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

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 reported a strong set of 3Q earnings, with 3Q25 net profit almost doubled on top of a high base in 3Q24 to RMB 126.9bn, marking a rise of 92% YoY and lifting the 9M25 result up by 61% YoY to RMB 167.8bn, close to the mid-point of profit alert.</li><li>The surge outpaced listed peers and was propelled by both insurance service results (benefiting from a rising yield, i.e. CNGB10YR up 22.7bps in 3Q25) and investment results (thanks to the strong rally in A/H shares, i.e. CSI 300/HSI +18%/+16%).</li><li>We mentioned in our last note that the dip in 2Q caused by increasing losses on onerous contracts which adversely impacted insurance service expense (ISE) is likely to be short-term, and in 3Q, as we see spot interest rate rebound, the insurer’s ISE largely dropped by 79% YoY to RMB 7.5bn (vs. 3Q24: RMB 36.2bn), accelerating the growth of insurance service results by 2.1x YoY to RMB 47bn, a quarterly high. </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 reported a strong set of 3Q earnings, with 3Q25 net profit almost doubled on top of a high base in 3Q24 to RMB 126.9bn, marking a rise of 92% YoY and lifting the 9M25 result up by 61% YoY to RMB 167.8bn, close to the mid-point of profit alert.The surge outpaced listed peers and was propelled by both insurance service results (benefiting from a rising yield, i.e. CNGB10YR up 22.7bps in 3Q25) and investment results (thanks to the strong rally in A/H shares, i.e. CSI 300/HSI +18%/+16%).We mentioned in our last note that the dip in 2Q caused by increasing losses on onerous contracts which adversely impacted insurance service expense (ISE) is likely to be short-term, and in 3Q, as we see spot interest rate rebound, the insurer’s ISE largely dropped by 79% YoY to RMB 7.5bn (vs. 3Q24: RMB 36.2bn), accelerating the growth of insurance service results by 2.1x YoY to RMB 47bn, a quarterly high. 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) - 3Q Net Earnings Almost Doubled on a High Base

Thematic (Sector/Industry)

<ul><li>The NFRA reported 1Q26 premiums. Total insurance premium grew 6.3% YoY to RMB2.31tn, with industry premium modestly up by 1.4% YoY in March.</li><li>The divergence between personal life and P&amp;C premiums persisted in 1Q26 with the former marking +7.9% to RMB1.93tn and the latter falling 1.3% YoY to RMB382bn, indicating a continued strong momentum during life jumpstart sales, and a marginal recovery in P&amp;C with auto/non-auto premiums up 1.8%/ 2.7% YoY in Mar (vs. Feb: -0.3%/+0.3%).</li><li>We see three key trends in 1Q26 including 1) Life sustained robust growth in Mar, after achieving a compelling increase during the jumpstart period; 2) P&amp;C saw a marginal rebound in premium growth supported by a turnaround in both auto and non-auto segments; and 3) Health and accident (H&amp;A) insurance remained the two key drivers of P&amp;C non-auto premium growth, sustaining doubledigit increases in Mar 2026. </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 1Q26 premiums. Total insurance premium grew 6.3% YoY to RMB2.31tn, with industry premium modestly up by 1.4% YoY in March.The divergence between personal life and P&amp;C premiums persisted in 1Q26 with the former marking +7.9% to RMB1.93tn and the latter falling 1.3% YoY to RMB382bn, indicating a continued strong momentum during life jumpstart sales, and a marginal recovery in P&amp;C with auto/non-auto premiums up 1.8%/ 2.7% YoY in Mar (vs. Feb: -0.3%/+0.3%).We see three key trends in 1Q26 including 1) Life sustained robust growth in Mar, after achieving a compelling increase during the jumpstart period; 2) P&amp;C saw a marginal rebound in premium growth supported by a turnaround in both auto and non-auto segments; and 3) Health and accident (H&amp;A) insurance remained the two key drivers of P&amp;C non-auto premium growth, sustaining doubledigit increases in Mar 2026. 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 - 1-3M26: Life growth resilient and P&C marginally recovered in March

<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>We analysed the earning revision of component stocks of MS-China in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on CCB, TENCENT, ICBC, CHINA LIFE, BOC, LONGFOR, Legend Biotech, CANMAX TECHNOLOGIES.</li>
</ul>


We analysed the earning revision of component stocks of MS-China in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on CCB, TENCENT, ICBC, CHINA LIFE, BOC, LONGFOR, Legend Biotech, CANMAX TECHNOLOGIES.


MS-China Index Earning Revision (Sep): CCB, TENCENT, ICBC, CHINA LIFE, BOC, LONGFOR, Legend Biotech

China

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

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

China Life Insurance Co (Adr) (LFC US)

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

China Life (2628 HK) - 3Q Net Earnings Almost Doubled on a High Base

China Life reported a strong set of 3Q earnings, with 3Q25 net profit almost doubled on top of a high base in 3Q24 to RMB 126.9bn, marking a rise...

CMB International

China Insurance - 1-3M26: Life growth resilient and P&C marginally recovered in March

The NFRA reported 1Q26 premiums. Total insurance premium grew 6.3% YoY to RMB2.31tn, with industry premium modestly up by 1.4% YoY in March.

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

MS-China Index Earning Revision (Sep): CCB, TENCENT, ICBC, CHINA LIFE, BOC, LONGFOR, Legend Biotech

We analyzed MS-China's consensus for Sep 2026 and highlighted changes of EPS in CCB, TENCENT, ICBC, CHINA LIFE, BOC, LONGFOR, Legend Biotech,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)