Group 1 - Company has initiated an H-share placement to raise approximately HKD 40 billion for capital supplementation, fintech innovation, and general corporate purposes, marking its first equity financing since listing [1] - The placement involves 215 million H-shares, accounting for approximately 14.63% of the total share capital before placement and 12.76% after placement, with a placement price of HKD 18.25 per share, representing an 8.5% discount to the closing price on June 25 [1] - The expected net proceeds from the fundraising are approximately HKD 38.96 billion [1] Group 2 - The company's insurance premium growth is strong, with a 12.3% year-on-year increase in the first five months of 2025, outperforming the industry, driven by rapid growth in health and auto insurance [2] - The combined ratio (COR) for Q1 is reported at 94.1%, a decrease of 5.3 percentage points year-on-year, with a net profit of HKD 570 million, compared to a loss of HKD 90 million in the same period last year [2] - The company is actively involved in the stablecoin business in Hong Kong, holding approximately 20% of Yuan Coin Technology, which is one of the first institutions to enter the Hong Kong Monetary Authority's stablecoin issuance sandbox [2] Group 3 - The company is expected to see significant profit growth in H1 2025 due to a low base effect, with a net profit of only HKD 55 million in H1 2024, representing a 75% year-on-year decline [2] - As of the end of Q1 2025, the company's core and comprehensive solvency ratios are 214% and 220%, respectively, indicating stability [2] - The recent equity financing is anticipated to strengthen the company's capital position, supporting rapid growth in the insurance sector and ongoing investments in technology [2] Group 4 - The company is expected to maintain a competitive advantage in the internet insurance market, with significant growth potential from technology output and digital banking operations [3] - The profit forecasts for 2025-2027 project the company's net assets to be HKD 22.9 billion, HKD 24.3 billion, and HKD 26.1 billion, respectively, with current market capitalization corresponding to price-to-book (PB) ratios of 1.09, 1.03, and 0.96 for the same years [3] - The company maintains a "buy" rating based on its growth prospects [3]

Regulatory Developments - Six departments, including the People's Bank of China, issued guidelines to enhance commercial health insurance support for innovative drugs, aiming to meet diverse health protection needs [1] - The National Financial Regulatory Administration is working on incorporating inclusive insurance development into the regulatory evaluation system for insurance companies, establishing an assessment mechanism for inclusive insurance [2] Industry Trends - The implementation of new compliance regulations is accelerating, as evidenced by the appointment of chief compliance officers in multiple insurance companies, indicating readiness for the upcoming Compliance Management Measures [3] - The popularity of the Jiangsu Province City Football League has led to increased participation from insurance companies, providing comprehensive risk coverage for players and spectators [4] Capital Movements - Insurance companies have accelerated capital replenishment through significant increases in registered capital and bond issuance, totaling 69.213 billion yuan by June 22, a 95% year-on-year increase [5] - Zhongyou Insurance has been approved to increase its registered capital by 3.98 billion yuan, raising it to 32.643 billion yuan [6] - China United Insurance has received approval to increase its registered capital by 1.2 billion yuan, bringing it to 4.1 billion yuan [7] Corporate Actions - ZhongAn Online plans to place 215 million H-shares, expecting to raise approximately 3.8963 billion HKD after expenses [8] - Guobao Life's 7.6% equity stake was auctioned off, with the new owner being Meishan State-owned Assets Management Company, which acquired it for 176 million yuan [8] Personnel Changes - Baolingjie is set to become the new president of ICBC-AXA Life Insurance, filling a vacancy left by the previous president [9] - Yu Hong has been approved as the general manager of AIA Life Insurance, responsible for strategic planning and daily operations [10] - Wang Xuze has been appointed as the interim head of Taiping Life Insurance, overseeing the company's operations [11] - He Xiao has been approved as the general manager of Zijin Insurance, taking on leadership responsibilities [12]

Group 1 - The Hang Seng Index fell by 0.61% on June 26, with southbound trading totaling HKD 167.21 billion, including HKD 86.25 billion in buying and HKD 80.96 billion in selling, resulting in a net buying amount of HKD 5.29 billion [1] - The southbound trading through the Shenzhen Stock Connect amounted to HKD 52.41 billion, with net buying of HKD 2.04 billion, while the Shanghai Stock Connect saw a total of HKD 114.80 billion with net buying of HKD 3.24 billion [1] - Among the actively traded stocks, Guotai Junan International had the highest trading volume at HKD 31.72 billion, followed by Hong Kong Travel and China Everbright Holdings with HKD 8.89 billion and HKD 5.91 billion respectively [1] Group 2 - Semiconductor Manufacturing International Corporation (SMIC) recorded a net buying amount of HKD 8.96 billion, with a closing price increase of 1.02% [2] - China Construction Bank and Xinda Biopharmaceuticals also saw significant net buying amounts of HKD 5.82 billion and HKD 6.75 billion respectively, while Tencent Holdings experienced the highest net selling of HKD 5.71 billion, despite a slight price increase of 0.10% [2] - A total of 7 stocks, including SMIC and Hong Kong Travel, were active in both the Shenzhen and Shanghai Stock Connects, with SMIC's total trading amount reaching HKD 4.63 billion and a net buying of HKD 8.96 billion [2]

Core Insights - On June 26, several stocks including China Everbright Holdings, Hong Kong Travel, Ocean Park, and Rongchang Biopharmaceutical made their debut on the active trading list of Hong Kong Stock Connect, marking their first appearance in the past month [1][2] - The total trading volume of active stocks on June 26 reached 752.26 billion HKD, accounting for 44.99% of the total trading amount for the day, with a net buying amount of 37.13 billion HKD [1][2] Trading Activity Summary - China Everbright Holdings had a trading volume of 59.07 billion HKD with a net buying of 0.94 billion HKD, closing up by 6.19% [2] - Hong Kong Travel recorded a trading volume of 88.87 billion HKD and a net buying of 5.30 billion HKD, closing up by 85.98% [2] - Ocean Park had a trading volume of 16.72 billion HKD with a net buying of 0.23 billion HKD, closing up by 11.27% [2] - Rongchang Biopharmaceutical saw a trading volume of 12.64 billion HKD with a net buying of 1.13 billion HKD, but closed down by 11.71% [2] Most Active Stocks - The most active stock by trading volume was Guotai Junan International, with a trading amount of 317.23 billion HKD [1][2] - Alibaba and Tencent Holdings were the most frequently listed stocks in the past month, each appearing 22 times on the active trading list [1][2]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has initiated an H-share placement to enhance its capital and support innovation in the fintech sector, marking its first equity financing since listing [7] - The placement involves 215 million H-shares, expected to raise nearly HKD 4 billion, with a placement price of HKD 18.25 per share, representing an 8.5% discount to the closing price on June 25 [7] - The company's core business in property and casualty insurance shows positive trends, with a 12.3% year-on-year growth in premiums for the first five months of 2025, outperforming the industry [7] - The company is actively involved in the stablecoin business in Hong Kong, holding approximately 20% equity in a stablecoin technology firm, which is beneficial for long-term performance growth [7] - The low base effect from 2024 is expected to lead to significant profit growth in the first half of 2025, supported by the recent equity financing [7] - The report forecasts substantial growth in net profit for 2025-2027, with projected net assets of RMB 229 billion, RMB 243 billion, and RMB 261 billion respectively, and a corresponding price-to-book (P/B) ratio of 1.09, 1.03, and 0.96 [7] Financial Summary - Total revenue is projected to grow from RMB 27,535 million in 2023 to RMB 48,506 million by 2027, with a compound annual growth rate (CAGR) of approximately 14.82% [1] - The net profit attributable to shareholders is expected to recover from a loss in 2024 to RMB 1,574 million by 2027, reflecting a significant turnaround [1] - The company's book value per share is anticipated to increase from RMB 13.66 in 2023 to RMB 17.78 in 2027 [1] - The current market capitalization is approximately HKD 25,848 million, with a price-to-book ratio of 1.28 [5]

Core Insights - On June 26, 2025, Guotai Junan International (01788), Hong Kong Travel (00308), and China Everbright Holdings (00165) ranked as the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 24.285 billion, 6.964 billion, and 4.470 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Guotai Junan International (01788), Hong Kong Travel (00308), and Xiaomi Group-W (01810) were the top three companies, with trading amounts of 7.437 billion, 1.923 billion, and 1.730 billion respectively [1] Southbound Stock Connect (Shanghai-Hong Kong) - Top active companies by trading volume include: - Guotai Junan International (01788): 24.285 billion with a net buy of 26.0143 million - Hong Kong Travel (00308): 6.964 billion with a net buy of 400 million - China Everbright Holdings (00165): 4.470 billion with a net buy of 7.03114 million - Shandong Molong (00568): 4.252 billion with a net buy of 93.5208 million - Xiaomi Group-W (01810): 3.235 billion with a net buy of 78.9768 million [2] Southbound Stock Connect (Shenzhen-Hong Kong) - Top active companies by trading volume include: - Guotai Junan International (01788): 7.437 billion with a net buy of 233 million - Hong Kong Travel (00308): 1.923 billion with a net buy of 130 million - Xiaomi Group-W (01810): 1.730 billion with a net buy of 123 million - SMIC (00981): 1.652 billion with a net buy of 532 million - China Everbright Holdings (00165): 1.437 billion with a net buy of 24.1098 million [2]

Core Viewpoint - The recent stock price volatility of ZhongAn Online (06060.HK) is attributed to its planned placement of H-shares at a discount, which has raised concerns among investors despite the company's strong performance in the stablecoin sector [1][4]. Group 1: Company Performance - ZhongAn Online's stock price fell by 6.62% to HKD 18.62 per share, with a market capitalization of approximately HKD 27.37 billion, despite a significant trading volume of HKD 3.288 billion on the day [1]. - The company has seen a substantial rebound in stock price since late May, with a maximum increase of over 70%, driven by its positioning in the stablecoin market [1][3]. - For the year 2024, ZhongAn Online's total premium income is projected to reach RMB 33.417 billion, reflecting a year-on-year growth of 13.3% [2]. Group 2: Industry Context - The Hong Kong Legislative Council passed the Stablecoin Bill on May 21, 2023, which will take effect on August 1, 2023, establishing a comprehensive regulatory framework for fiat-backed stablecoins [2]. - Analysts predict that the stablecoin market could reach a size between USD 1.6 trillion and USD 3.7 trillion by 2030, indicating significant growth potential in the sector [2]. - ZhongAn Online is positioned as a leader in the stablecoin space, having become the first digital bank in Hong Kong to provide reserve banking services for stablecoin issuers [3]. Group 3: Shareholder Actions - Major shareholders, including Ant Group and Youfu Holdings, have reduced their holdings in ZhongAn Online by approximately 51.26 million shares, cashing out over HKD 900 million [4]. - Ant Group stated that the share reduction is a normal investment decision aimed at optimizing capital allocation and will not affect its business collaboration with ZhongAn Online [4].

智通财经6月26日电，众安在线在港交所公告， 根据一般授权配售新H股，配售价每股18.25港元，配售 所得款项总额预计合共约39.2亿港元。 ...

Group 1 - The Hang Seng Index rose by 1.23% on June 25, with southbound funds totaling a transaction amount of 1416.41 billion HKD, including 756.07 billion HKD in buy transactions and 660.34 billion HKD in sell transactions, resulting in a net buy amount of 95.74 billion HKD [1] - The southbound trading through Stock Connect (Shenzhen) had a total transaction amount of 508.73 billion HKD, with net buying of 48.20 billion HKD, while Stock Connect (Shanghai) had a total transaction amount of 907.68 billion HKD, with net buying of 47.54 billion HKD [1] - The most actively traded stock by southbound funds was Guotai Junan International, with a total transaction amount of 178.72 billion HKD and a net buy of 16.62 billion HKD, followed by SMIC and Xiaomi Group with transaction amounts of 71.47 billion HKD and 50.21 billion HKD respectively [1] Group 2 - Among the stocks listed, Guotai Junan International, SMIC, and ZhongAn Online were among the nine stocks that appeared on both Shenzhen and Shanghai Stock Connect active trading lists, with Guotai Junan International having a net buy of 16.62 billion HKD and SMIC a net buy of 14.25 billion HKD [2] - There were three stocks that received net buying from southbound funds for more than three consecutive days, with China Construction Bank leading at 11 days, followed by SMIC at 5 days and Pop Mart at 3 days, with net buying amounts of 74.39 billion HKD, 33.84 billion HKD, and 10.03 billion HKD respectively [2] - The stocks with the highest net selling included Tencent Holdings, Alibaba-W, and Xiaomi Group-W, with total net selling amounts of 202.28 billion HKD, 32.10 billion HKD, and 22.12 billion HKD respectively [2]

证券时报·数据宝统计，6月25日港股通全天合计成交金额为1416.41亿港元，成交净买入95.74亿港元。 具体来看，沪市港股通成交金额907.68亿港元，成交净买入47.54亿港元；深市港股通成交金额508.73亿 港元，成交净买入48.20亿港元。 成交活跃股方面，沪市港股通前十大成交活跃股中，国泰君安国际成交额为134.25亿港元，成交金额居 首；其次是中芯国际、小米集团-W，成交金额分别为41.45亿港元、30.79亿港元。以净买卖金额统计， 国泰君安国际净买入额为13.69亿港元，净买入金额居首，该股收盘股价上涨198.39%。净卖出金额最多 的是小米集团-W，净卖出4.16亿港元，收盘股价下跌0.44%。 6月25日恒生指数上涨1.23%，报收24474.67点，全天南向资金通过港股通渠道合计净买入95.74亿港 元。 6月25日港股通成交活跃股 | 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 01788 | 国泰君安国际 | 港股通(沪) | 1342454.1 ...