Market Overview - Most large-cap stocks experienced declines, with HSBC Holdings closing at HKD 101.904, up 0.40% from the previous close, while Tencent Holdings closed at HKD 610.534, down 0.65% [1] Stock Performance Summary - Tencent Holdings (00700) saw an increase of HKD 14.500, or 2.42%, but was down HKD 3.966, or 0.65%, compared to the Hong Kong close [2] - Alibaba Group (09988) increased by HKD 6.500, or 5.51%, but was down HKD 3.067, or 2.46%, compared to the Hong Kong close [2] - HSBC Holdings (00005) rose by HKD 0.200, or 0.20%, and was up HKD 0.404, or 0.40%, compared to the Hong Kong close [2] - Xiaomi Group (01810) increased by HKD 0.950, or 1.81%, but was down HKD 0.407, or 0.76%, compared to the Hong Kong close [2] - AIA Group (01299) rose by HKD 1.750, or 2.40%, but was down HKD 0.559, or 0.75%, compared to the Hong Kong close [2] - Meituan (03690) increased by HKD 3.900, or 3.29%, but was down HKD 1.521, or 1.24%, compared to the Hong Kong close [2] - NetEase (09999) rose by HKD 12.400, or 6.04%, but was down HKD 5.730, or 2.63%, compared to the Hong Kong close [2] - Hong Kong Exchanges and Clearing (00388) increased by HKD 14.800, or 3.30%, but was down HKD 1.716, or 0.37%, compared to the Hong Kong close [2] - Industrial and Commercial Bank of China (01398) decreased by HKD 0.020, or 0.34%, and was down HKD 0.014, or 0.24%, compared to the Hong Kong close [2] - JD.com (09618) increased by HKD 5.200, or 4.28%, but was down HKD 1.642, or 1.30%, compared to the Hong Kong close [2] - Kuaishou Technology (01024) rose by HKD 3.850, or 5.14%, and was up HKD 4.842, or 6.15%, compared to the Hong Kong close [2] - Ctrip (09961) increased by HKD 11.000, or 2.18%, but was down HKD 0.933, or 0.18%, compared to the Hong Kong close [2]

作为英超托特纳姆热刺俱乐部的全球主要合作伙伴，友邦保险与热刺长期携手推广足球运动，传递积极健康的生活方式。为让本届训练营更具专业性与国际 视野，友邦北京特别邀请托特纳姆热刺国际拓展教练团队 —— 持有大洋洲足协 C 级教练资质及新西兰青少年足球一级培训资格的莉莉 - 杰维斯，与曾征战 美国职业足球大联盟及英超联赛的英足总官方认证教练泰勒 - 布莱克伍德亲临现场指导；同时，还联合中国足协认证教练及北京本地专业青训机构教练组成 强大师资团，为足球小将们量身打造了一套融合国际化理念与本土化需求的训练课程。兼具专业性与趣味性的训练，不仅让孩子们扎实掌握运球、射门等核 心技巧，更在团队对抗中磨砺直面挑战的韧性，培养团结协作精神，让足球梦想在绿茵场生根发芽。 8月24日，2025友邦保险青少年足球训练营·北京站活动顺利落下帷幕。友邦人寿保险有限公司北京分公司（简称 "友邦北京"）特邀的京城足球小将驰骋绿茵 场，在专业训练与趣味互动中释放活力，为暑期镌刻下热血记忆。此次活动也是友邦北京践行品牌倡议 "健康新'享'法"，深化 "健康长久好生活" 理念的重 要实践。 活动现场，小球员们依据年龄段科学分组，确保每个孩子都能获得适 ...

Core Viewpoint - Morgan Stanley reports that AIA Group (01299) has shown healthy new business value in the first half of the year, meeting market expectations, with key financial indicators continuously improving and exceeding the bank's forecasts by 1 to 3 percentage points [1] Financial Performance - The management expresses confidence in growth within the Chinese market [1] - Morgan Stanley slightly raises AIA's net profit forecast for the fiscal years 2025 to 2027 by 0.7%, 0.4%, and 0.1% respectively [1] - New business value is also slightly adjusted upwards by 0.7% to 0.8% [1] Investment Rating - Morgan Stanley maintains an "Overweight" rating for AIA Group [1]

摩根士丹利发布研报称，友邦保险(01299)上半年的新业务价值表现健康，符合市场预期，关键财务指 标持续改善，并较该行预测高出1至3个百分点。另外，管理层对中国市场增长有信心。大摩将友邦保险 2025至27财年的除税后净溢利预测小幅上调0.7%、0.4%及0.1%，新业务价值轻微上调0.7至0.8%，评级 增持。 ...

Group 1 - Goldman Sachs reports that AIA Group (01299) achieved first-half results broadly in line with expectations, highlighting growth prospects in mainland China despite a challenging interest rate environment [1] - The profit margin has expanded, and AIA has set ambitious growth targets for its new branches in mainland China established since 2019 [1] - Following the first-half results and reflecting recent investment market performance, Goldman Sachs has slightly adjusted its forecast, lowering AIA's fiscal year 2025 net profit estimate by 7% [1] Group 2 - The target price for AIA has been raised marginally from HKD 83 to HKD 84, with a reiterated "Buy" rating [1] - AIA's management remains optimistic about growth prospects in mainland China due to low penetration rates and differentiated distribution capabilities [1] - With Du Jiaqi returning as non-executive chairman, management anticipates a focus on improving board governance, strategy, and leadership development [1]

Core Viewpoint - Goldman Sachs reports that AIA Group (01299) has delivered results for the first half of the year that are broadly in line with expectations, highlighting growth prospects in mainland China despite a challenging interest rate environment [1] Group 1: Financial Performance - AIA's profit margin has expanded, even in a difficult interest rate environment [1] - The forecast for AIA's net profit for the fiscal year 2025 has been adjusted downwards by 7% [1] - The target price for AIA has been slightly increased from HKD 83 to HKD 84, maintaining a "Buy" rating [1] Group 2: Business Growth Prospects - AIA's management remains optimistic about growth prospects in mainland China due to low penetration rates and differentiated distribution capabilities [1] - The company has set ambitious growth targets for its new branches established in mainland China since 2019 [1] Group 3: Management Changes - The return of Du Jiaqi as non-executive chairman is expected to focus on improving board governance, strategy, and leadership development [1]

高盛发表报告指，友邦保险上半年业绩大致符合该行预期，亮点在于内地业务增长前景，尽管利率环境 逆风，但利润率仍有所扩张。管理层重申对内地业务的增长前景乐观。杜嘉祺回巢出任非执行主席后， 管理层预期他会专注改善董事会管治、策略及领导发展。经计及上半年业绩及反映近期投资市场表现 后，该行微调预测，将友邦2025财政年度纯利调低7%，目标价由83港元微升至84港元，重申"买入"评 级。 ...

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial sector [1] Core Insights - The non-bank financial sector is expected to continue experiencing high growth in performance, supported by a strengthening market [1] - The insurance sector's investment balance has surpassed 36 trillion yuan, with a continued increase in stock allocation [24][25] - The securities sector has seen a significant increase in trading volume, with various reforms being implemented by the Hong Kong Stock Exchange [18][22] - The multi-financial sector is transitioning into a stable growth phase, with trust assets continuing to grow despite a decline in profits [30][34] Summary by Sections 1. Recent Performance of Non-Bank Financial Sub-Sectors - In the recent five trading days (August 18-22, 2025), only the multi-financial sector outperformed the CSI 300 index, rising by 6.40% [8] - Year-to-date, the multi-financial sector has increased by 17.78%, followed closely by the insurance sector at 17.68% [9] 2. Insights on Non-Bank Financial Sub-Sectors 2.1 Securities - Trading volume has significantly increased, with an average daily trading amount of 23,820 billion yuan in August, up 245.13% year-on-year [18] - The margin trading balance reached 21,468 billion yuan, a year-on-year increase of 52.31% [18] - The average PB valuation for the securities industry is projected at 1.4x for 2025E, with recommendations for leading firms like CITIC Securities and Tonghuashun [22] 2.2 Insurance - The insurance sector's investment balance reached 36.23 trillion yuan, with an 8.9% increase since the beginning of the year [24] - The proportion of bonds in the investment portfolio has risen to 51.9%, while stocks account for 8.8% [24] - The insurance industry is characterized by a strong cyclical nature, with expectations for improved performance as the economy recovers [28] 2.3 Multi-Financial - The trust industry saw its asset scale grow to 29.56 trillion yuan, but profits declined significantly by 45.5% [30] - The futures market experienced a trading volume of 1.059 billion contracts in July, with a transaction value of 71.31 trillion yuan, reflecting a year-on-year growth of 48.89% [35] - The report suggests that innovative risk management services will be a key growth area for the futures industry [38] 3. Industry Ranking and Key Company Recommendations - The recommended ranking for the non-bank financial sector is insurance > securities > other multi-financial [44] - Key companies recommended include China Ping An, New China Life, China Pacific Insurance, CITIC Securities, Tonghuashun, and Jiufang Zhitu Holdings [44]

Investment Rating - The report maintains a "Recommended" rating for the insurance industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [20]. Core Insights - The insurance index rose by 1.4% this week, underperforming the broader market by 2.78 percentage points. Individual stock performances varied significantly, with ZhongAn up by 6.88% and AIA down by 2.8% [1]. - Aflac Insurance reported a tax-adjusted operating profit of $3.609 billion for H1 2025, a 12% increase per share, and a basic free surplus of $3.569 billion, up 10% per share [2]. - Sunshine Insurance reported a net profit of 3.389 billion yuan for H1 2025, reflecting a year-on-year increase of 7.8% [2]. - The report highlights a divergence in premium growth among major insurers, with New China leading the industry with a 23.2% year-on-year increase in life insurance premiums for the first seven months of 2025 [3][4]. Summary by Sections Market Performance - The insurance index increased by 1.4%, while the broader market outperformed it by 2.78 percentage points. Notable stock performances included ZhongAn (+6.88%) and AIA (-2.8%) [1]. Premium Analysis - For the first seven months of 2025, major insurers reported varying premium growth rates. China Pacific's cumulative premium was 314.6 billion yuan, up 5.5% year-on-year, while New China reported a 23.2% increase in life insurance premiums [3][4]. Investment Recommendations - The report suggests that the recent upward trend in the equity market, with the Shanghai Composite Index surpassing 3800, will benefit the insurance sector. The report anticipates a potential recovery in valuations for undervalued stocks, particularly New China, which has seen a year-to-date increase of 124.25% [4]. Valuation Metrics - The report provides price-to-earnings (PE) and price-to-book (PB) ratios for key companies, with China Pacific at 1.19x PB and New China at 2.41x PB, indicating a favorable investment outlook for these stocks [9][5].

Core Insights - AIA Group reported a post-tax operating profit of $3.61 billion for the first half of 2025, reflecting a year-on-year increase of 7% at constant exchange rates and 6.6% at actual exchange rates [1] - The company's net profit attributable to shareholders was $2.53 billion, showing a year-on-year decline of 23.5% [1] - New business value reached $2.84 billion, marking a year-on-year increase of 14% at constant exchange rates and 15.6% at actual exchange rates [1] - The embedded value stood at $70.85 billion, up 2.6% from the beginning of the year [1] - The interim dividend per share was 49 Hong Kong cents, an increase of 10.1% year-on-year [1] New Business Value Growth - The new business value achieved a record high of $2.84 billion, with a year-on-year growth of 14% at constant exchange rates, driven by increased sales and improved profitability of new business [1] - The annualized new premium for the first half of 2025 was $4.94 billion, reflecting an 8.7% year-on-year increase [1] - The new business value margin recorded 57.7%, up 3.8 percentage points year-on-year, benefiting from product structure optimization and repricing in the Thailand and mainland China markets [1] Regional Performance - The mainland China market reported new business value of $740 million, a year-on-year decrease of 5.0%, but showed a 10% increase at constant exchange rates when excluding economic assumption changes [2] - The Hong Kong market's new business value grew by 23.9% to $1.06 billion, maintaining its position as the largest contributor to the group's new business value [2] - The Southeast Asia market, particularly Thailand, saw a significant increase in new business value by 45.4% to $520 million, driven by regulatory changes and strategic partnerships [3] Distribution Channels - The agency channel's new business value increased by 19.4% to $2.22 billion, accounting for over 70% of the company's new business value [4] - The partner distribution channel also saw an 8.4% year-on-year increase in new business value to $800 million, with the bancassurance channel growing by 10% [4]