Core Points - The Shanghai Composite Index decreased by 0.37%, while the CES100 index fell by 0.94%, closing at 5353.14 points with a trading volume of 86.446 billion yuan [1] - The CES100 index has shown a monthly increase of 3.15%, a quarterly increase of 11.48%, and a year-to-date increase of 26.14% [1] Index Composition - The top ten holdings of the CES100 index include Tencent Holdings (10.09%), HSBC Holdings (9.91%), Alibaba-W (9.73%), Xiaomi Group-W (7.38%), AIA Group (5.77%), Meituan-W (5.68%), Hong Kong Exchanges and Clearing (4.02%), Standard Chartered Group (2.52%), Prudential (1.94%), and Kuaishou-W (1.7%) [2] - The CES100 index is fully composed of stocks from the Hong Kong Stock Exchange [2] - Sector allocations within the CES100 index include Financials (27.57%), Consumer Discretionary (26.61%), Communication Services (14.04%), Information Technology (9.72%), Real Estate (5.45%), Health Care (5.39%), Utilities (3.97%), Industrials (3.49%), Consumer Staples (3.19%), and Materials (0.57%) [2] Fund Tracking - Public funds tracking the CES100 index include Huaan CES Hong Kong Stock Connect Selected 100 ETF Link A, Huaan CES Hong Kong Stock Connect Selected 100 ETF Link C, and Huaan CES Hong Kong Stock Connect Selected 100 ETF [2]

Core Points - The Shanghai Composite Index decreased by 0.37%, while the CSI Hong Kong Stock Connect Non-Bank Financial Theme Index fell by 2.48%, closing at 4035.71 points with a trading volume of 25.566 billion yuan [1] - The CSI Hong Kong Stock Connect Non-Bank Financial Theme Index has seen a significant increase of 10.89% over the past month, 38.14% over the past three months, and 42.39% year-to-date [1] - The index consists of up to 50 listed companies that meet the non-bank financial theme criteria from the Hong Kong Stock Connect securities, reflecting the overall performance of these companies [1] Index Composition - The top ten holdings of the CSI Hong Kong Stock Connect Non-Bank Financial Theme Index are: Ping An Insurance (14.9%), AIA Group (13.76%), Hong Kong Exchanges and Clearing (13.34%), China Life Insurance (9.53%), China Pacific Insurance (7.15%), China Continent Insurance (6.47%), New China Life Insurance (4.2%), People's Insurance Company of China (3.81%), CITIC Securities (2.82%), and Shandong Hi-Speed Holdings (2.36%) [1] Market Structure - The market segment of the CSI Hong Kong Stock Connect Non-Bank Financial Theme Index is entirely composed of the Hong Kong Stock Exchange, with a 100% allocation [2] - The index is fully focused on the financial sector, with a 100% representation of financial companies [3] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]

Core Viewpoint - UBS estimates that AIA Group (01299) will see a 10% year-on-year increase in operating profit per share for the first half of the year, with post-tax operating profit expected to grow by 5% [1]. Financial Performance - The mid-term dividend is projected to increase by 9% to HKD 0.48 per share, although UBS believes that there will be no updates to the share buyback plan for the time being [1]. - UBS forecasts that the new business value (VNB) for AIA in the first half will grow by 16% and 15% when calculated at actual exchange rates (AER) and constant exchange rates (CER) respectively [1]. - The growth rate for the second quarter is expected to accelerate to 21% and 18% for AER and CER respectively, compared to 13% in the first quarter [1]. Market Performance - The strong performance in the Hong Kong and China markets is a key driver of growth, with the VNB growth rate in Hong Kong expected to rise from 16% in the first quarter to 28% [1]. - Excluding the impact of economic expectations, the VNB in the Chinese market is anticipated to grow by 12% [1]. Leadership Changes - Du Jiaqi will assume the role of new chairman on October 1, and significant strategic adjustments for the company are expected to become clearer following his appointment [1]. - UBS maintains a target price of HKD 88 and a "Buy" rating for AIA [1].

瑞银预测按实际汇率(AER)及固定汇率(CER)计算，友邦上半年新业务价值(VNB)将同比增长16%及 15%，估计第二季增速加快至21%及18%，对比首季为13%，主要由于香港及中国市场业务表现强劲， 其中香港CER基准VNB增速预期由首季的16%提升至28%，撇除经济预期变动影响后，料中国市场VNB 将增长12%。 瑞银发布研报称，估计友邦保险(01299)上半年每股经营利润将同比增长10%，税后经营溢利料增长 5%，预计中期股息增长9%至每股0.48港元，但相信暂时不会更新股份回购计划。该行指，杜嘉祺将于 10月1日上任新主席，其就职后公司重大战略调整预期会明朗化，维持目标价88港元，评级"买入"。 ...

Core Insights - The article does not provide specific company or industry insights, focusing instead on disclosures and disclaimers related to investment positions and advice [1][2] Group 1 - There are no stock, option, or similar derivative positions held by the analyst in any mentioned companies [1] - The article expresses personal opinions and is not compensated beyond Seeking Alpha [1] - The views may not reflect those of Seeking Alpha as a whole, and the analysts may not be licensed or certified [2]

Core Viewpoint - UBS forecasts AIA's new business value (VNB) to grow by 16% and 15% year-on-year under actual exchange rates (AER) and constant exchange rates (CER) respectively for the first half of the year, with a projected acceleration in growth to 21% and 18% in the second quarter compared to 13% in the first quarter, driven by strong performance in Hong Kong and mainland China markets [1] Group 1 - UBS estimates AIA's operating profit per share to increase by 10% year-on-year for the first half of the year [1] - After-tax operating profit is expected to grow by 5% [1] - The interim dividend is projected to rise by 9% to HKD 0.48 per share, although no updates on share buyback plans are anticipated [1] Group 2 - The new chairman, Du Jiaqi, will assume office on October 1, and significant strategic adjustments are expected to be clarified after his appointment [1] - UBS maintains a target price of HKD 88 for AIA and rates the stock as "Buy" [1]

Group 1 - The latest scale of the Hong Kong Stock Connect Non-Bank ETF reached 12.707 billion yuan as of July 31, 2025, with a record high of 7.689 billion shares [1] - The ETF has seen continuous net inflows over the past 22 days, with a maximum single-day net inflow of 820 million yuan, totaling 7.468 billion yuan [1] - The ETF's net value increased by 85.25% over the past year, ranking 34th out of 2,943 index equity funds, placing it in the top 1.16% [1] Group 2 - The CSI Hong Kong Stock Connect Non-Bank Financial Theme Index includes up to 50 listed companies that meet the non-bank financial theme criteria, reflecting the overall performance of these companies [2] - The top ten weighted stocks in the index account for 78.19%, with China Ping An, AIA, and Hong Kong Exchanges and Clearing each exceeding 14% [2] - China Life Insurance received a net inflow of 1.114 billion HKD from southbound funds, with a cumulative net inflow of 7.828 billion HKD over the past 20 days [2] Group 3 - In the first half of 2025, life insurance companies' original premium income grew by 5.4% year-on-year, with a second-quarter growth rate of 16.3% [3] - Property insurance companies reported a premium income of 964.5 billion yuan, also reflecting a year-on-year growth of 5.1% [3] - The insurance industry faces significant interest spread loss risks, with a need to lower new single liability costs to alleviate pressure [3] Group 4 - The "interest spread loss" pressure is identified as the core reason for the valuation pressure on insurance stocks, with potential for valuation recovery if the risk converges [4] - The Hong Kong Stock Connect Non-Bank ETF is the first and only ETF tracking the non-bank index, with over 60% of its composition in insurance stocks [4]

| 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 | 550.011 | +0.011 | 0.00% | 70.070 | | 2 | 阿里巴巴-W | 09988 | 118.360 | +2.660 | 2.30% | 120.630 | | 3 | 建设银行 | 00939 | 8.003 | -0.047 | -0.59% | 20.390 | | 4 | 汇丰控股 | 00005 | 96.234 | +0.084 | 0.09% | 61.300 | | 5 | 小米集团-W | 01810 | 52.874 | -0.276 | -0.52% | 33.680 | | 6 | 友邦保险 | 01299 | 73.059 | -0.341 | -0.46% | 37.230 | | 7 | 美团-W | 03690 | 120.489 | -1.111 | -0.91% | 30.700 ...

Group 1 - BlackRock's stake in AIA increased from 5.99% to 6.07% on July 25 [1] - BlackRock's stake in Dongfeng Motor Group rose from 6.69% to 7.35% on July 25 [1]

Group 1 - BlackRock's stake in AIA increased from 5.99% to 6.07% as of July 25 [1]