Core Viewpoint - Bank of America Securities reports that AIA Group (01299) is expected to announce its operating data for the first three quarters of the year at the end of October, with a projected year-on-year growth of 15% for both the third quarter and the first nine months in terms of new business value (VNB) at actual exchange rates, maintaining an annual growth forecast of 14% to 15% [1] Group 1 - The potential upside may come from accelerated growth in China and smaller ASEAN markets [1] - The target price remains unchanged at HKD 90, with a "Buy" rating [1] - In terms of market segmentation, the mainland China market's VNB returned to growth in the second quarter, with expectations for continued growth in the third quarter, projected at 3% to 5%, indicating slight quarter-on-quarter improvement [1] Group 2 - For the Hong Kong market, the VNB growth from mainland visitors is expected to slow to 14% year-on-year, down from approximately 30% in the first half of the year, while local customer VNB growth may remain around 20% year-on-year [1]

瑞银发表研究报告预期，友邦保险将于10月31日公布2025年第三季度业绩，估计第三季度新业务价值 (VNB)按实际汇率(AER)及固定汇率(CER)基础，分别按年增加18%、17%，较上半年16%及14%增速有 所加快。内地方面，预测友邦第三季度的新业务价值将按年反弹20%(上半年下跌4%)。瑞银估计，友邦 保险2025年下半年内含价值(EV)按半年增10%(上半年按半年增长2.6%)。根据市场最新宏观环境微调盈 利和内含价值，该行维持友邦保险目标价88港元不变，评级"买入"。 ...

Core Insights - China Ping An (601318)(02318) reported a 39.8% year-on-year growth in new business value (NBV) for the first half of the year [1] - The new business contract service margin (CSM) turned to positive year-on-year growth during the period [1] - The pre-dividend book value increased by 4.8% year-on-year [1] Financial Performance - The proportion of equity investments in asset allocation increased, contributing to a comprehensive return rate of 3.1% for the first half, up by 0.3 percentage points [1] - The comprehensive cost ratio for property insurance improved to 95.2%, a decrease of 2.6 percentage points [1] - Operating profit from asset management and financial empowerment businesses accelerated, marking another highlight for the company [1] Analyst Rating - The bank reiterated a "Buy" rating for China Ping An, maintaining a target price of HKD 69 [1]