Core Insights - Multiple insurance companies have officially lowered their "prepaid interest rates," leading to a general contraction in market discounts, prompting investors to assess their USD asset allocation needs and lock in high-interest offers before deadlines [1][6]. Summary by Category Insurance Companies and Products - AIA's prepaid interest rate for "盈Y3" and "环活盈活" remains at 4.3% for the first year and 3.8% for four years, with a deadline of October 31 [7]. - Prudential's "信S明天" offers a prepaid interest rate of 3.8% for one year and 4.8% for four years, with a deadline of October 7 [7]. - Manulife's "宏Z传承" maintains a prepaid interest rate of 4.5% for one year, with an additional 0.5% for combined critical illness/life insurance, deadline November 13 [7]. - Sun Life's "挚H" offers a prepaid interest rate of 4% for one year, with a deadline of October 31 [7]. - FWD's "富R千秋plus" maintains a prepaid interest rate of 7.5% for one year, with a deadline of October 31 [7]. Market Trends - The market is currently in a critical adjustment phase as the Federal Reserve enters a new rate-cutting cycle, influencing the downward adjustment of prepaid interest rates by Hong Kong insurance companies [5][6]. - The latest promotional policies show that most insurers still maintain prepaid discounts, while some are dynamically adjusting their rates [5][6]. Specific Rate Changes - AIA's prepaid interest rates have been adjusted from 4.3%/4.7% in September to 3.8%/4.0% [5]. - Zurich's "瑞J" maintains a prepaid interest rate of 5% with a premium discount of 27%, deadline December 31 [8]. - China Life Overseas's "智Y世代" keeps a prepaid interest rate of 4%, while "傲珑" offers a rate of 5% [8].

9日凌晨，美联储公布9月联邦公开市场委员会（FOMC）会议纪要。 与会的美联储委员们一致认为，目前的经济指标显示就业增长有所放缓，失业率略有上升，劳动力市场出现疲软迹象。与此同时，通胀率仍然略高于2% 的目标。几乎所有委员都同意，将联邦基金利率目标区间下调25个基点至4%至4.25%之间。 据悉，9月会议的投票结果为11比1。唯一反对的成员是由美国总统特朗普任命的新上任的美联储理事斯蒂芬·米兰（Stephen Miran），他主张降息50个基 点。 19位参会官员中，略多于一半的人预计今年还将至少再降息两次，但有数人预计2025年剩余时间内只会降息一次或不再降息。 美联储下一次议息会议将在10月28日至29日进行 9月18日凌晨2点，美联储正式宣布降息25个基点，是美联储继去年12月以来的首次降息，再次启动了降息步伐， | About | News | Monetary | Stay Connected · Recent Postings · Calendar · Publications · Site Map · A-Z index · Careers · FAQs · Videos · Contact · ...

Core Viewpoint - The release of the "Guiding Opinions on Promoting the High-Quality Development of Health Insurance" by the China Banking and Insurance Regulatory Commission (CBIRC) is expected to benefit the long-term development of health insurance, improving the investment ecology for insurance funds in a persistently low interest rate environment. The implementation of new standards is anticipated to enhance the profitability elasticity of insurance companies as stock holdings increase [1][2]. Group 1: Policy Highlights - The policy supports the development of dividend-type long-term health insurance, allowing well-rated insurance companies to engage in this business, which has seen improvements in pricing standards and consumer protection [3]. - The introduction of "personal account-style long-term medical insurance" emphasizes the accumulation of personal funds to cover out-of-pocket expenses, aiming to alleviate financial pressure on residents' medical insurance funds [4]. - The policy encourages the development of commercial insurance payment functions to reduce the burden on basic medical insurance and support the innovation of drugs and medical devices [5]. Group 2: Industry Development Opportunities - The policy promotes data sharing and collaboration across industries to enhance the efficiency of commercial health insurance claims [6]. - Support is provided for health insurance companies to integrate health management services into their products, potentially creating a competitive advantage in the market [7][8]. - New opportunities are anticipated for long-term care insurance, with provisions for converting life insurance benefits into care expenses and addressing various care needs [9].

Core Viewpoint - The article discusses the analysis of the embedded value changes of listed life insurance companies for the first half of 2025, highlighting a 7.7% growth in embedded value, driven by various factors including expected returns and new business value creation [2][14]. Summary by Sections Embedded Value Changes - The embedded value of listed life insurance companies increased by 7.7% in the first half of 2025, with the expected return on the initial embedded value contributing 2.8%, new business value creation contributing 2.6%, investment return differences contributing 1.4%, and operational experience deviations contributing 0.83% [14][26]. ROEV Analysis - The overall Return on Embedded Value (ROEV) for listed life insurance companies was 6.3%, a decrease of 0.5 percentage points year-on-year. Companies like China Life, Ping An Life, and Taiping Life saw a decline in ROEV, while New China Life, AIA, and Sunshine Life experienced improvements [29][30]. Factors Influencing Embedded Value - The factors influencing the embedded value changes are ranked as follows: expected return on embedded value, new business value creation, investment return differences, operational experience deviations, and changes in assumptions and models [16][18]. Detailed Breakdown of Influencing Factors - **Expected Return on Embedded Value**: Averaged 2.8%, down 0.5 percentage points year-on-year, with most companies (except AIA) showing a decline [18]. - **New Business Value Creation**: Contributed 2.56%, down 0.2 percentage points year-on-year, with some companies like Ping An Life and New China Life showing improvements while others declined [18]. - **Operational Experience Deviations**: Averaged 0.83%, up 0.1 percentage points year-on-year, indicating positive impacts from actual operational experiences [23]. - **Investment Return Differences**: Averaged 1.4%, up 0.5 percentage points year-on-year, with most companies reporting positive deviations [26]. Company-Specific Insights - Sunshine Life reported the highest ROEV at 11.1%, followed by AIA at 8.6% and Ping An Life at 7.5% [30].

Core Viewpoint - Hong Kong Stock Exchange (HKEX) announced the introduction of weekly options for five stocks starting from November 10, 2025, enhancing short-term risk management tools for investors [1] Group 1: New Weekly Options - The five stocks that will have new weekly options are China National Offshore Oil Corporation (00883), China Mobile (600941), Semiconductor Manufacturing International Corporation (00981), AIA Group Limited (01299), and Xiaomi Group (01810) [1] - The new weekly options will complement existing monthly contracts, providing investors with more flexibility [1] Group 2: Contract Details - The contract trading units for the respective stocks are as follows: - China Mobile: 500 shares - Semiconductor Manufacturing International Corporation: 2,500 shares - AIA Group Limited: 1,000 shares - Xiaomi Group: 1,000 shares - Weekly expiry dates for Semiconductor Manufacturing International Corporation are set for November 14 and November 21, 2025 [2]

Core Viewpoint - Hong Kong Stock Exchange announced the introduction of weekly options contracts for five stocks starting November 10, 2025, enhancing short-term risk management tools for investors [1]. Group 1: New Weekly Options - The five stocks that will have new weekly options include China National Offshore Oil Corporation (00883), China Mobile (00941), Semiconductor Manufacturing International Corporation (00981), AIA Group Limited (01299), and Xiaomi Corporation (01810) [1]. - The new weekly options will complement existing monthly contracts, providing investors with greater flexibility [1]. Group 2: Contract Details - The contract trading units for the respective stocks are as follows: - China National Offshore Oil Corporation (883): 1,000 shares - China Mobile Limited (941): 500 shares - Semiconductor Manufacturing International Corporation (981): 2,500 shares, with weekly expirations on November 14 and November 21, 2025 - AIA Group Holdings Limited (1299): 1,000 shares - Xiaomi Corporation (1810): 1,000 shares [2].

Core Viewpoint - Goldman Sachs released its October Asia-Pacific strategy report, highlighting a list of recommended stocks based on the "earnings revision leading indicator" criterion, focusing on Hong Kong and Chinese concept stocks [1] Group 1: Recommended Stocks - Tencent (00700.HK) is included in the list of recommended stocks [1] - Alibaba-W (09988.HK) is also featured as a buy recommendation [1] - Xiaomi-W (01810.HK) is highlighted as a potential investment opportunity [1] - AIA Group (01299.HK) is part of the recommended stocks [1] - Pinduoduo (PDD.US) is listed among the buy stocks [1] - Hong Kong Exchanges and Clearing (00388.HK) is included in the recommendations [1] - Ping An Insurance (02318.HK) is mentioned as a buy [1] - Kuaishou-W (01024.HK) is part of the recommended list [1] - Techtronic Industries (00669.HK) is highlighted as a potential investment [1] - China Pacific Insurance (02328.HK) is included in the buy recommendations [1] - Lenovo Group (00992.HK) is featured in the list [1] - ZTO Express-W (02057.HK) is also recommended [1] - Hua Hong Semiconductor (01347.HK) is part of the buy list [1] - Kingdee International (00268.HK) is included in the recommendations [1] - GDS Holdings Limited-SW (09698.HK) is highlighted as a potential investment [1] - AAC Technologies (02018.HK) is part of the recommended stocks [1] - BYD Electronic (00285.HK) is included in the buy recommendations [1] - China International Capital Corporation (03908.HK) is featured in the list [1] - Weichai Power (02338.HK) is mentioned as a buy [1] - CRRC Corporation (01766.HK) is included in the recommendations [1] - JD Logistics (02618.HK) is part of the recommended stocks [1] - Swire Pacific A (00019.HK) is highlighted as a potential investment [1] - Miniso Group (09896.HK) is included in the buy recommendations [1] - Times Electric (03898.HK) is part of the recommended list [1] - Haitian International (01882.HK) is also featured in the recommendations [1]

高盛发表10月亚太区策略报告，按「盈利重评领先指标」准则，列出最新的买入股(只列港股及中概股) 名单： 腾讯(00700.HK) 阿里巴巴-W(09988.HK) 小米-W(01810.HK) 友邦(01299.HK) 拼多多(PDD.US) 港交所(00388.HK) 中国平安(02318.HK) 快手-W(01024.HK) 创科(00669.HK) 中国财险(02328.HK) 联想集团(00992.HK) 中通快递－W(02057.HK) 华虹半导体(01347.HK) 金蝶国际(00268.HK) 万国数据-SW(09698.HK) 瑞声(02018.HK) 比亚迪电子(00285.HK) 中金公司(03908.HK) 潍柴动力(02338.HK) 中国中车(01766.HK) 京东物流(02618.HK) 太古A(00019.HK) 名创优品(09896.HK) 时代电气(03898.HK) 海天国际(01882.HK） ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01299 | | 說明 | | | | | | | 多櫃檯證券代號 | 81299 | RMB 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 10,504,433,563 | | 0 | | 10,504,433,563 | | 增加 / 減少 (-) | | | | 6,400 | | 0 | | | | 本月底結存 | | | | 10,504,439,963 | | 0 | | 10,504,439,963 | 第 2 頁 共 11 頁 v 1.1.1 III.已發行股份及/或庫存股份變動詳情 (A) ...

Market Overview - The Hang Seng Index (HSI) closed at 26,857.70, down by 100.07 points or 0.37% as of October 7, 16:00 Eastern Time [1] - The index reached a high of 27,169.45 and a low of 26,849.11 during the trading session, with a trading volume of 47.63 million [1] - The HSI's 52-week high is 27,275.90 and the low is 18,856.77, indicating a trading range of 1.19% [1] Blue-Chip Stocks Performance - Major blue-chip stocks mostly declined, with HSBC Holdings closing at HKD 110.069, down 0.75% from the Hong Kong market close [2] - Tencent Holdings closed at HKD 670.363, down 1.05% compared to the Hong Kong market close [2] Individual Stock Movements - Tencent Holdings (00700) saw a slight increase of 0.59% to HKD 677.500, but its ADR price was HKD 670.363, reflecting a decrease of 7.137 [3] - Alibaba Group (09988) decreased by 2.49% to HKD 180.500, with its ADR price at HKD 176.415, down by 4.085 [3] - HSBC Holdings (00005) increased by 0.91% to HKD 110.900, while its ADR price was HKD 110.069, down by 0.831 [3] - Other notable declines include Xiaomi Group (01810) down 2.09% to HKD 53.850 and JD.com (09618) down 2.14% to HKD 137.200 [3]