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].

瑞银预测按实际汇率(AER)及固定汇率(CER)计算，友邦上半年新业务价值(VNB)将同比增长16%及 15%，估计第二季增速加快至21%及18%，对比首季为13%，主要由于香港及中国市场业务表现强劲， 其中香港CER基准VNB增速预期由首季的16%提升至28%，撇除经济预期变动影响后，料中国市场VNB 将增长12%。 瑞银发布研报称，估计友邦保险(01299)上半年每股经营利润将同比增长10%，税后经营溢利料增长 5%，预计中期股息增长9%至每股0.48港元，但相信暂时不会更新股份回购计划。该行指，杜嘉祺将于 10月1日上任新主席，其就职后公司重大战略调整预期会明朗化，维持目标价88港元，评级"买入"。 ...

Core Insights - The article does not provide specific company or industry insights, focusing instead on disclosures and disclaimers related to investment positions and advice [1][2] Group 1 - There are no stock, option, or similar derivative positions held by the analyst in any mentioned companies [1] - The article expresses personal opinions and is not compensated beyond Seeking Alpha [1] - The views may not reflect those of Seeking Alpha as a whole, and the analysts may not be licensed or certified [2]

Core Viewpoint - UBS forecasts AIA's new business value (VNB) to grow by 16% and 15% year-on-year under actual exchange rates (AER) and constant exchange rates (CER) respectively for the first half of the year, with a projected acceleration in growth to 21% and 18% in the second quarter compared to 13% in the first quarter, driven by strong performance in Hong Kong and mainland China markets [1] Group 1 - UBS estimates AIA's operating profit per share to increase by 10% year-on-year for the first half of the year [1] - After-tax operating profit is expected to grow by 5% [1] - The interim dividend is projected to rise by 9% to HKD 0.48 per share, although no updates on share buyback plans are anticipated [1] Group 2 - The new chairman, Du Jiaqi, will assume office on October 1, and significant strategic adjustments are expected to be clarified after his appointment [1] - UBS maintains a target price of HKD 88 for AIA and rates the stock as "Buy" [1]