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12月17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 | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發 ...

格隆汇12月16日丨保诚(02378.HK)发布公告，2025年12月15日耗资861.28万英镑回购78.04万股。 ...

智通财经APP讯，保诚(02378)发布公告，于2025年12月15日该公司斥资861.28万英镑回购78.04万股。 ...

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12月16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 Insights - Prudential Financial, Inc. has launched FlexGuard 2.0, an evolution of its flagship retail registered index-linked annuity (RILA) product lineup for U.S. retirement [1] - The new product enhancements are based on direct feedback from customers and financial professionals, while still offering customizable protection features [1] Product Details - FlexGuard 2.0 builds on the record success of Prudential's premier RILA suite, indicating strong market performance and customer acceptance [1] - The enhancements aim to address specific needs and preferences expressed by users, showcasing Prudential's commitment to customer-centric product development [1]

格隆汇12月15日丨保诚(02378.HK)发布公告，2025年12月12日耗资300.3万英镑回购27.82万股，每股回 购价10.69-11.005英镑。 ...

保诚(02378)发布公告，于2025年12月12日该公司斥资300.29万英镑回购27.82万股，回购价格为每股 10.690-11.005英镑。 ...

智通财经APP讯，保诚(02378)发布公告，于2025年12月12日该公司斥资300.29万英镑回购27.82万股，回 购价格为每股10.690-11.005英镑。 ...

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12月15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 。 | 1). | 購回擬註銷但尚未註銷之股份 | | 274,502 | 0.010751 % | GBP | 10.8287 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年12月11日 | | | | | | 2). | 購回擬註銷但尚未註銷之股份 | | 278,229 | 0.010897 % | GBP | 10.7929 | | | 變動日期 | 2025年12月12日 | | | | | 第 2 頁 共 7 ...

Core Insights - Micro-cap stocks are characterized by low institutional participation, stable shareholding structures, low trading volumes, and significant potential for valuation recovery once they gain market attention [1][10]. Group 1: Characteristics of Micro-Cap Stocks - Micro-cap stocks refer to companies with small market capitalizations and relatively low liquidity, often described as "small stocks within small stocks" [1][10]. - These stocks typically have low institutional participation, making their prices less susceptible to large-scale trading impacts, resulting in relatively independent market sentiment [1][10]. - The shareholding structure tends to be stable, with existing shareholders less willing to sell when prices drop, and core shareholders often motivated to drive prices higher, creating a natural "safety cushion" [1][10]. - Trading activity is generally light, with daily transaction amounts often in the tens of millions, leading to prolonged undervaluation or neglect, which allows quantitative models to identify potential investment opportunities [1][10]. - The potential for valuation recovery is significant, as light selling pressure means that even a small influx of new capital can lead to rapid and substantial price increases [1][10]. Group 2: Investment Strategy - The essence of investing in micro-cap stocks lies in a "focus on attention" strategy, which differs from traditional value investing that emphasizes company fundamentals [2][11]. - This strategy is based on a quantitative logic that identifies long-term undervalued stocks with low attention but positive volume and price signals, allowing investors to position themselves before market interest increases [2][11]. - The investment focus is on the change in market attention rather than the long-term growth of the companies, requiring strong data processing capabilities and strict trading discipline to accumulate absolute returns [2][11]. Group 3: Implementation and Risk Management - The investment strategy relies on a rigorous system for stock pool construction, which involves excluding companies at risk of delisting or facing major public relations issues, and selecting stocks based on valuation and profitability metrics [3][12]. - Trading signals are monitored monthly for core adjustments, with daily adjustments based on trading signals to smooth volatility and ensure consistent returns while avoiding significant drawdowns [3][12]. - Multi-layered risk management is essential, including avoiding "valuation traps" and delisting risks at the individual stock level, and monitoring overall trading congestion and valuation changes at the sector level [4][14]. Group 4: Future Outlook and Considerations - The underlying logic of the micro-cap stock strategy remains robust, as there are many low-attention, stable small-cap companies in the market [6][16]. - However, the long-term performance of this strategy may face challenges, including limited strategy capacity as more funds enter similar strategies, potentially diluting excess returns [6][16]. - Potential regulatory changes, such as stricter delisting rules and T+0 trading, could fundamentally alter the micro-cap investment landscape [6][16]. - The choice of fund managers is critical, as their quantitative capabilities, risk management awareness, and ability to adapt strategies will determine the long-term success of micro-cap investment strategies [7][17].