Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>That “Oh sh#t moment” has just struck many investors in US markets</li>
<li>Within Hong Kong , Tech most at risk as investors take profit</li>
<li>Our alternative sector selection  has performed both absolutely and in relative terms</li>
</ul>


That “Oh sh#t moment” has just struck many investors in US markets
Within Hong Kong , Tech most at risk as investors take profit
Our alternative sector selection  has performed both absolutely and in relative terms


Investors Have that “Oh Sh#t Moment” - Part 1:  Hong Kong Strategy

Thematic (Sector/Industry)

<ul>
<li>Continuing review of the sectors we like for the next phase of the HK/China bull market</li>
<li>Expectations are so low that there is  a high probability of upside surprises</li>
<li>An unloved sector that will rerate on any positive catalyst</li>
</ul>


Continuing review of the sectors we like for the next phase of the HK/China bull market
Expectations are so low that there is  a high probability of upside surprises
An unloved sector that will rerate on any positive catalyst


Consumer Stocks - Waiting to Catch a Fire

<ul>
<li>Continuing review of the sectors we like for the next phase of the HK/China bull market</li>
<li>In financials, insurers are a lower volatility way of playing the equity market revival</li>
<li>Watch for a reversal of bond yields as a signal to buy</li>
</ul>


Continuing review of the sectors we like for the next phase of the HK/China bull market
In financials, insurers are a lower volatility way of playing the equity market revival
Watch for a reversal of bond yields as a signal to buy


Timing the Entry into the Insurance Sector for the Next Phase of the HK/China Bull Market

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.

<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

Hong Kong

China Taiping Insurance Holdings Co., Ltd. is an investment holding company primarily engaged in life insurance, property and casualty insurance, and reinsurance businesses. It also provides asset management, financial leasing, and elderly care investment services. The company's origins trace back to 1929 in Shanghai, and its management headquarters are located in Hong Kong.

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

China Taiping (966 HK)

Investors Have that “Oh Sh#t Moment” - Part 1: Hong Kong Strategy

Investors in US markets face a sudden realization, with Hong Kong Tech most vulnerable as profit-taking occurs. Our alternative sector selection...

Rikki Malik

Consumer Stocks - Waiting to Catch a Fire

Budweiser Asia Pacific (1876.HK) is up 12% today as earnings are slightly less worse than expected and the dividend is increased. This confirms our...

Rikki Malik

Timing the Entry into the Insurance Sector for the Next Phase of the HK/China Bull Market

Analysis of sectors favored for the upcoming phase of the HK/China bull market, with a focus on insurers as a lower volatility option and a tip to...

Rikki Malik

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Investors Have that “Oh Sh#t Moment” - Part 1: Hong Kong Strategy

​Investors in US markets face a sudden realization, with Hong Kong Tech most vulnerable as profit-taking occurs. Our alternative sector selection...

Rikki Malik

Consumer Stocks - Waiting to Catch a Fire

Budweiser Asia Pacific (1876.HK) is up 12% today as earnings are slightly less worse than expected and the dividend is increased. This confirms our...

Rikki Malik

Timing the Entry into the Insurance Sector for the Next Phase of the HK/China Bull Market

​Analysis of sectors favored for the upcoming phase of the HK/China bull market, with a focus on insurers as a lower volatility option and a tip to...

Rikki Malik

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

Investors in US markets face a sudden realization, with Hong Kong Tech most vulnerable as profit-taking occurs. Our alternative sector selection...

Analysis of sectors favored for the upcoming phase of the HK/China bull market, with a focus on insurers as a lower volatility option and a tip to...