FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： Prudential plc 保誠有限公司* (* 僅供識別) 呈交日期： 2025年8月25日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02378 | 說明 | | 普通股每股0.05英鎊 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | ...

Core Viewpoint - The current A-share market is experiencing a rapid rotation of styles, leading investors to focus on index-enhanced products to achieve stable excess returns [1] Group 1: Market Structure and Investment Strategy - The market is transitioning from a "barbell" structure to a more balanced recovery, with funds beginning to flow back to mid-cap stocks, which have solid fundamentals and reasonable valuations [1] - The China Securities A500 Index is highlighted for its dual advantages in market capitalization style and alpha space, making it a favorable path for capturing excess returns [1] - Approximately 70% of the A500 index constituents overlap with the CSI 300 index, providing stability, while the remaining 30% includes more growth-oriented sectors like TMT, offering higher growth potential [1][2] Group 2: Factor Selection and Risk Management - The investment strategy employs a combination of 60% fundamental factors and 40% price-volume factors, focusing on fundamental momentum and turnaround situations [2] - The risk management approach has evolved from static to dynamic, allowing for adjustments based on individual stock liquidity, estimated impact costs, and fundamental strength [2] - The strategy emphasizes a disciplined and systematic approach to quantitative investment, prioritizing long-term, reusable frameworks over short-term gains [4]

Core Viewpoint - The current A-share market is experiencing rapid style rotation, leading investors to focus on index-enhanced products to achieve stable excess returns [1] Group 1: Market Structure and Investment Strategy - The market has shown a "barbell structure" over the past two years, with funds concentrated in low-valuation large-cap blue chips and small-cap stocks, while mid-cap stocks have been under pressure [2] - As the policy environment improves and risk appetite rises, funds are beginning to flow back into mid-cap stocks, creating a potential allocation window for companies with solid fundamentals and reasonable valuations [2] - The introduction of the CSI A500 index enhancement product aims to balance win rates and odds, targeting more attractive investment opportunities to enhance cost-effectiveness [2] Group 2: Characteristics of CSI A500 Index - Approximately 70% of the CSI A500 index constituents overlap with the CSI 300 index, providing stability in fundamentals, while about 30% are closer to the CSI 500 index, featuring higher growth potential in emerging industries [2] - This balanced structure offers a good equilibrium between safety margins and upside potential [2] Group 3: Factor Selection and Dynamic Risk Control - The quantitative team employs a systematic model to achieve sustainable excess returns, focusing on factor selection and dynamic risk control [3] - The strategy combines 60% fundamental factors and 40% price-volume factors, with an emphasis on fundamental momentum and turnaround factors [3] - Dynamic risk control measures are tailored based on individual stock liquidity, estimated impact costs, sentiment, and fundamental strength, allowing for more precise risk management [4] Group 4: Market Performance and Strategy Adaptation - Recent market performance has seen extreme institutional clustering in certain technology sectors, increasing the demands on quantitative strategies to generate excess returns [5] - The CSI A500 index enhancement strategy will maintain a balanced exposure without extreme bets on style, focusing on stability in win rates and drawdown management [6] - The quantitative investment philosophy emphasizes discipline and systematic approaches, aiming to enhance strategy effectiveness through detailed optimization [6]

在当下A股市场风格快速轮动的背景下，如何通过指数增强产品争取稳定超额收益，成为投资者关注的 焦点。 中信保诚基金量化基金经理姜鹏认为，当前，市场正处于"哑铃行情"向均衡修复的阶段，中证A500指 数在市值风格与阿尔法空间上具备双重优势，叠加精细化的量化模型与动态风控，有望成为捕捉超额收 益的更优路径。 "变化正在发生。"姜鹏敏锐观察，"随着政策环境改善、风险偏好回升，我们可以看到资金开始从哑铃 的两端向中段回流。基本面扎实、估值合理且尚未被充分挖掘的上市公司，或迎来配置窗口"。 他强调，选择在此时推出中证A500指增产品，核心在于胜率与赔率的平衡，"我们希望去投资更具吸引 力的标的，提升投资的性价比。当前环境下，个人认为中证A500指数契合这一特征。" 具体到中证A500指数的特性，姜鹏表示："从截至7月末的指数成份股来看，中证A500指数成份股中， 约70%与沪深300指数重合，这部分提供了基本面的稳定性；另外约30%则更接近中证500指数的特色， 涵盖较多TMT等新兴产业，具备更高成长弹性。这种稳中有进的结构，使其在安全边际与向上空间之 间形成良好的均衡。" 精细化因子挖掘 与动态风控 在指数底座之上，中 ...

Group 1 - The core viewpoint is that the recent recovery in the equity market presents an opportunity for the CITIC Prudential CSI A500 Index Enhanced Fund, which aims to leverage the index's potential for higher odds and returns [1][2] - The fund manager, Jiang Peng, believes that the A-share market is undergoing structural changes, with mid-cap assets that have been undervalued likely to see a return to normal winning rates [1][2] - The CSI A500 Index combines characteristics of both large-cap and mid-cap stocks, with about 70% of its constituent stocks overlapping with the CSI 300, making it a favorable choice in the current market environment [2] Group 2 - Jiang Peng emphasizes the importance of balancing three key aspects in index enhancement: factors, risk control, and trading [2][3] - The factor selection strategy includes approximately 60% fundamental factors, focusing on profitability quality and growth stability, while the remaining 40% targets trading behavior and volume-price factors [2] - In risk control, a dynamic approach is adopted, allowing for greater deviations for fundamentally strong companies while tightening constraints for those with poor liquidity or negative sentiment [3] Group 3 - The trading aspect is described as a long-term project requiring continuous optimization of execution details, with public quantitative trading facing more constraints compared to private equity [3] - Recent efforts include incorporating unstructured information into factor research, utilizing sentiment analysis and semantic judgment to extract quantifiable factors from historical reports [3] - The fundamental investment logic revolves around two main strategies: identifying and extending momentum in strong fundamentals and capitalizing on rebounds from low points [3]

Core Points - The Shanghai Composite Index opened high and rose, with the CES100 index increasing by 1.17% to 5617.05 points and a trading volume of 1028.52 billion [1] - The CES100 index has seen a 2.51% increase over the past month, an 8.23% increase over the past three months, and a year-to-date increase of 30.83% [1] Index Composition - The top ten holdings of the CES100 index are Tencent Holdings (10.78%), HSBC Holdings (10.05%), Alibaba-W (9.36%), Xiaomi Group-W (6.92%), AIA Group (5.61%), Meituan-W (5.24%), Hong Kong Exchanges and Clearing (4.12%), Standard Chartered Group (2.51%), Prudential (1.96%), and Pop Mart (1.87%) [2] - The CES100 index is fully composed of stocks from the Hong Kong Stock Exchange [2] Sector Allocation - The sector allocation of the CES100 index includes Financials (27.65%), Consumer Discretionary (26.49%), Communication Services (14.67%), Information Technology (9.33%), Healthcare (5.67%), Real Estate (5.39%), Utilities (3.72%), Industrials (3.30%), Consumer Staples (3.15%), and Materials (0.63%) [2] Tracking Funds - Public funds tracking the CES100 index include Huaan CES Hong Kong Stock Connect Selected 100 ETF Link A, Huaan CES Hong Kong Stock Connect Selected 100 ETF Link C, and Huaan CES Hong Kong Stock Connect Selected 100 ETF [2]

Group 1 - Recent executive changes at CITIC Prudential Asset Management Co., Ltd. include the appointment of Chen Zhengyu as General Manager effective from August 19, 2025 [1] - Chen Zhengyu has a background primarily in the banking sector, having worked at various positions in CITIC Bank and served as General Manager of CITIC Bank (Hong Kong) Investment Co., Ltd. before transitioning to the insurance industry [1] - The previous General Manager, Zhao Xiaofan, left due to reaching retirement age in April 2024 and was later investigated for serious violations of discipline and law [2] Group 2 - CITIC Prudential Asset Management, a wholly-owned subsidiary of CITIC Prudential Life Insurance Co., Ltd., was established on March 31, 2020, with a registered capital of 500 million yuan [2] - In 2024, CITIC Prudential Asset Management reported operating revenue of 444 million yuan, a year-on-year increase of 31.75%, and a net profit of 188 million yuan, up 34.29%, ranking 18th among 34 insurance asset management companies [2] - The company heavily relies on its parent company for revenue, with asset management fee income of 357 million yuan, of which 281 million yuan came from entrusted asset management fees from CITIC Prudential Life, accounting for nearly 80% [2] Group 3 - CITIC Prudential Life Insurance experienced significant fluctuations in net profit, reporting a loss of 796 million yuan in 2023 and an increased loss of 1.064 billion yuan in 2024 [2] - In the first half of the current year, under new insurance contract and financial instrument standards, CITIC Prudential Life achieved insurance business income of 18.856 billion yuan, a year-on-year increase of 11.36%, and a net profit of 1.026 billion yuan, successfully turning around from losses compared to the same period last year [2]

| 香港交易及結算所有限公司、香港聯合交易所有限公司及新加坡證券交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何 | | | --- | --- | | 聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 | | | | 股票發行人現金股息（可選擇貨幣及以股份代替）公告 | | 發行人名稱 | Prudential plc 保誠有限公司* (* 僅供識別) | | 股份代號 | 02378 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 考慮派發二零二五年第一次中期股息所依據的建議記錄日期 | | 公告日期 | 2025年8月22日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 有待公佈 | | 股東批准日期 | 不適用 | | 預設選項 | 現金 | | 代息股份信息 | | | 現金股 ...

Group 1 - The company Prudential (02378) announced a share buyback plan, intending to repurchase 296,140 shares at a total cost of £2.9714 million [1] - The buyback price per share is set between £9.94 and £10.09 [1] - The buyback is scheduled to take place on August 21, 2025 [1]

智通财经APP讯，保诚(02378)发布公告，于2025年8月21日斥资297.14万英镑回购股份29.65万股，每股 回购价格为9.94-10.09英镑。 ...