Market Overview - On June 19, the Hang Seng Index fell by 1.99%, closing at 23,237.74 points, with a total net inflow of HKD 1.427 billion through the southbound trading channel [1][3] - The total trading volume for the southbound trading was HKD 118.861 billion, with a net buy of HKD 1.427 billion [1] Southbound Trading Details - The Shanghai Stock Exchange's southbound trading had a total transaction amount of HKD 77.453 billion, with a net buy of HKD 1.065 billion; the Shenzhen Stock Exchange's southbound trading had a total transaction amount of HKD 41.408 billion, with a net buy of HKD 0.363 billion [1] - The top active stocks in the Shanghai southbound trading included Meituan-W with a transaction amount of HKD 34.09 billion, followed by Pop Mart and China Construction Bank with transaction amounts of HKD 33.62 billion and HKD 30.48 billion, respectively [1] Stock Performance - In terms of net buy amounts, Xiaomi Group-W led with a net buy of HKD 0.385 billion, despite its closing price dropping by 1.39% [1] - Tencent Holdings had the highest net sell amount at HKD 0.723 billion, with a closing price decrease of 1.97% [1] - In the Shenzhen southbound trading, Pop Mart topped the transaction amount with HKD 21.32 billion, followed by Tencent Holdings and Meituan-W with HKD 20.99 billion and HKD 19.46 billion, respectively [2] Active Stocks Summary - The top active stocks and their respective transaction amounts and net buy/sell figures are as follows: - Meituan-W: Transaction amount HKD 340.91 million, net sell HKD 43.11 million, daily change -3.75% [2] - Pop Mart: Transaction amount HKD 336.18 million, net sell HKD 29.07 million, daily change -5.33% [2] - China Construction Bank: Transaction amount HKD 304.80 million, net buy HKD 37.00 million, daily change -2.22% [2] - Tencent Holdings: Transaction amount HKD 287.58 million, net sell HKD 72.31 million, daily change -1.97% [2]

Market Overview - On June 19, the Hang Seng Index fell by 1.99%, with southbound trading totaling HKD 118.86 billion, comprising HKD 60.14 billion in buying and HKD 58.72 billion in selling, resulting in a net buying amount of HKD 1.43 billion [1][2] Southbound Trading Details - Southbound trading through the Stock Connect (Shenzhen) recorded a total transaction amount of HKD 41.41 billion, with buying at HKD 20.88 billion and selling at HKD 20.52 billion, leading to a net buying of HKD 0.36 billion [1] - Southbound trading through the Stock Connect (Shanghai) had a total transaction amount of HKD 77.45 billion, with buying at HKD 39.26 billion and selling at HKD 38.19 billion, resulting in a net buying of HKD 1.07 billion [1] Active Stocks - The most actively traded stock by southbound funds was Pop Mart, with a total transaction amount of HKD 54.94 billion, followed by Meituan-W at HKD 53.55 billion and Tencent Holdings at HKD 49.75 billion [1][2] - Among the net buying stocks, Xiaomi Group-W led with a net buying amount of HKD 4.96 billion, despite a closing price drop of 1.39% [1][2] - China Construction Bank had a net buying of HKD 3.70 billion, while ZhongAn Online saw a net buying of HKD 2.78 billion [1] Net Selling Stocks - Tencent Holdings experienced the highest net selling amount of HKD 13.09 billion, with a closing price decline of 1.97% [1][2] - Pop Mart and Alibaba-W faced net selling amounts of HKD 8.35 billion and HKD 2.06 billion, respectively [1][2] Continuous Net Buying - China Construction Bank was noted for having continuous net buying for 7 days, with a total net buying amount of HKD 4.32 billion during this period [2]

Core Insights - On June 19, 2025, Meituan-W (03690), Pop Mart (09992), and China Construction Bank (00939) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 3.409 billion, 3.362 billion, and 3.048 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Pop Mart (09992), Tencent Holdings (00700), and Meituan-W (03690) led the trading volume, with amounts of 2.132 billion, 2.099 billion, and 1.946 billion respectively [1] Southbound Stock Connect - Top Active Companies - Meituan-W (03690) had a trading amount of 3.409 billion with a net buy of -431 million [2] - Pop Mart (09992) recorded a trading amount of 3.362 billion with a net buy of -291 million [2] - China Construction Bank (00939) achieved a trading amount of 3.048 billion with a net buy of +370 million [2] - Tencent Holdings (00700) had a trading amount of 2.876 billion with a net buy of -723 million [2] - Alibaba-W (09988) had a trading amount of 2.112 billion with a net buy of +51 million [2] Shenzhen-Hong Kong Stock Connect - Top Active Companies - Pop Mart (09992) led with a trading amount of 2.132 billion and a net buy of -544 million [2] - Tencent Holdings (00700) followed with a trading amount of 2.099 billion and a net buy of -586 million [2] - Meituan-W (03690) had a trading amount of 1.946 billion with a net buy of +313 million [2] - Alibaba-W (09988) recorded a trading amount of 1.348 billion with a net buy of -257 million [2] - Xiamen International Bank (01801) had a trading amount of 1.109 billion with a net buy of +35 million [2]

Core Insights - The first domestically approved stem cell therapy drug, Aimi Maitosai injection, has been prescribed for the first time in China [1] - ZhongAn Insurance, as a strategic partner of Albo Bio, includes the Aimi Maitosai injection in its health insurance products, with a maximum reimbursement rate of 100% for eligible claims [1] Company Summary - ZhongAn Insurance has integrated the Aimi Maitosai injection into its core health insurance product lines, including Zunxiang Esheng and Zhongminbao [1] - The inclusion of this stem cell therapy in the insurance coverage represents a significant development in the health insurance sector in China [1] Industry Summary - The approval and prescription of the Aimi Maitosai injection mark a milestone in the stem cell therapy market in China, potentially opening new avenues for treatment and insurance coverage [1] - The collaboration between ZhongAn Insurance and Albo Bio highlights the growing intersection of biotechnology and health insurance, indicating a trend towards more comprehensive coverage for advanced medical treatments [1]

Core Viewpoint - The resilience of the insurance main business is highlighted, with four ecosystems driving high-quality growth. ZhongAn Online, as the first internet insurance company in China, continues to achieve high premium growth through its "insurance + technology" dual-engine strategy, with total premiums expected to reach 33.42 billion yuan in 2024, reflecting a CAGR of 19.9% from 2018 to 2024, ranking eighth in the domestic property insurance industry and first in the internet property insurance market [1] Ecosystem Performance - Digital Life Ecosystem: Contributes 48.5% of premiums, benefiting from high e-commerce activity and innovative products (e.g., pet insurance, screen damage insurance), with premiums expected to grow by 28.9% year-on-year to 16.197 billion yuan in 2024, and innovative business growth reaching 77.2%. The combined cost ratio remains stable at 99.7%, with the expense ratio optimized to 31.7% [2] - Health Ecosystem: Accounts for 30.9% of premiums, centered around the "Zunxiang e-Sheng" product matrix, with premiums projected at 10.338 billion yuan in 2024, reflecting a CAGR of 23.8%. The claims ratio is optimized to 39.0%, with inclusive products (e.g., Zhongminbao) seeing a year-on-year premium increase of 177% [2] - Consumer Finance Ecosystem: Actively reducing scale while improving quality and efficiency, with a significant cost ratio optimization of 6.3 percentage points to 90.1% in 2024, maintaining controllable asset quality [2] - Automotive Ecosystem: Leveraging the co-insurance model with Ping An and obtaining compulsory insurance qualifications, premiums are expected to grow by 29.8% year-on-year to 2.051 billion yuan, with new energy vehicle insurance growth reaching 188.4% [2] Technology Business Development - ZhongAn Technology is building a second growth curve by empowering the entire insurance value chain and achieving external output. Internal efficiency improvements include a cumulative R&D investment of 7.244 billion yuan, accounting for 4.8% of premiums, and an automation rate of 99% for underwriting processes [3] - External output has seen a six-year CAGR of 43%, with 2024 revenue projected at 956 million yuan, a year-on-year increase of 15.3%, marking the first profitable year with a net profit of 78 million yuan [3] Digital Banking and Web3 Initiatives - ZA Bank, a digital bank, leads in scale with total assets of 22.3 billion HKD in 2024, a year-on-year increase of 60%, and deposits of 19.4 billion HKD, up 66% [4] - The bank's net income is projected at 548 million HKD, a year-on-year increase of 52.6%, with net losses narrowing by 42% to 232 million HKD, the smallest loss in the industry [4] - In Web3, ZhongAn is the first stablecoin issuer in Hong Kong, serving over 200 Web3 enterprises, with partnerships to provide fiat reserves and settlement services, which are expected to drive non-interest income growth [4] Investment Outlook - The company is expected to maintain high growth in premium income from health ecosystem products, with continued expansion in digital ecosystems and innovative businesses. The consumer finance ecosystem may recover to positive growth as the macro environment improves, while the automotive ecosystem is anticipated to continue high growth [5]

Group 1 - Ant Insurance platform has integrated pet insurance products from multiple insurance companies including ZhongAn Insurance, Dadi Insurance, and Guotai Insurance [1] - The platform has provided insurance coverage for over 10 million pets, specifically cats and dogs [1]

Group 1: Market Activity - Net purchases included Meituan-W at 1.115 billion, China Construction Bank at 1.108 billion, ZhongAn Online at 0.215 billion, and Kangfang Biologics at 0.205 billion [1] - Net sales included Xiaomi Group-W at 1.879 billion, Tencent Holdings at 0.619 billion, Innovent Biologics at 0.284 billion, China National Offshore Oil at 0.260 billion, and BeiGene at 0.227 billion [1] - Southbound funds have recorded a continuous net sell of Tencent for 12 days, totaling 14.7165 billion HKD, and a net sell of China National Offshore Oil for 3 days, totaling 1.57047 billion HKD [4] Group 2: Company Insights - Goldman Sachs reported that the investment value of Chinese private enterprises is recovering, listing the "Top 10 Private Giants" which collectively represent a market capitalization of 1.6 trillion USD, accounting for 42% of the MSCI China Index [6] - Shenwan Hongyuan analyzed that insurance funds increasing their holdings in bank H-shares may be due to asset allocation and business development considerations, positively impacting market sentiment [7] - ZhongAn Online's partner ZA Bank is the first local digital bank to provide reserve banking services for Hong Kong stablecoin issuers, collaborating with Round Coin Technology [7] - Xiaomi's founder announced the upcoming launch of Xiaomi YU 7 and other significant products, including the Xiaomi Pad 7S Pro [7] - Tencent initiated an algorithm competition with a substantial prize pool to attract global talent, following its largest recruitment drive [7] Group 3: Regulatory Developments - The National Medical Products Administration is drafting a notice to optimize the review and approval of clinical trials for innovative drugs, seeking public opinion [8]

6月17日港股市场，北水成交净买入63.02亿港元，其中港股通(沪)成交净买入35.8亿港元，港股通(深)成 交净买入27.22亿港元。 北水净买入最多的个股是建设银行（601939）(00939)、阿里巴巴-W(09988)、泡泡玛特(09992)。北水净 卖出最多的个股是腾讯(00700)、石药集团(01093)、中海油(00883)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 山东墨龙 HK 00568 | 19.60 乙 | 19.70亿 | 39.30亿 -975.30万 | | 泡泡玛特 | 19.90 亿 | 17.65 乙 | 37.56亿 | | HK 09992 | | | +2.25 乙 | | 建设银行 | 16.66 亿 | 5.441Z | 22.10亿 | | HK 00939 | | | +11.22 乙 | | 阿里巴巴-W | 12.26 乙 | 8.72亿 | 20.97亿 | | HK 09988 | | | +3.54 乙 | | 南京熊猫 ... | 9.50亿 | 7 ...

Investment Rating - The report assigns a rating of "Buy" for the company [5] Core Insights - The company demonstrates resilience in its insurance business, driven by four core ecosystems that support high-quality growth. The total premium income is projected to reach 33.417 billion yuan in 2024, with a CAGR of 19.9% from 2018 to 2024, ranking eighth in the domestic property insurance industry and first in the internet property insurance market [1][2] Summary by Sections 1. Insurance Business Performance - The company has established four ecosystems: Digital Life, Health, Consumer Finance, and Automotive, with Digital Life contributing 48.5% of total premiums, expected to reach 16.197 billion yuan in 2024, growing by 28.9% year-on-year. Health ecosystem premiums are projected at 10.338 billion yuan, with a CAGR of 23.8% [2][29] - The company has achieved underwriting profitability for four consecutive years, with a combined cost ratio of 96.9% in 2024, reflecting improvements in operational efficiency and risk control [30][72] 2. Technology Business - The technology segment has shown significant growth, with a revenue CAGR of 43% over six years, reaching 956 million yuan in 2024, marking a 15.3% year-on-year increase and achieving profitability for the first time [3][8] 3. Digital Banking - The digital bank, ZA Bank, leads in Hong Kong with total assets of 22.3 billion HKD in 2024, a 60% increase year-on-year, and a net income of 548 million HKD, narrowing its net loss by 42% to 232 million HKD [4][8] 4. Financial Forecasts - The company expects premium service revenue growth rates of 11%, 14%, and 14% for 2025 to 2027. Total operating revenue is projected to be 3.715 billion yuan in 2025, with net profit attributable to shareholders expected to reach 904 million yuan [9][11]

Market Overview - On June 16, the Hang Seng Index rose by 0.70%, closing at 24,060.99 points, with a total net inflow of HKD 57.43 billion through the southbound trading channel [1][3] - The total trading volume for the southbound trading was HKD 1,278.17 billion, with a net buy of HKD 57.43 billion [1] Trading Activity - The Shanghai Stock Exchange's southbound trading had a total transaction amount of HKD 779.26 billion, with a net buy of HKD 26.68 billion, while the Shenzhen Stock Exchange had a transaction amount of HKD 498.91 billion and a net buy of HKD 30.75 billion [1] - In the top ten active stocks on the Shanghai Stock Exchange, Xiaomi Group-W had the highest transaction amount of HKD 43.93 billion, followed by Shandong Molong and Alibaba-W with transaction amounts of HKD 40.27 billion and HKD 29.26 billion, respectively [1] Stock Performance - In terms of net buy amounts, China Construction Bank led with a net buy of HKD 11.08 billion, closing with a price increase of 1.97% [1] - Xiaomi Group-W recorded the highest net sell amount of HKD 14.89 billion, while its closing price increased by 4.23% [1] - In the Shenzhen Stock Exchange's top active stocks, Xiaomi Group-W again led with a transaction amount of HKD 34.12 billion, followed by Pop Mart and Meituan-W with transaction amounts of HKD 15.52 billion and HKD 15.46 billion, respectively [2] - Meituan-W had the highest net buy amount of HKD 6.22 billion, closing with a price increase of 0.43%, while Xiaomi Group-W had a net sell of HKD 3.91 billion [2]