Investment Rating - The industry investment rating is "Outperform the Market" [8] Core Insights - AIA Group's 2025 H1 performance shows a steady increase in new business volume and value, with annualized new premiums reaching USD 4.942 billion, a year-on-year increase of 8% [4] - The new business value (NBV) is approximately USD 2.838 billion, reflecting a year-on-year growth of 14% [4] - The NBV margin (NBVM) stands at 57.7%, up by 3.4 percentage points year-on-year [4] - The embedded value (EV) is about USD 70.853 billion, showing no year-on-year change [4] Summary by Sections Business Performance - AIA's mainland China business shows resilience, with annualized new premiums slightly declining to USD 1.268 billion, and NBV at USD 743 million, a year-on-year decrease of 4% but a 10% increase when excluding economic assumption changes [5] - The Hong Kong business has strong growth, with annualized new premiums increasing to USD 1.609 billion and NBV at USD 1.063 billion, a year-on-year increase of 24% [5] - The NBV margin for Hong Kong reached 65.8%, with local customer NBV growing by 18% and mainland visitor NBV by 30% [5] Channel and Product Analysis - The partner distribution channel continues to grow, with NBV increasing by 8% year-on-year, while bancassurance NBV rose by 10% [6] - Traditional protection, participating, and investment-linked products contribute significantly to NBV, accounting for 89% of the total [6] Investment Recommendations - The report suggests that AIA's stable NBV in mainland China and high growth in visitor NBV reflect ongoing demand for savings among residents [7] - The insurance sector is expected to maintain stable performance due to regulatory guidance aimed at mitigating risks associated with interest rate differentials [7] - The report recommends focusing on companies with more resilient asset sides, such as Xinhua Insurance and China Life [7]

Investment Rating - The report maintains a "Buy" rating for AIA Group Limited (1299.HK) with a current price of HKD 73.45 [1] Core Insights - AIA Group achieved a post-tax operating profit of USD 3.61 billion in the first half of 2025, representing a year-on-year increase of 7% (fixed exchange rate) and 6.6% (actual exchange rate) [4][12] - The new business value reached USD 2.84 billion, up 14% (fixed exchange rate) and 15.6% (actual exchange rate) year-on-year, driven by increased sales and improved profitability of new business [5][12] - The embedded value stood at USD 70.85 billion, reflecting a 2.6% increase from the beginning of the year [4] Summary by Sections New Business Value - The new business value for the first half of 2025 was USD 2.84 billion, with quarterly growth rates of 12.8% and 18.9% for Q1 and Q2 respectively, primarily due to increased sales and enhanced profitability [5][6] - Annualized new premiums amounted to USD 4.94 billion, showing an 8.7% increase year-on-year [5] - 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 [5][6] Market Contributions - In mainland China, the new business value was USD 740 million, down 5% year-on-year, but showed a 10% increase when excluding economic assumption changes [6][11] - The Hong Kong market contributed significantly, with new business value increasing by 23.9% to USD 1.06 billion, maintaining its position as the largest contributor to the group's new business value [7][11] - The Southeast Asian market, particularly Thailand, saw a 45.4% increase in new business value to USD 520 million, aided by regulatory changes and strategic partnerships [8][11] Financial Performance - The net profit attributable to shareholders was USD 2.53 billion, down 23.5% year-on-year, mainly due to increased financial expenses related to insurance contracts [12] - The company returned USD 3.71 billion to shareholders through dividends and share buybacks, with an interim dividend of HKD 0.49 per share, up 10.1% year-on-year [12] - The report projects a downward revision of net profit forecasts for 2025-2027 to USD 7.0 billion, USD 7.6 billion, and USD 8.3 billion respectively [13]

智通财经APP获悉，中金发布研报称，维持友邦保险(01299)2025-2026年净利润预测和跑赢行业评级。 考虑到市场流动性及公司成长性预期改善，该行上调目标价(P/EV)12.2%至83.0港币，对应1.51x/1.36x 2025e和2026e P/EV，较当前股价有12.0%的上行空间。友邦保险目前交易在1.35x/1.21x 2025e P/EV和 2026e P/EV。 中金主要观点如下： 1H25新业务价值符合该行预期 1H25友邦泰国VONB同比+35%，受益于3月监管规则变化带来的一次性购买，2Q25保费增长相较1Q已 经有所放缓;友邦新加坡VONB同比+16%，同样受益于2Q产品迭代引发的提前购买;友邦马来西亚代理 人渠道VONB较为疲软但已有复苏迹象，银保渠道的增长一定程度抵消了上述负面影响;其他市场VONB 延续上升趋势。 关注独立主席换届后的战略方向 此前友邦公告Mark Tucker将于2025年10月回归友邦担任独立非执行主席及独立非执行董事，其曾在 2010-2017年任友邦首席执行官兼总裁并取得优秀的经营业绩、受到较多长线投资人认可，建议关注其 上任后的战略方向、财务目标及投 ...

每经AI快讯，Wind数据显示，8月21日，共15只港股获公司回购，4只个股回购金额超千万港元。其 中，腾讯控股、中国宏桥、创科实业回购金额最大，分别获公司回购5.51亿港元、3516.03万港元、 2508.49万港元。截至8月21日，今年已有218只港股获公司回购，43只个股年内累计回购金额超亿港 元。其中，腾讯控股、汇丰控股、友邦保险年内累计回购金额最大，分别获公司回购422.45亿港元、 230.57亿港元、176.93亿港元。 ...

Short Selling Ratios - The top three stocks with the highest short selling ratios are Li Ning-R (100.00%), SenseTime-WR (98.29%), and Hang Seng Bank-R (95.38%) [1][2] - Other notable stocks with high short selling ratios include JD Health-R (91.13%) and China Resources Beer-R (90.75%) [2] Short Selling Amounts - The stocks with the highest short selling amounts are Meituan-W (2.526 billion), Xiaomi Group-W (1.858 billion), and Tencent Holdings (1.768 billion) [1][2] - Alibaba-SW and BYD Company also feature prominently with short selling amounts of 1.172 billion and 1.073 billion respectively [2] Short Selling Deviation Values - The stocks with the highest deviation values are SenseTime-WR (46.55%), Geely Automobile-R (45.06%), and China Resources Beer-R (44.55%) [1][3] - Other significant stocks include Hang Seng Bank-R (44.19%) and China Merchants China Fund (42.05%) [3]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 74.71%, Green Power Environmental (01330) at 69.95%, and China Shenhua (01088) at 68.06% [1] - The largest increases in holdings over the last five trading days were seen in the following companies: Yingfu Fund (02800) with an increase of 134.21 billion, Hang Seng China Enterprises (02828) with an increase of 66.24 billion, and Southern Hang Seng Technology (03033) with an increase of 51.77 billion [1] - The largest decreases in holdings over the last five trading days were recorded for Anta Sports (02020) with a decrease of 10.21 billion, Geely Automobile (00175) with a decrease of 7.70 billion, and HSBC Holdings (00005) with a decrease of 7.40 billion [2] Group 1: Hong Kong Stock Connect Holding Ratios - China Telecom (00728) has a holding of 10.368 billion shares, representing 74.71% [1] - Green Power Environmental (01330) has a holding of 0.283 billion shares, representing 69.95% [1] - China Shenhua (01088) has a holding of 2.299 billion shares, representing 68.06% [1] Group 2: Recent Increases in Holdings - Yingfu Fund (02800) saw an increase of 134.21 billion in holdings, with a change of 52.386 million shares [1] - Hang Seng China Enterprises (02828) experienced an increase of 66.24 billion, with a change of 7.216 million shares [1] - Southern Hang Seng Technology (03033) had an increase of 51.77 billion, with a change of 95.870 million shares [1] Group 3: Recent Decreases in Holdings - Anta Sports (02020) had a decrease of 10.21 billion in holdings, with a change of -10.268 million shares [2] - Geely Automobile (00175) experienced a decrease of 7.70 billion, with a change of -38.819 million shares [2] - HSBC Holdings (00005) saw a decrease of 7.40 billion, with a change of -7.332 million shares [2]

Market Overview - The Hang Seng Index (HSI) closed at 25,129.15, up by 24.54 points or 0.10% from the previous close [1] - The index reached a high of 25,167.65 and a low of 25,039.93 during the trading session [1] - The average trading price was 25,103.79, with a trading volume of 32.99 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 101.987, an increase of 1.08% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 597.451, up by 0.75% from the Hong Kong close [2] ADR Performance - Tencent Holdings (ADR) increased by 0.42% to USD 593.000, with an ADR conversion price of HKD 597.451, reflecting a gain of HKD 4.451 compared to the Hong Kong stock [3] - HSBC Holdings (ADR) rose by 1.41% to USD 100.900, with an ADR conversion price of HKD 101.987, showing an increase of HKD 1.087 compared to the Hong Kong stock [3] - Alibaba (ADR) decreased by 1.53% to USD 115.700, with an ADR conversion price of HKD 115.343, down by HKD 0.357 compared to the Hong Kong stock [3]

机构：国信证券 研究员：孔祥/王京灵 多项核心指标实现双位数增长，利润增速进展顺利。截至2025 年中期，友邦保险实现税后营运溢利 36.09 亿美元，每股增加12%，显示出集团在盈利质量上的持续改善。上半年，公司产生的基本自由盈 余每股上升10%，达到35.69亿美元，反映出集团强劲的现金生成能力。管理层重申2023 年至2026 年每 股税后营运溢利复合年增长率9%至11%的目标，目前进展顺利。 上半年，公司实现新业务价值28.38 亿美元，按固定汇率计算同比增长14%。 风险提示：保费增速不及预期；科技成本较高；资产收益下行等。 2025 年中期，友邦保险股息同比增长10%至每股49.00 港仙，体现公司对未来现金流和资本状况的信 心。截至2025 年6 月30 日，股东资本比率为219%，虽较2024 年底略有下降，主要是由于股份回购和股 息支付，整体仍保持稳健水平。 投资建议：展望未来，友邦保险将继续受益于亚洲地区强劲的人口结构变化、财富增长以及保险渗透率 提升的长期趋势。集团在科技赋能、人工智能应用和产品创新方面的投入将进一步增强其竞争力。因此 我们维持此前盈利预测，预计公司2025 至2027 ...

Core Viewpoint - AIA Group reported a strong performance for the first half of 2025, with notable increases in new business value (NBV) and annualized new premiums, despite a decline in net profit [1][2]. Financial Performance - NBV reached $2.84 billion, up 14% year-on-year, with Q2 showing an 18.9% increase [1] - Annualized new premiums totaled $4.94 billion, reflecting an 8% year-on-year growth [1] - After-tax operating profit was $3.6 billion, a 6% increase year-on-year, with earnings per share up 12% [1] - Net profit decreased to $2.53 billion, down 24% year-on-year [1] - Embedded value stood at $70.9 billion, unchanged from the beginning of the year, with embedded value operating profit at $5.9 billion, up 9% [1] Regional Contributions - Hong Kong remained the largest contributor to the group's NBV, accounting for 35% of the total, with a 24% increase to $1.06 billion [2] - Mainland China saw a 10% increase in NBV, with Q2 showing a 15% rise; new branches contributed to a 36% increase in NBV [2] - Thailand's NBV increased by 35% to $520 million, while Singapore's rose by 16% to $260 million; Malaysia's NBV decreased by 3% due to changes in the health insurance market [2] Product Structure and Value Margin - Overall NBV margin improved by 3.8 percentage points to 57.7% [3] - Mainland China's NBV margin increased by 2 percentage points to 58.6%, driven by policy changes and product repricing [3] - Thailand's NBV margin significantly increased to 115.7% due to one-time sales in personal medical insurance [3] Distribution Channels - Agent channel NBV grew by 17%, accounting for 73.4% of total NBV, with a margin increase of 4.4 percentage points to 72% [3] - Partner channel NBV increased by 8%, with bank assurance channel NBV up 10% [3] Investment Strategy - The company reduced fixed income allocation while maintaining stable equity asset proportions [4] - The annualized net investment return was 1.9%, down 0.1 percentage points year-on-year [4] Profit Forecast and Investment Rating - The company expects continued growth driven by new branches in Mainland China and strong performance in Hong Kong [4] - The embedded value forecast for 2025-2027 is $73 billion, $77.6 billion, and $82.8 billion, with corresponding growth rates of 5.8%, 6.3%, and 6.7% [4] - Current price-to-embedded value (PEV) ratios are 1.37x, 1.29x, and 1.21x for the respective years, maintaining a "buy" rating [4]

Core Viewpoint - AIA Group's 1H25 performance aligns with expectations, showing robust growth in new business value (VONB) and operational profit, indicating strong operational efficiency and a solid outlook for future growth [1][4]. Group 1: VONB Performance - The company's VONB for 1H25 reached $2.84 billion, representing a year-over-year increase of 14% [1][2]. - VONB margin improved to 57.7%, up 3.4 percentage points year-over-year [1][2]. - VONB growth rates varied by region: Mainland China +10%, Hong Kong +24%, Thailand +35%, Singapore +16%, Malaysia -3%, and other regions +14% [2]. Group 2: Distribution Channels - The agent channel generated VONB of $2.22 billion, a 17% increase year-over-year, driven by improved product margins and agent quality [3]. - The partner distribution channel contributed VONB of $804 million, up 8% year-over-year, with a margin of 43.3% [3]. Group 3: Operational Profit and Free Surplus - The operational profit after tax (OPAT) for 1H25 was $3.61 billion, reflecting a 6% year-over-year increase [4]. - The company generated a free surplus of $2.43 billion, a 7% increase year-over-year, indicating strong capital generation capabilities [4]. Group 4: Investment Outlook - The company maintains a strong buy rating, with expectations for VONB growth rates of +15.2%, +9.2%, and +8.9% for 2025-2027 [5]. - The current stock price corresponds to projected PEV multiples of 1.32, 1.22, and 1.10 for 2025-2027 [5].