news flash·2025-06-23 04:02Core Viewpoint - Morgan Stanley has initiated a buy rating for ZhongAn Online (06060.HK), highlighting the company's position as a leading online property insurance provider in China and its potential for sustainable market share growth driven by a technology-based business model [1] Group 1: Company Overview - ZhongAn Online is recognized as a leader in the online property insurance sector in China [1] - The company is expected to benefit from a technology-driven business model that enhances its market share [1] Group 2: Financial Outlook - Morgan Stanley sees an attractive growth outlook for underwriting profits despite potential macroeconomic challenges [1] - The company's solvency and profitability are believed to remain unaffected by adverse macro conditions [1] Group 3: Regulatory Impact - The approval of stablecoin legislation by the Hong Kong government is anticipated to benefit ZhongAn's digital bank, ZA Bank [1] - A target price of HKD 26 has been set for ZhongAn Online [1]