Core Viewpoint - China Life Insurance (02628.HK) is experiencing a strong upward trend in its stock price, currently at 17.16 HKD, reflecting a 1.06% increase, following a rebound from a short-term support level of 16.2 HKD [1] Technical Analysis - The stock price has surpassed all major technical moving averages, including the 10-day moving average at 16.4 HKD, the 30-day moving average at 15.63 HKD, and the 60-day moving average at 15.23 HKD, indicating a bullish structure [1] - The stock is approaching the first resistance level at 17.3 HKD, with a potential target of 18.3 HKD if this level is breached [2] - The recent volatility is reflected in a 6.8% fluctuation over five days, with an RSI index at 72, indicating a technical overbought condition [3] - The overall technical indicators are rated as "strong buy," with a signal strength of 16 points, supported by bullish momentum across all categories [3] - The MACD has completed a golden cross and maintains an expanding trend, supporting a continued upward pattern [3] - The price has successfully broken through the Ichimoku cloud, suggesting further upward potential in the coming weeks [3] Derivative Products Performance - On June 6, China Life's related structured products performed well, with a 2.76% increase in the underlying stock, leading to significant gains in derivatives [4] - The Societe Generale bull certificate (53998) led with a 15% increase, outperforming the underlying stock, showcasing the leverage advantage of bull certificates in rising markets [4] Investment Options - Current market conditions provide diverse investment options through China Life's related structured products, with call options offering a leverage of 4.1 times [7] - Bull certificates from HSBC (53706) and JPMorgan (53835) offer over 5 times actual leverage, with a buyback price set at 14 HKD [7] - For bearish strategies, Citigroup's bear certificate (56865) offers a leverage of 4.7 times, with a buyback price set at 20 HKD, providing a favorable risk-reward ratio [7] Summary - China Life is in a healthy upward phase with strong volume-price support and trend indicator resonance, but caution is advised due to potential overbought conditions and divergence risks [10]

Group 1: Hang Seng Index - Investors believe that the Hang Seng Index may not hold above 23,300, with potential declines to 22,000-22,700 [1] - Technical analysis indicates a "sell" signal with 10 sell signals, 7 buy signals, and 7 neutral signals [1] - The current market price is at the middle line of the Bollinger Bands, suggesting a slight bearish bias [1] Group 2: Tencent Holdings (00700) - Bearish investors expect the stock to test support at 495 HKD, with further support at 470-450 HKD [3] - The technical summary shows 11 sell signals and 4 buy signals, indicating a bearish sentiment [3] - The support level is identified at 483 HKD, which is also the lower band of the Bollinger Bands [3] Group 3: Kuaishou-W (01024) - Bullish investors believe that if the stock holds above 54 HKD, it could challenge 60 HKD [6] - The technical summary indicates a "buy" signal with 14 buy signals and 3 sell signals [6] - Resistance levels are noted at 55.7 HKD and 57.5 HKD, with the upper Bollinger Band at 55.5 HKD [6] Group 4: AIA Group (01299) - Some investors are optimistic about the stock challenging the 70-75 HKD range, while bearish investors expect a drop to 55 HKD [8] - Resistance levels are identified at 67.4 HKD and 69.8 HKD, both below 70 HKD [8] - The technical analysis leans towards a "buy" signal based on daily trends [8] Group 5: Hua Hong Semiconductor (01347) - Investors are questioning whether the stock will challenge the 33-36 HKD range, with some bearish investors targeting 31 HKD [12] - The technical summary shows a "buy" signal with 10 buy signals, 8 sell signals, and 6 neutral signals [12] - Resistance levels are at 33.6 HKD and 36.6 HKD, closely aligning with investor expectations [12] Group 6: Zijin Mining (02899) - Investors are optimistic about valuation increases due to movements in gold and copper, despite some bearish sentiment expecting a drop to 14 HKD [15] - The closing price has fallen below the middle line of the Bollinger Bands, raising concerns about further declines [15] - The short-term technical signal is a "sell," with support levels at 17 HKD and 16.3 HKD [15]

Core Viewpoint - China Life Insurance (02628.HK) is currently in a steady upward channel, with short-term support levels at HKD 15.50 and HKD 14.60, and resistance levels set at HKD 16.60 and HKD 17.00. The overall upward probability is 52%, indicating conditions for continued upward movement [1]. Technical Analysis - The stock price has stabilized above all major moving averages, including the 10-day moving average at HKD 15.80, the 30-day moving average at HKD 14.92, and the 60-day moving average at HKD 15.10, forming a bullish structure [1]. - The trading volume reached HKD 621 million, providing substantial financial support for the stock's rise and reflecting increased market participation [1]. - The RSI index is currently at 68, indicating strong bullish sentiment, while the Williams and Stochastic indicators are in the overbought zone but have not shown clear signs of weakening [1]. - The CCI and psychological line indicators are also leaning bullish, with momentum and volatility indicators supporting the current upward trend [1]. - The Bollinger Bands show the stock is approaching the upper band, with MACD and Ichimoku indicators simultaneously issuing buy signals, indicating a strong overall trend [1]. Signal Summary - The technical indicators for China Life Insurance have been summarized as a "strong buy," achieving a perfect score of 16, indicating multiple technical factors are resonating to support the stock's continued rise [3]. - Since May 20, the stock has consistently received "buy" to "strong buy" ratings, with clear market trends and active participation from major funds [3]. Derivative Products Performance - On May 26, when the underlying stock rose by 2.17%, related derivative products showed even more impressive gains, with Morgan Stanley's bull certificate (68142) leading with a 13% increase, followed by Citibank's call warrants (25657 and 25498) with increases of 12% and 11%, respectively [3]. Investment Products - For bullish strategies, Societe Generale's call warrant (15787) and Citibank's call warrant (15987) offer approximately 6.5 times leverage, with exercise prices around HKD 17.3 [6]. - Citibank's bull certificate (54112) provides a 6.1 times actual leverage with a recovery price of HKD 13.5, offering a higher safety margin for bullish investors [6]. - For bearish strategies, UBS's put warrant (14199) and Morgan Stanley's put warrant (13914) provide about 5.7 times leverage, both with exercise prices of HKD 13.88 [6]. - Citibank's bear certificate (57271) stands out with 8.3 times high leverage and the lowest premium, while UBS's bear certificate (57555) offers 6.7 times actual leverage [6]. Overall Market Outlook - China Life Insurance exhibits strong characteristics across various technical parameters, and if it can maintain the support level of HKD 15.50, it is expected to challenge the resistance levels of HKD 16.60 and HKD 17.00 [7]. - Despite some short-term indicators being at high levels, as long as trading volume and momentum remain healthy, there is still room for upward movement [7].

Core Viewpoint - China Life Insurance (02628) is experiencing a strong upward trend in its stock price, with a current price of 16.04 HKD and a daily increase of 1.78%, supported by multiple technical indicators signaling a "strong buy" despite being in an overbought state [1][4]. Technical Analysis - The technical indicators for China Life show a strong bullish pattern, with several moving averages indicating buy signals: MA10 at 15.79 HKD, MA30 at 14.72 HKD, and MA60 at 15.08 HKD, with the current price above these averages [1]. - The RSI index is at 66, indicating an overbought condition, while the William's indicator also signals a buy. Other indicators like ADX, psychological line, and momentum oscillators support a bullish outlook, although the overbought status suggests potential short-term pullback risks [1]. Support and Resistance Levels - The first short-term support level is at 15.4 HKD, with a second support level at 14.5 HKD if the price retraces. The first resistance level is at 16.5 HKD, and if this is breached, the stock could challenge the second resistance level at 17 HKD [4]. Product Performance - Recent performance of related derivative products has been strong, with products mentioned on May 22 showing a 6% increase within two days, highlighting the leverage effect of warrants and bull/bear certificates in a rising stock market [4]. Investment Products - For warrants, Citibank's call option (25498) has a high leverage with an exercise price of 16.9 HKD, suitable for investors expecting a breakout above 16.5 HKD. Morgan Stanley's call option (25657) offers a leverage of 11.4 times, appealing to aggressive investors [7]. - In terms of bear certificates, Citibank's bear certificate (57271) has a redemption price of 17.5 HKD and is suitable for short-term hedging, while UBS's bear certificate (57555) has a redemption price of 17.6 HKD, offering high leverage but with caution advised due to the resistance level at 16.5 HKD [7][8].

Investment Rating - The report assigns a basic factor and valuation rating of ★★★☆☆ to the company [4] Core Insights - The company is the second-largest online insurance intermediary in mainland China, holding a market share of 2.9% in the overall life insurance intermediary market as of 2023 [2] - Online intermediaries dominate the life insurance intermediary market in mainland China, accounting for 89.1% of total premiums in 2023 [2] - The company collaborates with over 110 insurance companies, including more than 70% of life insurance companies in mainland China, generating revenue primarily from commissions based on the premiums of policies distributed through its platform [2][3] Financial Data Summary - Revenue for the fiscal year ending December 31: - 2022: 8.06 billion RMB - 2023: 16.34 billion RMB - 2024: 13.87 billion RMB - Shareholder profit (loss) for the same period: - 2022: 1.31 billion RMB - 2023: -3.56 billion RMB - 2024: -1.36 billion RMB [4]

Core Viewpoint - Ping An Insurance (02318) shows stable performance with its stock price approaching key resistance levels, indicating potential upward movement in the near term [1][3]. Technical Analysis - The 10-day moving average (47.04 HKD) has crossed above the 30-day moving average (45.33 HKD), signaling a bullish trend. The MACD indicator has issued a buy signal, although momentum appears moderate. The RSI is at a neutral level of 55, suggesting further upside potential [3]. - Key support levels are identified at 44.9 HKD (Support 1) and 44 HKD (Support 2), while resistance levels are at 48.4 HKD (Resistance 1) and 49.4 HKD (Resistance 2) [3]. Derivative Products Performance - On May 19, Ping An's related derivatives performed well, with the underlying stock rising by 2.19%. Notably, the Societe Generale call option (15999) surged by 16%, and the JPMorgan bull certificate (53834) increased by 15%, outperforming the underlying stock [4]. - Current options to consider include Citigroup call option (13225) with a strike price of 49.93 HKD, offering a leverage of 13.4 times, and Morgan Stanley call option (15639) with similar leverage and favorable implied volatility [5]. Bull and Bear Certificates Analysis - For bull certificates, JPMorgan's bull certificate (65655) offers a leverage of 7.2 times with a redemption price of 40.2 HKD, providing about a 14% safety margin from the current price. UBS's bull certificate (64267) offers 7 times leverage with a redemption price of 40 HKD [8]. - In the bear certificate category, Societe Generale's bear certificate (60435) and JPMorgan's bear certificate (64018) provide high leverage of 10.4 times, with redemption prices of 50.5 HKD and 50 HKD, respectively, offering a buffer of approximately 7-8% from the current price [8].

Company Recommendations - Leap Motor (9863) is recommended for purchase with a current price of 54.85 HKD and a short-term target price of 60.00 HKD, indicating a potential upside of 13.6% [2][9] - The company has seen a strong response to the launch of its SUV B10, with over 20,000 orders in the first month, which is expected to positively impact its Q2 2025 performance [9] - Leap Motor has formed strategic partnerships with international automotive group Stellantis and domestic giant FAW Group, enhancing its market position and potential for future growth [2][9] Financial Performance - Leap Motor's Q4 2024 results met market expectations, with revenue and net profit turning positive for the first time at 80 million RMB, achieving a gross margin of 13.3%, the highest since its inception [9] - The company has raised its sales guidance for 2025 from 500,000 to 500,000-600,000 units, projecting an annual growth of 87% based on a midpoint estimate of 550,000 units [9] - The first quarter of 2025 saw a year-on-year increase in deliveries by 1.6 times to 87,552 units, representing 16% of the updated annual sales guidance [9] Market Outlook - The market anticipates a compound annual growth rate (CAGR) of 49% for Leap Motor's revenue from FY24 to FY27, with the current price corresponding to a forecasted price-to-sales ratio of 1.2x for FY25, slightly below its historical average [9] - The company is expected to benefit from economies of scale and improved profitability as new vehicle sales continue to rise [9] Macro Environment - The Hang Seng Index is facing initial resistance at 23,000 points, influenced by recent announcements from the U.S. regarding tariffs and economic stimulus measures [2][5] - The Chinese government is expected to increase efforts to stabilize the economy, which may positively impact domestic demand and market sentiment [2][5]

香港交易及結算所有限公司、香港聯合交易所有限公司及新加坡證券交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （於英格蘭及威爾斯成立及註冊的有限責任公司，註冊編號為 01397169 （股份代號：2378） PRUDENTIAL PLC 第一季度業務表現的最新情況 隨附之公告由 Prudential plc 於以下日期發佈。 承董事會命 Prudential plc Tom Clarkson 公司秘書 二零二五年四月三十日，香港 截至本公告日期，Prudential plc 的董事會成員為： 持續實現營運及財務進展 — 第一季度新業務利潤上升 12% 截至二零二五年三月三十一日止三個月的表現摘要（按固定匯率基準）： 主席 Shriti Vadera 執行董事 Anil Wadhwani (華康堯) （執行總裁） 獨立非執行董事 Jeremy David Bruce Anderson (安德森) CBE、Arijit Basu、蔡淑君、路明、George David Sartorel、 M ...

Core Insights - The report highlights a downward trend in major stock indices, with the Hang Seng Index closing at 24,219.95, down 2.23% for the day and up 3.23% over the past five days [2] - Economic indicators show mixed results, with the U.S. initial jobless claims remaining stable at 223,000, slightly below market expectations of 224,000 [8][10] - The report notes a rebound in U.S. existing home sales for February, which rose to an annualized rate of 4.26 million, exceeding expectations of 3.95 million [9][10] Economic Data Summary - U.S. initial jobless claims for March were reported at 223,000, compared to a previous value of 220,000 [8] - The number of individuals continuing to receive unemployment benefits in February was 1,892,000, slightly above the previous figure of 1,870,000 [8] - Japan's consumer price index year-on-year for February was reported at 3.7%, slightly above the expected 3.5% [8] - The U.K. unemployment benefit claimant rate for February was reported at 4.7%, up from 4.5% [8] Major News Summary - The Bank of England decided to maintain interest rates at 4.5%, with a more cautious stance from its dovish members [9][10] - U.S. President Trump announced plans to sign a rare earth agreement with Ukraine soon, indicating a focus on long-term resource extraction [9][10] - Chinese President Xi Jinping emphasized the importance of technological innovation in strengthening resource-based industries in Yunnan [9][10] - The Hong Kong Securities and Futures Commission announced a cap on IPO subscription financing for retail investors due to high demand [9][10] Company-Specific Insights - UBS is reportedly considering relocating its headquarters to avoid increased capital requirements imposed by Switzerland [10] - Evergrande Auto announced a delay in releasing its 2024 annual results, with plans to suspend trading from April 1 [10] - Wintime Technology plans to exit its product integration business, citing adverse impacts from U.S. sanctions [10] - GCL-Poly Energy expects a loss of approximately 4.8 billion yuan for 2024, significantly down from a profit of 2.5 billion yuan in 2023 [10]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國太平洋保險(集團)股份有限公司 呈交日期: 2025年3月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02601 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,775,300,000 | RMB | | 1 | RMB | | 2,775,300,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 2,775,300,000 | RMB | | 1 | RMB | | 2,775,300,000 | | ...