23 Mar 2026 Target Price HK$112.00 (Previous TP HK$89.00) Up/Downside 30.2% Current Price HK$86.05 Insurance Nika MA (852) 3900 0805 nikama@cmbi.com.hk Stock Data | Mkt Cap (HK$ mn) | 932,093.6 | | --- | --- | | Avg 3 mths t/o (HK$ mn) | 2,232.9 | | 52w High/Low (HK$) | 90.95/49.95 | | Total Issued Shares (mn) | 10832.0 | | Source: FactSet | | CMB International Global Markets | Equity Research | Company Update AIA Group Ltd. (1299 HK) AIA Group Ltd. (1299 HK) - US$1.7bn buyback a +VE surprise; lift TP to HK ...

Investment Rating - The report provides a "Buy" rating for the non-bank financial sector, indicating an expected performance that will exceed the market by more than 10% over the next 12 months [36]. Core Insights - The report emphasizes the importance of strengthening market stability mechanisms and suggests focusing on left-side opportunities within the sector. It highlights that external risk events may fluctuate, but the market's resilience remains strong, with a trend of incremental capital inflow expected to continue [5]. - The introduction of the Financial Law draft is seen as a significant step towards enhancing regulatory frameworks and promoting high-quality development in the financial sector. This law aims to strengthen supervision, prevent risks, and support long-term growth [16][17]. - The insurance sector is advised to be actively monitored, as it continues to increase its equity investment ratio despite market downturns. The report notes that the solvency ratio of life insurance companies remains robust, providing a buffer against potential market pressures [13][5]. Summary by Sections 1. Market Performance - As of March 21, 2026, the Shanghai Composite Index fell by 3.38%, while the Shenzhen Component Index decreased by 2.90%. The CSI 300 Index dropped by 2.19%, and the ChiNext Index rose by 1.26% [10]. 2. Industry Dynamics and Weekly Commentary (a) Insurance - The report indicates that the insurance sector is guided by the two sessions to pursue high-quality development. The solvency ratio of life insurance companies is at 115%, significantly above the regulatory threshold of 50%, allowing for continued investment in equities [13]. - The proportion of insurance funds allocated to stocks and funds has increased to 14.8%, up by 2.1 percentage points from the previous year. The report suggests that the current valuation of the insurance sector presents a good cost-performance ratio [13]. (b) Securities - The Financial Law draft aims to enhance financial regulation and promote high-quality development. It establishes a comprehensive legal framework for financial activities, emphasizing risk prevention and regulatory clarity [16][17]. - The report notes that the Hong Kong Securities and Futures Commission has reported a significant increase in the virtual asset market, with a daily trading volume increase of 89.5% year-on-year, indicating a growing market and regulatory framework [21][23]. 3. Key Company Valuations and Financial Analysis - The report includes detailed valuations for key companies in the sector, with several companies rated as "Buy," including China Ping An, China Life, and Huatai Securities, among others. The expected earnings per share (EPS) and price-to-earnings (PE) ratios for these companies indicate strong growth potential [6].

永豐金證券亞洲研究部晨訊 2026/3/20 | 麥嘉嘉 | 研究部主管 | avis.mak@sinopac.com | | --- | --- | --- | | 張雪婷 | 研究部經理 | samantha.cheung@sinopac.com | | 林仲全 | 研究部資深專員 | kobe.lin@sinopac.com | 1 2 • 美股周四受壓｜道指報46021點，跌203點或0.44%；標指下跌0.27% • 美債息揚｜美國10年期債息曾揚7.1個基點，至4.329厘 • 在戰事陰影下找「估值安全＋短期催化」 ｜中東戰事愈拖，投資人愈在意 「成本通脹＋供應鏈受阻」這一層，而不是單純炒價 • 私募信貸風險｜私募信貸風險將引發流動性關注 • 資產配置｜適度增持防守性及資源類資產，同時保留一定現金，以應對市場調整 • 結構配置｜投資高收益能源債券、抵押債券和信用衍生性商品，以對沖中東衝突 和油價上漲可能造成的市場動盪; 購買美國高收益債券指數的信用違約交換 (CDX) 保護，以對沖信用利差擴大的風險 永豐金證券亞洲研究部晨訊 永豐金證券亞洲研究部全球新聞概要 重點國際新聞 永豐金證券亞洲研究部晨訊 ...

[Table_Page] 投资策略周报|证券Ⅱ 证券研究报告 [Table_Title] 非银金融行业 请注意，严漪澜并非香港证券及期货事务监察委员会的注 册持牌人，不可在香港从事受监管活动。 | [Table_DocReport] 相关研究： | | | --- | --- | | 非银金融行业:短期震荡积蓄 | 2026-03-15 | | 上涨动能，关注板块左侧布 | | | 局机遇 | | | 非银金融行业:两会定调高质 | 2026-03-08 | | 量发展方向，看好非银板块 | | | 配置机会 | | | 非银金融行业:AI 助力金融公 | 2026-03-01 | | 司降本增效，板块波动后迎 | | | 配置机遇 | | 1 / 1 3 ⚫ 港股金融：建议关注港股优质红利股中国船舶租赁以及受益于流动性 识别风险，发现价值 请务必阅读末页的免责声明 （H）。 加强稳市机制建设，关注板块左侧机遇 [Table_Summary] 核心观点： [Table_PicQuote] 相对市场表现 [Table_Author] 分析师： 陈福 SAC 执证号：S0260517050001 SFC CE N ...

Core Viewpoint - The company maintains a "Buy" rating with a target price of HKD 102.76, supported by a projected P/EV of 1.65x for 2026, despite a decline in net profit for 2025 [1] Group 1: Financial Performance - The company's net profit attributable to shareholders for 2025 is USD 6.234 billion, reflecting a year-on-year decrease of 8.8% (actual exchange rate) / 9% (fixed exchange rate) [1] - The net book value (NBV) increased by 15% (fixed exchange rate) / 17.1% (actual exchange rate) year-on-year [2] - The after-tax operating profit for 2025 is USD 7.136 billion, showing a year-on-year growth of 8.0% (actual exchange rate) / 7% (fixed exchange rate) [1] Group 2: Shareholder Returns - The company has announced a new share buyback plan of USD 1.7 billion for 2026, in addition to a dividend payout of USD 2.596 billion, representing 75% of the free surplus of USD 4.451 billion for 2025 [3] - The total return to shareholders for 2025 amounts to USD 4.339 billion [3] Group 3: Business Growth Drivers - The NBV for 2025 shows a robust growth of 15% (fixed exchange rate) / 17.1% (actual exchange rate), driven by a 9% (fixed exchange rate) / 10.2% (actual exchange rate) increase in annualized new business [2] - In Hong Kong, the new business value increased by 28% in 2025, with contributions from local customers growing by 21% and mainland visitors by 35% [2] - In China, the new business value grew by 2% in 2025, with a significant acceleration in the second half, where it increased by 14% [2]

瑞银发布研报称，友邦保险(01299.HK)2025年新业务价值(VNB)按固定汇率计算增长15%，实际汇率计 算增长17%至55.16亿美元，大致符合市场共识。期内年化新保费(ANP)增长9%，利润率扩阔3.6个百分 点至58.5%，主要受惠于泰国及中国香港的产品组合转变，以及中国业务的重新定价。据瑞银另一报 告，将友邦目标价由106港元微降至104港元，评级为"买入"。 投行对该股的评级以买入为主，近90天内共有3家投行给出买入评级，近90天的目标均价为102.85港 元。国金证券最新一份研报给予友邦保险买入评级。 机构评级详情见下表： 友邦保险港股市值8884.7亿港元，在保险行业中排名第1。主要指标见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

瑞银发布研报称，友邦保险(01299)2025年新业务价值(VNB)按固定汇率计算增长15%，实际汇率计算增 长17%至55.16亿美元，大致符合市场共识。期内年化新保费(ANP)增长9%，利润率扩阔3.6个百分点至 58.5%，主要受惠于泰国及中国香港的产品组合转变，以及中国业务的重新定价。据瑞银另一报告，将 友邦目标价由106港元微降至104港元，评级为"买入"。 集团宣布总额17亿美元的股份回购计划，略优于部分投资者预期，包括按净自由盈余产生75%派发的7 亿美元常规回购，以及经年度检讨后动用10亿美元额外资本回购。股东回报率估计为3.9%，包括股息 2.3%及回购1.6%。 报告指，按市场划分，香港业务VNB同比增长28%创新高，其中独立理财顾问及经纪渠道、银行保险渠 道及代理渠道分别增长49%、41%及26%。中国业务VNB增长2%，新拓展地区贡献VNB增长45%，占中 国业务VNB超过9%。内含价值按半年增长8.4%，高于市场预期按半年增6%。营运利润(OPAT)同比增长 7%至8%，略高于市场预期，主要受惠于实际税率下降及合约服务边际(CSM)释放加快。全年股息总额 193.08港仙，同比增长1 ...

智通财经APP获悉，瑞银发布研报称，友邦保险(01299)2025年新业务价值(VNB)按固定汇率计算增长 15%，实际汇率计算增长17%至55.16亿美元，大致符合市场共识。期内年化新保费(ANP)增长9%，利润 率扩阔3.6个百分点至58.5%，主要受惠于泰国及中国香港的产品组合转变，以及中国业务的重新定价。 据瑞银另一报告，将友邦目标价由106港元微降至104港元，评级为"买入"。 报告指，按市场划分，香港业务VNB同比增长28%创新高，其中独立理财顾问及经纪渠道、银行保险渠 道及代理渠道分别增长49%、41%及26%。中国业务VNB增长2%，新拓展地区贡献VNB增长45%，占中 国业务VNB超过9%。内含价值按半年增长8.4%，高于市场预期按半年增6%。营运利润(OPAT)同比增长 7%至8%，略高于市场预期，主要受惠于实际税率下降及合约服务边际(CSM)释放加快。全年股息总额 193.08港仙，同比增长10%，优于市场预期。 集团宣布总额17亿美元的股份回购计划，略优于部分投资者预期，包括按净自由盈余产生75%派发的7 亿美元常规回购，以及经年度检讨后动用10亿美元额外资本回购。股东回报率估计为3. ...

大华继显发布研报称，维持友邦保险（01299）"买入"评级，上调2026至2027年OPAT预测3.2%及3.9%， 目标价109港元。 报告指，友邦保险2025年新业务价值（VONB）同比增长17%至55亿美元，略低于该行预期，主要由于 中国内地及泰国市场的销售增长逊于预期，部分被VONB利润率同比扩阔4个百分点至58.5%所抵销。利 润率扩张主要受泰国及中国香港的产品组合策略性转变，以及中国内地的重新定价效益带动。 该行表示，AIA股东回报略胜预期，其宣布总额17亿美元的股份回购计划，略高于该行预期的16亿美 元，连同全年股息，2025年总股东回报率达4.1%。期内内含价值同比增长10%至768亿美元，经营 ROEV上升90个基点至15.8%，主要受惠于正面的投资及经营差异、VONB增长及外汇收益。 此外，公司营运利润（OPAT）增长加快至8%至71亿美元，主要由合约服务边际（CSM）释放增加及正 面经营差异带动。管理层透露，中国内地业务今年首两个月VONB增长超过20%，香港业务动力亦持续 至首季。为纾缓市场对私人信贷风险的担忧，集团披露截至去年底相关风险敞口为33亿美元，约占非分 红及盈余资产的2%， ...

报告指，中国香港市场增长动能强劲，全年VONB同比增长28%至22.56亿美元，客户及内地访客需求均 衡强劲，分别增长21%及35%。友邦中国专注高质量增长，去年VONB同比增长2%至12.4亿美元，下半 年增长加快至14%，新入职代理人及活跃代理人数分别增长14%及8%，支撑保障型业务实现好于同业的 增长。今年首两个月VONB实现20%以上同比增长，公司将持续聚焦中高净值客户的保障及长期储蓄需 求。泰国市场表现亮眼，VONB增长13%至9.93亿美元，价值率提升11.4个百分点至110.9%。 中金发布研报称，维持友邦保险(01299)"跑赢行业"评级，目标价105.7港元，对应2026年预测内含价值 1.6倍，较现价有25%上涨空间。集团宣布新一轮17亿美元回购计划，其中10亿美元为检视资本状况后 的额外回购。基于向好的业务趋势及清晰的资本管理计划，中金预计股东回报有望持续提升。 该行表示，友邦保险2025年新业务价值(VONB)按固定汇率计算同比增长15%至55.16亿美元，基本符合 该行预期;年化新保费(APE)同比增长9%至94.84亿美元;每股税后营运利润(OPAT)按实际汇率计算同比增 长13% ...