Team Capability: HSBC believes that PING AN has the most capable agency team among its peers, enhancing its competitive position.
5. Bargaining Power: PING AN has increased its shareholdings in banks, which has improved its bargaining power, further supporting its favorable rating.
6. Cautious Stance on Competitors: The report expresses a cautious view on other insurers like NCI and CHINA LIFE, particularly due to their higher sensitivity to capital market fluctuations compared to PING AN.
These factors collectively led HSBC Global Research to upgrade PING AN's A-shares from Hold to Buy and designate it as a top pick in the sector.
HSBC
Hold
to
Buy
Price Target
2026-01-28
upgrade
The analyst rating from HSBC Global Research was influenced by several key factors:
1. Strong 2025 Results: Chinese insurers, including PING AN, reported strong results in 2025 due to higher investment returns from a rebound in the stock market.
2. Shift in Product Mix: Insurers are changing their product offerings towards participating products with lower guaranteed returns, which indicates a strategic shift in focus towards creating new business value.
3. Valuation Framework: The report suggests that investors are expected to incorporate new business value growth into their valuation assessments, which is a positive outlook for the sector.
4. Agency Team Capability: HSBC believes that PING AN has the most capable agency team among its peers, enhancing its competitive position.
5. Bargaining Power: PING AN has increased its shareholdings in banks, which has improved its bargaining power, further supporting its favorable rating.
6. Cautious Stance on Competitors: The report expresses a cautious view on other insurers like NCI and CHINA LIFE, particularly due to their higher sensitivity to capital market fluctuations compared to PING AN.
These factors collectively led HSBC Global Research to upgrade PING AN's A-shares from Hold to Buy and designate it as a top pick in the sector.
JPMorgan
JPMorgan
Neutral -> Overweight
upgrade
$40
2026-01-08
Reason
The analyst rating from JPMorgan is based on several factors:
1. Performance Comparison: Insurers in the Asia-Pacific region, particularly H-share insurers, have shown strong performance, with CHINA LIFE and PING AN significantly outperforming the Hang Seng Index (HSI).
2. Top Picks: JPMorgan's top pick is PING AN, which has a target price of $100 and an Overweight rating, indicating a positive outlook on its performance. CHINA LIFE follows with a target price of $40.
3. Upgrades and Downgrades: The upgrade of CPIC from Neutral to Overweight reflects a fundamental recovery, suggesting improved financial health and prospects. Conversely, the downgrade of NCI from Overweight to Neutral is due to concerns about reserve quality compared to major insurers.
4. Cautious Outlook on Non-Life Insurance: JPMorgan remains cautious about the non-life insurance sector, rating PICC P&C and PICC GROUP at Neutral, indicating a more conservative view on these companies.
5. Preference for H-shares: The broker favors H-share life insurers over A-share counterparts, believing they offer more attractive risk-reward profiles and anticipating a narrowing valuation gap between H- and A-shares.
Overall, the ratings reflect a combination of strong past performance, positive outlooks for certain companies, and caution regarding others, particularly in the non-life insurance sector.
JPMorgan
Neutral -> Overweight
Price Target
$40
2026-01-08
upgrade
The analyst rating from JPMorgan is based on several factors:
1. Performance Comparison: Insurers in the Asia-Pacific region, particularly H-share insurers, have shown strong performance, with CHINA LIFE and PING AN significantly outperforming the Hang Seng Index (HSI).
2. Top Picks: JPMorgan's top pick is PING AN, which has a target price of $100 and an Overweight rating, indicating a positive outlook on its performance. CHINA LIFE follows with a target price of $40.
3. Upgrades and Downgrades: The upgrade of CPIC from Neutral to Overweight reflects a fundamental recovery, suggesting improved financial health and prospects. Conversely, the downgrade of NCI from Overweight to Neutral is due to concerns about reserve quality compared to major insurers.
4. Cautious Outlook on Non-Life Insurance: JPMorgan remains cautious about the non-life insurance sector, rating PICC P&C and PICC GROUP at Neutral, indicating a more conservative view on these companies.
5. Preference for H-shares: The broker favors H-share life insurers over A-share counterparts, believing they offer more attractive risk-reward profiles and anticipating a narrowing valuation gap between H- and A-shares.
Overall, the ratings reflect a combination of strong past performance, positive outlooks for certain companies, and caution regarding others, particularly in the non-life insurance sector.
Goldman Sachs
Goldman Sachs
Sell
upgrade
$30 -> $33
2025-11-10
Reason
Goldman Sachs raised its target price for NCI from HKD30 to HKD33 and increased its net profit forecasts for 2025-27 due to a significant rise in the company's investment portfolio and book value in the last quarter. Despite these positive adjustments, the rating remains as "Sell," indicating that the analysts believe the stock may not be a good investment at the current price level.
Goldman Sachs
Sell
Price Target
$30 -> $33
2025-11-10
upgrade
Goldman Sachs raised its target price for NCI from HKD30 to HKD33 and increased its net profit forecasts for 2025-27 due to a significant rise in the company's investment portfolio and book value in the last quarter. Despite these positive adjustments, the rating remains as "Sell," indicating that the analysts believe the stock may not be a good investment at the current price level.
Goldman Sachs
Goldman Sachs
maintain
$64
2025-11-03
Reason
The article provides investment ratings and target prices for various Chinese insurance companies as assessed by Goldman Sachs. The reasons for the ratings are not explicitly stated in the provided text, but we can infer some potential reasoning based on the ratings and short selling data:
1. Buy Ratings (Ping An, CPIC, PICC P&C): These companies may have strong fundamentals, positive growth prospects, or favorable market conditions that justify a "Buy" rating. The relatively lower short selling ratios for CPIC and PICC P&C suggest that investors may have confidence in these stocks, indicating a belief in their potential for price appreciation.
2. Neutral Ratings (China Life, PICC Group): The neutral ratings could imply that these companies are expected to perform in line with the market or that there are mixed signals regarding their future performance. The higher short selling ratios for China Life and PICC Group may indicate some investor skepticism or uncertainty about their near-term prospects.
3. Sell Rating (NCI): The "Sell" rating for NCI, combined with a negative price movement and a relatively low short selling ratio, suggests that analysts may have concerns about the company's performance or market position, leading to a recommendation to sell.
Overall, the ratings likely reflect a combination of financial performance, market conditions, and investor sentiment as indicated by short selling activity.
Goldman Sachs
Price Target
$64
2025-11-03
maintain
The article provides investment ratings and target prices for various Chinese insurance companies as assessed by Goldman Sachs. The reasons for the ratings are not explicitly stated in the provided text, but we can infer some potential reasoning based on the ratings and short selling data:
1. Buy Ratings (Ping An, CPIC, PICC P&C): These companies may have strong fundamentals, positive growth prospects, or favorable market conditions that justify a "Buy" rating. The relatively lower short selling ratios for CPIC and PICC P&C suggest that investors may have confidence in these stocks, indicating a belief in their potential for price appreciation.
2. Neutral Ratings (China Life, PICC Group): The neutral ratings could imply that these companies are expected to perform in line with the market or that there are mixed signals regarding their future performance. The higher short selling ratios for China Life and PICC Group may indicate some investor skepticism or uncertainty about their near-term prospects.
3. Sell Rating (NCI): The "Sell" rating for NCI, combined with a negative price movement and a relatively low short selling ratio, suggests that analysts may have concerns about the company's performance or market position, leading to a recommendation to sell.
Overall, the ratings likely reflect a combination of financial performance, market conditions, and investor sentiment as indicated by short selling activity.
BofA Securities
BofA Securities
Underperform
maintain
$39
2025-10-31
Reason
The analyst rating for NCI (01336.HK) was reiterated at "Underperform" by BofA Securities due to the belief that NCI's valuation is relatively higher than its peers, despite a positive outlook on profit projections and investment income growth. The target price was raised by 2% to $39 based on an upward revision to investment income forecasts, but the overall rating reflects concerns about valuation compared to competitors.
BofA Securities
Underperform
Price Target
$39
2025-10-31
maintain
The analyst rating for NCI (01336.HK) was reiterated at "Underperform" by BofA Securities due to the belief that NCI's valuation is relatively higher than its peers, despite a positive outlook on profit projections and investment income growth. The target price was raised by 2% to $39 based on an upward revision to investment income forecasts, but the overall rating reflects concerns about valuation compared to competitors.
Citi Research
Hold
to
Buy
initiated
2025-10-16
Reason
Citi Research's analyst rating is based on the valuation differences between CHINA LIFE and NCI. They rated CHINA LIFE as a Buy due to its lower price-to-book (PB) ratio of 1x and strong sales momentum in the third quarter of 2025. In contrast, NCI was rated Neutral with a higher PB ratio of 1.6x, despite its positive profit alert indicating a significant expected growth in earnings. The analysts believe that the market may have overlooked CHINA LIFE's performance, leading to the recommendation to overweight CHINA LIFE and underweight NCI.
Citi Research
Hold
to
Buy
Price Target
2025-10-16
initiated
Citi Research's analyst rating is based on the valuation differences between CHINA LIFE and NCI. They rated CHINA LIFE as a Buy due to its lower price-to-book (PB) ratio of 1x and strong sales momentum in the third quarter of 2025. In contrast, NCI was rated Neutral with a higher PB ratio of 1.6x, despite its positive profit alert indicating a significant expected growth in earnings. The analysts believe that the market may have overlooked CHINA LIFE's performance, leading to the recommendation to overweight CHINA LIFE and underweight NCI.
UBS
UBS
Neutral
maintain
$52
2025-10-14
Reason
The analyst rating for NCI (01336.HK) is maintained at Neutral by UBS due to a positive profit alert indicating a significant increase in net profit after tax (NPAT) for 9M25, which is expected to be 45-65% higher year-over-year. However, UBS also notes that while they raised their FY2025 NPAT forecast by 58% based on this alert, they believe that this situation may not be sustainable, leading to minimal changes in subsequent earnings forecasts. Additionally, the target price was adjusted to $50.5 from $52 to reflect recent equity market corrections.
UBS
Neutral
Price Target
$52
2025-10-14
maintain
The analyst rating for NCI (01336.HK) is maintained at Neutral by UBS due to a positive profit alert indicating a significant increase in net profit after tax (NPAT) for 9M25, which is expected to be 45-65% higher year-over-year. However, UBS also notes that while they raised their FY2025 NPAT forecast by 58% based on this alert, they believe that this situation may not be sustainable, leading to minimal changes in subsequent earnings forecasts. Additionally, the target price was adjusted to $50.5 from $52 to reflect recent equity market corrections.
Morgan Stanley
Morgan Stanley
Underweight
maintain
$37.9
2025-10-14
Reason
The analyst rating from Morgan Stanley for NCI (01336.HK) is Underweight, despite the positive profit alert and strong expected growth in net profit. The reason for this rating appears to be based on the high valuation metrics, including an annualized return on equity projected at an extremely high level of 73-93%, which may indicate that the stock is overvalued relative to its growth prospects. Additionally, the target price of HKD 37.9 suggests that the analysts believe the stock may not have significant upside potential at its current price level, despite the anticipated strong performance.
Morgan Stanley
Underweight
Price Target
$37.9
2025-10-14
maintain
The analyst rating from Morgan Stanley for NCI (01336.HK) is Underweight, despite the positive profit alert and strong expected growth in net profit. The reason for this rating appears to be based on the high valuation metrics, including an annualized return on equity projected at an extremely high level of 73-93%, which may indicate that the stock is overvalued relative to its growth prospects. Additionally, the target price of HKD 37.9 suggests that the analysts believe the stock may not have significant upside potential at its current price level, despite the anticipated strong performance.
JPMorgan
JPMorgan
Overweight
to
Neutral
downgrade
$19 → $18
2025-10-13
Reason
The analyst rating for PICC P&C (02328.HK) and PICC GROUP (01339.HK) was downgraded from Overweight to Neutral by JPMorgan due to the belief that the non-life insurance underwriting cycle has peaked, resulting in limited further upside catalysts. The report suggests that investors should take profits now, as both companies have experienced significant share price increases over the past four years, outperforming the Hang Seng Index (HSI) during that period.
JPMorgan
Overweight
to
Neutral
Price Target
$19 → $18
2025-10-13
downgrade
The analyst rating for PICC P&C (02328.HK) and PICC GROUP (01339.HK) was downgraded from Overweight to Neutral by JPMorgan due to the belief that the non-life insurance underwriting cycle has peaked, resulting in limited further upside catalysts. The report suggests that investors should take profits now, as both companies have experienced significant share price increases over the past four years, outperforming the Hang Seng Index (HSI) during that period.
Valuation Metrics
Forward PE
5Y Average PE
8.30
Current PE
6.91
Overvalued PE
10.53
Undervalued PE
6.07
Forward EV/EBITDA
N/A
5Y Average EV/EBITDA
0.00
Current EV/EBITDA
0.00
Overvalued EV/EBITDA
0.00
Undervalued EV/EBITDA
0.00
Forward PS
N/A
5Y Average PS
1.24
Current PS
0.00
Overvalued PS
2.34
Undervalued PS
0.14
Financials
AI Analysis
Annual
Quarterly
Trading Trends
Daily
Monthly
No data
Short Selling
People Also Watch