Core Viewpoint - The performance of China Life Insurance (02628) has been weak, with the stock price dropping over 3% to a low of 31.42 HKD, indicating a potential for a technical rebound due to oversold conditions [1][3]. Technical Analysis - The stock price has fallen below the 10-day moving average (33.92 HKD) and the 30-day moving average (33.5 HKD), but remains above the 60-day moving average (30.97 HKD) [1]. - The stochastic oscillator indicates that the stock is in the oversold zone, suggesting a buy signal, while the RSI is at 48, indicating a neutral to weak position [1][3]. - Current support levels are at 31.5 HKD (first support) and 30.2 HKD (second support), with resistance levels at 34.3 HKD (first resistance) and 35.4 HKD (second resistance) [1][3]. Product Review - On February 16, China Life recorded a 2.55% increase, while UBS bull certificates (56355) and HSBC bull certificates (67560) achieved a 19% increase. UBS call options (22612) and Bank of China call options (23200) recorded a 12% increase during the same period, outperforming the underlying stock [4]. Investment Products - Notable call options include Bank of China 23200 (exercise price 35.02 HKD, 7.5x leverage) and UBS 22612 (exercise price 35.02 HKD, 7.4x leverage), both targeting the second resistance level [6]. - Put options such as JPMorgan 24962 and Morgan Stanley 25287 (exercise price 28.24 HKD, 6.2x leverage) are suitable for hedging against downside risks below the second support level [6]. - Bull certificates to consider include JPMorgan 56767 (redemption price 26.2 HKD, 4.5x leverage) and Societe Generale 60104 (redemption price 26.8 HKD, 5.2x leverage), which are positioned safely away from the current stock price [6]. - Bear certificates include Societe Generale 59427 (redemption price 38.8 HKD, 5.2x leverage) and UBS 56360 (redemption price 38 HKD, 6.1x leverage), suitable for bearish strategies [6].

中國平安失守70元關口，是回調買點還是趨勢反轉？ 中國平安股價觸及72元高位後，午後遭遇顯著沽壓。股價大跌4.4%，報69.6元，悉數回吐日前漲幅，更失守70元重要心理關口。 從均線系統來看，中國平安股價已跌破10日移動平均線（71.6元），略低於30日移動平均線（70.34元），仍顯著高於60日移動平均線（66.51元），中期多 頭排列格局並未完全破壞。 技術指標層面，隨著今日股價大幅回落，RSI指數從前值59的相對高位快速回落至中性區間，短線過熱的做多情緒得到降溫，隨機震盪指標同步從偏強區間 向下修正，CCI指標也從高位回落，顯示短線做多動能有所衰減，但尚未進入超賣區間，走勢仍處於相對健康的調整範圍內。 從價格支撐體系來看，當前股價已經非常接近第一支持位70.4元，該位置與30日均線高度重合，是前期密集成交區，若後續能在該位置附近企穩，則短線調 整空間相對有限；若進一步回落，第二支持位68.9元將成為重要的中期防守線，除非出現極端系統性風險，否則有效跌破的概率較低。上行方向第一阻力位 依然是74.4元的前期小高點，若後續能再度放量突破則可看高至第二阻力位76.2元，打開新一輪估值修復空間。 綜合各項技術指 ...

從成交分佈看，友邦Call 市場的操作重心是否已經轉移？ 技術座標確立以友邦（1299）正股現價82元為核心，主要支持位設於80.6元（支持1）與77.3元（支持2），阻力位則位於87.8元（阻力1）及90.9元（阻力 2）。在此技術框架下，行使價低於77.3元屬深價內區間，77.3元至80.6元為價內主力區間，80.6元至82元屬輕微價內區間，82元至87.8元為貼近平價區間， 87.8元至90.9元屬中價外區間，而行使價高於90.9元則歸入遠價外區間。 按行使價劃分結構區間顯示，遠價外區間產品數量達41隻，深價內區間20隻，貼近平價區間10隻，中價外區間3隻。市場結構呈現明顯的兩極分化態勢，遠 價外產品佔據絕對數量優勢。 街貨分佈分析揭示，遠價外區間集中了60.73%的街貨總量，達89.86百萬份，顯示市場共識高度集中於情緒性押注。深價內區間以45.75百萬份街貨位居第 二，佔比30.92%。特別值得注意的是，摩通22839，行使價在91.71元，累積21.02百萬份街貨，佔該產品街貨總量21.02%，存在單一產品過度集中風險。技 術位附近街貨分析顯示，90.9元阻力位附近積聚42.12百萬份街貨，反映市 ...

金融在推動可持續發展中的角色 委託撰寫機構： 2026 年 2 月 金融在推動可持續發展中的角色 金融在推動可持續發展中的角色 作者 Simon Mills 及 Mike Wardle, Z/Yen 集團 由香港金融發展局委託撰寫 2026 年 2 月 1 | 前言 3 | | --- | | 摘要 4 | | 1. 可持續發展與金融之間的相互聯繫 5 | | 可持續發展 5 | | 透過可持續發展目標審視進展 5 | | 其他可持續發展架構 7 | | 金融服務在實現可持續發展中的角色 7 | | 2. 綠色與可持續金融 10 | | 綠色與可持續金融之興起 10 | | 可持續投資 10 | | 全球可持續債務發行 12 | | 綠色與可持續金融增長的驅動因素 13 | | 近期的可持續金融創新 15 | | 碳定價與市場機制的演進 15 | | 自願碳市場 17 | | 生物多樣性融資 20 | | 金融科技作為可持續發展的推動者 23 | | 3. 可持續金融樞紐：國際金融中心的廣泛角色 25 | | 案例研究：香港作為領先的綠色與可持續金融樞紐 25 | | 推動增長： 香港具活力的可持續債務市場 ...

Core Viewpoint - China Life Insurance (02628) experienced a significant price movement, reaching a 52-week high of 36.16 HKD before closing at 34.54 HKD, reflecting a decline of 2.76% due to profit-taking pressure in the market [1]. Technical Analysis - The stock price is at a critical juncture, with support levels at 33.1 HKD and 31.2 HKD, while resistance levels are at 37.0 HKD and 37.9 HKD, indicating potential technical pressure near the recent high [1]. - The moving average system shows mixed signals; the current price of 34.54 HKD is slightly below the 10-day moving average of 34.65 HKD, suggesting a weakening short-term momentum. However, the price remains above the 30-day moving average of 32.75 HKD and the 60-day moving average of 30.082 HKD, indicating a sustained medium to long-term upward trend [1]. - Key technical indicators are signaling important messages: the stochastic oscillator indicates a "sell signal," suggesting short-term adjustment pressure after overbought conditions. The CCI remains neutral, while the RSI is at 62, indicating a neutral to strong position, leaving room for future price movements [1]. Market Sentiment - The technical indicators collectively suggest a "sell" rating with a strength of 8 out of 12, which is significant for professional investors to consider. The divergence among various oscillators, with the stochastic indicator bearish and the CCI neutral, often indicates a critical turning point in the market [2].

Core Insights - The report highlights the ongoing volatility in the US stock market, with the Dow Jones Industrial Average reaching a high of approximately 50,219 points before fluctuating [9] - There is a growing concern regarding "de-dollarization," as Chinese regulatory authorities are guiding financial institutions to limit their holdings of US Treasury bonds, leading to a surge in gold prices [9] - The 10-year US Treasury yield peaked at 4.6%, reflecting market uncertainty regarding inflation and the Federal Reserve's interest rate decisions [9] - Asset allocation strategies are suggested to focus on gold due to its appeal as a hedge against de-dollarization and ongoing demand for safe-haven assets [9] - In the bond market, a strategy of shortening duration and focusing on high-quality short to medium-term bonds is recommended if the 10-year Treasury yield remains between 4.5% and 4.7% [9] Market Overview - The Hang Seng Index closed at 27,027 points, gaining 467 points (1.8%), indicating a recovery above the 27,000 mark [12] - The report notes that Chinese holdings of US Treasury bonds have dropped to an 11-year low, raising concerns about potential increases in US Treasury yields [12] - The People's Bank of China is expected to increase liquidity injections in the interbank market ahead of the Spring Festival, addressing a liquidity gap exceeding 3 trillion yuan [12] - Kuaishou faced a fine of nearly 120 million yuan due to issues related to inappropriate content, but analysts believe the impact on the company's operations will be manageable [12] - Alibaba's new AI model Qwen3.5 is expected to be open-sourced during the Spring Festival, indicating advancements in the company's AI capabilities [12] Company-Specific Analysis - China People's Insurance Group reported a 6.8% increase in insurance service revenue and a significant 28.9% rise in net profit for the first three quarters of 2025, reflecting improved operational quality [21] - FIT HON TENG experienced approximately 12% year-on-year growth in revenue and operating income in the first three quarters of 2025, benefiting from high-growth sectors such as AI servers and cloud networking [21] - Zhaoyi Innovation announced a positive earnings forecast for 2025, projecting revenue of approximately 9.203 billion yuan, a year-on-year increase of about 25%, driven by strong demand in memory and MCU sectors [21]

Core Viewpoint - AIA Group Limited (01299) shows a strong stock performance with a price increase of approximately 2.75% to HKD 85.8, indicating significant trading volume exceeding HKD 1.389 billion, suggesting potential recovery from previous pressures [1] Technical Analysis - The stock price is consolidating in a critical area, facing resistance from various moving averages above and support below, indicating a potential for upward movement if it can break through key resistance levels [1] - The Relative Strength Index (RSI) is at 51, reflecting a balanced market between bulls and bears, while technical indicators show a mixed signal with a neutral summary but a strength rating of 9 [1] - Key support levels are identified at HKD 82.6 (near MA60) and HKD 79.3, while resistance levels are at HKD 89 and HKD 92.3, with a slight optimistic probability of 55% for upward movement [3] Product Review - In early February, bearish products performed well amid a bearish market sentiment, with specific warrants showing gains of approximately 7% and 6% [3] - The market offers a comprehensive range of options for both bullish and bearish strategies, with specific warrants and certificates highlighted for potential investment based on market outlook [6] Investment Tools - For bullish sentiment, options include HSBC call warrant 29501 with a leverage of approximately 10.5 times and a strike price of HKD 88.88, and Bank of China call warrant 17336 with a leverage of approximately 11.3 times [6] - For bearish sentiment, options include Bank of China put warrant 22385 with a leverage of approximately 4.1 times and a strike price of HKD 77.88, and UBS put warrant 24372 with similar leverage characteristics [6][7] Market Outlook - The technical indicators suggest a stalemate, with future price movements likely dependent on macroeconomic data, interest rate expectations, and the company's growth dynamics [6][7]

作為板塊核心標的，重點拆解平保的技術結構：4日收盤價72.05元，單日漲幅1.05%，成交額20.18億元，成交量中規中矩，未出現異常放量或缩量，屬於正 常走勢範圍。股價目前高於MA10（70.27元）及MA30（68.92元），短期均線呈多頭排列，說明短期買方力量仍在，股價處於短期上升節奏中；同時股價遠 高於MA60（64.43元），中期趨勢亦偏向向好。RSI指標為63，處於中性偏強區間，買方力量主導，但未進入超買區，仍有一定上行空間；CCI指標發出買 入信號，VR成交比率、牛熊力量、MACD等指標亦呈買入信號，但技術指標總結為賣出，主要是部分震盪指標出現動能分歧； 2月4日，港股保險板塊可謂全線走高、個股普遍收漲，資金流入跡象明顯，市場情緒偏向樂觀。但有一個關鍵細節值得投資者留意，股價走勢與技術指標出現背離。 雖然多數個股股價站穩短期均線，呈現短期多頭排列，但中國平安（02318）、中國太保（02601）、中國人壽（02628）等核心個股的「技術指標總結信 號」均為「賣出」，強度評分達8-9分，這意味著領先震盪指標已顯示出動能減弱的跡象，後市需留意上漲步伐是否會放緩。 中國平安技術面拆解 其他保險個股2月 ...

2月2日，中國人壽（02628）全日收報33.50元，較前一交易日下跌3.96%，成交量37.37億元，整體走勢隨保險板塊同步調整，未出現異常量能變化。從價格 定位來看，股價剛好站在10日均線（33.50元）位置，形成短期平衡點，同時明顯高於30日均線（31.28元）和60日均線（29.17元），中長期均線仍呈現弱多 排列，下方有一定支撐力度。 RSI指標為60，處於50-70的中立區間，既未進入超買（≥70）也未達到超賣（≤30），說明當前多空博弈相對均衡，沒有明顯的一方佔優局面；威廉指標、隨 機震盪指標、CCI指標均給出中立信號，進一步印證短期震盪格局。MACD信號為買入，但技術指標總結信號為中立（信號強度10），主要原因是個股短期 調整與中長期均線支撐形成矛盾，暫未形成明確趨勢方向；多條移動平均線信號為賣出，與單個均線支撐並不衝突，反映短期走勢偏弱。 2月2日，保險板塊個股普遍表現疲軟，與中國人壽走勢保持一致，屬於板塊性調整，而非個股獨立走弱： 從技術信號來看，這些保險股多數為「中立」信號，僅中國太平RSI值達71，給出「賣出」信號，整體板塊承受一定下行壓力，市場情緒偏謹慎。 截至今日（3日）上午10點 ...

Group 1: Hang Seng Index (HSI) - The Hang Seng Index experienced a significant pullback after reaching a recent high of 28,000 points, closing around 27,300 points on January 30, with a decrease in trading volume compared to previous days but still at a relatively high level [2] - Investors are divided on the market outlook, with some viewing the pullback as a buying opportunity, while others are cautious about short-term volatility and are considering bear certificates [2] - Technical indicators show a bearish short-term signal with 9 sell signals and 6 buy signals, suggesting market sentiment is under pressure [2] Group 2: Contemporary Amperex Technology Co., Limited (CATL) - On January 30, CATL's stock price rose against the market trend, closing at 491 HKD, approaching the 500 HKD mark, with increased trading volume but still below the high levels seen in November [9] - Investors are focused on whether CATL can break through the 500 HKD level, with some looking at call options with a strike price of 629.38 HKD [9] - Technical indicators are neutral, with no clear direction for price movement, and resistance levels are set at 511 HKD and 520 HKD if the 500 HKD mark is surpassed [9] Group 3: Kuaishou Technology (Kuaishou) - Kuaishou's stock price adjusted to close at 80.15 HKD, maintaining the 80 HKD support level, with discussions on the potential to challenge the 90 HKD mark [15] - Technical indicators show a slight advantage for sell signals, indicating upward pressure, with resistance at 84.5 HKD and further at 86.8 HKD [15] - Investors interested in Kuaishou's bull certificates are advised to select products with a redemption price around 70 HKD or lower to mitigate risks [16] Group 4: Zijin Mining Group Co., Ltd. - Zijin Mining's stock price saw significant volatility, closing at 41.9 HKD, with a trading volume reaching a two-month high, indicating a technical pullback [22] - Investors remain optimistic about Zijin Mining, considering the recent drop as a short-term correction, with 38 HKD being a potential entry point [22] - Technical indicators show a slight predominance of sell signals, with key support at 38.5 HKD and further support at 36.3 HKD [22] Group 5: BYD Company Limited - BYD's stock price recorded a notable decline, closing at 97.75 HKD, having fallen below the middle line of the Bollinger Bands [28] - Technical indicators suggest a short-term support level at 94.6 HKD, with further support at 91.3 HKD, and resistance at 101.5 HKD [28] - Investors looking to position in BYD's bear certificates are recommended to choose products with a redemption price above 105 HKD to avoid risks associated with price rebounds [28] Group 6: AIA Group Limited - AIA's stock price fluctuated moderately, closing at 90.35 HKD, above the upper line of the Bollinger Bands, with increased trading volume [35] - Investors are optimistic about AIA's potential to challenge the 100 HKD mark, with technical indicators showing a slight predominance of sell signals [35] - Resistance levels are set at 92.6 HKD and 96.8 HKD, which need to be surpassed for a potential move towards the 100 HKD level [35]