February 10, 2026 09:00 PM GMT China Equity Strategy | Asia Pacific 4Q25 Pre-Announcements: A- share Deterioration Driven by Mid- and Small-Caps, While MSCI China Remained Resilient As of February 6, 2026, 2,834 A-share companies (~55% of all A-share listings, ~38% by market cap) had released 4Q25 pre-announcements, with a major deterioration, marking the worst quarter in 2025, mainly dragged by mid- and small- cap names: For MSCI China universe (based on 131 alerts, representing 23% by number of companies ...

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

On Wall Street, rising fears about artificial intelligence keep pummeling the shares of companies at risk of being caught on the wrong side of it all, from small software companies to big wealth-management firms.The latest selloff erupted on Tuesday when a tax-strategy tool rolled out by a little-known startup, Altruist Corp., sent the shares of Charles Schwab Corp., Raymond James Financial Inc. and LPL Financial Holdings Inc. down by 7% or more.Market WhiplashIt was the deepest slide for some of those stoc ...

Core Insights - NMI Holdings (NMIH) reported a revenue of $180.74 million for Q4 2025, marking an 8.6% year-over-year increase and exceeding the Zacks Consensus Estimate of $178.97 million by 0.99% [1] - The company's EPS for the same quarter was $1.20, up from $1.07 a year ago, and also surpassed the consensus EPS estimate of $1.17 by 2.35% [1] Financial Performance Metrics - Insurance-in-force (IIF) reached $221.45 billion, exceeding the average estimate of $218.97 billion from three analysts [4] - Risk-in-force (RIF) was reported at $59.31 billion, above the estimated $57.84 billion [4] - The combined ratio stood at 34.3%, slightly better than the average estimate of 34.8% [4] - The loss ratio was 13.9%, compared to the average estimate of 13.7% [4] - The expense ratio was reported at 20.4%, lower than the average estimate of 21.1% [4] - Net investment income was $27.53 million, exceeding the average estimate of $25.22 million, reflecting a year-over-year increase of 21.2% [4] - Net premiums earned were $152.46 million, slightly below the estimated $153.38 million, but still showing a 6.2% increase compared to the previous year [4] - Other revenues were reported at $0.26 million, matching the average estimate and indicating a 12.9% year-over-year increase [4] Stock Performance - NMI Holdings' shares have returned +1.6% over the past month, while the Zacks S&P 500 composite remained unchanged [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Core Insights - American International Group (AIG) reported $6.95 billion in revenue for Q4 2025, a year-over-year increase of 1.4% [1] - The earnings per share (EPS) for the same period was $1.96, compared to $1.30 a year ago, exceeding the consensus estimate of $1.89 by 3.54% [1] - The revenue fell short of the Zacks Consensus Estimate of $7.1 billion, resulting in a surprise of -2.22% [1] Financial Performance Metrics - General Insurance - North America Commercial reported a loss ratio of 59.7%, better than the estimated 65.7% [4] - General Insurance - International Commercial had a combined ratio of 88.8%, slightly worse than the estimated 86.4% [4] - General Insurance - North America Commercial's combined ratio was 84.7%, outperforming the estimated 88.5% [4] - General Insurance - International Commercial's expense ratio was 31.7%, higher than the estimated 30.6% [4] - Total net investment income was $872 million, significantly below the estimated $1 billion, reflecting a year-over-year decline of 33.6% [4] - General Insurance - North America Commercial net premiums earned were $2.17 billion, slightly below the estimated $2.19 billion [4] - General Insurance - International Commercial net premiums earned were $2.22 billion, exceeding the estimated $2.15 billion [4] - General Insurance - Global Personal net premiums earned were $1.6 billion, in line with the estimated $1.59 billion [4] - General Insurance net investment income was $881 million, close to the average estimate of $881.82 million, showing a year-over-year increase of 13.1% [4] - General Insurance net premiums earned totaled $5.99 billion, slightly above the estimated $5.93 billion, representing a year-over-year change of 0.3% [4] Stock Performance - AIG shares returned +1.1% over the past month, while the Zacks S&P 500 composite remained unchanged [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market [3]

Core Insights - Oscar Health reported an EPS of -$1.24, missing the consensus estimate of -$0.84, and revenue of $2.81 billion, below the Zacks Consensus Estimate of $3.21 billion [1][2] - The company's EPS of -$1.24 represents a decline from the previous year's -$0.62, resulting in an EPS surprise of -47.62% [2] - Despite exceeding consensus EPS estimates three times in the past four quarters, the current results highlight ongoing challenges faced by the company [2] Financial Metrics - Oscar Health has a debt-to-equity ratio of 0.72, indicating moderate leverage [1][3] - The current ratio stands at 0.95, suggesting potential liquidity issues [1][3] - The price-to-sales ratio is 0.26 and the enterprise value to sales ratio is 0.19, indicating a relatively low valuation compared to its sales [3] - The negative P/E ratio of -14.22 and earnings yield of -7.03% reflect ongoing losses [3] Market Position and Challenges - Oscar Health leverages technology to simplify healthcare but faces significant competition within the insurance industry [2] - High utilization of medical services by plan enrollees is impacting the company's financial performance [2] - Despite current challenges, Oscar Health remains optimistic about achieving profitability within the year [2]

Core Insights - The decrease in the insurance company's performance was mainly attributed to changes in unrealized losses related to AIG's ownership interest in Corebridge Financial [1] - Additionally, there was a gain from the divestiture of its global personal travel business in the previous year, which also impacted the financial results [1]

Market Overview - The Dow is experiencing gains, aiming for a third consecutive record close, while the S&P 500 and NASDAQ show mixed performance with slight declines [1][2][8]. - The S&P 500 equal-weighted index and small-cap indices like the S&P 600 are reaching record highs, indicating strong performance in broader market segments [3]. - Bond yields are decreasing, with the 10-year yield down to 4.14% and the 30-year yield at 4.79%, suggesting a shift in investor sentiment towards bonds [4]. Sector Performance - Utilities and real estate sectors are leading the market, with utilities up approximately 2.3% and real estate up about 1.5%, reflecting their sensitivity to interest rates [5]. - Financials, technology, and healthcare sectors are underperforming, indicating a potential shift in investor focus away from these areas [5][6]. AI and Technology Insights - The AI sector is entering a new phase, with companies increasingly relying on debt for capital expenditures rather than free cash flow, as seen in major firms like Google and Amazon [9][10]. - Investors are currently accepting of big tech companies taking on debt to finance AI developments, but there is a growing concern about the return on investment (ROI) and whether these expenditures will yield positive results in the future [12][14]. - The competitive landscape in AI is evolving, with uncertainty about which companies will emerge as leaders, prompting a cautious approach from investors [16][17]. Alphabet's Bond Offering - Alphabet is raising approximately $32 billion through multiple bond deals, including a rare 100-year bond, to finance its AI infrastructure buildout despite having substantial cash reserves [20][21]. - The demand for long-term bonds from companies like Alphabet indicates a shift in investment strategies, with institutional investors seeking stable, long-term returns [21]. Tax Implications for Big Tech - Major tech companies like Amazon and Meta are projected to see significant reductions in their tax bills for 2025, attributed to favorable tax provisions and credits related to AI investments and capital expenditures [22][23]. - This reduction in tax liabilities is expected to positively impact their bottom lines, although it may attract public scrutiny regarding their tax practices [23]. Job Market and Economic Outlook - The upcoming jobs report is anticipated to show a modest increase in employment, with projections around 70,000 new jobs added, but the White House is preparing for potential criticism if the numbers fall short of expectations [22][23]. - The labor market is described as stable, with sluggish hiring but no significant increase in layoffs, indicating a cautious economic environment [22].

NEW YORK--(BUSINESS WIRE)--American International Group, Inc. (NYSE: AIG) today reported financial results for the fourth quarter and full year ended December 31, 2025. "2025 was an exceptional year for AIG. We made tremendous progress against our strategy, delivered outstanding financial results, and achieved important milestones that have positioned AIG for a bright future,†said Peter Zaffino, AIG Chairman & Chief Executive Officer. "For the full year, adjusted after-tax income per dilut. ...