External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>The NFRA announced to raise the cap for Chinese insurers’ equity asset allocation ratio corresponding to the comprehensive solvency ratio (CSR) by 5% for whose CSR ranging from (150%, 200%), (250%, 300%) and above 350%.</li><li>The financial regulator eased equity investment upside for Chinese insurers to broaden incremental capital injection to the real economy in joint with other efforts to shore up the market sentiment, in our view.</li><li>From a top-down perspective, we reckon the action could bring RMB1.66tn incremental funds to the stock market if the industry expanded the equity allocation to the upper limit of 30% of total insurance funds by end-FY24.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The NFRA announced to raise the cap for Chinese insurers’ equity asset allocation ratio corresponding to the comprehensive solvency ratio (CSR) by 5% for whose CSR ranging from (150%, 200%), (250%, 300%) and above 350%.The financial regulator eased equity investment upside for Chinese insurers to broaden incremental capital injection to the real economy in joint with other efforts to shore up the market sentiment, in our view.From a top-down perspective, we reckon the action could bring RMB1.66tn incremental funds to the stock market if the industry expanded the equity allocation to the upper limit of 30% of total insurance funds by end-FY24.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Insurance - Raised Cap for Insurer’s Equity Asset Allocation Could Unleash Max. RMB 1.7tn...

Equity Bottom-Up

<ul><li>Ping An reported resilient 1H24 results with NBV +11% YoY on a like-for-like basis to RMB 22.3bn, outpacing our forecast / market consensus by 3.6%/9.5%.</li><li>Agency and bancassurance NBV drove up by 10.8%/17.3% YoY given a better margin to 33.0%/22.5% in 1H24, +10.5pct/+6.8pct on a like-for-like basis.</li><li>2Q NBV stabilized at RMB9.43bn against a high base pushed by FYP increase (+49.6% YoY) in 1H23. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ping An reported resilient 1H24 results with NBV +11% YoY on a like-for-like basis to RMB 22.3bn, outpacing our forecast / market consensus by 3.6%/9.5%.Agency and bancassurance NBV drove up by 10.8%/17.3% YoY given a better margin to 33.0%/22.5% in 1H24, +10.5pct/+6.8pct on a like-for-like basis.2Q NBV stabilized at RMB9.43bn against a high base pushed by FYP increase (+49.6% YoY) in 1H23. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ping An (2318 HK) - 2Q NBV Stabilized Against a High Base; Expect to See Group OPAT Turnaround

Hong Kong

Ping An Securities Group (Holdings) Limited is an investment holding company with a business scope that includes securities dealing and financial services, such as brokerage, underwriting, financial advisory, loan financing, and insurance brokerage, as well as hotel and commercial property development. The company is headquartered in Admiralty, Hong Kong, and is currently in liquidation as of September 2022.

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Ping An Securities (231 HK)

China Insurance - Raised Cap for Insurer’s Equity Asset Allocation Could Unleash Max. RMB 1.7tn...

The NFRA announced to raise the cap for Chinese insurers’ equity asset allocation ratio corresponding to the comprehensive solvency ratio (CSR) by...

CMB International

Ping An (2318 HK) - 2Q NBV Stabilized Against a High Base; Expect to See Group OPAT Turnaround

Ping An reported resilient 1H24 results with NBV +11% YoY on a like-for-like basis to RMB 22.3bn, outpacing our forecast / market consensus by 3.6%...

CMB International

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