（原标题：外资巨头，新动向！） 【导读】友邦保险境内独资保险资产管理公司有望年底前开业 中国基金报记者 吴娟娟 8月21日，亚洲最大人寿保险集团——友邦保险发布截至2025年6月30日的六个月财务业绩。数据显示， 今年上半年，友邦保险实现税后运营利润约36.09亿美元，每股税后运营利润同比增长12%，其中，新 业务价值为28.38亿美元，同比增长14%；新业务价值利润率约为57.7%，同比提升3.4个百分点。 中国内地业务方面，上半年，友邦人寿实现新业务价值约7.43亿美元，新业务价值利润率为58.6%，同 比提升2个百分点。 集团首席执行官兼总裁李源祥表示，上半年，集团展业的18个市场中，有13个市场录得增长。集团董事 会宣布，增派中期股息10%至每股0.49港元。 谈及港股，集团首席投资总监Mark Konyn（康礼贤）表示，港股有进一步上涨空间。他透露，今年6月 获批筹建的友邦保险资产管理有限公司（以下简称友邦保险资管）有望于年底开业。 截至8月21日，今年以来，友邦保险股价涨幅为33.14%。 友邦保险集团首席投资总监： 港股有进一步上涨空间 今年以来，香港市场反弹令人鼓舞，截至8月21日，恒指涨幅为 ...

Core Viewpoint - AIA Group reported a strong financial performance for the first half of 2023, with a significant increase in operating profit and new business value, indicating robust growth potential in the insurance sector [2][3]. Financial Performance - AIA Group achieved an after-tax operating profit of approximately $3.609 billion for the first half of 2023, with a year-on-year growth of 12% [2]. - The new business value reached $2.838 billion, reflecting a 14% increase year-on-year, with a new business value margin of approximately 57.7%, up by 3.4 percentage points [2]. China Market Insights - In mainland China, AIA Life recorded a new business value of about $743 million, with a new business value margin of 58.6%, an increase of 2 percentage points year-on-year [3]. - The CEO noted that 13 out of 18 markets experienced growth during the first half of the year [3]. Dividend Announcement - The board of directors announced a 10% increase in the interim dividend to HKD 0.49 per share [3]. Stock Performance - As of August 21, 2023, AIA Group's stock price has increased by 33.14% year-to-date [4]. Market Outlook - The Chief Investment Officer expressed optimism about the potential for further increases in Hong Kong stocks, contingent on economic performance and corporate earnings [6]. - The Hang Seng Index has shown a year-to-date increase of 25.15% as of August 21, 2023 [6]. Asset Management Company - AIA Asset Management, headquartered in Shanghai, is expected to commence operations by the end of 2023, with progress on establishment proceeding smoothly [11]. - The company will initially focus on the group's proprietary business and plans to expand capabilities over time, considering partnerships with domestic institutional investors [11]. Investment Strategy - AIA Group's investment assets are globally diversified, with a significant portion allocated to fixed income, while ensuring minimal exposure to interest rate risks [12]. - The company aims to leverage its insurance capital for sustainable and high-quality development, adhering to a long-term investment philosophy [11].

Group 1: Insurance Asset Management - The development trend of China's insurance asset management is anchored by insurance capital and supported by third-party services, focusing on enhancing equity research capabilities and alternative investments in high-dividend and national strategic areas [5][7] - The insurance asset management industry in China has gone through three stages: initial establishment in 2003, policy relaxation from 2012 to 2017, and accelerated market-oriented reforms since 2018, leading to increased competitiveness [5][6] - The current state of the industry shows continuous scale expansion but a decline in concentration, with insurance capital accounting for 74% of funding sources and a preference for fixed-income assets [6][7] Group 2: Midea Group - Midea Group is positioned as a leading player in the home appliance industry, with flexible mechanisms and a focus on global expansion and supply chain efficiency, which are expected to enhance its competitive edge [9][10] - The company has a strong dividend policy, with a current dividend yield of 4.8%, and is projected to achieve net profits of 43.9 billion, 47.6 billion, and 51.8 billion yuan from 2025 to 2027, corresponding to PE ratios of 13, 12, and 11 [9][10] - Midea's strategic focus on B-end business and continuous investment in core components and integrated solutions is expected to contribute to long-term growth [10] Group 3: Sifen Technology - Sifen Technology's industrial purification business is rapidly growing, with a projected revenue of 384.2 million, 464.7 million, and 558.3 million yuan from 2025 to 2027, reflecting a year-on-year growth of 21.8%, 21.0%, and 20.1% [12][13] - The company achieved a revenue of 183 million yuan in the first half of 2025, with a net profit of 54 million yuan, indicating a year-on-year growth of 19.8% and 40.9% respectively [12][13] - The growth in the GLP-1 related products segment is particularly notable, with a revenue increase of 177.5% [12][13] Group 4: Huafeng Aluminum - Huafeng Aluminum's performance in the first half of 2025 showed resilience despite industry challenges, with revenue of 5.964 billion yuan, a year-on-year increase of 20.87% [15][16] - The company is awaiting the launch of its Chongqing Phase II project, which is expected to alleviate bottlenecks in hot-rolled production and drive future growth [16][17] - Adjustments to the company's EPS forecasts for 2025-2027 are made to 1.29, 1.50, and 1.88 yuan, with corresponding PE ratios of 14, 12, and 10, maintaining a "buy" rating [16][17] Group 5: Tongcheng Travel - Tongcheng Travel reported a revenue of 9.05 billion yuan in the first half of 2025, reflecting an 11.5% year-on-year increase, with adjusted EBITDA growing by 35.2% [19][20] - The core online travel platform business is experiencing rapid growth, with significant contributions from hotel management services [19][20] - The company aims to enhance its international market presence and strengthen its hotel management business as a second growth curve [20]

Group 1 - Huadian Group's subsidiary, Huadian New Energy, successfully listed as the largest IPO in A-shares this year, with a closing market value close to 300 billion yuan and a price increase of over 125% on the first day [1] - Major insurance companies, including China Life and Ping An Life, are among the original shareholders of Huadian New Energy, with their investments nearly doubling after three years of waiting for the IPO [1] - As of the end of Q1 this year, long-term equity investments by life insurance companies reached 2.6 trillion yuan, accounting for 8.27% of the total 31 trillion yuan in funds under management [1] Group 2 - Insurance asset management has recognized the importance of equity investment, especially as traditional debt financing is less suitable for new economic and technological innovation sectors [2] - Equity investment is seen as a direct and efficient way to support real enterprises, contrasting with debt investments that target specific projects [2] - Insurance funds, characterized by long-term and stable sources, are well-suited to serve as patient capital for new productive forces, and equity investment is a key strategy for enhancing investment returns and optimizing asset allocation [2] Group 3 - Insurance asset management companies have been exploring equity investment for over a decade, focusing on mature and later-stage industries, with a preference for projects that provide stable cash flow [3] - The scale of projects targeted by insurance capital is often large, aligning with national strategies and sectors that complement the insurance business, such as green energy and healthcare [3] - Despite some success in equity investments, challenges remain, particularly in the context of a cooling market and the need for higher industry research and investment expertise [3]

Group 1 - The National Financial Regulatory Administration has approved the establishment of Hualian Insurance Asset Management Co., Ltd. by Aegon Global Life Insurance Group, requiring the completion of the setup within six months and under the supervision of the Shanghai Financial Regulatory Bureau [1] - Aegon Global Life Insurance Group's CEO Marco KEIM highlighted the three stages of the insurance industry: protection, wealth accumulation, and consumption, noting that there is still room for improvement in the awareness of the "protection" stage in the Chinese insurance market [1] - Aegon Global Life Insurance Group is exploring the possibility of joint ventures with Chinese counterparts in the pension insurance sector, leveraging its extensive experience to participate in the development of China's emerging market [2] Group 2 - Aegon Global Life Insurance Group reported total revenue of €13.31 billion for 2024, with premium income of €10.17 billion and a net profit of €676 million, marking a significant year-on-year increase of 439.7% [2] - The asset management arm, Hualian Asset Management, is the largest asset management company in the Netherlands, with an asset management scale reaching $351 billion as of March 31, 2025 [2]