Market Overview - US stock indices showed mixed performance on Friday, with the Hang Seng Index ADR rising to 26,288.46 points, an increase of 46.63 or 0.18% compared to the Hong Kong close [1]. Major Blue-Chip Stocks - HSBC Holdings closed at 110.854 HKD, up 0.78% from the Hong Kong close; Tencent Holdings closed at 633.674 HKD, down 0.05% [2]. Stock Performance Summary - Tencent Holdings (00700) latest price: 634.000 HKD, down 10.000 HKD (-1.55%); ADR price: 81.480 USD [3] - Alibaba Group (09988) latest price: 160.100 HKD, down 4.900 HKD (-2.97%); ADR price: 166.340 USD [3] - HSBC Holdings (00005) latest price: 110.000 HKD, down 0.700 HKD (-0.63%); ADR price: 71.270 USD [3] - Xiaomi Group (01810) latest price: 42.240 HKD, down 1.200 HKD (-2.76%); ADR price: 27.000 USD [3] - AIA Group (01299) latest price: 81.500 HKD, up 0.300 HKD (0.37%); ADR price: 42.190 USD [3] - Meituan (03690) latest price: 102.000 HKD, down 1.300 HKD (-1.26%); ADR price: 26.270 USD [3] - JD.com (09618) latest price: 124.000 HKD, down 2.900 HKD (-2.29%); ADR price: 31.790 USD [3] - Kuaishou Technology (01024) latest price: 68.250 HKD, down 4.300 HKD (-5.93%); ADR price: 1.850 USD [3]

Group 1 - JPMorgan reduced its stake in AIA Group Limited (01299) by selling 5.350755 million shares at a price of HKD 78.9766 per share, totaling approximately HKD 423 million [1] - After the reduction, JPMorgan's remaining shareholding is approximately 944 million shares, representing a holding percentage of 8.99% [1]

Group 1 - The core point of the article is that JPMorgan has reduced its stake in AIA Group Limited (01299) by selling 5.350755 million shares at a price of HKD 78.9766 per share, totaling approximately HKD 423 million [1] - After the reduction, JPMorgan's remaining shareholding is approximately 944 million shares, representing a holding percentage of 8.99% [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年10月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 友邦保險控股有限公司 | | | | 呈交日期: | 2025年11月6日 | | | | I. 法定/註冊股本變動 | 不適用 | | | | 備註： | | | | | 友邦保險控股有限公司(「本公司」)並無法定股本及/ 或其普通股並無股份面值。 | | | | FF301 第 1 頁 共 11 頁 v 1.1.1 FF301 FF301 第 3 頁 共 11 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01299 | | 說明 | | | | | | | 多 ...

Core Points - The partnership between AIA Group and Tottenham Hotspur has been extended, marking nearly 20 years of collaboration, making it one of the longest sponsorships in the history of the English Premier League [1] - Starting from July 2027, AIA will become the global training partner of Tottenham Hotspur, continuing as the club's main partner and jersey sponsor until the end of the 2026/2027 season [1] - AIA's branding will be featured on all training kits and coaching staff apparel, and the partnership aims to promote healthy living [1] Summary by Sections Partnership Extension - AIA Group announced the extension of its successful partnership with Tottenham Hotspur from July 2027 to June 2032, transitioning to a global training partnership [1] - The partnership has achieved significant milestones since its inception in 2013, contributing to the club's international growth and visibility [2] Brand Visibility and Impact - The AIA-branded Tottenham Hotspur jerseys have been seen by billions globally, reinforcing AIA's position as a leading insurance brand [2] - Over 175,000 Asian youth have participated in AIA youth football training camps, highlighting the partnership's impact on community engagement [2] Health Initiatives - AIA's "One Billion" initiative aims to encourage one billion people to practice healthy living by 2030, with over 500 million already engaged [2] - The partnership with Tottenham Hotspur is crucial for achieving this ambitious goal, particularly in promoting health and wellness in Asia [2] Leadership Statements - AIA's Chief Marketing Officer expressed excitement about the extended partnership, emphasizing the shared belief in the power of sports to inspire healthy living and personal growth [4] - Tottenham's Chief Revenue Officer highlighted the positive changes brought to the lives of thousands of youth in Asia through this collaboration [5]

Group 1 - Goldman Sachs has raised GDP growth expectations for China and India due to manufacturing and export growth [1] - The report expresses a more favorable outlook for the technology, materials, insurance, and industrial sectors this month [1] - Ratings for the energy sector and other industries have been downgraded [1] Group 2 - Goldman Sachs has released a new list of buy-rated stocks in the Hong Kong market, including AIA (01299.HK), Techtronic Industries (00669.HK), China Pacific Insurance (02328.HK), and Lenovo Group (00992.HK) among others [2] - The list features a total of 25 companies, indicating a diverse range of sectors and investment opportunities [2][3]

Group 1 - Goldman Sachs has raised GDP growth expectations for China and India due to manufacturing and export growth [1] - The report expresses a positive outlook for the technology, materials, insurance, and industrial sectors this month [1] - Ratings for the real estate and energy sectors have been downgraded [1] Group 2 - A list of recommended stocks for investment in the Hong Kong market includes: AIA (01299.HK), Xiaomi-W (01810.HK), Hong Kong Exchanges (00388.HK), Ping An (02318.HK), Zijin Mining (02899.HK), Techtronic Industries (00669.HK), China Pacific Insurance (02328.HK), China Life Insurance (02601.HK), Lenovo Group (00992.HK), Luoyang Molybdenum (03993.HK), Hua Hong Semiconductor (01347.HK), Zhaojin Mining (01818.HK), Chalco (02600.HK), Weichai Power (02338.HK), CICC (03908.HK), Jiangxi Copper (00358.HK), AAC Technologies (02018.HK), Conch Cement (00914.HK), BYD Electronics (00285.HK), Minmetals Resources (01208.HK), CRRC (01766.HK), JD Logistics (02618.HK), Swire Properties A (00019.HK), China National Building Material (03323.HK), and Times Electric (03898.HK) [1]

Market Overview - The Hang Seng Index (HSI) closed at 26,110.96, up by 175.55 points or 0.68% as of November 5, 16:00 Eastern Time [1] - The index reached a high of 26,191.15 and a low of 25,911.87 during the trading session, with a trading volume of 34.24 million [1] Major Blue-Chip Stocks Performance - Most large-cap stocks saw an increase, with HSBC Holdings closing at HKD 110.275, up 1.92% from the previous close [2] - Tencent Holdings closed at HKD 632.153, reflecting a 0.5% increase compared to the Hong Kong market close [2] Stock Price Movements - Tencent Holdings (00700) remained unchanged at HKD 629.000, with an ADR price of HKD 632.153, indicating a rise of HKD 3.153 [3] - Alibaba Group (09988) decreased by HKD 0.500 to HKD 158.500, with an ADR price of HKD 160.176, showing an increase of HKD 1.676 [3] - HSBC Holdings (00005) saw a slight increase of HKD 0.200, closing at HKD 108.200, with an ADR price of HKD 110.275, up HKD 2.075 [3] - Other notable movements include a decrease in stock prices for companies like Xiaomi Group (01810) and AIA Group (01299) [3]

Core Viewpoint - Morgan Stanley has updated its forecast for AIA Group (01299) based on the strong performance of new business value in Q3 2025, raising the target price from HKD 105 to HKD 107 while maintaining an "Overweight" rating [1] Group 1: Business Performance - The demand for life insurance in mainland China has shown a significant recovery, with the average new business value growing by 49% year-on-year in the first three quarters of 2025 [1] - AIA China achieved a robust year-on-year growth of 27% in new business value for Q3 2025, even under strengthened economic assumptions, with new regions contributing 11% to AIA China's new business value [1] Group 2: Market Outlook - The current price of AIA is equivalent to 1.4 times the projected embedded value for FY 2026, outperforming the market with a 43% increase year-to-date compared to a 31% rise in the Hang Seng Index [1] - The expectation of consensus upgrades for new business value growth estimates from FY 2025 to FY 2027 is anticipated to act as a catalyst in the near term, given the current valuation is below the historical average of 1.7 times [1]

Core Viewpoint - Morgan Stanley has updated its forecast for AIA Group (01299) based on the strong performance of new business value in Q3 2025, raising the target price from HKD 105 to HKD 107 while maintaining an "Overweight" rating [1] Group 1: Business Performance - AIA Group's new business value showed an average year-on-year growth of 49% in the first three quarters of 2025, indicating a significant recovery in demand for life insurance in mainland China [1] - In Q3 2025, AIA China achieved a strong year-on-year growth of 27% in new business value, even under enhanced economic assumptions, with new regions contributing 11% to this value [1] Group 2: Market Outlook - The investment community's confidence in the growth prospects and quality of the life insurance industry is improving, supported by AIA's strong performance [1] - AIA's current price is equivalent to 1.4 times the projected embedded value for FY2026, which is below the historical average of 1.7 times, suggesting potential for upward revisions in market consensus regarding new business value growth forecasts for FY2025 to FY2027 [1] Group 3: Stock Performance - AIA's stock has outperformed the market this year, rising by 43% compared to a 31% increase in the Hang Seng Index [1]