Core Viewpoints - The non-bank financial sector, including brokerage and insurance, shows continued improvement in fundamentals, highlighting the investment value of the non-bank sector [1] Group 1: Market Performance - As of January 31, 2026, the Shanghai Composite Index reported 4117.95 points, down 0.44%, while the Shenzhen Component Index was at 14205.89, down 1.62% [10] - The CSI 300 Index increased by 0.08%, and the ChiNext Index decreased by 0.09% [10] - The CITIC II Securities Index fell by 0.71%, while the CITIC II Insurance Index rose by 5.41% [10] Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - Listed insurance companies are expected to maintain high growth, with a marginal improvement in long-term interest rate spreads [15] - As of January 30, 2026, the 10-year government bond yield was 1.81%, down 2 basis points from the previous week, indicating a cautious risk preference in the equity market [12] - The insurance sector is benefiting from a stable long-term interest rate environment and an upward trend in the equity market, which is expected to drive performance growth in Q1 2026 [15] Securities Sector - The securities market is showing positive core indicators, with a projected high growth in Q1 2026, supported by improved trading volume and margin financing [16] - As of January 30, 2026, 17 brokerages reported a total net profit of 1153.44 billion CNY for 2025, a year-on-year increase of 60.27% [19] - The average daily trading volume of all A and B shares reached 2.90 trillion CNY, a 144.26% increase compared to the same period in 2025, indicating a significant rise in market activity [21] Group 3: Investment Opportunities - The launch of commercial real estate REITs is expected to expand business opportunities, with the first three products anticipated to raise over 13 billion CNY [27] - The REITs initiative aims to activate existing commercial real estate assets and enhance the supply of capital market products, indicating strong market demand [27] - The insurance sector is advised to focus on companies like China Ping An, China Life, and New China Life, which are expected to benefit from favorable market conditions [15]

Market Overview - The Hang Seng Index (HSI) closed at 27,158.76, down by 228.35 points or 0.83% [1] - The index reached a high of 27,426.11 and a low of 27,082.20 during the trading session, with a trading volume of 46.7689 million [1] Major Blue-Chip Stocks Performance - Most large-cap stocks experienced declines, with notable movements including: - Tencent Holdings closed at HKD 606.00, down by HKD 16.00 or 2.57% [3] - Alibaba Group (ADR) fell to HKD 169.20, down by HKD 4.10 or 2.37% [3] - HSBC Holdings reported a slight decrease to HKD 136.60, down by HKD 1.00 or 0.73% [3] - Other significant declines included: - China Mobile down by 9.29% to HKD 36.12 [3] - BYD Company down by 3.98% to HKD 97.75 [3] - Meituan down by 1.42% to HKD 97.20 [3] Stock Price Movements - The following stocks showed notable price changes: - AIA Group down by 0.66% to HKD 90.35 [3] - Xiaomi Corporation down by 3.06% to HKD 35.50 [3] - JD.com down by 1.92% to HKD 112.40 [3] - Some stocks remained stable or showed minor gains, such as: - New World Development up by 0.88% to HKD 125.70 [3] - Bank of China up by 0.19% to HKD 41.24 [3]

Core Viewpoint - Goldman Sachs reports that AIA's valuation is supported by stable compound growth in new business value, embedded value, and post-tax operating profit [1] Group 1: Growth Indicators - AIA's premium income growth has slowed, but embedded value growth has recovered and is on an upward trend [1] - From 2011 to 2019, the average annual growth of new business value was 24%, compared to the estimated average growth of about 15% from 2023 to 2028 [1] - The expected operating return on embedded value is projected to reach 15% by 2025, matching the fastest growth momentum seen in the fiscal years 2018 to 2019 [1] Group 2: Financial Performance - AIA is repurchasing free surplus, with a return on equity significantly higher than historical levels, expected to reach 17% from 2023 to 2028 [1] - Despite investor concerns regarding the increasing proportion of savings-type products in the mainland and Hong Kong markets, the valuation reflects these concerns, making the current risk-reward profile attractive [1] Group 3: Valuation and Ratings - Goldman Sachs has raised its forecast for AIA's new business value for 2025 to 2027 by 3% to 4% [1] - The target price for AIA has been increased from HKD 85 to HKD 96, with a reiterated "Buy" rating [1]

Group 1 - Goldman Sachs reports that AIA Group's stock price has increased by 62% since last year, currently valued at 1.4 times the projected intrinsic value for the next year, marking a new high for 2023 but still below the average of 1.7 times from 2013 to 2023 [1] - The target price for AIA has been raised from HKD 85 to HKD 96, equivalent to 1.4 times the projected intrinsic value for 2027, with a reiterated "Buy" rating [1] - AIA's valuation is supported by stable compound growth in new business value, intrinsic value, and post-tax operating profit, with a recovery and upward trend in intrinsic value growth [1] Group 2 - Despite concerns from investors regarding the increasing proportion of savings-type products in mainland and Hong Kong markets, the growth story for AIA remains intact, with current valuation reflecting these risks [2] - The risk-reward profile for AIA's valuation is considered attractive, with an upward revision of new business value forecasts for 2025 to 2027 by 3% to 4% and a 5% increase in net profit forecasts for 2025, primarily reflecting stock market performance in mainland and Thailand [2]

Group 1 - The core viewpoint of the report is that AIA Group's stock price has increased by 62% since last year, currently valued at 1.4 times its projected intrinsic value for the next year, which is a new high for 2023 but still below the average of 1.7 times from 2013 to 2023 [1] - Goldman Sachs raised the target price for AIA from HKD 85 to HKD 96, which corresponds to 1.4 times the projected intrinsic value for 2027, while maintaining a "Buy" rating [1] - The valuation of AIA is supported by stable compound growth in new business value, intrinsic value, and post-tax operating profit [1] Group 2 - Despite concerns from investors regarding the increasing proportion of savings-type products in mainland and Hong Kong markets, the growth story for AIA remains intact, and the current valuation reflects this [2] - The risk-reward profile of AIA's current valuation is considered attractive [2] - The forecast for AIA's new business value for 2025 to 2027 has been increased by 3% to 4%, and the net profit forecast for 2025 has been raised by 5%, primarily reflecting the stock market performance in mainland China and Thailand [2]

Core Viewpoint - Citigroup forecasts AIA Group (01299) to show robust performance in 2025, with new business value expected to grow by 19% year-on-year at actual exchange rates (AER) and 17% at constant exchange rates, driven mainly by growth in Hong Kong, Thailand, and Singapore operations [1] Financial Performance - The company is projected to achieve an 8% increase in operating profit for the previous year, with earnings per share (EPS) expected to rise by 12%, surpassing management's guidance [1] - Embedded value is anticipated to increase by approximately 12% year-on-year [1] Dividend and Share Buyback - The annual dividend per share is expected to increase by 10% to HKD 1.94 [1] - Share buyback amount is projected to reach approximately USD 1.3 billion [1] Target Price and Rating - Citigroup has raised the target price for AIA from HKD 99 to HKD 103, maintaining a "Buy" rating [1]

Group 1 - The core viewpoint of the article is that Citigroup forecasts AIA Group's (01299) performance to be robust in 2025, with a projected new business value growth of 19% year-on-year based on actual exchange rates (AER) [1] - The growth is primarily driven by business expansion in Hong Kong, Thailand, and Singapore [1] - Citigroup predicts that AIA's operating profit for the previous year will increase by 8%, with earnings per share expected to rise by 12%, surpassing the guidance provided by management [1] Group 2 - The intrinsic value of AIA is anticipated to increase by approximately 12% year-on-year [1] - The expected annual dividend per share is projected to rise by 10% to HKD 1.94, with share buyback amounts estimated to reach around USD 1.3 billion [1] - Consequently, Citigroup has raised AIA's target price from HKD 99 to HKD 103, maintaining a "Buy" rating [1]

Group 1 - The core viewpoint of the articles highlights the short-selling activities of various companies, with specific focus on the short-selling ratios and amounts for leading firms in the market [1][2]. Group 2 - The top three companies by short-selling ratio are BYD Company Limited (95.08%), Lenovo Group Limited (85.25%), and Baidu Group (76.60%) [1]. - The highest short-selling amounts are recorded for China Ping An (1.88 billion), Xiaomi Group (1.086 billion), and Alibaba Group (1.062 billion) [2]. - The top three companies with the highest deviation values, indicating significant short-selling activity compared to their historical averages, are Baidu Group (39.38%), BYD Company Limited (35.91%), and Fuhong Hanlin (27.27%) [1][2].

Market Overview - The Hang Seng Index (HSI) closed at 27,742.89, down by 225.20 points or 0.81% as of January 29, 16:00 Eastern Time [1] - The index reached a high of 27,909.81 and a low of 27,419.65 during the trading session, with an average price of 27,664.73 [1] - The 52-week high for the index is 27,909.81, while the 52-week low is 19,335.70 [1] Blue-Chip Stocks Performance - Most large-cap stocks experienced declines, with HSBC Holdings closing at HKD 138.219, up 0.45% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 619.286, down 0.44% from the Hong Kong close [2] Individual Stock Movements - Tencent Holdings (00700) latest price is HKD 622.000, with a slight increase of 1.000 or 0.16% [3] - Alibaba Group (09988) latest price is HKD 173.300, down by 0.200 or 0.12% [3] - HSBC Holdings (00005) latest price is HKD 137.600, up by 0.100 or 0.07% [3] - China Construction Bank (00939) latest price is HKD 8.160, up by 0.130 or 1.62% [3] - AIA Group (01299) latest price is HKD 90.950, up by 2.100 or 2.36% [3] - Xiaomi Group (01810) latest price is HKD 36.620, up by 0.300 or 0.83% [3] - NetEase (099999) latest price is HKD 206.600, down by 5.400 or 2.55% [3] - Meituan (03690) latest price is HKD 98.600, up by 0.250 or 0.25% [3] - Industrial and Commercial Bank of China (01398) latest price is HKD 6.640, up by 0.050 or 0.76% [3] - Hong Kong Exchanges and Clearing (00388) latest price is HKD 444.200, up by 5.000 or 1.14% [3] - Ping An Insurance (02318) latest price is HKD 73.300, up by 2.350 or 3.31% [3] - Baidu Group (09888) latest price is HKD 155.500, down by 0.600 or 0.38% [3] - China Bank (03988) latest price is HKD 4.760, up by 0.090 or 1.93% [3] - BYD Company (01211) latest price is HKD 101.800, down by 1.000 or 0.97% [3] - JD.com (09618) latest price is HKD 114.600, down by 1.700 or 1.46% [3] - Ctrip Group (09961) latest price is HKD 482.200, down by 13.200 or 2.66% [3]

Core Viewpoint - Citigroup forecasts AIA Group's performance in 2025 to be robust, with new business value expected to grow by 19% year-on-year at actual exchange rates (AER) and 17% at constant exchange rates, driven primarily by growth in Hong Kong, Thailand, and Singapore operations [1] Financial Performance - The firm predicts AIA's operating profit for the previous year to increase by 8%, with earnings per share (EPS) expected to rise by 12%, surpassing the guidance provided by management [1] - Embedded value is anticipated to grow by approximately 12% year-on-year [1] Dividend and Share Buyback - The annual dividend per share is expected to increase by 10% to HKD 1.94 [1] - Share buyback amount is projected to reach approximately USD 1.3 billion [1] Target Price and Rating - Citigroup has raised AIA's target price from HKD 99 to HKD 103, maintaining a "Buy" rating [1]