Ping An of China Co-CEO: Started allocating gold at the beginning of last year; investment returns have met expectations

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On March 27, Guo Xiaotao, Co-CEO of China Ping An, said at the company’s 2025 annual results press conference that gold is an important asset class in Ping An’s overall asset allocation. Ping An has been actively allocating a certain amount of gold investments since the beginning of last year. In today’s environment, the investment returns brought by gold have achieved the expected effect. Going forward, Ping An will continue to monitor the trend of such assets, and place it among the allocation of the entire portfolio of investment assets as one of the strategy assets.

Guo Xiaotao also said that Ping An is long-term capital and patient capital. Therefore, in the investment process, short-term fluctuations are not important. What matters more is how to get through the cycle and provide our company’s clients and shareholders with long-term, ongoing, stable, and sustainable returns.

He emphasized that Ping An’s investments follow five matching principles. Ping An’s investments must be closely integrated with the company’s liability side. Whether it is fixed-income, equities, or other types of investments, the five matching principles are an important guiding philosophy.

“This year, we are seeing a great deal of uncertainty, and the capital market as a whole will also be relatively volatile. But we believe that the capital market as a whole will be generally positive throughout the year. You can also see this from our investment performance: over the past more than ten years, our investment team has experienced major cycles, has accumulated years of experience, and has built a great deal of fundamental capability in providing stable, sustainable returns across cycles. We believe that in a market with relatively strong volatility and increasing uncertainty, we can get through the cycle and make returns more explicit.” Guo Xiaotao said.

According to him, Ping An’s core investment idea this year is to find certainty within uncertainty. For Ping An’s kind of long-cycle patient capital, the most important thing in investing is to be fully aligned with the direction of the country’s economic development. Therefore, new quality productive forces are the factor of certainty, and the vigorous development of infrastructure is the factor of certainty. Healthcare and aging-related services are also factors of certainty in the development of the entire national economy. High dividend yield and a strong financial sector are factors of certainty, and a Healthy China is also a factor of certainty. All of these are important directions to guide Ping An’s long-term asset allocation for investments.

（Source: The Paper）

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