CMBI Credit Commentary Fixed Income Daily Market Update 固定收益部市场日报 Trading desk comments 交易台市场观点 Last Friday, the recent IG new issues were overall unchanged to 1bp wider. We saw buying flows from AMs on HOKKEL 4.587 09/04/30, and two-way flows from RMs and PBs on OCBCSP 4.55 35s. The other new BCOAVI 4 ¼ 31/JERA 4.544 30s/MITSCO 4.398 30s were unchanged. TW lifers SHIKON/NSINTW widened 2-3bps. MEITUA 28-30s/BABAs widened 1-3bps. See our comment on MEITUA's 1H25 deteriorated profitability last Friday. CNMDHL ...

Core Insights - DÉKUPLE Group reported strong growth in the first half of 2025, with net sales increasing by 12.3% to €117.4 million and net revenue rising by 5.8% to €88.3 million, driven primarily by digital marketing and international expansion [1][4][5] Financial Performance - Net sales reached €117.4 million, up 12.3% compared to the same period in 2024 [4][5] - Net revenue was €88.3 million, reflecting a 5.8% increase, with digital marketing operations contributing significantly [2][6] - Digital marketing generated €52.6 million in net revenue, marking a 16.1% growth, while magazines and insurance segments saw declines [11][13][14] Segment Analysis - Digital Marketing: - Net revenue increased by 16.1% to €52.6 million, supported by acquisitions and international expansion [11][12] - The segment now accounts for nearly 70% of total net sales, highlighting its strategic importance [2] - Magazines: - Net revenue decreased by 6.9% to €31.8 million, with a focus on targeted customer acquisition to stabilize revenues [13] - The active subscription portfolio declined by 5.9% to 1.788 million [13] - Insurance: - Net revenue for the insurance segment was €3.9 million, down 1.8%, but showed signs of recovery in the second quarter due to AI-driven marketing initiatives [14] Geographic Performance - Revenue in France was €78.2 million, down 2.9%, impacted by market conditions and recent acquisitions [7][10] - International revenue surged by 245.3% to €10.1 million, reflecting successful acquisitions and expansion efforts [9][10] Strategic Outlook - DÉKUPLE aims for profitable growth despite macroeconomic uncertainties, focusing on innovation and targeted acquisitions in digital marketing [15] - The company plans to leverage recent acquisitions to create commercial synergies and optimize costs [15]

2025年8月22日，咸阳金融监管分局发布批复称，《合众人寿保险股份有限公司陕西分公司关于三原支 公司变更营业场所的请示》（合保陕分发〔2025〕120号）收悉。经审核，现批复如下： 二、合众人寿保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 一、同意合众人寿保险股份有限公司三原支公司将营业场所变更为：陕西省咸阳市三原县东环路中段东 侧鸿杉酒店5层。 ...

Asia Pacific Equity Research 24 August 2025 Sunshine Insurance Group - H First Take: Solid print of 1H25 NBV (47% oya) but weak new life sales raise a concern Our First Take: Sunshine Insurance Group ("Sunshine") delivered a solid 1H25 result with Rmb3.4B of net profit (vs. JPMe: Rmb3.0B), and 47% oya like-for-like growth of new business value (vs. JPMe: 12% oya). YTD stock outperformance (+64% vs. HSI: +26%) looks to reflect the market expectation of a strong interim result. However, the weaker-than-expect ...

Global Equity Research International First to Market 25 August 2025 Top Stories Asia Tech Strategy (Gokul Hariharan) No signs of excesses in Gen-AI; enough ammo for AI capex growth into 2027; price hikes next driver for EPS upgrades? In the last week, the market has started to worry again about whether AI capex growth is likely to peak out in 2026, given elevated capex and some concerns resurfacing over (1) a lack of ROI from AI deployments and (2) the ability of companies to keep funding AI capex. Coupled ...

For A-shares, reported earnings fell short of consensus forecasts by number of companies (-11.6%, vs. -4.8% in 1Q25) but were largely in line by weighted surprise (+0.0%, vs. +3.3% in 1Q25). We will see if these trends can broaden out. August 28, 2025 05:12 AM GMT China Equity Strategy | Asia Pacific 2Q25 Earnings Interim Review: MSCI China Improved vs. 1Q While A-shares Softened MSCI China 2Q earnings beat consensus on weighted surprise and improved vs. 1Q, with in-line results by company count. A- share e ...

Flash | CITI'S TAKE NCI reported a mixed set of 1H25 results with robust NBV and EV growth, creditable investment performance, but book value and solvency level saw notable deterioration and CSM growth remained flattish in 1H25. NBV surged 58% yoy in 1H25 on an actual basis, leading industry peers, bolstered by double FYP in 1H25, while NBV margin was eroded by 3.9ppt yoy to 14.6%. By channel, banca NBV rose 1.4x yoy to Rmb3.3bn in 1H25, and agency NBV hiked 12%. CSM balance merely inched up 1% yoy to Rmb17 ...

In an increasingly complex and risk-prone world, the traditional insurance market often falls short of meeting the unique needs of businesses and individuals. That’s where the specialty insurance industry steps in; providing customized coverage for emerging, high-risk, or difficult-to-insure exposures that standard policies can't address.I am an investment author with passion for finance and global markets. I enjoy gearing toward economic analysis, specifically on a macro level. Through current and forward ...

范乐宇表示，下一步，广东金融监管局将从以下三个方面持续引领广东银行业、保险业加快为大湾区新 质生产力发展赋能： 8月30日，广东金融监管局党委委员、副局长范乐宇在粤港澳大湾区金融发展论坛上表示，将全面加强 科技支行建设为抓手，给予更加灵活包容的监管政策，为探索提供适配科技型企业全生命周期的特色金 融产品打开政策空间。 范乐宇观察到，科技金融专营体制建设水平与大湾区国际科创中心建设需求不够匹配，科技金融服务专 业化、特色化、精准化仍显不足等问题。 范乐宇表示，需要以监管赋能、政策赋利，进一步推动做优、做强、做专科技支行，发挥引领示范作 用，渐次形成与新质生产力相适配的具有广东标识度的科技金融服务体系，促进"科技—产业—金融"良 性循环，重点是要围绕"四化"加强科技支行建设，即产品"特色化"、制度"差异化"、管理"体系化"和服 务"多元化"。 范乐宇指出，新质生产力发展对科技金融提出新的要求——除了引资，更要"引智"，赋能科技创新，加 速创新成果转化及创新效率提升。在此背景下，需要加快构建与新质生产力发展相适配的科技金融服务 新范式，其中，科技金融服务的体系化建设是重中之重。 一是做好存量政策的迭代升级和增量政策 ...

国家金融监督管理总局国际合作司司长姜波在论坛上介绍，金融监管总局持续加强内地和港澳金融领域 的合作，推进大湾区的金融改革创新，在多个领域取得进展。 一是港澳开放水平进一步提升。例如，允许港澳银行内地分行开办银行卡业务，降低港澳金融机构参股 内地保险公司的标准，鼓励港澳银保机构在内地市场进一步发展，目前已完成相关法规修订工作。 二是深化大湾区金融市场互联互通。例如，2024年"跨境理财通"北向通中增加了内地银行的人民币存款 产品；在横琴新街坊增设澳门版智能柜台，为澳门居民提供部分非现金金融服务等。 南方财经记者王达毓广州报道 8月30日，围绕"面向世界的粤港澳大湾区金融全面合作发展"的主题，第七届粤港澳大湾区金融发展论 坛在广州南沙举办。 三是陆续出台金融支持大湾区政策。金融监管总局联合多个部门合作印发有关"南沙30条"的指导意见， 在跨境金融、绿色金融、科技金融、航运金融方面给予南沙政策支持。 四是监管合作不断深化。目前大湾区和港澳的监管机构定期召开会议，推进银保规则衔接和技术对接， 后续进一步扩容。 姜波介绍，下一步，金融监管总局将从提升双向开放、提升大湾区金融服务便利性、筑牢风险防控三方 面推进粤港澳大湾 ...