Group 1 - The core viewpoint of the report is that Yunfeng Financial (00376) is rated as "Buy" due to its stable life insurance operations and significant growth in both performance and new business value in the first half of 2025 [1] - Yunfeng Financial has a strong foothold in the Hong Kong life insurance market, bolstered by the acquisition of American International Group's Asian insurance business, which serves as a solid foundation for cash flow [1][2] - The company has a stable shareholding structure and a management team with a strong technological background, which enhances its strategic positioning in the financial technology and artificial intelligence sectors [1] Group 2 - AIA's market share in Hong Kong is projected to increase from 1.1% in 2020 to 1.8% by 2024, with a ranking between 12th and 15th in the industry [2] - The company has experienced significant growth in new business value (NBV) and annualized premium equivalent (APE), with year-on-year increases of 81% and 107% respectively in the first half of 2025 [2] - The embedded value (EV) is expected to grow at a CAGR of 7.6% from 2020 to 2024, with a year-on-year increase of 5.7% in the first half of 2025 [2] Group 3 - Investment assets are characterized by a high proportion of fixed income and cash assets, nearly 90%, reflecting the strategy focused on universal life insurance products [3] - The investment portfolio is diversified across over 15 countries, with 78.3% of assets allocated to the United States, indicating a global investment strategy [3] - The average yield on fixed income investments increased by 0.1 percentage points to 4.5% in the first half of 2025, outperforming AIA's 4.2%, showcasing the company's investment capability [3]

Core Viewpoint - Huayuan Securities initiates coverage on Yunfeng Financial (00376) with a "Buy" rating, highlighting the company's stable life insurance operations and significant growth in both performance and new business value in H1 2025 [1] Group 1: Company Overview - Yunfeng Financial's acquisition of American International Group's Asian insurance business in 2018 has established a solid foundation for the company, providing strong cash flow and a stable business base [1] - The company's management team possesses a strong technological background, with major indirect shareholders including Yunfeng Financial Holdings and American International Group, a leading life insurance company in the U.S. [1] - The chairman of the board, Mr. Yu Feng, has a forward-looking investment strategy focused on advanced technological paradigms, including fintech and artificial intelligence [1] Group 2: Market Position and Performance - AIA's new business market share in Hong Kong is projected to increase from 1.1% in 2020 to 1.8% in 2024, ranking between 12th and 15th in the industry [2] - The company has experienced significant growth in new business value (NBV) and annualized premium equivalent (APE), with H1 2025 showing year-on-year increases of 81% and 107%, respectively [2] - The embedded value (EV) and contract service margin (CSM) have shown steady growth, with a CAGR of 7.6% for embedded value from 2020 to 2024 and a 16.6% increase in CSM in H1 2025 compared to the end of 2024 [2] Group 3: Asset Management - Investment assets are predominantly fixed income and cash, accounting for nearly 90% of the portfolio, reflecting a strategy focused on universal life insurance products [3] - The company has diversified its investment assets across over 15 countries, with 78.3% of its investment portfolio allocated to the U.S. [3] - Yunfeng Financial has established a strategic partnership with Barings Asset Management, gaining access to top-tier global investment resources and financial expertise, resulting in a fixed income investment yield of 4.5% in H1 2025, surpassing AIA's 4.2% [3]

证券研究报告 非银金融 | 保险Ⅱ 港股|首次覆盖报告 hyzqdatemark 2025 年 12 月 18 日 证券分析师 陆韵婷 SAC：S1350525050002 luyunting@huayuanstock.com 沈晨 SAC：S1350525090002 shenchen@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 12 | 月 17 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 3.21 | | | 一年内最高/最低（港 | | | | 7.36/0.87 | | | 元） | | | | | | | 总市值（百万港元） | | | | 13,030.33 | | | 流通市值（百万港元） | | | | 13,030.33 | | | 资产负债率（%） | | | | 84.60 | | | 资料来源：聚源数据 | | | | | | 云锋金融(00376.HK) 投资评级： 买入（首次） ——新业务价值高增，投资管理能力独特 投资要点： 联系人 扎根香港寿险市场，兼具强 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致 之任何損失承擔任何責任。 股東特別大會投票結果 董事會欣然宣佈，載於股東特別大會通告之所有普通決議案（「普通決議案」）已於二零二五 年十二月十八日舉行之股東特別大會上獲股東以投票表決方式正式通過。 本公司之股份過戶登記處香港中央證券登記有限公司獲委任為股東特別大會上點票事宜之監票人。 1 有關普通決議案之投票結果如下： Yunfeng Financial Group Limited 雲鋒金融集團有限公司 ( 於香港註冊成立之有限公司 ) (股份代號: 376) 於二零二五年十二月十八日舉行之 股東特別大會投票結果 董事會欣然宣佈，載於日期為二零二五年十二月一日之股東特別大會通告之所有普通決議案已 於二零二五年十二月十八日舉行之股東特別大會上獲股東以投票表決方式正式通過。 謹此提述雲鋒金融集團有限公司（「本公司」）日期為二零二五年十二月一日之股東特別大會 通告（「股東特別大會通告」）及股東通函（「通函」）。除文義另有所指外，本公告 ...

Group 1 - Bitcoin has fallen below $86,000, leading to a collective decline in cryptocurrency-related stocks in the Hong Kong market [1] - The stock of Boyaa Interactive dropped over 5%, while Okcoin Chain, Huaxing Capital Holdings, and New Fire Technology Holdings fell over 4% [1] - Jinyong Investment experienced a decline of over 3% [1] Group 2 - Boyaa Interactive's latest price is $3.370, with a market capitalization of 2.592 billion and a year-to-date decline of 21.14% [2] - Okcoin Chain's latest price is $0.178, with a market capitalization of 0.956 billion and a year-to-date increase of 7.23% [2] - Huaxing Capital Holdings' latest price is $4.370, with a market capitalization of 2.506 billion and a year-to-date increase of 52.80% [2] - New Fire Technology Holdings' latest price is $2.850, with a market capitalization of 2.144 billion and a year-to-date increase of 50.79% [2] - Jinyong Investment's latest price is $3.000, with a market capitalization of 0.770 billion and a year-to-date increase of 5.26% [2] - OSL Group's latest price is $17.490, with a market capitalization of 13.897 billion and a year-to-date increase of 118.63% [2] - Liufeng Financial's latest price is $3.140, with a market capitalization of 12.746 billion and a year-to-date increase of 201.92% [2] - Guofu Quantum's latest price is $2.470, with a market capitalization of 22.477 billion and a year-to-date increase of 212.66% [2] - Xiongan Technology's latest price is $0.077, with a market capitalization of 9.201 million and a year-to-date increase of 4.05% [2] - Guotai Junan International's latest price is $2.540, with a market capitalization of 24.206 billion and a year-to-date increase of 141.90% [2] - Huajian Medical's latest price is $3.980, with a market capitalization of 6.388 billion and a year-to-date increase of 121.11% [2] Group 3 - Bitcoin is currently priced at $85,786, down 3.93%, while Ethereum is priced at $2,939, down 5.5% [2]

Major Events - JD Industrial (07618) received a subscription rate of 60.52 times for its public offering in Hong Kong, with a share price set at HKD 14.10 [1] - Shanghai Pharmaceuticals (02607) obtained approval for the listing application of Succinic Acid Sultamicillin Tablets (SPH3127) [1] - Fosun Pharma (02196) received approval from the National Medical Products Administration for the drug registration application of Sodium Phosphonate Injection [1] - Lingbao Gold (03330) subsidiary plans to invest AUD 370 million to acquire a 50%+1 share stake in St Barbara Mining Pty Ltd [1] - Jiangsu Ninghu Expressway (00177) intends to increase capital by CNY 3.26964 billion to Longtan Bridge Company [1] - Yunfeng Financial (00376) had Fitch maintain the "A-" (Strong) financial strength rating for Wantong Insurance [1] Operating Performance - Sunny Optical Technology (02382) reported a shipment volume of 12.634 million vehicle-mounted lenses in November, a year-on-year increase of 69.4% [1] - Q Technology (01478) saw mobile camera module sales of 38.053 million units in November, a month-on-month decrease of 13.6% and a year-on-year decrease of 5.6% [1] - Yue Yuen Industrial (00551) reported a cumulative operating profit of approximately USD 7.382 billion for the first 11 months, a year-on-year decrease of 1.6% [1] - Baoshan International (03813) reported a cumulative operating profit of CNY 15.784 billion for the first 11 months, a year-on-year decline of 6.8% [1] - COFCO Joycome (01610) reported a pig slaughter volume of 559,000 heads in November, a month-on-month decrease of 4.44% [1]

云锋金融(00376)发布公告，于2025年12月10日，惠誉国际评级有限公司宣布，维持万通保险国际有限 公司(万通保险，公司的非全资附属公司)"A-"(强劲)保险公司财务实力评级不变，评级展望维持稳定。 ...

智通财经APP讯，云锋金融(00376)发布公告，于2025年12月10日，惠誉国际评级有限公司宣布，维持万 通保险国际有限公司(万通保险，公司的非全资附属公司) "A-"(强劲)保险公司财务实力评级不变，评级 展望维持稳定。 ...

格隆汇12月10日丨云锋金融(00376.HK)公告，于2025年12月10日，惠誉国际评级有限公司宣布，维持万 通保险国际有限公司("万通保险"，公司的非全资附属公司)"A-"(强劲)保险公司财务实力评级不变，评 级展望维持稳定。 ...

本文述及之信用評級僅供參考而不作任何其他用途。該等評級並不構成投資或財務建議， 亦非購買、出售或持有任何本公司股份的推薦建議。投資者及本公司股東在買賣本公司 證券時務須小心謹慎，不可依賴本公告所披露的資訊。 承董事會命 雲鋒金融集團有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Yunfeng Financial Group Limited 雲鋒金融集團有限公司 ( 於香港註冊成立之有限公司 ) (股份代號: 376) 自願性公告 雲鋒金融集團有限公司（「本公司」）謹此宣佈，於二零二五年十二月十日，惠譽國際評 級有限公司宣佈，維持萬通保險國際有限公司（「萬通保險」，本公司的非全資附屬公司） "A-"（強勁）保險公司財務實力評級不變，評級展望維持穩定。 執行董事兼代理行政總裁 黃鑫 香港，二零二五年十二月十日 於本公告日期，董事會包括虞鋒先生（彼為主席兼非執行董事），黃鑫先生（彼為執行董事及代 理行政總裁）， Michael James O' ...