Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are Green Power Environmental (70.12%), China Telecom (69.73%), and COSCO Shipping Energy (69.52%) [1][2] - Alibaba-W, Tracker Fund of Hong Kong, and Tencent Holdings saw the largest increases in holding amounts over the last five trading days, with increases of +36.52 billion, +14.31 billion, and +11.54 billion respectively [1][2] - The largest decreases in holding amounts were observed in China Mobile (-6.21 billion), China Telecom (-3.50 billion), and China Construction Bank (-3.35 billion) [1][3] Group 1: Hong Kong Stock Connect Holding Ratios - Green Power Environmental (01330) has a holding ratio of 70.12% with 284 million shares [2] - China Telecom (00728) has a holding ratio of 69.73% with 9.678 billion shares [2] - COSCO Shipping Energy (01138) has a holding ratio of 69.52% with 901 million shares [2] Group 2: Recent Increases in Holdings - Alibaba-W (09988) increased by +36.52 billion with a change of +20.56 million shares [2] - Tracker Fund of Hong Kong (02800) increased by +14.31 billion with a change of +52.11 million shares [2] - Tencent Holdings (00700) increased by +11.54 billion with a change of +1.71 million shares [2] Group 3: Recent Decreases in Holdings - China Mobile (00941) decreased by -6.21 billion with a change of -7.46 million shares [3] - China Telecom (00728) decreased by -3.50 billion with a change of -66.46 million shares [3] - China Construction Bank (00939) decreased by -3.35 billion with a change of -45.96 million shares [3]

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 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國人民財産保險股份有限公司 備註： 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 15,343,471,470 RMB | | 1 | RMB | | 15,343,471,470 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 15,343,471,470 RMB | | 1 | RMB | | 15,343,471,470 | | ...

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]

Core Viewpoint - Goldman Sachs released its October Asia-Pacific strategy report, highlighting a list of recommended stocks based on the "Earnings Revisions Leading Indicator" criteria, focusing on Hong Kong and Chinese concept stocks [1] Group 1: Recommended Stocks - The report includes a list of stocks recommended for purchase, which are: - Tencent (00700.HK) - Alibaba-W (09988.HK) - Xiaomi-W (01810.HK) - AIA (01299.HK) - Pinduoduo (PDD.US) - Hong Kong Exchanges and Clearing (00388.HK) - Ping An Insurance (02318.HK) - Kuaishou-W (01024.HK) - Techtronic Industries (00669.HK) - China Pacific Insurance (02328.HK) - Lenovo Group (00992.HK) - ZTO Express-W (02057.HK) - Hua Hong Semiconductor (01347.HK) - Kingdee International (00268.HK) - GDS Holdings-SW (09698.HK) - AAC Technologies (02018.HK) - BYD Electronic (00285.HK) - China International Capital Corporation (03908.HK) - Weichai Power (02338.HK) - CRRC Corporation (01766.HK) - JD Logistics (02618.HK) - Swire Pacific A (00019.HK) - Miniso Group (09896.HK) - Times Electric (03898.HK) - Haitian International (01882.HK) [1]

股票名称 净流出(元)↓ 净流出比 收盘价 中国移动(00941) -6.35 亿 -61.43% 85.000(-0.12%) 中国电信 (00728) -3.59 亿 -113.73% 5.390(-0.19%) 建设银行(00939) -3.38 亿 -18.39% 7.380(+1.10%) 中国财险 (02328) -2.86 亿 -110.28% 17.450(+1.28%) 中国石油化工股份(00386) -2.16 亿 -51.00% 4.070(+0.49%) 长飞 光纤光缆(06869) -1.53 亿 -9.24% 50.350(-8.62%) 中国石油股份(00857) -1.42 亿 -28.47% 7.110(+0.42%) 吉 利汽车(00175) -1.33 亿 -13.99% 18.230(-1.19%) 海尔智家(06690) -1.06 亿 -18.20% 24.840(-0.88%) 中国平 安(02318) -1.04 亿 -5.85% 52.400(+0.29%) 前10大净流入比榜 股票名称 净流入比↓ 净流入(元) 收盘价 GX恒生科技(02837) 462.0 ...

Group 1 - On September 26, the top three stocks with net inflows from southbound funds were Alibaba-W (09988) with 34.60 billion, Yingfu Fund (02800) with 14.02 billion, and Tencent Holdings (00700) with 11.06 billion [1][2] - The top three stocks with net outflows were China Mobile (00941) with -6.35 billion, China Telecom (00728) with -3.59 billion, and China Construction Bank (00939) with -3.38 billion [1][2] - In terms of net inflow ratio, GX Hengsheng Technology (02837) led with 462.02%, followed by Green Power Environmental (01330) with 156.44%, and Anjii Food (02648) with 127.61% [1][2] Group 2 - The top ten stocks with the highest net inflows included Xiaomi Group-W (01810) with 11.00 billion and Huahong Semiconductor (01347) with 8.23 billion [2] - The top ten stocks with the highest net outflows included China Petroleum & Chemical Corporation (00386) with -2.16 billion and Changfei Optical Fiber Cable (06869) with -1.53 billion [2] - The net outflow ratios for the top ten stocks included Tianjin Chuangye Environmental Protection (01065) at -123.57% and China Telecom (00728) at -113.73% [3][4]

Key Points - On September 26, 2023, the top three stocks with net inflows from southbound funds were Alibaba-W (09988) with 34.60 billion, Yingfu Fund (02800) with 14.02 billion, and Tencent Holdings (00700) with 11.06 billion [1][2] - The top three stocks with net outflows were China Mobile (00941) with -6.35 billion, China Telecom (00728) with -3.59 billion, and China Construction Bank (00939) with -3.38 billion [1][2] - In terms of net inflow ratio, GX Hang Seng Technology (02837) led with 462.02%, followed by Green Power Environmental (01330) with 156.44%, and Anjuke Food (02648) with 127.61% [1][2] - The top three stocks with the highest net outflow ratios were Tianjin Chuangye Environmental Protection (01065) at -123.57%, China Telecom (00728) at -113.73%, and China Pacific Insurance (02328) at -110.28% [1][2] Net Inflow Rankings - The top ten stocks by net inflow included: - Alibaba-W (09988): 34.60 billion, 13.44% [2] - Yingfu Fund (02800): 14.02 billion, 9.22% [2] - Tencent Holdings (00700): 11.06 billion, 8.77% [2] - Xiaomi Group-W (01810): 11.00 billion, 4.71% [2] - Huahong Semiconductor (01347): 8.23 billion, 15.41% [2] - The top ten stocks by net outflow included: - China Mobile (00941): -6.35 billion, -61.43% [2] - China Telecom (00728): -3.59 billion, -113.73% [2] - China Construction Bank (00939): -3.38 billion, -18.39% [2] - China Pacific Insurance (02328): -2.86 billion, -110.28% [2] - China Petroleum & Chemical Corporation (00386): -2.16 billion, -51.00% [2] Net Inflow Ratio Rankings - The top three stocks by net inflow ratio were: - GX Hang Seng Technology (02837): 462.02%, 16.14 million [3] - Green Power Environmental (01330): 156.44%, 3.21 million [3] - Anjuke Food (02648): 127.61%, 1.14 million [3] - The top three stocks by net outflow ratio were: - Tianjin Chuangye Environmental Protection (01065): -123.57%, -2.42 million [3] - China Telecom (00728): -113.73%, -3.59 billion [3] - China Pacific Insurance (02328): -110.28%, -2.86 billion [3]

Core Insights - The company has successfully issued its first batch of concept validation and pilot insurance, providing risk coverage for key R&D projects of eight technology enterprises and research institutions [1] - The projects are located in Xiong'an New Area, Jiangsu, Anhui, Hubei, and Liaoning, covering various fields such as AI diagnostics, healthcare, fine chemicals, optical materials, ship engineering, and pharmaceutical processing [1] - The new insurance products aim to address the challenges and uncertainties faced during the concept validation, pilot, and mid-term testing phases, helping technology companies focus on core technology development without fear of errors or setbacks [1] Product Development - The company has established a product system that covers the entire life cycle of technology activities, including R&D, achievement transformation, and application promotion [1] - Specialized risk solutions have been formed in niche sectors such as aerospace, new energy, and biomedicine [1] - The introduction of these two new products enhances the risk protection chain for early-stage technological innovation, ensuring continuous risk coverage from the early validation phase of technological achievements [1]

Core Insights - The launch of the first batch of patent pool operation liability insurance by PICC Property and Casualty in Wuxi, Jiangsu, and Ningbo, Zhejiang aims to provide precise risk protection for patent pool operators facing risks such as patent infringement, invalidation, or breach of licensing agreements [1][2] Group 1: Patent Pool Operation - A patent pool is a management and utilization model that consolidates patents from multiple rights holders in a specific technology field to create a shared resource pool for efficient management and operation [1] - Patent pools are typically initiated and operated by industry players with significant innovation advantages and influence, or managed by third-party organizations [1] Group 2: Insurance Product Features - The insurance product specifically covers losses due to operator negligence leading to patent infringement, invalidation, or breach of licensing agreements, thereby alleviating concerns for patent pool operators [2] - PICC Property and Casualty plans to continuously improve its intellectual property insurance product and service system to support patent conversion, technological innovation, and industrial innovation [2]

Core Viewpoint - The insurance industry is experiencing a recovery in premium growth driven by savings-type insurance products, particularly dividend insurance, since 2025. The recent adjustments in predetermined interest rates are expected to influence product attractiveness and sales strategies within the industry [1][2]. Industry Overview - As of the end of August 2025, the insurance industry achieved a total original premium income of 47,999 billion yuan, marking a year-on-year increase of 9.63%, with growth accelerating for five consecutive months. Life insurance accounted for 37,999 billion yuan, reflecting an 11.32% increase [2][3]. - The life insurance sector saw a significant monthly premium income growth of 47.24% in August, driven by short-term "炒停售" (speculative suspension) activities [3][4]. Product Insights - The predetermined interest rates for ordinary products, dividend insurance, and universal insurance have been lowered to 2.0%, 1.75%, and 1.0%, respectively, with reductions of 50 basis points, 25 basis points, and 50 basis points. This adjustment is expected to stimulate premium income in the short term [4][5]. - Dividend insurance is becoming a core product in a low-interest-rate environment, as it offers a "low guaranteed return + high floating return" structure, allowing insurance companies to share investment risks with policyholders and reduce rigid repayment costs [5][6]. Financial Performance - In the first eight months of 2025, property insurance companies reported a total premium income of 12,201 billion yuan, a year-on-year increase of 4.67%. Notably, auto insurance premiums reached 6,006 billion yuan, up 4.33%, while non-auto insurance premiums grew by 5.0% [6]. Recommendations - Companies with strong sales foundations, such as China Ping An (601318.SH) and China Property & Casualty Insurance (02328), are recommended for attention due to their potential benefits from the current market dynamics [7].