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

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

<ul><li>China Life reported mixed 1Q26 results, with net profit down 32.3% YoY to RMB19.5bn, below our estimate of RMB20.4bn, mainly due to fair value losses from TPL equities amid equity market turbulence.</li><li>Net asset value modestly grew 0.5% from year-start to RMB598.3bn, supported by higher retained earnings.</li><li>NBV surged 75.5% YoY in 1Q26, significantly beating market and our estimates, reflecting continued progress in shifting underwriting toward longer-duration and regular-paid products. </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 mixed 1Q26 results, with net profit down 32.3% YoY to RMB19.5bn, below our estimate of RMB20.4bn, mainly due to fair value losses from TPL equities amid equity market turbulence.Net asset value modestly grew 0.5% from year-start to RMB598.3bn, supported by higher retained earnings.NBV surged 75.5% YoY in 1Q26, significantly beating market and our estimates, reflecting continued progress in shifting underwriting toward longer-duration and regular-paid products. 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) - NBV Surge a Strong Beat, Outweighing 1Q Net Profit Dip

<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>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

China

China Life Insurance Company Limited is a Beijing-headquartered company that provides a comprehensive suite of life, health, and accident insurance products and services to individuals and groups. The company also offers pension plans and engages in asset management. It was founded in 1949 and is headquartered in Beijing, China.

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China Life Insurance (2628 HK)

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

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

China Life (2628 HK) - NBV Surge a Strong Beat, Outweighing 1Q Net Profit Dip

NBV surged 75.5% YoY in 1Q26, significantly beating market and our estimates, reflecting continued progress in shifting underwriting toward longer...

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 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

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