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.

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China Pacific Insurance / Equity Bottom-Up

<ul><li>CPIC’s 2Q earnings strengthened. Group/Life OPAT was up 7.1%/5% like-for-like (LFL) to RMB 19.9bn/15bn, suggesting a sequential uptick in 2Q25 vs. 5% YoY increase of Group OPAT in 1Q25.</li><li>Net profit rebounded 11% YoY in 1H to RMB 27.9bn on a high base, translating into 36% YoY growth in 2Q25.</li><li>Net asset value fell 3.3% in 1H from year-start, with 2Q NAV up by 7% QoQ, thanks to less volatile interest rate movements.</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.

CPIC’s 2Q earnings strengthened. Group/Life OPAT was up 7.1%/5% like-for-like (LFL) to RMB 19.9bn/15bn, suggesting a sequential uptick in 2Q25 vs. 5% YoY increase of Group OPAT in 1Q25.Net profit rebounded 11% YoY in 1H to RMB 27.9bn on a high base, translating into 36% YoY growth in 2Q25.Net asset value fell 3.3% in 1H from year-start, with 2Q NAV up by 7% QoQ, thanks to less volatile interest rate movements.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.

CPIC (2601 HK) - Life OPAT Outperformed; 2Q Earnings and NAV Returned to a Healthy Trend

Thematic (Sector/Industry)

<ul><li>The NFRA announced Dec premiums for life and P&amp;C segments.</li><li>Total premiums reached RMB 6.11tn as of year-end, up 7.4% YoY on top of a high base, translating to 5.4% YoY increase in Dec to RMB 357bn, reversing the monthly downward trend since Sep 2025.</li><li>Personal life and P&amp;C premiums scaled up by 9.1%/2.6% YoY to RMB 4.65tn/1.47tn as of end-FY25, implying a rise of 6.3%/3.8% YoY in Dec 2025, marginally improving by 6.9pct/3.8pct MoM respectively. </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 announced Dec premiums for life and P&amp;C segments.Total premiums reached RMB 6.11tn as of year-end, up 7.4% YoY on top of a high base, translating to 5.4% YoY increase in Dec to RMB 357bn, reversing the monthly downward trend since Sep 2025.Personal life and P&amp;C premiums scaled up by 9.1%/2.6% YoY to RMB 4.65tn/1.47tn as of end-FY25, implying a rise of 6.3%/3.8% YoY in Dec 2025, marginally improving by 6.9pct/3.8pct MoM respectively. 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 - Dec Life and P&C premiums marginally improved

<ul><li>Life growth diverged in Dec among listed peers, yet the market trends weakened overall in Nov-Dec, due to eased momentum of 2025 jumpstart sales.</li><li>Total life premium of six H-share listed insurers fell 2.5% YoY to RMB 82.3bn in Dec, -1.9pct MoM compared to Nov.</li><li>Listed life peers’ premium growth ranged from a peak of increase by 19% YoY (NCI) to a decline of 45% YoY (Sunshine Life) in Dec, as the contribution of agency FYP varied.</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 growth diverged in Dec among listed peers, yet the market trends weakened overall in Nov-Dec, due to eased momentum of 2025 jumpstart sales.Total life premium of six H-share listed insurers fell 2.5% YoY to RMB 82.3bn in Dec, -1.9pct MoM compared to Nov.Listed life peers’ premium growth ranged from a peak of increase by 19% YoY (NCI) to a decline of 45% YoY (Sunshine Life) in Dec, as the contribution of agency FYP varied.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 - 11/12M Monthly: Life Sales Diverged During the Jumpstart

<ul><li>Life premium growth eased in Oct as expected, due to the release of front-loaded demands in Jul/Aug prior to the PIR cut, which dragged the rise of 10M24 premiums.</li><li>Except CPIC Life (+2.3% YoY), other life peers’ premiums declined in Oct, as China Life/Ping An Life/New China Life/PICC Life slid 2.6%/2.0%/0.2%/2.8% respectively.</li><li>Health momentum remained strong, where Ping An Health and PICC Health grew 10.5%/2.6% YoY in Oct following a six-month increasing streak. </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 premium growth eased in Oct as expected, due to the release of front-loaded demands in Jul/Aug prior to the PIR cut, which dragged the rise of 10M24 premiums.Except CPIC Life (+2.3% YoY), other life peers’ premiums declined in Oct, as China Life/Ping An Life/New China Life/PICC Life slid 2.6%/2.0%/0.2%/2.8% respectively.Health momentum remained strong, where Ping An Health and PICC Health grew 10.5%/2.6% YoY in Oct following a six-month increasing streak. 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 - Life Premium Retreated as Expected, P&C Grew with Auto Sales Momentum

<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

China

China Pacific Insurance is a leading integrated insurance group offering a comprehensive suite of products including life, health, property, casualty, and agricultural insurance, alongside pension and asset management services. The company provides risk protection solutions and wealth planning to a broad customer base. It was founded in 1991 and is headquartered in Shanghai, China.

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China Pacific Insurance (2601 HK)

CPIC (2601 HK) - Life OPAT Outperformed; 2Q Earnings and NAV Returned to a Healthy Trend

CPIC’s 2Q earnings strengthened. Group/Life OPAT was up 7.1%/5% like-for-like (LFL) to RMB 19.9bn/15bn, suggesting a sequential uptick in 2Q25 vs....

CMB International

China Insurance - Dec Life and P&C premiums marginally improved

Total premiums reached RMB 6.11tn as of year-end, up 7.4% YoY on top of a high base, translating to 5.4% YoY increase in Dec to RMB 357bn,

CMB International

China Insurance - 11/12M Monthly: Life Sales Diverged During the Jumpstart

Life growth diverged in Dec among listed peers, yet the market trends weakened overall in Nov-Dec, due to eased momentum of 2025 jumpstart sales.

CMB International

China Insurance - Life Premium Retreated as Expected, P&C Grew with Auto Sales Momentum

Life premium growth eased in Oct as expected, due to the release of front-loaded demands in Jul/Aug prior to the PIR cut, which dragged the rise of...

CMB International

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

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