友邦保险迎重磅人事变动！ 6月6日，友邦保险宣布，独立非执行主席及独立非执行董事谢仕荣将于2025年9月30日起退任。友 邦保险前首席执行官兼总裁杜嘉祺将"回归"接任，任职资格尚待监管批准，任期将于2025年10月1日起 生效。 需要注意的是，杜嘉祺此番重回"老东家"，恰逢友邦保险在中国内地市场加速扩张的关键时点，因 此受到各方的高度关注，业内认为这或将影响友邦保险未来的战略方向。 2020年，友邦保险获批开启"分改子"，将友邦保险上海分公司改建为中国内地首家外资独资人身保 险公司——友邦人寿。随后的几年里，友邦加速扩张，在原先北京、上海、广东、深圳、江苏五家分支 机构的基础上，于2020年成立天津、河北分公司，2021年成立四川、湖北分公司，2023年成立河南分公 司。 2024年四季度，友邦人寿获批筹建安徽、山东、重庆、浙江分公司，并相继获准开业。目前，友邦 人寿省级分公司数量扩展至14家，触达中国内地逾70%的人身险市场。 从业绩表现来看，2024年，友邦保险新业务价值上升18%至47.12亿美元，年化新保费增长14%至 86.06亿美元。其中，中国内地新业务价值增长20%，年化新保费增长10%。 股价 ...

（文章来源：证券时报网） 友邦保险回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.06.06 | 300.00 | 69.000 | 67.150 | 20382.49 | | 2025.06.05 | 350.00 | 67.600 | 66.350 | 23435.03 | | 2025.06.04 | 325.00 | 67.000 | 65.950 | 21533.07 | | 2025.06.03 | 600.00 | 67.650 | 66.550 | 40307.75 | | 2025.06.02 | 544.80 | 65.750 | 64.150 | 35423.40 | | 2025.05.30 | 815.38 | 65.700 | 65.050 | 53355.89 | | 2025.05.29 | 566.58 | 65.200 | 63.750 | 36584.80 | | 2025.05.28 | 818.00 | 64.950 | ...

【环球网财经报道 记者 张阳】6月6日，友邦保险控股有限公司（以下简称"友邦保险"）宣布，其现任独 立非执行主席及独立非执行董事谢仕荣先生已决定退任，自2025年9月30日起生效。与此同时，友邦保 险董事会已任命杜嘉祺爵士（Sir Mark Tucker）为公司新的独立非执行主席及独立非执行董事（待监管 批准），自2025年10月1日起生效。同时，杜嘉祺爵士还将担任提名委员会主席及薪酬委员会成员，同 样自2025年10月1日起生效。 友邦保险集团首席执行官兼总裁李源祥表示："我代表董事会向谢仕荣先生表达最深切的感谢。他在职 业生涯中对友邦保险作出的贡献是无可比拟的。通过一系列职务的晋升，直至担任本集团首任独立主 席，谢先生为本集团奠定了坚实的基础。" "谢先生以其远见和抱负带领友邦保险成为今天的领先企业，他的领导对我们的多项里程碑成就至关重 要。我们授予谢仕荣先生友邦保险集团荣誉主席的称号，以表彰他长期的卓越贡献。"李源祥在公告中 如此说道。 公开资料显示，即将接任的杜嘉祺爵士在金融服务行业拥有超过40年的丰富经验，曾于2010年至2017年 间担任友邦保险集团首席执行官兼总裁。他将于2025年9月30日结束 ...

Core Viewpoint - The China Securities Hong Kong 300 Financial Index (H300 Financial) has shown significant growth, with a 15.78% increase year-to-date, reflecting positive market trends in the Hong Kong financial sector [1][2]. Group 1: Index Performance - The H300 Financial Index reported a value of 1896.84 points, with a monthly increase of 8.25% and a quarterly increase of 6.41% [1]. - The index is designed to reflect the overall performance of different industries in the Hong Kong market, based on the China Securities industry classification standards [1]. Group 2: Index Composition - The top ten holdings in the H300 Financial Index include HSBC Holdings (25.81%), China Construction Bank (12.91%), AIA Group (11.04%), and Hong Kong Exchanges and Clearing (7.78%) [1]. - The index is heavily weighted towards the banking sector, which constitutes 65.91% of the index, followed by insurance at 22.47% and capital markets at 11.38% [2]. Group 3: Index Adjustment Mechanism - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]. - Adjustments to the index are made in response to significant events affecting sample companies, such as mergers or changes in industry classification [2].

Summary of Key Points Core Viewpoint - AIA Group has been actively repurchasing its shares, indicating a strong commitment to enhancing shareholder value through buybacks, which has positively impacted its stock price [2][3]. Share Buyback Details - On May 30, AIA repurchased 8.1538 million shares at a price range of HKD 65.050 to HKD 65.700, totaling HKD 534 million [2]. - The stock closed at HKD 65.650 on the same day, reflecting a 1.00% increase with a total trading volume of HKD 37.13 billion [2]. - Since May 8, the company has conducted buybacks for 17 consecutive days, acquiring a total of 46.3272 million shares for a cumulative amount of HKD 2.969 billion, resulting in an 8.50% increase in stock price during this period [2][3]. - Year-to-date, AIA has executed 54 buybacks, totaling 18.9 million shares and an aggregate amount of HKD 10.655 billion [2]. Historical Buyback Data - A detailed table of buyback activities shows various dates, number of shares repurchased, highest and lowest prices, and total amounts spent [3]. - For instance, on May 29, 2025, AIA repurchased 5.6658 million shares at a maximum price of HKD 65.200, amounting to HKD 365.848 million [3]. - The buyback activities reflect a consistent strategy to support the stock price and return capital to shareholders [2][3].

Summary of Key Points Core Viewpoint - AIA Group has been actively repurchasing its shares, indicating a strong commitment to returning value to shareholders and potentially signaling confidence in its future performance [2][3]. Share Buyback Details - On May 28, AIA repurchased 8.18 million shares at a price range of HKD 63.150 to HKD 64.950, totaling HKD 521 million [2]. - The stock closed at HKD 63.450 on the same day, reflecting a decrease of 0.69% with a total trading volume of HKD 19.30 billion [2]. - Since May 8, the company has conducted buybacks for 15 consecutive days, acquiring a total of 32.51 million shares for a cumulative amount of HKD 2.069 billion [2]. - The stock has appreciated by 4.86% during this buyback period [2]. - Year-to-date, AIA has executed 52 buybacks, totaling 176 million shares and an aggregate amount of HKD 9.755 billion [2]. Historical Buyback Data - A detailed table lists the daily buyback activities, including the number of shares repurchased, highest and lowest prices, and total amounts spent on each date from January to May 2025 [3]. - Notable buyback days include: - May 20: 200,000 shares at a maximum price of HKD 67.650, totaling HKD 133.64 million [3]. - May 14: 267,780 shares at a maximum price of HKD 64.950, totaling HKD 172.26 million [3]. - April 29: 625,920 shares at a maximum price of HKD 55.350, totaling HKD 342.57 million [3].

研究报告 Research Report [Table_Info] 首次覆盖优于大市 Initiate with OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$64.85 目标价 HK$97.80 HTI ESG 3.5-3.9-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$693.58bn / US$88.62bn 日交易额 (3 个月均值) US$337.08mn 发行股票数目 10,695mn 自由流通股 (%) 100% 1 年股价最高最低值 HK$74.55-HK$49.95 注：现价 HK$64.85 为 2025 年 05 月 23 日收盘价 资料来源： Factset 1mth 3mth 12mth 绝对值 19.1% 11.8% 7.0% 绝对值（美元） 18.1% 11.0% 6.7% 相对 MSCI China 13.6% 13.8% -13.6% [Table_Profit] Rmb mn Dec-24A Dec-25E Dec-26E Dec-27E Revenue ...

Summary of Key Points Core Viewpoint - AIA Group has been actively repurchasing its shares, indicating a strong confidence in its stock value and a commitment to returning capital to shareholders [2][3]. Share Buyback Details - On May 12, AIA repurchased 2 million shares at a price range of HKD 62.050 to HKD 63.700, totaling HKD 125 million [2]. - The stock closed at HKD 63.200 on the same day, reflecting a 2.68% increase with a total trading volume of HKD 20.50 billion [2]. - Since May 8, the company has conducted buybacks for three consecutive days, acquiring a total of 8.5 million shares for a cumulative amount of HKD 524 million, with the stock rising by 2.35% during this period [2]. - Year-to-date, AIA has executed 40 buybacks, totaling 152 million shares and an aggregate buyback amount of HKD 8.21 billion [2]. Historical Buyback Data - The buyback details include various dates, share quantities, highest and lowest prices, and total amounts spent, showcasing a consistent strategy to enhance shareholder value [3]. - For instance, on May 9, 150,000 shares were repurchased at a maximum price of HKD 61.750, costing HKD 92.19 million [3]. - The buyback activity has been frequent, with significant amounts spent on shares at various price points throughout the year, indicating a proactive approach to managing capital and stock performance [3].

Investment Rating - The report assigns an "Accumulate" rating to the company [4][7]. Core Insights - AIA Group, a century-old life insurance giant, has demonstrated steady growth in performance, with a record high after-tax operating profit of $6.605 billion in 2024, reflecting a year-on-year increase of 6.3% [1]. - The company has a strong capital adequacy ratio of 257% in 2024, significantly exceeding regulatory requirements, indicating robust financial health [1][34]. - The new business value increased by 18% year-on-year to $4.712 billion, with a value rate of 54.5%, showcasing strong growth momentum [1]. Summary by Sections 1. A Century of AIA, A Model of Life Insurance - AIA Group is the largest independent listed life insurance group in the Asia-Pacific region, with operations in 18 markets [14]. - The company has a diversified ownership structure, with major shareholders being institutional investors, which supports effective management decision-making [20][22]. 2. High-Quality Agents and High-Value Products Build Competitive Advantage - The agent channel has been optimized, with a new business value growth of 15.2% in 2024, and a new business value rate of 67.6%, maintaining industry leadership [2]. - The company has established long-term strategic partnerships with leading banks in the Asia-Pacific region, enhancing its reach to high-value customers [2]. 3. Focus on the Asia-Pacific Market to Share Development Dividends - AIA's strategy in mainland China, known as "Split Reform Subsidiary," has accelerated market expansion, achieving a new business value rate of 56.1% in 2024, significantly above the industry average [3]. - The Hong Kong market has shown recovery, with a 23% year-on-year increase in new business value, regaining its top position in the group's regional contributions [3]. 4. Profit Forecast and Valuation - The company is expected to achieve insurance revenue of $20.841 billion, $22.436 billion, and $24.168 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of $7.112 billion, $7.701 billion, and $8.354 billion [4]. - The average PEV valuation since 2016 has been around 2.1x, higher than domestic insurance companies, indicating a strong market position [4].

Core Points - The China Securities Hong Kong 300 Modern Services Index (H300 Modern Services) reported a decline of 1.57% over the past month, an increase of 8.79% over the past three months, and a year-to-date increase of 11.98% [1] - The index is composed of securities selected from the China Securities Hong Kong 300 Index based on industry classification, reflecting the overall performance of theme securities listed on the Hong Kong Stock Exchange [1] - The index's top ten holdings include Tencent Holdings (18.23%), Alibaba-W (13.4%), HSBC Holdings (8.89%), Meituan-W (4.78%), and others, with a total market share of 100% in the Hong Kong Stock Exchange [1] Industry Composition - The industry composition of the index shows that finance accounts for 34.44%, communication services for 28.03%, consumer discretionary for 24.52%, real estate for 4.33%, utilities for 3.69%, industrials for 2.20%, healthcare for 1.63%, and information technology for 1.17% [2] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December, with provisions for temporary adjustments in special circumstances [2]