Summary of Key Points Core Viewpoint - JPMorgan Chase & Co. has reduced its stake in AIA Group Limited (01299.HK) by selling 5,081,655 shares at an average price of HKD 69.674 per share, amounting to approximately HKD 354 million. Following this transaction, JPMorgan's ownership percentage decreased from 9.02% to 8.97% [1]. Group 1 - JPMorgan Chase & Co. sold 5,081,655 shares of AIA Group Limited on October 17, 2025 [1]. - The average selling price per share was HKD 69.674, leading to a total transaction value of about HKD 354 million [1]. - After the sale, JPMorgan's total holdings in AIA Group Limited are now 942,453,219 shares [1].

Group 1 - JPMorgan Chase & Co. reduced its stake in AIA Group Limited (01299.HK) by selling 5.0817 million shares at an average price of HKD 69.674 per share, totaling approximately HKD 354 million [1] - Following the sale, JPMorgan's total holdings in AIA decreased to 942,453,219 shares, representing a reduction in ownership from 9.02% to 8.97% [1][3] - The transaction occurred on October 17, 2025, as per the latest disclosure from the Hong Kong Stock Exchange [1][2]

Group 1 - Morgan Stanley reduced its stake in AIA Group Limited (01299) by 5,081,655 shares at a price of HKD 69.6740 per share, totaling approximately HKD 354.1 million [1] - After the reduction, Morgan Stanley's remaining shareholding is approximately 942 million shares, representing a holding percentage of 8.97% [1]

Core Insights - On October 17, JPMorgan reduced its stake in AIA Group Limited (01299) by selling 5,081,655 shares at a price of HKD 69.6740 per share, totaling approximately HKD 354.1 million [1] - Following the sale, JPMorgan's remaining shareholding in AIA is approximately 942 million shares, representing a holding percentage of 8.97% [1]

Market Overview - The Hang Seng Index closed at 25,776.19, down by 5.58 points or 0.02% on October 22 [1] - The index reached a high of 25,886.60 and a low of 25,649.93 during the trading session [1] - The trading volume was 43.61 million shares, with an average price of 25,768.27 [1] Major Blue-Chip Stocks Performance - Most large-cap stocks experienced declines, with HSBC Holdings closing at HKD 103.277, up 0.76% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 621.291, down 0.35% from the Hong Kong close [2] Individual Stock Movements - Tencent Holdings (00700) saw a decrease of HKD 7.000, or 1.11%, with an ADR price of HKD 621.291, which is HKD 2.209 lower than its Hong Kong price [3] - Alibaba Group (09988) dropped by HKD 3.200, or 1.94%, with an ADR price of HKD 161.112, down HKD 0.788 from its Hong Kong price [3] - AIA Group (01299) fell by HKD 2.350, or 3.22%, with an ADR price of HKD 70.250, down HKD 0.300 from its Hong Kong price [3] - Meituan (03690) decreased by HKD 0.400, or 0.41%, with an ADR price of HKD 96.166, slightly up by HKD 0.066 from its Hong Kong price [3] - BYD Company (01211) declined by HKD 1.000, or 0.96%, with an ADR price of HKD 102.655, down HKD 0.245 from its Hong Kong price [3]

Group 1: Alibaba (Code: 00988) - Technical analysis indicates a support level at 144.6 and a resistance level at 185.6, with strong rebound momentum from the support level, suggesting a short-term upward trend [1] - Recommended call warrants are 21370, 20017, and 15432, while bull warrants are 57383, 57470, and 57384 [1] Group 2: Meituan (Code: 03690) - Support level is at 88 and resistance level at 107.1, with a high probability of breaking through the resistance level, indicating an upward trend [1] - Recommended call warrants are 19971, 20069, and 20116, with bull warrants being 58005, 53778, and 53780 [1] Group 3: Xiaomi (Code: 01810) - Technical indicators show a support level at 39.8 and a resistance level at 56.4, with the price at the lower end of an upward channel, indicating a high safety margin and short-term upward trend [1] - Recommended call warrants are 16253, 13630, and 13979, while bull warrants are 67393, 67394, and 67402 [1] Group 4: AIA (Code: 01299) - Support level is at 68.6 and resistance level at 77.2, characterized by low volatility as a blue-chip stock, with a stable short-term upward trend [1] - Recommended call warrants are 18410, 17948, and 18411, with bull warrants being 61825, 53008, and 61274 [1] Group 5: Hong Kong Exchanges and Clearing (Code: 00388) - Technical analysis shows a support level at 399 and a resistance level at 460, with strong performance driven by active market trading, indicating a short-term upward trend [1] - Recommended call warrants are 27741, 15562, and 23503, while bull warrants are 62570, 56665, and 68548 [1] Group 6: BYD (Code: 01211) - Support level is at 95.8 and resistance level at 113.8, with the stock benefiting from the popularity of the new energy sector, indicating a short-term upward trend [1] - Recommended call warrants are 20458, 20495, and 20219, while bull warrants are 56780, 64027, and 63130 [1] Group 7: HSBC (Code: 00005) - Support level is at 94.3 and resistance level at 110.5, with a stable trend influenced by the valuation recovery in the banking sector, indicating a short-term upward trend [1] - Recommended call warrants are 19105, 18901, and 19104, while bull warrants are 65343, 66095, and 68629 [1] Group 8: China Construction Bank (Code: 00939) - Technical indicators show a support level at 7.38 and a resistance level at 8.26, characterized as a low valuation high dividend stock with strong safety attributes, indicating a short-term upward trend [1] - Recommended call warrants are 17265, 19572, and 20261, while bull warrants are 62134, 62178, and 57112 [1] Group 9: Industrial and Commercial Bank of China (Code: 01398) - Support level is at 5.55 and resistance level at 6.35, characterized by low volatility as a large-cap bank stock, indicating a clear short-term upward trend [1] - Recommended call warrants are 20585, 20618, and 16703, while bull warrants are 65682, 57199, and 58321 [1] Group 10: China Mobile (Code: 00941) - Technical analysis indicates a support level at 78.7 and a resistance level at 91.7, with strong earnings supporting the stock price as a leader in the telecommunications industry, indicating a short-term upward trend [1] - Recommended call warrants are 21277, 21344, and 28920, while bull warrants are 57975, 56130, and 63412 [1] Group 11: SMIC (Code: 00981) - Support level is at 58.5 and resistance level at 89.6, benefiting from favorable policies in the semiconductor sector, indicating high elasticity and a short-term upward trend [1] - Recommended call warrants are 13923, 20790, and 20292, while bull warrants are 61294, 61093, and 60800 [1] Group 12: Kuaishou (Code: 01024) - Support level is at 63.1 and resistance level at 88, with strong rebound momentum driven by stable demand in the short video sector, indicating a short-term upward trend [1] - Recommended call warrants are 17442, 17594, and 15122, while bull warrants are 59046, 59410, and 61399 [1] Group 13: JD.com (Code: 09618) - Technical indicators show a support level at 115.9 and a resistance level at 141.3, benefiting from the recovery in the e-commerce sector and positive earnings expectations, indicating a short-term upward trend [1] - Recommended call warrants are 19677, 19641, and 19529, while bull warrants are 56434, 55794, and 56562 [1] Group 14: Anta (Code: 02020) - Support level is at 81 and resistance level at 95.6, characterized as a leader in sports apparel, benefiting from consumer recovery, indicating a short-term upward trend [1] - Recommended call warrants are 13440, 13921, and 15902, while bull warrants are 54515, 54416, and 65820 [1] Group 15: Tencent (Code: 00700) - Technical indicators show a support level at 581 and a resistance level at 680, indicating a short-term upward trend with ample room for growth [1] - Recommended call warrants are 18949, 18902, and 13713, while bull warrants are 55125, 67093, and 55772 [1]

太平洋证券发布研报称，首次覆盖友邦保险(01299)，给予"增持"评级，预计公司2025-2027年营业收入 为331.78、351.39、374.47亿美元，归母净利润为63.67、70.55、80.13亿美元，每股净资产为4.26、 4.70、5.17美元，对应10月20日收盘价的PB估值为2.18、1.97、1.79倍。公司在亚洲寿险市场的领先地位 稳固，中国香港与泰国市场增长强劲，中国内地利润率改善，东盟及印度等成长型市场保持高增。 报告期内，中国香港市场新业务价值增长24%至10.63亿美元，新入职代理人增加15%，活跃新代理人增 加25%，代理新业务价值上升35%，代理人渠道新业务价值占比超过70%。受东亚银行卓越表现影响， 公司伙伴分销新业务价值上升10%。中国内地新业务价值为7.43亿美元，若不计及经济假设变动影响， 同比增长10%，利润率升至58.6%;泰国市场增长35%至5.22亿美元，利润率达115.7%，主要受益于新规 实施前的一次性销售;新加坡市场增长16%至2.59亿美元;其他市场整体增长14%至2.49亿美元。年化新保 费增长8%至49.42亿美元，新业务价值利润率提升显示区域与 ...

Core Viewpoint - Pacific Securities initiates coverage on AIA Group (01299) with a "Buy" rating, projecting revenue growth and profit increases from 2025 to 2027, supported by strong market positions in Asia and improving profitability in mainland China [1] Financial Performance - For the first half of the year, the company reported a post-tax operating profit of $3.609 billion, a 6% year-on-year increase; net profit attributable to shareholders was $2.534 billion, up 23.5% year-on-year; new business value grew 14% to $2.838 billion, with a new business value margin increase of 3.4 percentage points to 57.7% [1][2] - The embedded value was $70.853 billion, reflecting a 2.6% increase since the beginning of the year [1] New Business Value Growth - New business value in Hong Kong increased by 24% to $1.063 billion, with a 15% rise in newly recruited agents and a 25% increase in active new agents; agent channel new business value rose by 35%, accounting for over 70% of total new business value [2] - New business value in mainland China reached $743 million, with a 10% year-on-year growth when excluding economic assumption changes, and a profit margin of 58.6% [2] - Thailand's market saw a 35% growth to $522 million, benefiting from pre-regulation sales; Singapore's market grew by 16% to $259 million, while other markets collectively grew by 14% to $249 million [2] Channel Structure Optimization - New business value from the agency channel grew by 17% to $2.22 billion, with the total number of agents exceeding 1.1 million, indicating continuous improvement in productivity [3] - Bank and partner channels saw an 8% increase in new business value to $804 million, with strong performances in Thailand, Malaysia, and Hong Kong [3] - The company is enhancing collaborations with leading regional banks to expand high-net-worth and cross-border client markets, resulting in a more balanced channel structure and increased value contribution [3] Profitability and Capital Strength - The operating profit from embedded value was $5.893 billion, a 9% year-on-year increase, with an annualized return on embedded value of 17.8% [4] - The company declared an interim dividend of 49 Hong Kong cents per share, a 10% increase, and returned $3.71 billion to shareholders through dividends and share buybacks [4] - As of the end of June, the shareholder capital ratio stood at 219%, maintaining a strong level [4]

Core Points - The establishment of the "AIA Insurance Football Youth Training Public Welfare Fund" aims to promote football development in Jiangsu Province through a focus on youth training and collaboration with relevant professional resources [3][4][7] - AIA Life Insurance donated 2 million yuan to support the fund, which will facilitate youth training exchanges, coach training, and public welfare football events [3][6] - The initiative is part of a broader effort to enhance the quality of sports development in Jiangsu and to attract more socially responsible enterprises to contribute to football development [3][7] Group 1 - The fund is designed to support the cultivation of youth football talent and enhance the football training system in Jiangsu [3][7] - AIA Life Insurance has been actively involved in promoting youth football since 2014, partnering with Tottenham Hotspur and engaging in various football-themed activities [4][6] - The collaboration is expected to transform the current enthusiasm for football in Jiangsu into sustainable development momentum for the community [6][7] Group 2 - The Jiangsu Provincial Sports Foundation is integrating its efforts into the broader development goals of Jiangsu, focusing on public welfare and social resource aggregation [7] - The partnership between AIA Insurance and the Jiangsu Provincial Sports Foundation represents an innovative approach to enhancing youth football training and development [7] - Future efforts will focus on deepening communication and collaboration to gather more resources for the revitalization of youth football in Jiangsu [7]

Market Overview - The Hang Seng Index (HSI) closed at 25,918.18, down by 109.37 points or 0.42% as of October 21, 16:00 Eastern Time [1] - The index reached a high of 26,052.58 and a low of 25,903.78 during the trading session, with a trading volume of 45.8064 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 102.632, reflecting a slight increase of 0.23% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 627.948, down by 0.4% from the Hong Kong close [2] Stock Price Movements - Tencent Holdings (00700) saw a price increase of HKD 3.000, or 0.48%, with an ADR price of HKD 627.948, indicating a decrease of HKD 2.552 compared to its Hong Kong price [3] - Alibaba Group (09988) increased by HKD 3.200, or 1.98%, with an ADR price of HKD 161.912, down by HKD 3.188 compared to its Hong Kong price [3] - Xiaomi Group (01810) decreased by HKD 0.680, or 1.44%, with an ADR price of HKD 46.164, down by HKD 0.296 compared to its Hong Kong price [3] - AIA Group (01299) increased by HKD 0.800, or 1.11%, with an ADR price of HKD 72.490, down by HKD 0.410 compared to its Hong Kong price [3] - BYD Company (01211) decreased by HKD 0.900, or 0.86%, with an ADR price of HKD 103.285, down by HKD 0.615 compared to its Hong Kong price [3]