1、M IdeaAsia|Asia PacificThree Actionable IdeasMorgan Stanley Asia Limited+Samuel Lee,CFAEquity Strategist Samuel.Sw.L +852 2239-1862 Hozefa TopiwallaEquity Strategist Hozefa.T +852 2848-6595 Latest closing prices as of August 29,2025:Ping An Insurance(2318.HK):HK$56.30;Westpac Banking(WBC.AX):A$38.29

2、 ;Meitu(1357.HK):HK$11.82.Ping An Insurance OW|Westpac Banking UW|Meitu OW OW Ping An Insurance(2318.HK):The current environment bodes well for continued orderly financial risk digestion and stable financial asset yields,supporting a rebound in revenue and profit growth.Ping An remains our Top Pick.

3、UW Westpac Banking(WBC.AX):FY26 will be more challenging for WBC given below-system mortgage growth,emerging margin headwinds,higher execution risk,and the timing of UNITE investment and benefits.Remain UW;moves to least preferred.OW Meitu(1357.HK):We see upside in Meitus long-term growth potential

4、with managements clear roadmap,dedicated focus,capabilities to leverage GenAI,and prudent business boundaries.We raise our price target and reiterate our OW rating.Links to reports:China Financials:What will drive the next leg up in valuation?(27 Aug 2025)Sustainable High Yield(20 Aug 2025)Australia

5、 Banks:Good Times,High Prices(27 Aug 2025)Meitu Inc:Clear Strategy to Bring Growth-Hong Kong NDR Takeaways(25 Aug 2025)Exhibit 1:Performance summaryAs of August 26AbsoluteRelative*No.of ideas1389Cumulative Outperformance(bps)7,705Avg holding period total return3.3%1.6%Avg 12M total return*1.9%1.4%13

6、89No.of positive returns747694Hit ratio54%50%Source:Morgan Stanley Research,DataStream Refinitiv,Bloomberg.Performance data as at Aug 26,2025.Cumulative outperformance:against local benchmarks.Holding period total return measures performance when idea was effective.*Avg.12M total return measures per