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.

Equity Bottom-Up

<ul><li>AIA is scheduled to report 1H26 earnings on Aug 20 (HKT), pre-market.</li><li>We expect Group VONB to rise 12%/15% YoY on a CER/AER basis in 1H26, translating into 10% YoY growth (CER) in 2Q26 (vs. 1Q26: +13% CER).</li><li>The 2Q moderation is likely due to a high base of participating sales in HK prior to the illustration rate cap adjustment in July 2025. </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.

AIA is scheduled to report 1H26 earnings on Aug 20 (HKT), pre-market.We expect Group VONB to rise 12%/15% YoY on a CER/AER basis in 1H26, translating into 10% YoY growth (CER) in 2Q26 (vs. 1Q26: +13% CER).The 2Q moderation is likely due to a high base of participating sales in HK prior to the illustration rate cap adjustment in July 2025. 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.

AIA Group Ltd. (1299 HK) - 1H26 Preview: 2Q VONB Moderate While OPAT on Track

<ul><li>AIA delivered broadly in-line FY25 results with VONB growing 15% CER (or 17% AER) to US$5,516mn, while the new US$1.7bn share buyback for FY26 was a positive surprise in addition to US$2.6bn total dividends (+10% YoY).</li><li>4Q VONB moderated to US$1.2bn, up 9.7% YoY, slower than a 27% rise in 3Q25 (US$1.48bn).</li><li>Margin saw a broad-based expansion except in SG (-3.4pct), at 58.5% in the Group level, up 3.6pct YoY, a slight beat vs our estimate (Table), thanks to a favourable product mix in HK (+3.0pct) and TH (+11.4pct) alongside the repricing benefit from mainland China market in 3Q25 (+1.4pct). </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.

AIA delivered broadly in-line FY25 results with VONB growing 15% CER (or 17% AER) to US$5,516mn, while the new US$1.7bn share buyback for FY26 was a positive surprise in addition to US$2.6bn total dividends (+10% YoY).4Q VONB moderated to US$1.2bn, up 9.7% YoY, slower than a 27% rise in 3Q25 (US$1.48bn).Margin saw a broad-based expansion except in SG (-3.4pct), at 58.5% in the Group level, up 3.6pct YoY, a slight beat vs our estimate (Table), thanks to a favourable product mix in HK (+3.0pct) and TH (+11.4pct) alongside the repricing benefit from mainland China market in 3Q25 (+1.4pct). 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.

AIA Group Ltd. (1299 HK) - US$1.7bn buyback a +VE surprise; lift TP to HK$112

Thematic (Sector/Industry)

<ul><li>The NFRA reported 2Q26 insurance fund investments.</li><li>Total insurance funds topped RMB40.8tn, up 3.5% QoQ/12.7% YoY, sustaining a streak of double-digit rise for 12 consecutive quarters, at a pace in line with the growth of the industry’s total assets (+11.8% YoY).</li><li>The industry’s total assets/net assets grew 6.2%/11.1% from yearstart or 3.3%/7.7% QoQ, with the net asset growth staying more robust mainly driven by the uptrend in fair value of bonds and equities in our view, i.e. China’s 10yr govt. bond yield was down 8.1bps in 2Q26 (vs -3.9bps in 1Q26) with the CSI 300 index up 12% in 2Q26 (vs. -3.9% in 1Q26). </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 reported 2Q26 insurance fund investments.Total insurance funds topped RMB40.8tn, up 3.5% QoQ/12.7% YoY, sustaining a streak of double-digit rise for 12 consecutive quarters, at a pace in line with the growth of the industry’s total assets (+11.8% YoY).The industry’s total assets/net assets grew 6.2%/11.1% from yearstart or 3.3%/7.7% QoQ, with the net asset growth staying more robust mainly driven by the uptrend in fair value of bonds and equities in our view, i.e. China’s 10yr govt. bond yield was down 8.1bps in 2Q26 (vs -3.9bps in 1Q26) with the CSI 300 index up 12% in 2Q26 (vs. -3.9% in 1Q26). 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 - 2Q26 Insurance Funds: Total Scale Hit RMB40tn...

<ul><li>In 1-2M26, total insurance premiums amounted to RMB1.64tn, up 8.4% YoY with Feb premium income up 0.8% YoY (vs. Jan: +11.6%) partly due to the impact of Chinese New Year (Feb: 16 working days).</li><li>Personal life and P&amp;C industry premiums growth diverged by +10.2%/-1.4% YoY to RMB1.4tn/RMB240bn in 1-2M26 given the strength in Life jumpstart sales and weakened UW demands from auto insurance.</li><li>We have observed three key trends in the industry for the first two months incl. 1) Life growth sustained in double-digit (+10.9%) driven by resilient savings demands amid the trend of deposit migration; 2) P&amp;C weakened (-1.4%) as auto premiums dipped for two consecutive months (Jan/Feb: -0.8%/-1.1%) due to the lackluster new vehicle sales; 3) P&amp;C Health drove non-auto premium growth up by 20.5% YoY in 1-2M26, signalling upside potential amid deepening cooperation between basic medical and commercial health. </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.

In 1-2M26, total insurance premiums amounted to RMB1.64tn, up 8.4% YoY with Feb premium income up 0.8% YoY (vs. Jan: +11.6%) partly due to the impact of Chinese New Year (Feb: 16 working days).Personal life and P&amp;C industry premiums growth diverged by +10.2%/-1.4% YoY to RMB1.4tn/RMB240bn in 1-2M26 given the strength in Life jumpstart sales and weakened UW demands from auto insurance.We have observed three key trends in the industry for the first two months incl. 1) Life growth sustained in double-digit (+10.9%) driven by resilient savings demands amid the trend of deposit migration; 2) P&amp;C weakened (-1.4%) as auto premiums dipped for two consecutive months (Jan/Feb: -0.8%/-1.1%) due to the lackluster new vehicle sales; 3) P&amp;C Health drove non-auto premium growth up by 20.5% YoY in 1-2M26, signalling upside potential amid deepening cooperation between basic medical and commercial health. 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 - 1-2M26: Life Sustained Double-Digit Rise...

<ul><li>The NFRA eased the solvency risk factors for insurance companies’ stockholdings in the CSI 300 index (from 0.3 to 0.27), the CSI Dividend Low Volatility 100 index (from 0.3 to 0.27) and the STAR Market (from 0.4 to 0.36) by 10%, on the premises that the insurer’s shareholding periods for the CSI 300 index and the CSI Div.</li><li>Low Vol 100 index by over three years and for the STAR Market by more than two years.</li><li>The Notice issued on 5 Dec (Fri) marks the regulators’ sustained efforts since May to guide insurance funds into the stock market, which we estimate that the easing rule could release RMB102.6bn incremental funds into the CSI 300 market, if total minimum capital release were to be fully invested. By 3Q25, total balance of stock investment amounted to RMB 3,621bn, rising 49% from year-start. </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 eased the solvency risk factors for insurance companies’ stockholdings in the CSI 300 index (from 0.3 to 0.27), the CSI Dividend Low Volatility 100 index (from 0.3 to 0.27) and the STAR Market (from 0.4 to 0.36) by 10%, on the premises that the insurer’s shareholding periods for the CSI 300 index and the CSI Div.Low Vol 100 index by over three years and for the STAR Market by more than two years.The Notice issued on 5 Dec (Fri) marks the regulators’ sustained efforts since May to guide insurance funds into the stock market, which we estimate that the easing rule could release RMB102.6bn incremental funds into the CSI 300 market, if total minimum capital release were to be fully invested. By 3Q25, total balance of stock investment amounted to RMB 3,621bn, rising 49% from year-start. 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 - Easing Solvency Risk Factors to Steer Insurance Funds into Long-Term Stockholdings

Hong Kong

AIA Group Limited is a Hong Kong-based multinational insurance and finance corporation, and the largest publicly traded life insurance group in the Asia-Pacific region. It offers a wide range of products and services including life insurance, accident and health insurance, savings plans, employee benefits, and wealth management. The company was founded in Shanghai in 1919 and is headquartered in Hong Kong.

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AIA (1299 HK)

AIA Group Ltd. (1299 HK) - 1H26 Preview: 2Q VONB Moderate While OPAT on Track

We expect Group VONB to rise 12%/15% YoY on a CER/AER basis in 1H26, translating into 10% YoY growth (CER) in 2Q26 (vs. 1Q26: +13% CER).

CMB International

AIA Group Ltd. (1299 HK) - US$1.7bn buyback a +VE surprise; lift TP to HK$112

AIA delivered broadly in-line FY25 results with VONB growing 15% CER (or 17% AER) to US$5,516mn, while the new US$1.7bn share buyback for FY26 was...

CMB International

China Insurance - 2Q26 Insurance Funds: Total Scale Hit RMB40tn...

Total insurance funds topped RMB40.8tn, up 3.5% QoQ/12.7% YoY, sustaining a streak of double-digit rise for 12 consecutive quarters...

CMB International

China Insurance - 1-2M26: Life Sustained Double-Digit Rise...

In 1-2M26, total insurance premiums amounted to RMB1.64tn, up 8.4% YoY with Feb premium income up 0.8% YoY (vs. Jan: +11.6%) partly due to the...

CMB International

China Insurance - Easing Solvency Risk Factors to Steer Insurance Funds into Long-Term Stockholdings

The NFRA eased the solvency risk factors for insurance companies’ stockholdings in the CSI 300 index (from 0.3 to 0.27), the CSI Dividend Low...

CMB International

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