交银国际每日晨报-20250730

Group 1: Core Insights - The report anticipates a 5% year-on-year growth in operating profit for the first half of 2025, with core business segments such as life insurance, health insurance, property insurance, and banking contributing stable operating profits [1] - The expected net profit for the second quarter is projected to increase by 13.5% year-on-year, while the first half is expected to show a 6% decline [1] - The report highlights a significant improvement in the underwriting side of property insurance, with a 6% year-on-year increase in net profit for this segment [1] Group 2: Financial Projections - The investment return assumptions have been revised upwards, leading to an expected 7% year-on-year growth in operating profit and a 5% increase in net profit for 2025 [2] - The report projects a return on equity (ROE) of over 13% for the years 2025 to 2027, with the current price-to-book ratio for 2025 being below 1x and a dividend yield of approximately 5% [2] - The target price has been raised from HKD 60 to HKD 73 based on a 1.2x price-to-book ratio for 2025, maintaining a buy rating [2]