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>Chinese life insurers saw strong monthly premium growth in Aug on top of low bases, since the print of six H-share listed life peers rallied by 50% YoY to RMB 139bn in Aug, +41.2pct from last month, lifting the cumulative amount to RMB1,430bn, up 6.3% YoY in 8M24.</li><li>New China Life/Sunshine Life/PICC Life doubled the premium by +122%/104%/95% YoY in August (Fig.1), driven in part by the low base effect of PIR cut to 3.0% beginning in Aug 23, and the “stop-sale” impact of PIR cut for traditional life policies to 2.5% since Sep 24, in our view.</li><li>China Life/Ping An Life/CPIC Life grew premium income by 29%/38%/53% YoY in August, indicating respective highest monthly YoY growth year-to-date as well. </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.

Chinese life insurers saw strong monthly premium growth in Aug on top of low bases, since the print of six H-share listed life peers rallied by 50% YoY to RMB 139bn in Aug, +41.2pct from last month, lifting the cumulative amount to RMB1,430bn, up 6.3% YoY in 8M24.New China Life/Sunshine Life/PICC Life doubled the premium by +122%/104%/95% YoY in August (Fig.1), driven in part by the low base effect of PIR cut to 3.0% beginning in Aug 23, and the “stop-sale” impact of PIR cut for traditional life policies to 2.5% since Sep 24, in our view.China Life/Ping An Life/CPIC Life grew premium income by 29%/38%/53% YoY in August, indicating respective highest monthly YoY growth year-to-date as well. 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 - 8M24 Monthly: Life Jumped on Top of Low Base

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 Aug 28th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Alibaba, Wuxi Apptec, China Resources Land, Zijin Gold Intl, Yofc, China Life, Minimax, China Mobile, Sensetime, Kingdee.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 28th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Alibaba, Wuxi Apptec, China Resources Land, Zijin Gold Intl, Yofc, China Life, Minimax, China Mobile, Sensetime, Kingdee.


HK Short Interest Weekly: Alibaba, Wuxi Apptec, China Resources Land, Zijin Gold Intl, Yofc, Minimax

<ul><li>CN listed insurers released better-than-expected July premiums with life prints showing continued strong momentum on top of a high base in 7M23.</li><li>Six Hshare listed life peers in aggregate grew by +8.8%/+3.1% YoY to RMB 118bn/ RMB1,291bn in July and 7M24, +0.4pct/+0.5pct from last month.</li><li>Top life names contributed resilient increases as China Life/ Ping An Life/ NCI/ PICC Life each rose by +8.3%/+17.2%/+11.3% /+21.8% YoY in July.</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.

CN listed insurers released better-than-expected July premiums with life prints showing continued strong momentum on top of a high base in 7M23.Six Hshare listed life peers in aggregate grew by +8.8%/+3.1% YoY to RMB 118bn/ RMB1,291bn in July and 7M24, +0.4pct/+0.5pct from last month.Top life names contributed resilient increases as China Life/ Ping An Life/ NCI/ PICC Life each rose by +8.3%/+17.2%/+11.3% /+21.8% YoY in July.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 - 7M24 Monthly: Life Momentum Kept Strong

<ul><li>The National Financial Regulatory Administration (NFRA) disclosed 2Q24 insurance funds allocation and respective investment yields for the industry and for life and P&amp;C companies.</li><li>The financial rate of return marginally recovered from troughs in 1Q24 with the comprehensive yields remaining attractive at above 5%, given the prolonged low interest rate cycle.</li><li>We see robust growth of total insurance funds by +11.0% YoY in 2Q24 to RMB30.9tn, on par with total premium growth of +10.5% to RMB3.55tn. </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 National Financial Regulatory Administration (NFRA) disclosed 2Q24 insurance funds allocation and respective investment yields for the industry and for life and P&amp;C companies.The financial rate of return marginally recovered from troughs in 1Q24 with the comprehensive yields remaining attractive at above 5%, given the prolonged low interest rate cycle.We see robust growth of total insurance funds by +11.0% YoY in 2Q24 to RMB30.9tn, on par with total premium growth of +10.5% to RMB3.55tn. 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 - ILife/P&C Diverged in Allocation; Financial Yields Marginally Recovered in 2Q

<ul><li>Life premiums exhibited resilience on high base in Jun and diverged amid top peers.</li><li>Ping An L&amp;H grew by 14.7% YoY in Jun (vs May: +10.4% YoY) thanks to life and health segments, which expanded +16.2%/+19.7% YoY in Jun (vs May: +10.6%/ +11.0% YoY).</li><li>We regard the premium pick-up a concomitant of the Group’s strategic initiatives on healthcare and elderly care, which have fostered new growth drivers with product mix to be further optimized. </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.

Life premiums exhibited resilience on high base in Jun and diverged amid top peers.Ping An L&amp;H grew by 14.7% YoY in Jun (vs May: +10.4% YoY) thanks to life and health segments, which expanded +16.2%/+19.7% YoY in Jun (vs May: +10.6%/ +11.0% YoY).We regard the premium pick-up a concomitant of the Group’s strategic initiatives on healthcare and elderly care, which have fostered new growth drivers with product mix to be further optimized. 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.

Insurance - 6M24 Monthly: Life Prints Better-Than-Expected on High Base; P&C Dragged by Auto Sales

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 Insurance - 8M24 Monthly: Life Jumped on Top of Low Base

Chinese life insurers saw strong monthly premium growth in Aug on top of low bases, since the print of six H-share listed life peers rallied by 50%...

CMB International

HK Short Interest Weekly: Alibaba, Wuxi Apptec, China Resources Land, Zijin Gold Intl, Yofc, Minimax

We analyzed the latest HK SFC report for aggregate short position as of Aug 28th and highlight short interest changes in Alibaba (9988 HK), Wuxi...

Ke Yan, CFA, FRM

China Insurance - 7M24 Monthly: Life Momentum Kept Strong

CN listed insurers released better-than-expected July premiums with life prints showing continued strong momentum on top of a high base in 7M23.

CMB International

China Insurance - ILife/P&C Diverged in Allocation; Financial Yields Marginally Recovered in 2Q

The National Financial Regulatory Administration (NFRA) disclosed 2Q24 insurance funds allocation and respective investment yields for the industry...

CMB International

Insurance - 6M24 Monthly: Life Prints Better-Than-Expected on High Base; P&C Dragged by Auto Sales

Ping An L&H grew by 14.7% YoY in Jun (vs May: +10.4% YoY) thanks to life and health segments, which expanded +16.2%/+19.7% YoY in Jun (vs May:...

CMB International

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