Core Viewpoint - Morgan Stanley forecasts AIA Group (01299) to achieve a 15% year-on-year increase in new business value for Q3, continuing the momentum from a 14% increase in the first half of the year [1] Group 1: Market Performance - The Hong Kong market is expected to see a 20% year-on-year growth in new business value for Q3, driven by the launch of popular new participatory products [1] - The mainland market is projected to have a 9% year-on-year increase in new business value, supported by healthy demand due to a new round of interest rate cuts, regional business expansion, and growth in bancassurance channels [1] - The Thai market is anticipated to achieve a 20% year-on-year growth in new business value, with annualized premium equivalent growth of 13% in July and August, alongside stable profit margins for certain medical products [1] Group 2: Product Appeal - The Singapore market is expected to see a 19% year-on-year increase in new business value, with new linked products likely to remain attractive to consumers [1]

瑞银发表研究报告预期，友邦保险将于10月31日公布2025年第三季度业绩，估计第三季度新业务价值 (VNB)按实际汇率(AER)及固定汇率(CER)基础，分别按年增加18%、17%，较上半年16%及14%增速有 所加快。内地方面，预测友邦第三季度的新业务价值将按年反弹20%(上半年下跌4%)。瑞银估计，友邦 保险2025年下半年内含价值(EV)按半年增10%(上半年按半年增长2.6%)。根据市场最新宏观环境微调盈 利和内含价值，该行维持友邦保险目标价88港元不变，评级"买入"。 ...

Core Viewpoint - Morgan Stanley forecasts that AIA Group (01299) will see a 15% year-on-year increase in new business value for Q3, continuing the momentum from a 14% increase in the first half of the year [1] Group 1: Market Performance - The Hong Kong market is expected to achieve a 20% year-on-year growth in new business value for Q3, driven by the launch of popular new participatory products [1] - The mainland market is projected to see a 9% year-on-year increase in new business value, supported by healthy demand due to a new round of interest rate cuts, regional business expansion, and growth in bancassurance channels [1] - The Thai market is anticipated to experience a 20% year-on-year growth in new business value, with annualized premium equivalents in July and August showing a 13% year-on-year increase, alongside stable profit margins for certain medical products [1] - The Singapore market is expected to achieve a 19% year-on-year growth in new business value, with new linked products likely to remain attractive [1] Group 2: Investment Rating - Morgan Stanley maintains an "Overweight" rating for AIA Group, with a target price set at HKD 96 [1]

在泰国，瑞银预计友邦新业务价值同比增长为高单位数。新加坡方面，由于4月产品组合调整，预计第 三季度新业务价值的同比增速，将较上半年放缓。马来西亚方面，由于代理渠道的逆风将逐渐消退，估 计新业务价值将温和复苏。其他市场方面，预测在印度和越南的支持下，友邦新业务价值将实现双位数 增长。 该信息由智通财经网提供 瑞银表示，以固定汇率计算，尽管友邦自今年7月1日引入利率上限指引，香港第三季度新业务价值增长 依然强劲，认为内地访港旅客(MCV)在代理渠道的业务势头，在第三季度持续强劲。中国方面，预测友 邦第三季度的新业务价值将同比反弹20%(上半年下跌4%)。 智通财经APP获悉，瑞银发布研报称，估计友邦保险(01299)2025年下半年内含价值(EV)按半年增10% (上半年按半年增长2.6%);瑞银根据市场最新宏观环境微调盈利和内含价值，维持友邦保险目标价88港 元不变，评级"买入"。 友邦保险将于10月31日公布2025年第三季度业绩，估计第三季度新业务价值 (VNB)按实际汇率(AER)及固定汇率(CER)基础，分别同比增加18%、17%，较上半年16%及14%增速有 所加快。瑞银认为，其较强的增长主要受中国市 ...

投行对该股的评级以买入为主，近90天内共有8家投行给出买入评级，近90天的目标均价为85.37港元。兴证 国际最新一份研报给予友邦保险买入评级。 瑞银发布研报称，估计友邦保险(01299.HK)2025年下半年内含价值(EV)按半年增10%(上半年按半年增长 2.6%);瑞银根据市场最新宏观环境微调盈利和内含价值，维持友邦保险目标价88港元不变，评级"买入"。 机构评级详情见下表： | 股票代码 | 股票简称 | 投行名称 | 发布日期 | 评级 | 目标价(港元) | | | --- | --- | --- | --- | --- | --- | --- | | 01299.HK | 友邦保险 | 当国际米 | 2025-08-25 | 买人 | | | | 01299.HK | 友邦保险 | 交银国际证券有限公司 | 2025-08-24 | 买入 | 84.00 | | | 01299.HK | 友邦保险 | 中信建投 | 2025-08-23 | 买人 | 85.30 | | | 01299.HK | 友邦保险 | 华西证券 | 2025-08-23 | 増持 | | | | 01299.HK | 友 ...

瑞银发布研报称，估计友邦保险(01299)2025年下半年内含价值(EV)按半年增10%(上半年按半年增长 2.6%);瑞银根据市场最新宏观环境微调盈利和内含价值，维持友邦保险目标价88港元不变，评级"买 入"。 瑞银表示，以固定汇率计算，尽管友邦自今年7月1日引入利率上限指引，香港第三季度新业务价值增长 依然强劲，认为内地访港旅客(MCV)在代理渠道的业务势头，在第三季度持续强劲。中国方面，预测友 邦第三季度的新业务价值将同比反弹20%(上半年下跌4%)。 在泰国，瑞银预计友邦新业务价值同比增长为高单位数。新加坡方面，由于4月产品组合调整，预计第 三季度新业务价值的同比增速，将较上半年放缓。马来西亚方面，由于代理渠道的逆风将逐渐消退，估 计新业务价值将温和复苏。其他市场方面，预测在印度和越南的支持下，友邦新业务价值将实现双位数 增长。 友邦保险将于10月31日公布2025年第三季度业绩，估计第三季度新业务价值(VNB)按实际汇率(AER)及 固定汇率(CER)基础，分别同比增加18%、17%，较上半年16%及14%增速有所加快。瑞银认为，其较强 的增长主要受中国市场的强劲反弹推动。 ...

Group 1 - The core viewpoint of the report is that AIA Group is expected to announce its operating data for the first three quarters of the year at the end of October, with a projected year-on-year growth of 15% in new business value (VNB) for both the third quarter and the first nine months, based on actual exchange rates [1] - The full-year growth forecast for AIA Group is estimated to be between 14% and 15%, with potential upside coming from accelerated growth in mainland China and smaller ASEAN markets [1] - Bank of America maintains its target price for AIA Group at HKD 90 and continues to rate the stock as "Buy" [1] Group 2 - AIA Group plans to forfeit the unclaimed interim dividend for 2019 [2] - The Hong Kong stock market has seen a general rise in insurance stocks, with China Ping An and AIA Group both increasing by over 2%, indicating a clear recovery trend in the industry [2]

Group 1 - On October 14, a total of 36 Hong Kong stocks were repurchased by companies, with 4 stocks having repurchase amounts exceeding 10 million HKD [1] - The largest repurchase amounts were recorded by Xiaomi Group-W (195 million HKD), Kuaishou-W (98.41 million HKD), and Shoucheng Holdings (36.36 million HKD) [1] - As of October 14, 239 Hong Kong stocks have been repurchased this year, with 53 stocks having a cumulative repurchase amount exceeding 100 million HKD [1] Group 2 - The companies with the largest cumulative repurchase amounts this year include Tencent Holdings (60.965 billion HKD), HSBC Holdings (28.941 billion HKD), and AIA Group (17.693 billion HKD) [1]

大型蓝筹股多数上涨，汇丰控股收报103.922港元，较香港收市涨1.98%;腾讯控股收报623.857港元，较香港收市涨0.46%。 智通财经APP获悉，周二美股三大指数涨跌不一。恒生指数ADR上涨，按比例计算，收报25667.98点，较香港收市涨226.63点或0.89%。 | 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代在 | ADR换算价 | 较港股升跌 | 较港股升跌% | ADRE | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | O 00700 | 621.000 | 18.000 | -2.82% | TCEHY | 623.857 | +2.857 | 0.46% | 80 | | 2 | 阿里巴巴-W | 09988 | 155.600 | -7.000 | -4.31% | BABA | 158.258 | +2.658 | 1.71% | 162 | | 3 | 建设银行 | 00939 | 7.490 | +0.170 | 2.32% | ...

以下文章来源于阿尔法工场金融家 ，作者金妹妹 导语：下行周期，没有险企能绕过银保这场"大考"。 头部险企在银保渠道厮杀正酣。暂停银保渠道近10年后的友邦人寿，现在也加入了这场混战。 2025年上半年的经营数据显示，上半年银保业务贡献的新业务价值，占了友邦人寿整体的 16%，业内预计这一比例今年全年可能会超过30%。 长期以来，友邦人寿始终以高端代理人渠道为显著标识，银保业务几乎被有意回避。如今这 一悄 然转变，业内人士认为，其凸显了外资险企在中国市场压力下的结 构性调整。 过去一年，银保渠道的竞争格局，发生了根本性的变化。 头部险企在下行周期里，在银保的铺量速 度和力度远超以往，直接压缩了银行系保险公司与中小 险企的生存空间。 当大盘承压时，银保几乎成了唯一能"跑出规模"的选择，没有公司能真正置身事外。连友邦都开 始重启银保，这本身就是一种信号。 阿尔法工场金融家 . 追踪保险银行业圈内动态，剖析最新风向，分享有料、有价值的"内行人"洞察见解。 图源：中邮人寿官网 中邮人寿与邮储银行关系紧密，双方同受中国邮政集团有限公司控制。 友邦并不是首次尝试这一渠道。早年，它也曾通过花旗、东亚、中信、浦发等银行开展合作， ...