中国太平(966)发布中期业绩，今年上半年，集团保险服务收入558.75亿港元，同比增长3.2%；股东应占溢利60.27亿港元，同比增长15.4%；净投资业绩75.03亿港元，同比增长360.7%。针业务来看，寿险方面，上半年集团保险服务收入、保险服务业绩同比分别增长7.3%、38.4%，其中境内寿险保险服务收入、保险服务业绩同比分别增长5.8%、43.9%。集团把握结构性行情机会，持有的高股息策略品种表现较好，受此影响，太平持有的股票综合投资收益率为15.6%，跑赢沪深300全收益指数13.5个百分点。集团下半年将进一步落实「报行合一」政策，推动渠道专业化进度，持续压降负债成本，优化负债结构，完善产品体系，预计今年新业务价值能够保持两位数的增长。King's Financial News | Hang Seng Index closed at 17691 on Monday (2nd), down 297 points or 1.65%. The total market turnover was 112.8 billion yuan for the whole day. HSI fell by 119 points or 1.9% to 6211; HSTI dropped by 74 points or 2.1% to 3486. Due to the rebound of the US dollar, the offshore RMB exchange rate weakened, reaching a low of 7.1085 against the US dollar, down 265 basis points, and the latest rate is 7.1116, down 257 basis points. Data from the China Index Research Institute shows that the sales of the top 100 real estate developers from January to August dropped by 38.5% year-on-year, affecting mainland real estate stocks. China Vanke (02202) turned from profit to loss in the interim results, and the gross margin of the real estate development business also plummeted, closing the day down by 5.8%.
Dow Jones closed for the US Labor Day holiday on Monday (2nd). European stocks had mixed developments, with the UK market closing down by 0.15% at 8363 points, the French and German markets rising slightly by 0.2% and 0.13% respectively, closing at 7646 and 18930 points. The Stoxx600 pan-European index briefly fell by 0.6% but narrowed its decline to 0.02%, closing at 524 points. Market focus is on the US employment data for August to be released this Friday, to determine the pace of the Fed's interest rate cuts. Asian stock markets showed mixed movements this morning (3rd), with the Nikkei 225 index currently at 38933 points, up 232 points or 0.6%. The South Korea Composite Index is at 2684 points, up 3 points or 0.1%. Weak data from the mainland is dragging down the overall market.
Market Focus: China Taiping (00966)
China Taiping (966) released its interim results. In the first half of this year, the group's insurance service revenue was 55.875 billion Hong Kong dollars, a year-on-year increase of 3.2%; the attributable profit to shareholders was 6.027 billion Hong Kong dollars, a year-on-year increase of 15.4%; net investment performance was 7.503 billion Hong Kong dollars, a year-on-year increase of 360.7%. In terms of business segments, in the life insurance sector, in the first half of the year, the group's insurance service revenue and insurance performance increased by 7.3% and 38.4% respectively year-on-year. Among them, domestic life insurance service revenue and insurance performance increased by 5.8% and 43.9% year-on-year. The group seized the opportunity of structural market trends, and the high dividend yield strategy varieties held performed well. As a result, the comprehensive investment yield of Taiping's stock holdings was 15.6%, outperforming the CSI 300 total return index by 13.5 percentage points. In the second half of the year, the group will further implement the 'reporting and compliance integration' policy, promote the professionalization of channels, continue to reduce debt costs, optimize debt structure, improve product systems, and is expected to maintain double-digit growth in new business value this year.
Target price $13, stop loss price $8.5.
(The author is a licensed person of the China Securities Regulatory Commission and does not hold any of the above stocks.)
Author: Dr. Tang Shengxing, Chairman of the Hong Kong Stock Analysts Association.