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>China Life posted strong 1H26 results, balancing quality underwriting expansion and equity fair value gains.</li><li>Group 1H net profit surged 2.29x YoY to RMB134.5bn, at the mid-point of previously announced profit alert (link), translating into RMB115.0bn in 2Q, up 8.48x YoY.</li><li>We attribute the bottom-line growth to 1) RMB23.0bn increase in insurance service results (+1.27x YoY); 2) RMB182.2bn increase from investment income (+3.14x YoY), of which net and realized fair value gains reached RMB47.4bn (+83% YoY, 26% mix) and unrealized gains from TPL assets elevated 131x YoY to RMB134.8bn (74% mix), as shown in table. </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.

China Life posted strong 1H26 results, balancing quality underwriting expansion and equity fair value gains.Group 1H net profit surged 2.29x YoY to RMB134.5bn, at the mid-point of previously announced profit alert (link), translating into RMB115.0bn in 2Q, up 8.48x YoY.We attribute the bottom-line growth to 1) RMB23.0bn increase in insurance service results (+1.27x YoY); 2) RMB182.2bn increase from investment income (+3.14x YoY), of which net and realized fair value gains reached RMB47.4bn (+83% YoY, 26% mix) and unrealized gains from TPL assets elevated 131x YoY to RMB134.8bn (74% mix), as shown in table. 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 Life (2628 HK) - Strong Underwriting and Investment Gains Drive Interim DPS Beat

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>As China's largest life insurer, the company is poised to benefit from powerful secular tailwinds, including an aging population and rising household wealth, driving demand for retirement and protection products.</li>
 <li>A strategic shift towards higher-margin products and an emphasis on improving agent quality are key initiatives aimed at enhancing the value of new business (VNB) and long-term profitability.</li>
 <li>Significant exposure to capital market fluctuations remains a key risk, as investment income is a major driver of profitability, making earnings susceptible to interest rate changes and equity market volatility.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  As China's largest life insurer, the company is poised to benefit from powerful secular tailwinds, including an aging population and rising household wealth, driving demand for retirement and protection products.
  A strategic shift towards higher-margin products and an emphasis on improving agent quality are key initiatives aimed at enhancing the value of new business (VNB) and long-term profitability.
  Significant exposure to capital market fluctuations remains a key risk, as investment income is a major driver of profitability, making earnings susceptible to interest rate changes and equity market volatility.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: China Life Insurance (2628 HK) - Aug 2026

China Life Insurance Co (Adr) / Equity Bottom-Up

<ul>
 <li>
Dominant Market Leader with State Backing: China Life is the largest life insurer in China, a market experiencing significant long-term growth driven by an aging population and rising wealth. Its 70% state ownership provides a strong competitive advantage and brand recognition.</li>
 <li>
Strategic Shift to Value-Oriented Growth: Management is focusing on improving the quality of growth by emphasizing higher-margin, long-term protection and retirement products over low-margin, savings-type policies. This includes transforming its vast agency force to improve productivity and professionalism.</li>
 <li>
Navigating Macroeconomic Headwinds: The company's profitability is sensitive to volatile financial markets and the low interest rate environment, which pressures investment returns. Key risks include intense competition, regulatory changes, and potential erosion of its market share to more agile, tech-focused competitors.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Dominant Market Leader with State Backing: China Life is the largest life insurer in China, a market experiencing significant long-term growth driven by an aging population and rising wealth. Its 70% state ownership provides a strong competitive advantage and brand recognition.
  
Strategic Shift to Value-Oriented Growth: Management is focusing on improving the quality of growth by emphasizing higher-margin, long-term protection and retirement products over low-margin, savings-type policies. This includes transforming its vast agency force to improve productivity and professionalism.
  
Navigating Macroeconomic Headwinds: The company's profitability is sensitive to volatile financial markets and the low interest rate environment, which pressures investment returns. Key risks include intense competition, regulatory changes, and potential erosion of its market share to more agile, tech-focused competitors.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: China Life Insurance Co (Adr) (LFC US) - Aug 2026

Thematic (Sector/Industry)

<ul><li>The NFRA reported 1-8M26 premiums. Total insurance premiums stayed broadly flat YoY at RMB4.82tn, with August monthly premium sliding 10.3% YoY to RMB530bn, mainly dragged by the decline in Life (-15.1% YoY) segment.</li><li>Personal life premiums fell 13.6% YoY to RMB401bn in Aug, sustaining the streak of double-digit declines for two consecutive months (Jul: -15.6% YoY) due to a high base of front-loaded demands in 3Q25 ahead of the PIR cuts in Sep-25 (vs. Jul-/Aug-25: +33.5%/+61.6%).</li><li>We expect the high-base effect to fade from Sep-26, with the trend of life premium sales to normalize in 4Q26E, alongside the ramp-up of the 2027E jumpstart sales. </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 1-8M26 premiums. Total insurance premiums stayed broadly flat YoY at RMB4.82tn, with August monthly premium sliding 10.3% YoY to RMB530bn, mainly dragged by the decline in Life (-15.1% YoY) segment.Personal life premiums fell 13.6% YoY to RMB401bn in Aug, sustaining the streak of double-digit declines for two consecutive months (Jul: -15.6% YoY) due to a high base of front-loaded demands in 3Q25 ahead of the PIR cuts in Sep-25 (vs. Jul-/Aug-25: +33.5%/+61.6%).We expect the high-base effect to fade from Sep-26, with the trend of life premium sales to normalize in 4Q26E, alongside the ramp-up of the 2027E jumpstart sales. 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 - 1-8M26: Weak Sales Momentum Persisted in Life and P&C Auto Insurance

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Hong Kong market quietly broke its downward trend channel last week, however the HSI met strong resistance at 18200 (100 Week Moving Average).</li>
<li>
<a href="https://www.smartkarma.com/entities/picc-property-casualty-h" target="_blank" data-smartkarma-citation="entities:350:1" rel="noopener">PICC Property &amp; Casualty H (2328 HK)</a> and <a href="https://www.smartkarma.com/entities/china-petroleum-chemical-h" target="_blank" data-smartkarma-citation="entities:369:1" rel="noopener">China Petroleum &amp; Chemical (386 HK)</a> broke to new highs relative to MSCI indices.  Sinopec may benefit from stronger RMB in 2H24.
</li>
<li><a href="https://www.smartkarma.com/entities/shenzhou-intl-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10415:1" rel="noopener">Shenzhou Intl Group Holdings (2313 HK)</a> had a short-term turnaround from its downtrend.  The company reported growth in sales and better margins in 2Q24.</li>
</ul>


Hong Kong market quietly broke its downward trend channel last week, however the HSI met strong resistance at 18200 (100 Week Moving Average).

PICC Property &amp; Casualty H (2328 HK) and China Petroleum &amp; Chemical (386 HK) broke to new highs relative to MSCI indices.  Sinopec may benefit from stronger RMB in 2H24.

Shenzhou Intl Group Holdings (2313 HK) had a short-term turnaround from its downtrend.  The company reported growth in sales and better margins in 2Q24.


Technically Speaking, Breakouts and Breakdowns: HONG KONG (SEPTEMBER 3)

China

China Life Insurance Co., Limited offers a wide range of life, accident, and health insurance products and services.

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China Life Insurance Co (Adr) (LFC US)

China Life (2628 HK) - Strong Underwriting and Investment Gains Drive Interim DPS Beat

Group 1H net profit surged 2.29x YoY to RMB134.5bn, at the mid-point of previously announced profit alert (link), translating into RMB115.0bn in...

CMB International

Primer: China Life Insurance (2628 HK) - Aug 2026

As China's largest life insurer, the company is poised to benefit from powerful secular tailwinds, including an aging population and rising...

αSK Primers

Primer: China Life Insurance Co (Adr) (LFC US) - Aug 2026

Dominant Market Leader with State Backing: China Life is the largest life insurer in China, a market experiencing significant long-term growth...

αSK Primers

China Insurance - 1-8M26: Weak Sales Momentum Persisted in Life and P&C Auto Insurance

Total insurance premiums stayed broadly flat YoY at RMB4.82tn, with August monthly premium sliding 10.3% YoY to RMB530bn, mainly dragged by the...

CMB International

Technically Speaking, Breakouts and Breakdowns: HONG KONG (SEPTEMBER 3)

Hong Kong market broke its downtrend however it met strong resistance just above 18k. PICC and Sinopec broke to new highs relative to MSCI...

David Mudd

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