FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 友邦保險控股有限公司 ("本公司") 呈交日期： 2026年3月30日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | | 股份類別 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01299 | 說明 | | | | | | | 多櫃檯證券代號 | 81299 | RMB 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | ...

Investment Rating - The report maintains a "Buy" rating for AIA Group (1299 HK) with an updated target price of HKD 101, indicating a potential upside of 17.9% [1]. Core Insights - AIA Group's 2025 performance is expected to show resilience despite short-term fluctuations due to factors like USD depreciation, driven by growth in new markets and businesses, with operational profit projected to reach USD 7.895 billion in 2026 [1]. - The company emphasizes a long-term strategy focused on "value growth over scale expansion," reaffirmed by management during the earnings release [6]. - The report updates the earnings forecasts for 2026-2028, predicting premium income growth rates of 10%, 9%, and 7% respectively, with strong contributions from the Hong Kong and mainland China markets [6]. Financial Performance - For 2025, AIA Group reported an operational profit (OPAT) of USD 7.14 billion, a year-on-year increase of approximately 7%, and a net profit of USD 6.23 billion, which, while lower than 2024, exceeded market expectations [6]. - The insurance services segment achieved a performance of USD 6.91 billion, reflecting a year-on-year growth of 19.8%, while investment returns surged by 50.6% to USD 17.98 billion [6]. - The report highlights a solid customer base and strong cash flow generation capabilities, with a projected basic free earnings per share (UFSG) growth of around 11% for 2025 [6]. Earnings Forecast Changes - The updated earnings forecasts for 2026 show a slight increase in net profit from USD 6.584 billion to USD 6.714 billion, representing a 1.97% change, while operational profit is revised up by 4.28% to USD 7.895 billion [5]. - The new business value is also adjusted upward, with a forecast of USD 6.105 billion for 2026, reflecting a 1.11% increase [5]. - The report anticipates a robust growth trajectory for new business value margins, projected to increase by 10%, 8%, and 7% over the next three years [6].

Core Viewpoint - AIA Group (01299) reported a post-tax operating profit of $7.14 billion last year, reflecting a year-on-year growth of approximately 7%, with net profit exceeding market expectations [1] Financial Performance - The company is expected to experience fluctuations in 2025 due to short-term factors such as significant depreciation of the US dollar, but it shows resilience in growth driven by new markets and new business in mainland China [1] - The forecast for the group's operating profit is projected to increase to $7.895 billion by 2026 [1] Business Growth - The company has a solid customer base and strong revenue-generating capabilities, with premium income expected to grow by 10%, 9%, and 7% year-on-year over the next three years [1] - New business continues to grow steadily, with new business value profit margins projected to increase by 10%, 8%, and 7% year-on-year [1] Investment Strategy - Investment business profits are expected to remain stable at current levels [1] - The management has announced a new share buyback plan, which is anticipated to enhance investment attractiveness in the current market environment [1] Target Price and Rating - The target price for AIA Group has been raised to HKD 101, maintaining a "Buy" rating [1]

Core Viewpoints - The non-bank financial industry is experiencing a positive trend in its fundamentals due to deepening capital market reforms, with a projected 30% profit growth over the next 25 years [5][10] - The average daily trading volume in the Shanghai and Shenzhen markets is 21.1 trillion CNY, reflecting a 4.5% decrease week-on-week [5] - The net profit of 150 securities companies is expected to reach 219.439 billion CNY in 2025, representing a year-on-year increase of 31.2% [5] Group 1: Industry Performance - As of March 28, 2026, the Shanghai Composite Index is at 3913.72 points, down 1.09%, while the Shenzhen Component Index is at 13760.37, down 0.76% [10] - The non-bank financial sector indices have seen declines of 3.55% and 5.72% for securities and insurance, respectively [10] Group 2: Insurance Sector Insights - The insurance sector's annual reports show a slowdown in growth due to changes in the market environment in Q4, but the long-term trend remains positive [16] - The net profit growth for insurance companies is expected to be in double digits for the year, despite a high base in 2024 [16] - Key stocks to watch in the insurance sector include China Pacific Insurance, Ping An Insurance, and China Life Insurance [16] Group 3: Securities Sector Developments - The introduction of a "light asset, high R&D" recognition standard has been expanded to the main board, enhancing the inclusivity of the capital market [17][18] - The new standards aim to improve the flexibility of refinancing rules and guide funds towards key technology sectors [18] - The adjustments to the standards include raising the R&D investment ratio for the ChiNext board from 3% to 5%, reinforcing the board's positioning [21] Group 4: Investment Recommendations - The report suggests focusing on companies with strong quarterly performance catalysts, including CITIC Securities, Huatai Securities, and China Merchants Securities [5] - In the insurance sector, recommended stocks include China Taiping, New China Life, and AIA Group [16] - For Hong Kong stocks, quality dividend stocks such as China Shipbuilding Leasing and Hong Kong Exchanges are highlighted [5]

Group 1 - Company has entered into an agreement with a renowned international independent broker to operate a share buyback program [1] - The broker will execute all buybacks based on predetermined parameters and will act independently of the company and its related parties [1] - The company has agreed to allow the broker to repurchase shares worth $1.743 billion (approximately HKD 13.64 billion) on the Hong Kong Stock Exchange [1]

Group 1 - The Hang Seng Index (HSI) is currently trading at 24,856.43 points, within a clear range of 24,203.54 to 27,325.98 points, indicating a volatility of approximately 12.9% [1][2] - Short-term support is observed at around 24,200 points, which is close to recent lows, while resistance is seen between 25,000 and 25,200 points [1][2] - The market sentiment remains weak, with technical indicators showing downward trends, suggesting that any rebounds are merely technical recoveries within a bearish context [1][4] Group 2 - Bullish investors noted an increase of 600 million in bull certificates and a decrease of 400 million in bear certificates, indicating attempts to capitalize on a potential rebound [3][4] - Bearish investors believe the index will continue to decline, with a focus on the 24,200 support level, which is critical for determining market direction [2][4] - The distribution of certificates shows a concentration of bull certificates around the 24,000 to 24,199 range and bear certificates between 25,400 and 25,799, reflecting a market engaged in range-bound trading rather than a clear directional bias [3][4] Group 3 - The technical state of the market indicates that moving averages are still trending downwards, and the relative strength index (RSI) is weak, suggesting insufficient buying power [1][4] - The Bollinger Bands are narrowing, indicating that while the index is approaching a weak area, there is no clear signal of a trend reversal yet [1][4] - The market is characterized by a lack of consensus direction, with both bullish and bearish perspectives having valid arguments, but neither side showing a strong advantage at this time [4][4]

Group 1 - The core announcement is that AIA Group (1299.HK) has approved a new share buyback plan amounting to $1.743 billion [1] - The company has entered into an agreement with a renowned international brokerage to facilitate the buyback [1] - The buyback will be executed on the Hong Kong Stock Exchange [1]

Core Viewpoint - AIA Group (01299) has entered into an agreement with a renowned independent broker to implement a share buyback program, allowing the broker to operate independently of the company and its affiliates [1] Group 1: Agreement Details - The agreement was signed on March 27, 2026, and grants the broker full authority to execute the share buyback plan [1] - The broker will operate based on predetermined parameters and will act independently from the company [1] Group 2: Financial Commitment - AIA Group has agreed to a buyback amount of $1.743 billion, which is approximately HKD 13.64 billion [1]

本公告僅供參考，並不構成任何人士收購、購買或認購證券的邀請或要約。本公 告並非亦無意作為在美國發售本公司證券供出售的要約。本公司證券並無亦不會 根據 1933 年美國證券法（經修訂）（「美國證券法」）登記，且不得未根據美國 證券法登記或適用豁免登記規定而在美國發售或出售。本公司證券並無亦無計劃 在美國公開發售。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 AIA Group Limited 友邦保險控股有限公司 （於香港註冊成立的有限公司） 股份代號：1299（港幣櫃台）及 81299（人民幣櫃台） 17.43億美元股份回購計劃 茲提述友邦保險控股有限公司（「本公司」，連同其附屬公司，統稱「本集團」） 於2026年3月19日發佈的截至2025年12月31日止財政年度全年業績公告（「全年業 績公告」）。誠如全年業績公告所披露，本公司董事會（「董事會」）已根據本集 團資本管理政策批准新一輪金額為17.43億美元的股份回購計劃。 本公告乃由本公司根據香 ...

Core Viewpoint - Haitong International has updated its financial model for AIA Group following the company's Q4 2025 results, which met market expectations, incorporating year-to-date trends in new business value and investment performance [1] Group 1: Financial Performance - AIA Group's new business value is expected to grow by 14% from 2026 to 2028, driven by improvements in agent productivity, diversification of channels and products, and potential performance improvements in both mainland China and Hong Kong markets [1] Group 2: Target Price and Rating - Haitong International has raised AIA Group's target price from HKD 99.5 to HKD 105 and reiterated its "Outperform" rating [1]