Group 1 - The core viewpoint of the news is that the CES300 index has shown positive performance, with a 4.45% increase over the past month, 8.56% over the past three months, and 13.22% year-to-date [1] - The CES300 index is designed to reflect the overall performance of eligible securities under the "Shanghai-Hong Kong Stock Connect" and "Shenzhen-Hong Kong Stock Connect" programs [1] - The index is compiled by China Securities Index Co., Ltd. and is based on a starting point of 2000.0 on December 31, 2008 [1] Group 2 - The top ten holdings of the CES300 index include Tencent Holdings (8.66%), Alibaba-W (5.27%), HSBC Holdings (4.03%), Xiaomi Group-W (2.32%), and Kweichow Moutai (2.31%) [2] - The market segment distribution of the CES300 index shows that the Hong Kong Stock Exchange accounts for 51.90%, the Shanghai Stock Exchange for 29.49%, and the Shenzhen Stock Exchange for 18.61% [2] - The industry allocation of the CES300 index indicates that finance comprises 30.07%, consumer discretionary 15.33%, communication services 13.86%, and information technology 9.29% [2] Group 3 - Public funds tracking the CES300 index include Dachen China-Hong Kong Stock Connect 300C and Dachen China-Hong Kong Stock Connect 300A [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7月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 友邦保險控股有限公司 | | | 呈交日期: | 2025年8月6日 | | | I. 法定/註冊股本變動 | 不適用 | | | 備註： | | | | 友邦保險控股有限公司(「本公司」)並無法定股本及/ 或其普通股並無股份面值。 | | | FF301 第 1 頁 共 11 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） | 1. 股份分類 | | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號(如上市) | | 01299 | | 說明 | | | | ...

Group 1 - Morgan Stanley has raised the target price for AIA Group (01299) to HKD 105, maintaining an "Overweight" rating, as the stock has outperformed the market with a 27% increase since April 2024, compared to the Hang Seng Index's 23% rise [1] - The new target price extends the timeframe from December 2025 to June 2026, reflecting expectations of upward revisions in 2026 earnings guidance and further potential for total shareholder return [1] - Recent regulatory changes in Hong Kong are seen as beneficial for AIA, with the new business value (NBV) contribution from Hong Kong estimated at approximately 30% [1] Group 2 - As of December 2024, AIA's existing life insurance policies are projected to generate an undiscounted distributable income of USD 46.6 billion over the next decade, representing an annual growth of 8.6% [2] - The balance is expected to increase to USD 48.7 billion, with a semi-annual growth rate of 4.5%, providing confidence in higher profit growth prospects [2] - Net free surplus generation is anticipated to reach USD 2.4 billion, with an annual growth of 9%, and the estimated free surplus balance by June 2025 is projected to be USD 10.8 billion [2] - AIA's new business value growth rates for the fiscal years 2025, 2026, and 2027 are forecasted at 15%, 22%, and 24%, respectively [2]

Group 1 - The core viewpoint of the article highlights that AIA Group has shown strong performance this year, with its stock price reflecting several positive factors [1] - The market is now focusing on the upcoming financial report for the first half of 2025, scheduled for August 22, to identify new catalysts such as cash growth, prospects for the Hong Kong business, and total shareholder return guidance for 2026 [1] - Morgan Stanley has raised AIA Group's target price to HKD 105 and maintains an "overweight" rating [1]

Core Viewpoint - Morgan Stanley's research report indicates that AIA Group has outperformed the market this year, with its stock price rising 27% from a low of HKD 46 in April 2024, compared to a 23% increase in the Hang Seng Index [1] Summary by Relevant Sections - **Stock Performance** AIA Group's stock price has increased by 27% since April 2024, outperforming the Hang Seng Index which rose by 23% [1] - **Market Focus** The market is likely to focus on the upcoming financial report for the first half of 2025, scheduled for August 22, which may provide new catalysts such as accelerated cash growth, outlook on Hong Kong operations post-regulatory changes, and guidance on total shareholder return (TSR) for 2026 [1] - **Target Price Adjustment** Morgan Stanley has raised its target price for AIA Group from HKD 102 to HKD 105, maintaining an "Overweight" rating due to expectations that the 2026 earnings guidance may be raised or exceed expectations, along with further potential for total shareholder return [1]

知情人士表示，受新加坡金管局提供的税收优惠等激励措施所吸引，部分险企近年来加快将新加坡作为 区域资产管理中心的步伐，尽管保单销售主要在中国香港进行。 智通财经APP获悉，据报道，中国香港及新加坡两大金融中心在人才和资本方面的竞争日益激烈，令资 产管理公司集中度风险的上升，引发对企业外迁的审视。香港保险监管机构于过去一年，持续推动部分 香港大型人寿保险公司，将投资决策职能迁回香港。报道称，这项由香港保险业监管局牵头的行动于去 年初启动，对象包括友邦保险等公司。 ...

Core Viewpoint - Morgan Stanley has slightly raised the target price for AIA Group (01299) by 2.9%, from HKD 102 to HKD 105, while maintaining an "Overweight" rating, primarily due to expected better-than-expected earnings in 2026 and significant potential for shareholder returns [1] Group 1: Stock Performance - AIA's stock has increased by 27% year-to-date, outperforming the Hang Seng Index, which has risen by 23% during the same period [1] Group 2: Positive Factors - Several positive factors appear to be reflected in the stock price, including double-digit business growth, management's confidence in core profit growth, and the strengthening of Asian currencies against the US dollar [1] Group 3: Upcoming Catalysts - The market may focus on new catalysts from the 2025 first-half earnings report, including: 1) the speed of cash increase; 2) the outlook for Hong Kong business under new regulations; 3) overall shareholder return guidance for 2026 [1]

Core Viewpoint - Morgan Stanley has slightly raised the target price for AIA Group (01299) by 2.9%, from HKD 102 to HKD 105, maintaining an "Overweight" rating due to expected better-than-expected earnings in 2026 and significant shareholder return potential [1] Group 1: Stock Performance - AIA's stock has increased by 27% year-to-date, outperforming the Hang Seng Index, which has risen by 23% during the same period [1] Group 2: Positive Factors - Positive factors reflected in the stock price include double-digit business growth and management's confidence in core earnings growth [1] - The strengthening of Asian currencies against the US dollar is also contributing to the positive outlook [1] Group 3: Upcoming Catalysts - Market focus may shift to new catalysts from the 2025 first-half earnings report, including: 1) The speed of cash increase 2) The outlook for Hong Kong business under new regulations 3) Overall shareholder return guidance for 2026 [1]

Core Points - The Shanghai Composite Index decreased by 0.37%, while the CSI Hong Kong Stock Connect Non-Bank Financial Theme Index fell by 2.48%, closing at 4035.71 points with a trading volume of 25.566 billion yuan [1] - The CSI Hong Kong Stock Connect Non-Bank Financial Theme Index has seen a significant increase of 10.89% over the past month, 38.14% over the past three months, and 42.39% year-to-date [1] - The index consists of up to 50 listed companies that meet the non-bank financial theme criteria from the Hong Kong Stock Connect securities, reflecting the overall performance of these companies [1] Index Composition - The top ten holdings of the CSI Hong Kong Stock Connect Non-Bank Financial Theme Index are: Ping An Insurance (14.9%), AIA Group (13.76%), Hong Kong Exchanges and Clearing (13.34%), China Life Insurance (9.53%), China Pacific Insurance (7.15%), China Continent Insurance (6.47%), New China Life Insurance (4.2%), People's Insurance Company of China (3.81%), CITIC Securities (2.82%), and Shandong Hi-Speed Holdings (2.36%) [1] Market Structure - The market segment of the CSI Hong Kong Stock Connect Non-Bank Financial Theme Index is entirely composed of the Hong Kong Stock Exchange, with a 100% allocation [2] - The index is fully focused on the financial sector, with a 100% representation of financial companies [3] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]

Core Viewpoint - UBS estimates that AIA Group (01299) will see a 10% year-on-year increase in operating profit per share for the first half of the year, with post-tax operating profit expected to grow by 5% [1]. Financial Performance - The mid-term dividend is projected to increase by 9% to HKD 0.48 per share, although UBS believes that there will be no updates to the share buyback plan for the time being [1]. - UBS forecasts that the new business value (VNB) for AIA in the first half will grow by 16% and 15% when calculated at actual exchange rates (AER) and constant exchange rates (CER) respectively [1]. - The growth rate for the second quarter is expected to accelerate to 21% and 18% for AER and CER respectively, compared to 13% in the first quarter [1]. Market Performance - The strong performance in the Hong Kong and China markets is a key driver of growth, with the VNB growth rate in Hong Kong expected to rise from 16% in the first quarter to 28% [1]. - Excluding the impact of economic expectations, the VNB in the Chinese market is anticipated to grow by 12% [1]. Leadership Changes - Du Jiaqi will assume the role of new chairman on October 1, and significant strategic adjustments for the company are expected to become clearer following his appointment [1]. - UBS maintains a target price of HKD 88 and a "Buy" rating for AIA [1].