华源证券：首予云锋金融“买入”评级 新业务价值高增 投资管理能力独特

Core Viewpoint - Huayuan Securities initiates coverage on Yunfeng Financial (00376) with a "Buy" rating, highlighting the company's stable life insurance operations and significant growth in both performance and new business value in H1 2025 [1] Group 1: Company Overview - Yunfeng Financial's acquisition of American International Group's Asian insurance business in 2018 has established a solid foundation for the company, providing strong cash flow and a stable business base [1] - The company's management team possesses a strong technological background, with major indirect shareholders including Yunfeng Financial Holdings and American International Group, a leading life insurance company in the U.S. [1] - The chairman of the board, Mr. Yu Feng, has a forward-looking investment strategy focused on advanced technological paradigms, including fintech and artificial intelligence [1] Group 2: Market Position and Performance - AIA's new business market share in Hong Kong is projected to increase from 1.1% in 2020 to 1.8% in 2024, ranking between 12th and 15th in the industry [2] - The company has experienced significant growth in new business value (NBV) and annualized premium equivalent (APE), with H1 2025 showing year-on-year increases of 81% and 107%, respectively [2] - The embedded value (EV) and contract service margin (CSM) have shown steady growth, with a CAGR of 7.6% for embedded value from 2020 to 2024 and a 16.6% increase in CSM in H1 2025 compared to the end of 2024 [2] Group 3: Asset Management - Investment assets are predominantly fixed income and cash, accounting for nearly 90% of the portfolio, reflecting a strategy focused on universal life insurance products [3] - The company has diversified its investment assets across over 15 countries, with 78.3% of its investment portfolio allocated to the U.S. [3] - Yunfeng Financial has established a strategic partnership with Barings Asset Management, gaining access to top-tier global investment resources and financial expertise, resulting in a fixed income investment yield of 4.5% in H1 2025, surpassing AIA's 4.2% [3]