Core Viewpoint - The article highlights the performance of the Chinese Trading Service Hong Kong Stock Connect Selected 100 Index, which has shown significant growth over various time frames, indicating a positive market trend in Hong Kong stocks [1][2]. Group 1: Index Performance - The Shanghai Composite Index increased by 0.34%, while the Chinese Trading Service Hong Kong Stock Connect Selected 100 Index rose by 0.4%, closing at 5480.39 points with a trading volume of 67.015 billion yuan [1]. - Over the past month, the Chinese Trading Service Hong Kong Stock Connect Selected 100 Index has risen by 4.83%, by 10.76% over the last three months, and by 28.62% year-to-date [1]. Group 2: Index Composition - The top ten holdings of the Chinese Trading Service Hong Kong Stock Connect Selected 100 Index include Tencent Holdings (10.33%), HSBC Holdings (10.16%), Alibaba-W (9.63%), Xiaomi Group-W (6.86%), AIA Group (5.81%), Meituan-W (5.41%), Hong Kong Exchanges and Clearing (4.06%), Standard Chartered Group (2.57%), Prudential (1.97%), and Kuaishou-W (1.76%) [2]. - The index is fully composed of stocks listed on the Hong Kong Stock Exchange, with the financial sector representing 27.98%, consumer discretionary 26.44%, communication services 14.38%, information technology 9.30%, real estate 5.48%, healthcare 5.29%, utilities 3.95%, industrials 3.40%, consumer staples 3.19%, and materials 0.60% [2]. Group 3: Tracking Funds - Public funds tracking the Chinese Trading Service Hong Kong Stock Connect Selected 100 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].

Group 1 - The core index, the CSI Hong Kong Stock Connect Non-Bank Financial Theme Index, has shown significant growth, with a 9.31% increase over the past month, 32.05% over the past three months, and 42.21% year-to-date [1] - The index consists of up to 50 listed companies that meet the non-bank financial theme criteria, reflecting the overall performance of non-bank financial companies within the Hong Kong Stock Connect range [1] - The top ten weighted companies in the index include Ping An Insurance (15.09%), AIA Group (13.88%), Hong Kong Exchanges and Clearing (13.47%), China Life Insurance (9.24%), and China Pacific Insurance (7.26%) [1] Group 2 - The index's holdings are entirely focused on the financial sector, with a 100% allocation to financial companies [2][3] - The index undergoes adjustments every six months, specifically on the second Friday of June and December, with provisions for temporary adjustments in special circumstances [3] - If a company in the index is delisted or if new companies meet the criteria for inclusion, adjustments will be made accordingly to maintain the index's relevance [3]

金融界8月11日消息，上证指数上涨0.34%，中证香港300成长指数 (HK300G，H11173)报2382.46点。 从中证香港300成长指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证香港300成长指数持仓样本的行业来看，可选消费占比40.47%、通信服务占比19.77%、金融占比 10.58%、医药卫生占比9.89%、能源占比6.99%、原材料占比4.71%、主要消费占比2.08%、公用事业占 比1.76%、工业占比1.60%、信息技术占比1.44%、房地产占比0.70%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。中证香港300价值指数和中证香港300成长指数每次调整的样本比例一般不超过20%。定期调整 设置缓冲区，Z值在对应指数的样本空间中，排名在80名之前的新样本优先进入；排名120名之前的老 样本优先保留。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一 个定期调整日前，权重因子一般固定不变。遇临时调整时，当中证香港300指数调整样本时，指数样本 随之进行相应调整。当样本退市时，将其从指数 ...

Core Insights - The Hong Kong Stock Connect Non-Bank ETF has reached a record size of 13.044 billion yuan as of August 8, 2025, marking a year-to-date growth of 1553.23% [1] - The ETF has seen a net inflow of 348 million yuan over the last three days, with a single-day peak inflow of 215 million yuan [1] - The ETF's net asset value has increased by 90.54% over the past year, ranking 38 out of 2954 index stock funds, placing it in the top 1.29% [2] Fund Performance - The Hong Kong Stock Connect Non-Bank ETF has achieved a maximum monthly return of 31.47% since its inception, with the longest consecutive monthly gain being 4 months and a total increase of 38.25% [2] - The ETF has outperformed its benchmark with an annualized return of 7.17% over the last six months [2] - The ETF has a turnover rate of 7.55% and an average daily trading volume of 1.536 billion yuan over the past month [1] Index Composition - The top ten weighted stocks in the CSI Hong Kong Stock Connect Non-Bank Financial Theme Index account for 78.19% of the index, with major holdings including China Ping An, AIA, and Hong Kong Exchanges and Clearing [3] - The insurance sector's net assets reached 3.75 trillion yuan in the first half of 2025, reflecting a year-on-year growth of 23.4% [3] Market Trends - The Hong Kong insurance industry reported a new single premium of 93.4 billion HKD in Q1 2025, representing a year-on-year increase of 43.4% and a quarter-on-quarter increase of 86.2% [4] - The demand for savings remains strong in the market, and regulatory changes are expected to ease liability costs for insurance companies [4] - The insurance sector is entering a new cycle of healthy growth, supported by regulatory measures and economic recovery [4] ETF Characteristics - The Hong Kong Stock Connect Non-Bank ETF is the first and only ETF tracking the Hong Kong non-bank index, with over 60% of its holdings in the insurance sector [5] - The ETF is designed to reflect the overall performance of up to 50 listed companies in the non-bank financial theme within the Hong Kong Stock Connect range [5]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 74.70%, Green Power Environmental (01330) at 70.03%, and China Shenhua (01088) at 68.18% [1] - Tencent Holdings (00700), Alibaba-W (09988), and Kuaishou-W (01024) saw the largest increases in holding amounts over the last five trading days, with increases of +2.39 billion, +2.11 billion, and +1.60 billion respectively [1] - The largest decreases in holding amounts over the last five trading days were recorded by the Tracker Fund of Hong Kong (02800) at -7.82 billion, Hang Seng China Enterprises (02828) at -4.88 billion, and China Mobile (00941) at -1.34 billion [1] Hong Kong Stock Connect Latest Holding Ratios - China Telecom (00728): 10.368 billion shares, 74.70% holding ratio [1] - Green Power Environmental (01330): 0.283 billion shares, 70.03% holding ratio [1] - China Shenhua (01088): 2.303 billion shares, 68.18% holding ratio [1] - Other notable companies include Tianjin Chuangye Environmental (01065) at 64.43% and New天绿色能源 (00956) at 63.76% [1] Recent Increases in Holdings (Last 5 Trading Days) - Tencent Holdings (00700): +2.39 billion, +4.2595 million shares [1] - Alibaba-W (09988): +2.11 billion, +18.1194 million shares [1] - Kuaishou-W (01024): +1.60 billion, +20.1638 million shares [1] - Other companies with significant increases include China Shenhua (01088) and China Life (02628) [1] Recent Decreases in Holdings (Last 5 Trading Days) - Tracker Fund of Hong Kong (02800): -7.82 billion, -30.82404 million shares [1] - Hang Seng China Enterprises (02828): -4.88 billion, -5.35312 million shares [1] - China Mobile (00941): -1.34 billion, -1.54265 million shares [1] - Other companies with notable decreases include Southbound Hang Seng Technology (03033) and Guotai Junan International (01788) [1]

Investment Rating - The report maintains an "Overweight" rating for the insurance industry [2] Core Insights - The average duration gap in the insurance industry is approximately -7 years, with a trend of widening expected post-2024, particularly in the life insurance sector [5][21] - Large insurance companies generally maintain a duration gap around -5 years, while small to medium-sized insurers exhibit a widening gap, indicating a disparity in asset-liability management [5][21] - The report emphasizes the importance of managing duration gaps to mitigate interest rate risks and reinvestment risks, especially in a low-interest-rate environment [5][21] Summary by Sections 1. Introduction: Duration Gap in Insurance Asset-Liability Matching - Duration gap refers to the difference between asset duration and liability duration, categorized into various types [9] - The report highlights the increasing duration gap due to the issuance of long-term savings products by life insurers [9][10] 2. Calculation of Duration Gap and Industry Data Statistics - The average duration gap for life insurance companies from 2020 to 2022 was -6.67 years, -6.57 years, and -6.28 years, respectively [21] - The report identifies a trend where over 65% of companies have seen their duration gaps widen, with many experiencing an increase of over 2 years [23][26] 3. Significance and Measures for Duration Gap Management - Effective duration gap management is crucial for balancing asset-liability management in insurance companies [5] - Suggested measures to narrow the duration gap include increasing allocations to long-term bonds, developing long-term equity investments, and adjusting product structures to enhance liability duration [5][21] 4. Investment Recommendations - The report suggests focusing on companies like New China Life, Ping An, AIA, China Life, China Pacific, and PICC, which are well-positioned to benefit from the dual dividend attributes of insurance stocks [5][21]

Group 1 - The core index, the Chinese Hong Kong Stock Connect Preferred 50 Index (CESP50), experienced a decline of 0.98%, closing at 3086.14 points with a trading volume of 62.037 billion [1] - Over the past month, the CESP50 index has increased by 2.28%, by 7.44% over the last three months, and has risen 23.06% year-to-date [1] - The CESP50 index is compiled by the China Securities Index Co., Ltd. and aims to reflect the overall performance of the top 50 blue-chip securities listed on the Hong Kong Stock Exchange [1] Group 2 - The top ten holdings of the CESP50 index include Tencent Holdings (10.61%), HSBC Holdings (10.25%), Alibaba-W (9.71%), and others, indicating a concentration in major companies [1] - The index's holdings are entirely composed of stocks from the Hong Kong Stock Exchange, with financials making up 39.91%, consumer discretionary 23.36%, and communication services 17.08% among other sectors [2]

为孩子投保50万元保额的重疾，因暴发性心肌炎身故后只能获赔一万余元的已交保费。这一案例将友邦 人寿推上风口浪尖，也激发了社会对于保单重疾定义的探讨。 与恶性肿瘤相比，心脑血管疾病虽然高发，但在重疾中的理赔案例却远少于恶性肿瘤。这其中一大原因 便在于心脑血管疾病在保险合同中的定义非常之严苛，不仅要满足病理上的相关指标，还需要满足90天 或180天的疾病状态要求。 法律条款中提到的限额，目前为"不满10周岁的不得超过20万元，已满10周岁但未满18周岁的不得超过 50万元"。 为规避死亡赔偿金的限制，一般未成年人购买重疾险时，身故赔偿的限额多为"退还已缴保费"。 张女士因不满该理赔决定，选择向律师求助。后因律师的介入和舆论发酵，负责此案的律师在社交媒体 上表示，此案已按重疾赔付50万，并承诺对于之后类似案件也会按相同方式进行理赔。 今年2月，张女士女儿因流感并发暴发性心肌炎，不幸离世，从确诊到去世仅3小时。 5天后，张女士向保险公司申请理赔，但友邦方面表示，因不符合严重心肌炎条款，无法按照重疾险进 行理赔。 根据严重心肌炎的定义，需满足"心功能衰竭程度达到纽约心脏病学会的心功能分级标准之心功能Ⅳ 级，或左室射血分 ...

Core Viewpoint - AIA Group announced the resignation of its independent non-executive chairman, Mr. Mark Tucker, effective September 30, 2025, and the appointment of Sir Mark Tucker as the new independent non-executive chairman, pending regulatory approval, effective October 1, 2025 [1][2] Group 1: Leadership Changes - Mr. Mark Tucker has been appointed as the independent non-executive chairman and independent non-executive director, effective October 1, 2025, after serving as the CEO and president of AIA Group from 2010 to 2017 [1][2] - Mr. Tucker's return is expected to leverage his extensive experience in the financial services sector, which spans over 40 years across various regions including Asia, the US, the UK, and Africa [3] - The outgoing chairman, Mr. Shih-Hsiung Hsieh, has been with AIA since 2010 and has played a significant role in establishing a solid foundation for the company [2][3] Group 2: Business Expansion in China - AIA's wholly-owned subsidiary in mainland China, AIA Life, achieved a 20% growth in new business value (NBV) and a 10% increase in annualized new premiums in 2024 [4] - The company has seen an 18% increase in the recruitment of agents and a 9% growth in active manpower, with agent income reaching nearly twice the industry average [4] - AIA is expanding its business footprint in mainland China, with plans to establish branches in several provinces and municipalities, enhancing its market presence [4]

6月18日，金融监管总局局长李云泽在2025陆家嘴论坛上透露，前两天总局刚刚批准了友邦人寿、荷兰 全球人寿在沪筹建保险资管公司。 李云泽表示，金融监管总局将一如既往推动更多金融开放措施在上海先行先试，全力支持上海国际金融 中心建设再上新台阶。 《每日经济新闻》记者获悉，金融监管总局近日批复，同意荷兰全球人寿保险集团筹建荷全保险资产管 理有限公司（下称"荷全保险资管"）；同意友邦人寿筹建友邦保险资产管理有限公司（下称"友邦保险 资管"）。 普华永道中国金融业管理咨询合伙人周瑾接受《每日经济新闻》记者微信采访时表示，中国寿险市场具 有巨大的发展空间，中央对外开放政策也为外资进入并加大对中国寿险市场的投资提供诸多利好因素， 很多外资保险机构近年来也都在加大相关的布局。随着保险业务规模的增长，相应的保险资金运用也有 专业化的管理和运作需求，因此设立保险资管公司，可以专业化管理保险资金，并将其母公司的全球经 验和投资能力引入中国。 友邦人寿：持续深耕中国市场的又一重要里程碑 对于友邦保险资管的获批筹建，18日，友邦人寿回应表示，这不仅彰显了友邦人寿对中国市场的长期投 资承诺，更是中国金融业高水平对外开放成果的直接体现。 ...