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 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...

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Oct 2nd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Oct 2nd.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight.


HK Short Interest Weekly: Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 9th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), J&amp;T Express (1519 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Bidu (9888 HK), Xiaomi (1810 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 9th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), J&amp;T Express (1519 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Bidu (9888 HK), Xiaomi (1810 HK).


Hong Kong Buybacks Weekly (Oct 9th): Tencent, Xiaomi, J&T Express

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Hong Kong Alpha portfolio gained 9.7% in May, outperforming its benchmark by 10.57%.  The portfolio has outperformed Hong Kong indexes by 57% to 75% since its inception in 10/2024.</li>
<li>The portfolio has a Sharpe ratio of 1.37 since its inception, with a mean excess annualized return of 21% and a beta of 1.2.  </li>
<li>At the end of May, we sold our remaining positions in the mining and materials sectors and added positions in the power, consumer and property sectors.</li>
</ul>


The Hong Kong Alpha portfolio gained 9.7% in May, outperforming its benchmark by 10.57%.  The portfolio has outperformed Hong Kong indexes by 57% to 75% since its inception in 10/2024.
The portfolio has a Sharpe ratio of 1.37 since its inception, with a mean excess annualized return of 21% and a beta of 1.2.  
At the end of May, we sold our remaining positions in the mining and materials sectors and added positions in the power, consumer and property sectors.


<ul>
<li>
The Hong Kong Alpha portfolio posted a -0.5% return for April. Since its inception, the HK Alpha portfolio has outperformed the HK indexes by 38.69% to 60.42%.  </li>
<li>Overall alpha generation remains at 64% of overall returns.  The Sharpe ratio for the portfolio is 1.15, compared with 0.89 for the benchmark.</li>
<li>As the US retreats from its war in Iran, we have repositioned the portfolio by adding exposure to the AI-related tech sector, including platform, agentic, and hardware.</li>
</ul>



The Hong Kong Alpha portfolio posted a -0.5% return for April. Since its inception, the HK Alpha portfolio has outperformed the HK indexes by 38.69% to 60.42%.  
Overall alpha generation remains at 64% of overall returns.  The Sharpe ratio for the portfolio is 1.15, compared with 0.89 for the benchmark.
As the US retreats from its war in Iran, we have repositioned the portfolio by adding exposure to the AI-related tech sector, including platform, agentic, and hardware.


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)

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

HK Short Interest Weekly: Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight

We analyzed the latest HK SFC report for aggregate short position as of Oct 2nd and highlight short interest changes in Lenovo, Baba, Meituan,...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Oct 9th): Tencent, Xiaomi, J&T Express

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

HONG KONG ALPHA PORTFOLIO: (May 2026)

The Hong Kong Alpha portfolio gained 9.7% in May, outperforming its benchmark by 10.57%. The portfolio has outperformed Hong Kong indexes by 57%...

David Mudd

HONG KONG ALPHA PORTFOLIO: (April 2026)

The Hong Kong Alpha portfolio posted a -0.5% return for April. Since its inception, the HK Alpha portfolio has outperformed the HK indexes by...

David Mudd

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