大行评级丨美银：友邦增长势头依然稳固 重申“买入”评级

Core Insights - Bank of America Securities reports that AIA Group's new business value grew by 19% year-on-year in the first nine months of 2025 at actual exchange rates, and by 18% at constant exchange rates, surpassing the bank's expectation of 15% [1] - The new business value margin increased from 53.3% in the same period of 2024 to 57.9% [1] - Among AIA's 18 markets, 11 recorded double-digit year-on-year growth in the third quarter of 2025, with Hong Kong leading the growth momentum [1] - The stock is currently trading at approximately 1.2 times the projected embedded value for 2026 [1] - The bank maintains a "Buy" rating on the stock with a target price of HKD 90 [1]