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China Life (2628): China Life expects to achieve double-digit new business value growth in 2026 and is committed to distributing steadily increasing dividends. In terms of regulation, potential capital system revisions (such as the conversion of the discount rate to the spot rate) will further amplify its asset-liability management advantages; currently, its duration gap is controlled within 1.5 years. Furthermore, the company has already adapted to the reduction in the upper limit of the demonstration interest rate for participating insurance policies, and its overall operational expectations management is sound.

US June PMI Preliminary Readings Exceed Expectations

US June preliminary PMI readings exceeded expectations, with the manufacturing PMI hitting a more than four-year high, but the employment index falling to a six-year low. The US June composite PMI rose to a five-month high of 52.2, indicating continued expansion in business activity. Manufacturing performed strongly, with the PMI rising to 55.7 and new orders growing at their fastest pace in over four years, though this was partly driven by precautionary stockpiling. The services PMI rose only moderately to 51.3, indicating a slow recovery. Business purchasing inventories reached the second-highest level on record, but factory employment fell to a six-year low. Easing tensions in the Middle East boosted confidence, but supply chain delays and cost pressures remain issues.

Hong Kong Stock Connect saw a net inflow of HK$10.371 billion on Tuesday, with the Tracker Fund of Hong Kong (02800) seeing the largest inflow at HK$4.17 billion, followed by SMIC (00981) with an inflow of HK$2.47 billion. Alibaba-W (09988) recorded the largest net outflow at HK$1.25 billion, followed by Xiaomi Group-W (01810) with a net outflow of HK$105 million.