该行认为，从宏利业绩直接引伸的关联性有限，因2025年第四季销售疲弱是受高基数效应及监管变化导 致经纪渠道中断的共同影响。相比宏利，友邦及保诚来自经纪渠道的年度化新保费贡献低得多，因此受 该渠道不利因素的影响较小。 关于人工智能颠覆的担忧，该行虽然看到未来存在颠覆风险，但强调代理销售专注于保单条款复杂、保 费缴付期长及/或保费金额大的产品。该行相信这些产品较不容易受到人工智能颠覆的影响，因为客户 重视人际互动。该行相信持续增长的论述依然完好，与疫情相关的干扰大多已成为过去。 保诚及友邦保险股价于上周五(13日)分别下跌8%及4%。投资者提及综合因素包括宏利金融(00945)于2月 12日公布的2025年第四季销售疲弱，以及对人工智能颠覆的担忧。 智通财经APP获悉，高盛发布研报称，以当前估值，看到具吸引力的风险回报，重申友邦保险(01299)及 保诚(02378)的"买入"评级，前者目标价96港元，后者目标价150港元。 ...

Investment Rating - The report maintains an "Overweight" rating for the insurance industry, driven by the growth in premium income and stable asset management [5][3]. Core Insights - The growth in premium income is expected to lead to a steady increase in the balance of insurance funds, with a projected year-end balance of CNY 38.5 trillion for 2025, reflecting a 15.7% increase from the beginning of the year [5][3]. - The report highlights a significant increase in equity allocation, with total equity and fund assets reaching CNY 5.70 trillion, up CNY 1.60 trillion from the start of the year, accounting for 15.4% of total assets [5][3]. - The bond allocation remains robust, constituting 50.4% of the total assets, indicating that bonds continue to serve as a stabilizing force for insurance companies [5][3]. Summary by Sections Premium Growth and Fund Allocation - The insurance industry is projected to see a premium growth of 7.1% year-on-year in 2025, with life insurance premiums increasing by 8.3% and property insurance premiums by 3.9% [5][3]. - By the end of Q4 2025, the allocation of stocks reached CNY 3.73 trillion, an increase of CNY 1.31 trillion from the beginning of the year, while fund assets totaled CNY 1.97 trillion, reflecting a slight decrease in the last quarter [5][3]. Asset Management Strategy - The report anticipates that the stable long-term interest rates, which are expected to range between 1.79% and 1.90%, along with a mild recovery in the equity market, will positively impact the profitability of insurance companies [5][3]. - The report recommends specific stocks, including China Ping An, China Pacific Insurance, New China Life, and China Life, as favorable investment opportunities within the sector [5][3].

成交额前三的个股中，腾讯控股跌0.65%，成交超142亿港元；阿里巴巴跌2.02%，成交超108亿港元； 美团跌3.18%，成交超81亿港元。 （文章来源：新华财经） 新华财经香港2月13日电（记者林迎楠）13日港股主要指数低开后弱势整理，截至收盘，恒生指数下跌 1.72%至26567.12点，恒生科技指数下跌0.90%至5360.42点，国企指数下跌1.55%至9032.71点。 当日恒指低开392.38点，开报26640.16点，开盘后有所反弹便开始震荡下行，午后先降后升，最终恒指 跌465.42点，主板成交超2575亿港元。当日，港股通（南向）净流入超202亿港元。 整体来看，芯片、百货业等股多为上涨，新消费、新能源汽车、电信等股有涨有跌，黄金、有色金属、 生物医药、港口运输、科网、石油与天然气、券商、银行等股多有下跌。 个股方面，小米集团涨0.88%，友邦保险跌4.18%，紫金矿业跌7.64%，香港交易所跌2.13%，中芯国际 涨0.79%，携程集团-S跌2.10%，泡泡玛特跌1.90%，天数智芯涨14.59%，智谱涨20.65%，建设银行跌 1.49%，华润置地跌2.52%，老铺黄金跌3.97%，国 ...

该行提及首选荐股包括万洲国际(00288)、友邦(01299)、港交所(00388)、新地(00016)、长和(00001)、创 科实业(00669)及银娱(00027)，上述公司均获"优于大市"评级。其中，万洲国际更为该行"高度确信"股 票。 此外，香港企业盈利预测自2025年7月起转为正面，在亚太区仅次于日本、韩国及中国台湾；香港股市 估值相对区内同业具吸引力，市盈率为16.7倍，略低于35年平均值17.2倍；除中国及东盟市场外，香港 市场距离历史高位最远，具追落后潜力。 智通财经APP获悉，中信里昂发布研报称，将香港市场比重提升至超配20%，主要考虑因素分别为香港 市场与中国市场的相关性降低，容许差异化配置；今年香港IPO市场料将超越2025年的表现，去年IPO 及配股集资总额达823亿美元；香港楼市自2021年以来首次录得按年升幅，楼市回暖将带动股市。 ...

Core Viewpoint - The Hang Seng Index (HSI) closed at 27,071.73, down 194.65 points or 0.71% from the previous close, indicating a decline in market performance [1]. Group 1: Market Performance - The HSI reached a high of 27,213.46 and a low of 26,949.38 during the trading session, with a trading volume of 40 million shares [1]. - The average price for the HSI was 27,081.42, while the 52-week high and low were 27,964.68 and 19,335.70, respectively [1]. Group 2: Major Blue-Chip Stocks - HSBC Holdings closed at HKD 139.794, unchanged from the Hong Kong close, while Tencent Holdings closed at HKD 543.262, down 0.86% [2]. - Among the major stocks, Alibaba (HKD 160.100, down 0.25%), and Xiaomi (HKD 37.100, up 4.27%) showed varied performance [3]. - Notable gainers included BYD Company, which rose by 3.50% to HKD 99.150, while Pop Mart International fell by 5.49% to HKD 255.000 [3].

摩通称，2025年香港寿险新业务销售大幅增长，但根据该行对友邦和保诚的基准预测，今年预计将正常 化。尽管该行未调整预测数字，但认为此假设存在上行风险，理由是销售和产品环境(尤其是对内地访 港旅客而言)仍然具吸引力。产品分销的监管改革也可能降低新业务阻力。根据该行情景分析显示，若 香港销售维持强劲势头(达到该行基准增速的两倍)，友邦和保诚在2028年净盈余生成收益率有2.5%至 3.5%的上行潜力，同时该行对2028年预测的IFRS营业利润也有2.5%至3%的上行潜力，从而推动更强劲 的增长。 该行称，得益于亚洲股市的复苏，去年，保诚和友邦股价强劲上涨约70%至80%，但也归功于现金生成 能力的改善。两家公司都专注于优化产品组合以缩短新业务的回收期，例如提高健康及保障类产品的比 例。P/EV倍数已从之前的低谷回升，友邦约为2026年预测内含价值的1.3倍，保诚约为0.9倍。新业务利 润驱动自由现金流，而这些现金流被用于资本回报及进一步增长，该行认为这可能推动两只股票的 P/EV重估。 摩根大通发布研报称，自由盈余和自由现金流生成的强劲改善，有望重建市场对友邦保险(01299)和保 诚(02378)"内含价值"的 ...

摩通称，2025年香港寿险新业务销售大幅增长，但根据该行对友邦和保诚的基准预测，今年预计将正常 化。尽管该行未调整预测数字，但认为此假设存在上行风险，理由是销售和产品环境(尤其是对内地访 港旅客而言)仍然具吸引力。产品分销的监管改革也可能降低新业务阻力。根据该行情景分析显示，若 香港销售维持强劲势头(达到该行基准增速的两倍)，友邦和保诚在2028年净盈余生成收益率有2.5%至 3.5%的上行潜力，同时该行对2028年预测的IFRS营业利润也有2.5%至3%的上行潜力，从而推动更强劲 的增长。 该行称，得益于亚洲股市的复苏，去年，保诚和友邦股价强劲上涨约70%至80%，但也归功于现金生成 能力的改善。两家公司都专注于优化产品组合以缩短新业务的回收期，例如提高健康及保障类产品的比 例。P/EV倍数已从之前的低谷回升，友邦约为2026年预测内含价值的1.3倍，保诚约为0.9倍。新业务利 润驱动自由现金流，而这些现金流被用于资本回报及进一步增长，该行认为这可能推动两只股票的 P/EV重估。 摩根大通发布研报称，自由盈余和自由现金流生成的强劲改善，有望重建市场对友邦保险(01299)和保 诚(02378)"内含价值"的 ...

摩根大通发表研报指，自由盈余和自由现金流生成的强劲改善，有望重建市场对友邦保险和保诚内含价 值的信心。该行认为，自由现金流收益率及具吸引力的资本回报可能会推动股价对内含价值倍数重估， 其中香港强劲的增长动能带来上行风险。该行重申对友邦和保诚的"增持"评级。 该行称，得益于亚洲股市的复苏，去年保诚和友邦股价强劲上涨约70%至80%，但也归功于现金生成能 力的改善。两家公司都专注于优化产品组合以缩短新业务的回收期，例如提高健康及保障类产品的比 例。P/EV倍数已从之前的低谷回升，友邦约为2026年预测内含价值的1.3倍，保诚约为0.9倍。新业务利 润驱动自由现金流，而这些现金流被用于资本回报及进一步增长，该行认为这可能推动两只股票的 P/EV重估。 ...

Market Overview - The Hang Seng Index rose by 0.58% to close at 27,183.15 points, while the Hang Seng Tech Index increased by 0.62% to 5,451.03 points, and the National Enterprises Index climbed by 0.81% to 9,242.75 points [1] - The index opened at 27,202.96 points, initially rising before retreating, and ultimately gained 155.99 points with a total turnover exceeding 234 billion HKD [1] - There were 1,344 advancing stocks, 923 declining stocks, and 896 stocks closing flat by midday [1] - The net inflow for the southbound trading (Hong Kong Stock Connect) was 84.7 million HKD [1] Sector Performance - Most sectors experienced gains, including chips, optical communications, biomedicine, new energy vehicles, oil and gas, banking, aviation, and port transportation [1] - Mixed performance was noted in new consumption, non-ferrous metals, and brokerage sectors, while gold, technology, real estate, and electricity sectors mostly declined [1] Individual Stock Movements - Notable stock movements included Pop Mart rising by 4.90%, Longi Green Energy increasing by 8.88%, Xiaomi Group up by 1.08%, and SMIC gaining 1.71% [1] - China Ping An rose by 0.62%, AIA fell by 0.52%, Zijin Mining increased by 2.52%, and Tianzuo Zhixin surged by 12.40% [1] - COSCO Shipping Energy rose by 5.49%, Zhihui gained 14.81%, and Rongchang Biotech increased by 3.64% [1] - HSBC Holdings rose by 0.72%, Industrial and Commercial Bank of China increased by 0.77%, and China Petroleum gained 1.64% [1] Top Traded Stocks - Tencent Holdings saw a decline of 1.61% with a turnover exceeding 16.1 billion HKD; Alibaba rose by 1.65% with a turnover over 9.3 billion HKD; Meituan fell by 2.47% with a turnover of 6.6 billion HKD [2]

HONG KONG, Feb. 9, 2026 /PRNewswire/ -- AIA Group Limited (”AIA” or the “Group”) today releases new research revealing that deeply entrenched physical, mental and financial health stereotypes shape attitudes and behaviours around wellbeing across Asia. The study(1) was conducted across Mainland China, Hong Kong SAR(2), Singapore, Thailand and Malaysia, analysing more than 100 million social media posts and online content, alongside a survey of 2,100 respondents.The research set out to understand how stereot ...