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 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

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Hong Kong market continues to consolidate during the early stage of its Secular Bull Market.  Strength and momentum indicators show further weakness ahead.</li>
<li>Materials and healthcare sectors have lost momentum with other sectors trendless.  Analysts target 20% price gains in materials sector over the next year.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-taiping-insurance-hldgs-co-ltd" target="_blank" data-smartkarma-citation="entities:489:1" rel="noopener">China Taiping Insurance Hldgs (966 HK)</a>  shares fell on Thursday on concerns over the insurer’s estimated HK$2.6B exposure to a HK residential project at the center of a deadly fire.
</li>
</ul>


Hong Kong market continues to consolidate during the early stage of its Secular Bull Market.  Strength and momentum indicators show further weakness ahead.
Materials and healthcare sectors have lost momentum with other sectors trendless.  Analysts target 20% price gains in materials sector over the next year.

China Taiping Insurance Hldgs (966 HK)  shares fell on Thursday on concerns over the insurer’s estimated HK$2.6B exposure to a HK residential project at the center of a deadly fire.



The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (November 27)

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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 24th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi, CNOOC, China Resources Land, Petrochina, Xiaomi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 24th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi, CNOOC, China Resources Land, Petrochina, Xiaomi.


HK Connect Flows Weekly (Sep 24th): Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi, CNOOC

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>The A-H share premium has narrowed by an average of 35pp YTD. Despite the recent A-share recovery, the premium remains depressed relative to the start of the year.</li>
<li>Aggressive players may keep playing the leaders in the trend - the Chinese insurers like <a href="https://www.smartkarma.com/entities/china-life-insurance-co-ltd-9f877d22-7cf7-4b00-b525-cec71139f369" target="_blank" data-smartkarma-citation="entities:5794:1" rel="noopener">China Life (2628 HK)</a> and securities companies like <a href="https://www.smartkarma.com/entities/guolian-securities-co-ltd-h" target="_blank" data-smartkarma-citation="entities:535:1" rel="noopener">Guolian Minsheng Securities H (1456 HK)</a>. </li>
<li>Conservative players, however, may look at the laggards in AH premium contraction like the Chinese banks - <a href="https://www.smartkarma.com/entities/industrial-and-commercial-bank-of-china-limited" target="_blank" data-smartkarma-citation="entities:1119:1" rel="noopener">ICBC (H) (1398 HK)</a> and <a href="https://www.smartkarma.com/entities/china-merchants-bank-co-ltd-3388a037-4214-4997-b45d-520518cfdb57" target="_blank" data-smartkarma-citation="entities:10987:1" rel="noopener">China Merchants Bank H (3968 HK)</a>. </li>
</ul>


The A-H share premium has narrowed by an average of 35pp YTD. Despite the recent A-share recovery, the premium remains depressed relative to the start of the year.
Aggressive players may keep playing the leaders in the trend - the Chinese insurers like China Life (2628 HK) and securities companies like Guolian Minsheng Securities H (1456 HK). 
Conservative players, however, may look at the laggards in AH premium contraction like the Chinese banks - ICBC (H) (1398 HK) and China Merchants Bank H (3968 HK). 


China Strategy: Trading the A-H Premium Stocks

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

<ul>
<li>July’s $17.28 bn inflow through Southbound was almost triple of that of the May low ($5.85bn). The flows are now on track to recovering to the March-April peak of $20-22bn.</li>
<li>Investors continue buying dividend plays (CCB), sharp decliners (Meituan), policy beneficiaries (SMIC). Kuaishou and Alibaba were bought after being sold recently. Biotechnology (Innovent, Akeso) and insurance (ChinaLife) are new favorites.</li>
<li>Expensive consumers and consumer proxies (Pop Mart, Tencent, Xiaomi) continue to be sold. Last three months selling in Xiaomi and Tencent have almost wiped out their cumulative 12 month's buying.</li>
</ul>


July’s $17.28 bn inflow through Southbound was almost triple of that of the May low ($5.85bn). The flows are now on track to recovering to the March-April peak of $20-22bn.
Investors continue buying dividend plays (CCB), sharp decliners (Meituan), policy beneficiaries (SMIC). Kuaishou and Alibaba were bought after being sold recently. Biotechnology (Innovent, Akeso) and insurance (ChinaLife) are new favorites.
Expensive consumers and consumer proxies (Pop Mart, Tencent, Xiaomi) continue to be sold. Last three months selling in Xiaomi and Tencent have almost wiped out their cumulative 12 month's buying.


Asian Equity: Southbound Monthly- July Boom; New Darlings: Insurance, Biotech; Pricey Consumers Sold

China

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

Price Gauge
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China Life Insurance Co (Adr) (LFC US)

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

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (November 27)

Hong Kong market continues to consolidate during the early stage of its Secular Bull Market. Strength and momentum indicators show further...

David Mudd

HK Connect Flows Weekly (Sep 24th): Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi,...

Ke Yan, CFA, FRM

China Strategy: Trading the A-H Premium Stocks

The A-H share premium has narrowed by 35pp YTD, with Chinese insurers and securities companies leading the trend for aggressive players, while...

Osbert Tang, CFA

Asian Equity: Southbound Monthly- July Boom; New Darlings: Insurance, Biotech; Pricey Consumers Sold

July Southbound flow nearly tripled from May's low, on track to reach Mar-Apr peak. Investors like dividend plays, policy beneficiaries & recently...

Manishi Raychaudhuri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (November 27)

Hong Kong market continues to consolidate during the early stage of its Secular Bull Market. Strength and momentum indicators show further...

David Mudd

HK Connect Flows Weekly (Sep 24th): Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi,...

Ke Yan, CFA, FRM

China Strategy: Trading the A-H Premium Stocks

​The A-H share premium has narrowed by 35pp YTD, with Chinese insurers and securities companies leading the trend for aggressive players, while...

Osbert Tang, CFA

Asian Equity: Southbound Monthly- July Boom; New Darlings: Insurance, Biotech; Pricey Consumers Sold

July ​Southbound flow nearly tripled from May's low, on track to reach Mar-Apr peak. Investors like dividend plays, policy beneficiaries & recently...

Manishi Raychaudhuri

The A-H share premium has narrowed by 35pp YTD, with Chinese insurers and securities companies leading the trend for aggressive players, while...

July Southbound flow nearly tripled from May's low, on track to reach Mar-Apr peak. Investors like dividend plays, policy beneficiaries & recently...