Core Viewpoint - The National Financial Supervision Administration of Zhuhai has approved the address change for AIA Life Insurance Co., Ltd. Guangdong Branch's Zhuhai Central Sub-branch [1] Group 1 - AIA Life Insurance Co., Ltd. Guangdong Branch's Zhuhai Central Sub-branch will change its business location to: 68 Qianhebei Road, Unit 2801-01, 09, 10, Xiangzhou District, Zhuhai City, Guangdong Province [1] - The company is required to handle the change and obtain a new license in accordance with relevant regulations [1]

Group 1 - The core viewpoint of the article is that 130 Chinese companies made it to the 2025 Fortune Global 500 list, with 7 insurance companies included, and most of them improved their rankings compared to the previous year [1][2][3] Group 2 - The 7 Chinese insurance companies on the list are China Life Insurance Group (ranked 45), Ping An Insurance Group (ranked 47), People's Insurance Group of China (ranked 141), China Pacific Insurance (ranked 251), Taikang Insurance Group (ranked 334), AIA Group (ranked 417), and New China Life Insurance (ranked 498) [2][3] - China Life's revenue for 2024 is approximately $160.28 billion, while Ping An's is about $158.63 billion, People's Insurance's is around $86.48 billion, China Pacific's is about $56.16 billion, Taikang's is approximately $45.46 billion, AIA's is around $37.61 billion, and New China's is about $32.29 billion [2][3] Group 3 - China Life improved its ranking from 59 to 45, Ping An from 53 to 47, People's Insurance rose 17 places to 141, and China Pacific saw the largest increase of 80 places to 251 [3] - Taikang Insurance has been on the list for eight consecutive years, moving up 47 places to 334, AIA improved by 29 places to 417, and New China returned to the list at 498 after being absent the previous year [3] Group 4 - The total revenue of the companies on the Fortune Global 500 list is approximately $41.7 trillion, which is more than one-third of the global GDP, showing a growth of about 1.8% from the previous year [3] - The threshold for inclusion in the list increased from $32.1 billion to $32.2 billion, and the total net profit of the listed companies grew by approximately 0.4% to around $2.98 trillion [3]

Summary of Key Points Core Viewpoint - The report highlights the top short-selling stocks in the market, indicating significant short-selling activity and potential investor sentiment towards these companies. Group 1: Top Short-Selling Ratios - JD Health (86618) has the highest short-selling ratio at 100.00% [1][2] - Hang Seng Bank (80011) follows with a short-selling ratio of 88.44% [1][2] - SenseTime (80020) has a short-selling ratio of 76.25% [1][2] Group 2: Top Short-Selling Amounts - Xiaomi Group (01810) leads in short-selling amount with 2.209 billion [1][2] - Tencent Holdings (00700) has a short-selling amount of 0.955 billion [1][2] - WuXi AppTec (02359) reports a short-selling amount of 0.698 billion [1][2] Group 3: Top Short-Selling Deviations - Hang Seng Bank (80011) has the highest deviation value at 48.82% [1][2] - JD Health (86618) follows with a deviation value of 45.78% [1][2] - Uni-President China (00220) has a deviation value of 33.70% [1][2]

| 序号 | 名称 | 港股代码 | ADR换算价(HKD) | 较港股升跌 | 较港股升跌% | AD ADR最新价(美元) | | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | 0 00700 | 550.482 | -4.518 | -0.81% | 70.130 | | 2 | 阿里巴巴-W | 09988 | 117.114 | -3.586 | -2.97% | 119.360 | | 3 | 建设银行 | 00939 | 8.156 | -0.034 | -0.42% | 20.780 | | 4 | 汇丰控股 | 00005 | 102.137 | +1.337 | 1.33% | 65.060 | | 5 | 小米集团-W | 01810 | 54.601 | -0.699 | -1.26% | 34.780 | | 6 | 美团-W | 03690 | 126.886 | -1.714 | -1.33% | 32.330 | | 7 | 友邦保险 | 01299 | 74.746 | -0.054 | -0.07% | 38. ...

"一人失能，全家失衡"，正成为全国3500万个家庭无法回避的沉重现实。当社会加速步入深度老龄化，如何为失能人员家庭筑起护理保 障防线成为重要课题。在政策性保险"保基本"与高品质护理需求之间，商业长期护理保险（以下简称"长护险"）恰似一场及时雨，为破 解困局提供了创新方案。如友邦人寿推出了《友邦友相护终身护理保险》1（以下简称"友相护"），借"广、优、宽、易"四大名片，为 破解"一人失能，全家失衡"的困局提供了新解法。 长期护理保险被称为继养老、医疗、工伤、失业、生育五大险种之后的第六险。与基本医保不同，长护险主要用于保障基本生活照料 和相关医疗护理所支付的费用。在业内人士看来，保险公司创新长护险产品不仅承载着政策性长护险的补充使命，更标志着商业长护 险从"基础保障"向"品质服务"的跨越，重新定义了护理保障的价值内涵。 银发浪潮下的护理保障缺口 家在山东的75岁老人照顾瘫痪母亲20年，妻子又突发脑梗半身不遂，为维持两位病人营养及理疗设备，退休金不堪重负；台州温岭此 前发生一起车祸，事故造成多车受损，其中导致一位骑电瓶车女子部分肢体截肢，护理机构协调、康复设备采购、心理疏导等需求如 潮水般涌来…… 常见于报端的类 ...

在分红型产品转型中，友邦中国(01299)凭借较强的投资能力(2021-2024年平均综合投资收益率4.8%，高 于同业平均4%)、履约率及代理人能力(2024年月均新业务价值产能1.3万元人民币，同业为1,800至5,700 元人民币)占据优势。其分红型产品在代理人渠道的长期储蓄新业务价值占比已于2025年第一季超过 80%。此外，中国平安（601318）(02318)及中国人寿（601628）(02628)在分红型产品转型中亦表现优 于同业。 中国人寿 中国平安 中国人寿 友邦保险-R 友邦保险 分时图 日K线 周K线 月K线 40.97 -1.11 -2.64% 2.90% 1.92% 0.97% 0.00% 0.97% 1.92% 2.90% 40.86 41.27 41.67 42.08 42.49 42.89 43.30 09:30 10:30 11:30/13:00 14:00 15:00 0 33万 65万 98万 瑞银发布研报称，中国保险行业协会近期将定价利率(PIR)基准下调14个基点至1.99%，较现行传统产品 2.5%的定价利率低51个基点。此调整符合市场预期，主要反映2025年第二季 ...

Group 1 - The China Insurance Industry Association has lowered the pricing interest rate (PIR) benchmark by 14 basis points to 1.99%, which is 51 basis points lower than the current traditional product rate of 2.5% [1] - This adjustment aligns with market expectations and reflects a downward trend in market interest rates anticipated by the second quarter of 2025 [1] - Major insurance companies have adjusted the pricing interest rates for traditional, participating, and universal products to 2.0%, 1.75%, and 1.0% respectively, indicating a regulatory push towards participating products to mitigate interest spread risk [1] Group 2 - The adjustment in pricing interest rates may signal the end of the golden era for traditional increasing death benefit whole life insurance (IWLP), which, despite consumer popularity, poses significant interest rate risks for insurance companies [1] - Participating products are becoming more attractive, with the Hong Kong market showing projected returns of 6% to 6.5%, benefiting both the Hong Kong and mainland markets [1] - UBS estimates that the actual internal rate of return (IRR) for policyholders with a 2.0% pricing interest rate on traditional products is only between 1.6% and 1.9%, making long-term holding (over 10 years) less appealing [1] Group 3 - As insurance companies accelerate the transition to participating products, the interest rate sensitivity of new business value is expected to decline significantly in the first half of 2025 [2] - The increased proportion of participating products may lead to a higher allocation of equity assets (such as stocks) due to their higher risk tolerance in investment accounts [2] - AIA China (01299) is positioned advantageously in the transition to participating products, with a strong investment capability and a higher average comprehensive investment return rate of 4.8% from 2021 to 2024, surpassing the industry average of 4% [2]

AIA Group (1299.HK) 1H25 Preview Summary Company Overview - AIA Group is set to report its 2Q/1H25 results on August 21, 2025, before market opening [1] Key Financial Metrics - **Value of New Business (VONB)**: Expected to grow by 14% year-over-year (yoy) to US$2,809 million in 1H25, with a faster growth rate of 16% yoy in 2Q25 compared to 13% in 1Q25 [7][12] - **Net Free Surplus Generation (NFSG)**: Anticipated to increase by 9% yoy to US$2.442 billion in 1H25, up from a 2% increase in FY24 [9][12] - **Operating Profit After Tax (OPAT)**: Expected to rise by 3% yoy to US$3.49 billion in 1H25, slower than the 6% growth in FY24 [8][12] - **Embedded Value (EV)**: Projected to increase by 2% to US$70.1 billion in 1H25 [10][12] Market Performance Insights - **Hong Kong**: Anticipated to be the main driver of VONB growth, with a projected increase of 23% yoy in 1H25 [6][11] - **Mainland China**: Expected to see a decline of 6% yoy in VONB for 1H25, primarily due to negative impacts from economic assumption changes [6][11] - **Thailand**: Forecasted to show a decline in VONB in 2Q25 due to demand being pulled forward ahead of regulatory changes [6][11] Strategic Focus Areas - Emphasis on underlying growth drivers such as: 1. Growth in mainland China and newly established regions 2. Sales momentum in Hong Kong 3. Factors contributing to NFSG growth, including operational variances and capital efficiency improvements [2] Valuation and Target Price - The target price has been adjusted to HK$83 from HK$90, based on a 1.4X FY26E P/EV, implying an 18% upside [3] - The medium-term Return on Embedded Value (ROEV) is estimated at 14.7%, with a Cost of Equity (COE) of 11.2% and a long-term growth rate of 2% [3][24] Additional Insights - The company does not expect any additional buybacks for FY25, suggesting a focus on growth rather than capital return strategies [2] - The anticipated increase in interim dividends per share (DPS) is 8% yoy to US$0.062 [10][12] - AIA's valuation methodology has shifted from a discounted model-based valuation to a P/EV multiple approach, reflecting a greater emphasis on capital generation capabilities [18][23] Conclusion - AIA Group is positioned for growth in 1H25, with strong performance expected in Hong Kong, while facing challenges in mainland China. The strategic focus on underlying growth drivers and adjustments in valuation methodology indicate a proactive approach to navigating market dynamics.

观点指数 在7月22日观点指数研究院发布的《多元化资本布局 | 2025年7月住房租赁发展报告》中，我们发现，在政策持续加码的背景下，住房租赁企业在规 模扩张与经营效率上有不错的发展表现。 新增项目开业层面，据观点指数不完全统计，期内样本企业录得22个租住项目新开业，对比上个报告期实现大幅增长，住房租赁市场供给端的活力持续释 放。 | | | | 报告期内样本企业新增开店统计 | | | --- | --- | --- | --- | --- | | 序号 | 日期 | 样本企业 | 新开业项目 | 城市 | | 1 | 6月17日 | 城家 | 烟台养马岛瑞贝庭公寓酒店 | 烟台 | | 2 | 6月20日 | 万科泊寓 | 壹铭101公馆 | 深圳 | | 3 | 6月20日 | 万科泊寓 | 泊雷 · 祖庙张槎店 | 佛山 | | 4 | 6月20日 | 万科泊寓 | 武汉泊惠 · 创新园店 | 武汉 | | 5 | 6月25日 | 城家 | 珠海国际会展中心瑞贝庭公寓酒店 | 珠海 | | 56 | 6月27日 | 美寓 | 郑州城发长椿美寓 | 郑州 | | 17 | 6月27日 | 美寓 | 郑州 ...

Core Viewpoint - The 2024 life insurance industry has seen a decline in employee compensation and a historical low in the salary-to-premium ratio, indicating potential challenges in operational efficiency and profitability [2][14]. Group 1: Salary and Premium Ratio Analysis - In 2024, the total employee compensation in the life insurance industry was 108.5 billion yuan, a decrease of 4.6% year-on-year, with a salary-to-premium ratio of 3.4%, down 0.5 percentage points, marking a 15-year low [2][14]. - The "TOP7+1" companies (including major players like China Life and Ping An) had a salary-to-premium ratio of 3.3%, which is significantly lower than that of small and medium-sized insurance companies, which stood at 3.7% [17][18]. - The average salary-to-premium ratio for 70 life insurance companies over the past five years was 4.0%, with a median of 4.9%, and 11 companies exceeding 10% [5][28]. Group 2: Impact on Return on Equity (ROE) - The salary-to-premium ratio has a significant negative impact on a company's ROE, with each 1 percentage point increase in the ratio leading to a 0.37 percentage point decrease in ROE [24][25]. - The empirical model constructed to analyze this relationship included variables such as company size and channel type, confirming the negative correlation between salary-to-premium ratio and ROE [24][25]. Group 3: Historical Trends - The salary-to-premium ratio has shown a declining trend since 2018, with a notable acceleration in the decline for small and medium-sized insurance companies since 2019 [16][18]. - The ratio increased from 4.2% in 2010 to a peak of 5.3% in 2015, followed by a steady decline to the current levels [16][18]. Group 4: Employee Compensation Insights - The life insurance industry employed approximately 345,000 individuals in 2023, with an average compensation and benefits level of 330,000 yuan [10][22]. - The fluctuation in employee numbers has shown a slight decline, while average compensation has seen minor increases over recent years [10][22].