股份代號：1299（港幣櫃台）及81299（人民幣櫃台） 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） 2025 年第三季新業務摘要 友邦保險創第三季新高 新業務價值上升25%至14.76億美元 香港，2025年10月31日 － 友邦保險控股有限公司（本公司）公佈截至2025年9月30日止第三季的新業 務價值按固定匯率計算增長25%。 增長率按固定匯率基準列示。 | | | 截至9月30日止三個月 | | | | 截至9月30日止九個月 | | | | --- ...

Core Viewpoint - AIA Insurance (01299) has shown strong performance, with its stock price successfully surpassing the 74 HKD mark, currently priced at 74.65 HKD, indicating renewed investor interest in this insurance blue chip [1] Technical Analysis - The current price of 74.6 HKD has broken above the MA10 of 71.49 HKD and is challenging the MA30 of 72.58 HKD [1] - The RSI indicator is at 54, indicating a healthy range and suggesting further upward potential for the stock price [1] - Momentum oscillators and volatility indicators are signaling buy opportunities, while MACD shows a bullish pattern, indicating a significant strengthening of short-term momentum [1] - Key support levels are at 71.9 HKD and 70.8 HKD, while resistance levels are at 76.2 HKD and 78.4 HKD [1] - The stock has experienced a volatility of 5.6% over the past five days, creating conditions favorable for short-term trading [1] Derivative Products Performance - AIA's derivatives have demonstrated impressive leverage, with certain products significantly outperforming the underlying stock [3] - On October 23, when AIA's stock recorded a 1.76% increase over two days, related bull certificates saw much higher gains, with JPMorgan's bull certificate (53008) rising 24% and UBS's bull certificate (61825) increasing by 18% [3] Investment Options - Investors can choose from various AIA-related derivative products based on their risk tolerance and market outlook [6] - The Bank of China call warrant (17336) offers a leverage of 7.6 times with a strike price of 88.93 HKD, suitable for those willing to take on higher risk for potential returns [6] - HSBC call warrant (29501) has a slightly lower leverage of 8.2 times but features the lowest premium and implied volatility [6] - For bearish investors, options like Huatai put warrant (20155) provide 11.8 times leverage with a strike price of 62.94 HKD, also characterized by low premium and implied volatility [6] Bull and Bear Certificates - For investors favoring bull and bear certificates, UBS's bull certificate (61825) and HSBC's bull certificate (61902) both offer 7.8 times actual leverage with a redemption price set at 66 HKD, providing about 11.5% safety margin from the current price [8] - Bearish investors may consider HSBC's bear certificate (53009) or UBS's bear certificate (57408), both offering high leverage (12 times and 11.8 times respectively) with redemption prices set around 80 HKD, providing approximately 7% buffer from the current price [8]

Investment Rating - The report maintains an "Overweight" rating for the industry [1] Core Insights - The recent meeting of the Life Insurance Industry Liability Reserve Assessment Rate Expert Consultation Committee expressed a more positive outlook compared to the previous quarter, indicating a reduced likelihood of adjustments to the upper limit of the preset interest rate in the medium term [4][5] - The preset interest rate research value for ordinary life insurance products is currently at 1.90%, down from 1.99% in the previous quarter, reflecting a year-on-year decrease of 9 basis points [4] - The report highlights that the long-end interest rates have stabilized since the beginning of 2025, with the decline in preset interest rates showing a narrowing trend [4] Summary by Sections Industry Overview - The total market capitalization of the industry is 33,163.22 billion [1] - The report notes that the financial regulatory authority has issued a notification to establish a mechanism linking preset interest rates with market rates, which is expected to guide companies in prudent pricing and asset-liability management [4][8] Market Trends - The meeting's statements have shifted from concerns about continuous declines in medium to long-term interest rates to a more optimistic view on the resilience and vitality of the national economy [4] - The report suggests that if long-end interest rates remain stable, the preset interest rate for 2026 may not see significant adjustments, with a projected value of 1.87% by the end of 2026 [4][10] Investment Recommendations - The report recommends actively monitoring the valuation and performance elasticity of listed insurance companies, particularly focusing on companies such as New China Life Insurance, China Life Insurance, China Property & Casualty Insurance, Ping An Insurance, China Pacific Insurance, and AIA Group [4]

Market Overview - The Hang Seng Index (HSI) closed at 26,606.21, up by 260.07 points or 0.99% on October 29, 2023 [1] - The index reached a high of 26,714.82 and a low of 26,434.77 during the trading session, with a trading volume of 42.127 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 109.551, an increase of 2.87% compared to the previous close [2] - Tencent Holdings closed at HKD 655.070, up by 1.56% from the previous close [2] ADR Performance - Tencent Holdings (ADR) traded at USD 655.070, reflecting an increase of 1.56% compared to its Hong Kong stock price [3] - Alibaba Group (ADR) showed a price of USD 174.812, up by 2.23% compared to its Hong Kong stock price [3] - HSBC (ADR) was priced at USD 109.551, which is 2.87% higher than its Hong Kong counterpart [3]

Core Insights - The article highlights the top short-selling stocks in the market, with Anta Sports-R and Great Wall Motors-R both having a short-selling ratio of 100.00% [1][2] - Alibaba-SW leads in short-selling amount at 1.343 billion, followed by Pop Mart at 1.242 billion and Tencent Holdings at 1.215 billion [1][2] Short-Selling Ratios - Anta Sports-R (82020) has a short-selling amount of 635,500 and a ratio of 100.00% with a deviation of 10.36% [2] - Great Wall Motors-R (82333) has a short-selling amount of 7,250 and a ratio of 100.00% with a deviation of 30.20% [2] - SenseTime-WR (80020) has a short-selling amount of 1,122,200 and a ratio of 97.63% with a deviation of 51.92% [2] - Lenovo Group-R (80992) has a short-selling amount of 2,438,200 and a ratio of 94.23% with a deviation of 34.69% [2] Short-Selling Amounts - Alibaba-SW (09988) has a short-selling amount of 1.343 billion with a ratio of 9.98% and a deviation of -6.17% [2] - Pop Mart (09992) has a short-selling amount of 1.242 billion with a ratio of 30.78% and a deviation of 9.42% [2] - Tencent Holdings (00700) has a short-selling amount of 1.215 billion with a ratio of 11.50% and a deviation of -4.97% [2] Short-Selling Deviation Values - SenseTime-WR (80020) has the highest deviation value at 51.92% [2] - HAPO Pharmaceutical-B (02142) has a short-selling amount of 15,513,500 with a deviation of 37.04% [2] - Lenovo Group-R (80992) has a deviation of 34.69% [2] - Great Wall Motors-R (82333) has a deviation of 30.20% [2]

Group 1 - The core point of the article is that AIA Group's stock price has increased by over 3% in the Hong Kong market, currently trading at 74.6 HKD with a trading volume of 1.084 billion HKD [1]

Core Viewpoint - AIA Group (01299) is experiencing a significant increase in stock price, with a rise of 3.19% to HKD 74.45, driven by positive market expectations regarding its new business value growth in Q3 [1] Group 1: Business Performance - Citigroup forecasts that AIA's new business value will accelerate further in Q3, with year-on-year growth of 21% when calculated at AER and 19% at CER [1] - The company benefits from the redistribution of wealth among mainland families, strong insurance demand under low interest rates, attractive products in Hong Kong, and spillover effects from sales booms [1] - AIA's new business value growth is primarily expected to come from the mainland and Hong Kong markets [1] Group 2: Market Position - Pacific Securities previously stated that AIA maintains a strong position in the Asian life insurance market, with robust growth in Hong Kong and Thailand during the first half of the year [1] - Profit margins in mainland China have improved, while high growth continues in emerging markets such as ASEAN and India [1]

Core Viewpoint - AIA Group (01299) is experiencing a significant increase in stock price, attributed to strong growth expectations in new business value for Q3, driven by favorable market conditions in mainland China and Hong Kong [1] Group 1: Stock Performance - AIA Group's stock rose over 3%, specifically 3.19%, reaching HKD 74.45 with a trading volume of HKD 1.084 billion [1] Group 2: Growth Expectations - Citigroup forecasts that AIA's new business value will accelerate further, with year-on-year growth rates of 21% when calculated at AER and 19% at CER [1] - The growth is supported by the redistribution of wealth among mainland families, strong insurance demand under low interest rates, and attractive products in Hong Kong [1] Group 3: Market Position - AIA maintains a strong position in the Asian life insurance market, with robust growth in Hong Kong and Thailand during the first half of the year [1] - Profit margins in mainland China are improving, and high growth is expected to continue in ASEAN and India [1]

Market Overview - The Hang Seng Index (HSI) closed at 26,523.81, up by 90.11 points or 0.34% on October 27 [1] - The index reached a high of 26,550.53 and a low of 26,407.71 during the trading session, with a trading volume of 46.49 million shares [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at 104.401 HKD, an increase of 2.35% compared to the Hong Kong market close [2] - Tencent Holdings closed at 657.786 HKD, up by 0.27% from the Hong Kong market close [2] ADR Performance - Tencent Holdings (ADR) price is 657.786, reflecting an increase of 0.27% compared to its Hong Kong price [3] - Alibaba Group (ADR) price is 174.244, showing a rise of 0.37% compared to its Hong Kong price [3] - HSBC (ADR) price is 104.401, indicating an increase of 2.35% compared to its Hong Kong price [3]

Regulatory Dynamics - The People's Bank of China maintains the 1-year and 5-year Loan Prime Rate (LPR) at 3.0% and 3.5% respectively, unchanged for five consecutive months since May [5] - The National Healthcare Security Administration reports that 25 provinces will implement direct payment of maternity allowances to individuals, covering nearly 90% of coordinated areas [6] - The Ministry of Health aims to increase the average life expectancy in China from 79 to around 80 years within five years [8] - The Financial Regulatory Bureau emphasizes the role of artificial intelligence in enhancing the core competitiveness of insurance institutions [9] Company Dynamics - China Life Insurance expects a year-on-year increase of 50% to 70% in net profit for the first three quarters [27] - China Ping An has completed the repurchase and cancellation of shares, aiming to enhance shareholder returns [28] - Zhong Postal Life has increased its registered capital to approximately 32.64 billion RMB [21] - AIA Group has received an increase in shares from JPMorgan Chase, totaling 768,100 shares [23] Industry Dynamics - Multiple insurance companies report significant profit increases in their third-quarter results, with growth rates between 40% and 70% [40] - Insurance Asset-Backed Securities (ABS) have become a popular investment choice, with nearly 100 billion in scale during the third quarter [43] - The overall dividend realization rate for insurance products has improved, with many companies reporting rates exceeding 100% [46] - A total of 2,565 insurance branch offices have exited the market this year, reflecting a trend of consolidation in the industry [48] Personnel Changes - Zhou Mingqiang has been approved as the Deputy General Manager of Everbright Yongming [32] - Chen Ping has been appointed as the Deputy General Manager of Ruizhong Life Insurance [33] - Zhao Peng has been approved as the financial responsible person for China Insurance [34]