扎根香港寿险市场，兼具强大科技基因 云锋金融于2018年完成对美国万通保险亚洲的收购，当前稳健且高价值的万通保险业务是公司的主业压 舱石，提供坚实的基本盘和现金流。公司股权结构稳定，管理层科技基因深厚。云锋的主要间接股东为 云锋金融控股有限公司和美国万通人寿保险公司，云锋金融控股有限公司的实际控制人为虞锋先生，美 国万通人寿为全美五大寿险公司之一(按2025年6月2日《FORTUNE500》公布的"互惠寿险公司"及"上市 股份寿险公司"2024年度收入排名榜合并计算)。 公司董事会主席为联合创始人之一虞锋先生，其投资布局始终着眼于最先进的技术范式变迁，从早期的 互联网、消费到如今的金融科技、人工智能，展现出前瞻性行业洞察。同时自2019年开始，HashKey董 事长肖风博士即在云锋金融担任独立董事，持续为公司战略注入行业远见。 智通财经APP获悉，华源证券发布研报称，首次覆盖，给予云锋金融(00376)"买入"评级。公司寿险主业 经营稳定业绩处于上升通道，25H1业绩与新业务价值双高增，资产端高质量配置全球资产、固收投资 能力优势显著。 万通保险是中国香港寿险市场的领先参与者，经营业绩处于上升通道 华源证券主 ...

华源证券发布研报称，首次覆盖，给予云锋金融(00376)"买入"评级。公司寿险主业经营稳定业绩处于 上升通道，25H1业绩与新业务价值双高增，资产端高质量配置全球资产、固收投资能力优势显著。 万通保险是中国香港寿险市场的领先参与者，经营业绩处于上升通道 负债端：2020-2024年，万通新单业务在中国香港的市占率由1.1%上升到1.8%(按年化新保费APE口径计 量)，行业排名在12-15名。万通的传统优势产品为万用寿险，派息率稳定，近年来也发力具备多币种转 换功能的分红型终身年金等产品。25年上半年受益于港险市场繁荣和公司效率提升，实现NBV和APE高 速增长(yoy+81%/+107%)。在新业务价值和费用管控双轮驱动下，近年来万通保险实现了EV和CSM稳 健增长：内含价值2020-2024年CAGR达到7.6%，25H1yoy达+5.7%；合同服务边际2022-2024年CAGR达 到6.1%，25H1相比24年底进一步增长16.6%。 资产端：1)投资资产特点：固收和现金资产占比将近九成，预计是由于存量负债端产品策略更偏万用保 险；2)投资地域情况：万通亚洲背靠美国万通保险，实现全球底层资产的分散，截 ...

Group 1 - The "2025 Forbes China Most Influential Chinese Elites TOP 100" list was officially announced, with Qi Xue, a founding team member of Waterdrop Inc. (WDH.US) and chairman of the Waterdrop Charity Foundation, being selected [1][3] - The selection process involved several months of rigorous evaluation, receiving hundreds of applications and conducting online interviews to assess the candidates' influence [1] - This year's list features a more diversified and international group of entrants compared to previous years, reflecting broader cross-industry dimensions [1] Group 2 - Qi Xue's inclusion in the Forbes list recognizes both her personal achievements and the accomplishments of Waterdrop Inc. in the insurance sector [3] - Waterdrop Inc. has established itself as a leading technology platform for insurance and health services in China, aiming to enhance public access to medical insurance and support for families [3] - The company pioneered a new model combining major illness crowdfunding with personal insurance, significantly advancing the digitalization of insurance and medical assistance [3] Group 3 - Waterdrop Inc. is actively exploring overseas markets, having established a licensed insurance brokerage in Hong Kong in 2023 to provide professional insurance brokerage and wealth planning services [3] - The services offered include life insurance, critical illness insurance, medical insurance, universal life insurance, MPF, and investment-linked plans [3] - To support talent development, Waterdrop Inc. launched a comprehensive service platform for Hong Kong, Macau, and overseas, providing services such as identity planning, business expansion, children's education, and medical services [3] - Since its establishment, the platform has opened five regional service centers in mainland China, Hong Kong, and Macau, serving thousands of middle-class families [3]

Group 1: Core Concept - Hong Kong premium financing is a sophisticated wealth management strategy that combines bank financing with insurance policies, attracting high-net-worth clients due to its potential for leveraging capital efficiency [1][2][4] - The strategy operates similarly to real estate investment, where a portion of the investment is made by the individual, while the majority is financed through a bank loan [2][3][4] Group 2: Characteristics Comparison - The underlying asset in premium financing is a life insurance policy, primarily universal life insurance, while real estate investment is based on physical assets like land and buildings [4] - Premium financing utilizes capital leverage with a fixed insurance contract, whereas real estate investment involves asset leverage with fluctuating property values [4] - The liquidity of premium financing is lower due to the initial cash value of the policy being low, requiring a long-term hold to realize benefits, compared to the complex and lengthy process of real estate transactions [4] Group 3: Interest Rate Environment - Premium financing is best suited for a low and stable interest rate environment, as it allows for a positive interest rate spread between the policy return and loan interest [8][10] - In contrast, real estate investment is influenced by a combination of interest rates, location, and economic factors, making it more resilient across various interest rate cycles [11] Group 4: Practical Application and Calculations - A case study illustrates that an individual can achieve significant returns through premium financing by leveraging a smaller initial investment to secure a larger insurance policy, resulting in a higher internal rate of return (IRR) [19] - The success of premium financing relies on maintaining a low loan interest rate and achieving expected policy returns, highlighting the importance of market conditions [10][19] Group 5: Target Investor Profile - Ideal candidates for premium financing include high-net-worth individuals, business owners seeking wealth transfer and death benefit protection, and investors looking for stable arbitrage opportunities [20][22] - Conversely, individuals with tight liquidity, risk-averse profiles, or those unfamiliar with the product should approach premium financing with caution [22][23]