Core Viewpoint - AIA Life Insurance Company has launched the "Square of Love - 2026 AIA Children's Education Fund Public Welfare Program" in collaboration with the China Children and Teenagers' Fund, aiming to support underprivileged girls' education through a portion of premiums from specific insurance products [1][3]. Group 1 - The program runs from February 1 to March 31, 2026, where customers purchasing designated AIA wealth insurance products will contribute to a public welfare donation based on a percentage of their premiums [1]. - The funds will be allocated to the "Building a Better Future Together" project, specifically to provide scholarships for girls in difficult circumstances, helping them complete their education and achieve their dreams [1][3]. Group 2 - This initiative integrates family financial planning with corporate social responsibility, encouraging families to save for their children's education while also participating in charitable actions to support underprivileged girls [3]. - Since its return to mainland China in 1992, AIA Life has actively fulfilled its corporate social responsibility, focusing on talent development, assistance for vulnerable groups, rural revitalization, and emergency disaster relief [3]. - AIA Life has donated over 5 million yuan, benefiting 9,915 underprivileged girls across 12 provinces and cities, demonstrating the company's commitment to social responsibility [3]. Group 3 - AIA Life's executives emphasize the importance of education in changing the destinies of underprivileged girls and express a commitment to continue investing in public welfare, making finance more compassionate [3]. - The launch of the "Square of Love" program marks a new step in AIA's journey of corporate social responsibility, with plans to collaborate with more partners and focus on key support groups, particularly the elderly and children [3].

Group 1 - The article highlights the top short-selling ratios for various companies, with JD Health-R, Anta Sports-R, and Lenovo Group-R leading the list at 100.00%, 89.98%, and 89.87% respectively [1][2] - The top three companies by short-selling amount are CSPC Pharmaceutical Group at 1.268 billion, Zijin Mining Group at 1.031 billion, and Xiaomi Group-W at 1.014 billion [1][2] - The highest deviation values in short-selling are recorded for Kuaishou-WR at 36.02%, Xiaomi Group-WR at 30.00%, and Heptagon Pharmaceuticals-B at 26.77% [1][2] Group 2 - The top ten short-selling ratios include JD Health-R at 100.00%, Anta Sports-R at 89.98%, and Lenovo Group-R at 89.87%, with Kuaishou-WR and Xiaomi Group-WR also featuring prominently [2] - The top ten short-selling amounts show CSPC Pharmaceutical Group leading with 1.268 billion, followed by Zijin Mining Group and Xiaomi Group-W [2] - The top ten deviation values indicate significant short-selling activity, particularly for Kuaishou-WR and Xiaomi Group-WR, suggesting potential volatility [2]

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].