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

PICC Property & Casualty / Equity Bottom-Up

<ul><li>PICC P&amp;C delivered robust 3Q25 results with net profit reaching RMB15.8bn, up 91.5% YoY, inline with the range in profit alert of 57%-122% (CMBI est).</li><li>The improvement was driven by both enhanced underwriting performance and robust investment income.</li><li>In 3Q25, insurance service results surged 3.3x YoY to RMB 5.3bn, up 3.28x YoY, and net investment results amounted to RMB 16.6bn, rising 61% YoY. </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.

PICC P&amp;C delivered robust 3Q25 results with net profit reaching RMB15.8bn, up 91.5% YoY, inline with the range in profit alert of 57%-122% (CMBI est).The improvement was driven by both enhanced underwriting performance and robust investment income.In 3Q25, insurance service results surged 3.3x YoY to RMB 5.3bn, up 3.28x YoY, and net investment results amounted to RMB 16.6bn, rising 61% YoY. 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.

PICC P&C (2328 HK) - 3Q25 Review: Dual Strength in Underwriting and Investment Income

Thematic (Sector/Industry)

<ul><li>The NFRA reported 1Q26 premiums. Total insurance premium grew 6.3% YoY to RMB2.31tn, with industry premium modestly up by 1.4% YoY in March.</li><li>The divergence between personal life and P&amp;C premiums persisted in 1Q26 with the former marking +7.9% to RMB1.93tn and the latter falling 1.3% YoY to RMB382bn, indicating a continued strong momentum during life jumpstart sales, and a marginal recovery in P&amp;C with auto/non-auto premiums up 1.8%/ 2.7% YoY in Mar (vs. Feb: -0.3%/+0.3%).</li><li>We see three key trends in 1Q26 including 1) Life sustained robust growth in Mar, after achieving a compelling increase during the jumpstart period; 2) P&amp;C saw a marginal rebound in premium growth supported by a turnaround in both auto and non-auto segments; and 3) Health and accident (H&amp;A) insurance remained the two key drivers of P&amp;C non-auto premium growth, sustaining doubledigit increases in Mar 2026. </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 1Q26 premiums. Total insurance premium grew 6.3% YoY to RMB2.31tn, with industry premium modestly up by 1.4% YoY in March.The divergence between personal life and P&amp;C premiums persisted in 1Q26 with the former marking +7.9% to RMB1.93tn and the latter falling 1.3% YoY to RMB382bn, indicating a continued strong momentum during life jumpstart sales, and a marginal recovery in P&amp;C with auto/non-auto premiums up 1.8%/ 2.7% YoY in Mar (vs. Feb: -0.3%/+0.3%).We see three key trends in 1Q26 including 1) Life sustained robust growth in Mar, after achieving a compelling increase during the jumpstart period; 2) P&amp;C saw a marginal rebound in premium growth supported by a turnaround in both auto and non-auto segments; and 3) Health and accident (H&amp;A) insurance remained the two key drivers of P&amp;C non-auto premium growth, sustaining doubledigit increases in Mar 2026. 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 - 1-3M26: Life growth resilient and P&C marginally recovered in March

<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>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)

China

PICC Property & Casualty is the largest non-life insurance company in mainland China, providing a broad range of property and casualty insurance products. Its offerings include motor vehicle, commercial property, cargo, liability, accidental injury and health, agriculture, credit, surety, and homeowners insurance. The company also offers reinsurance and insurance agency services. It is headquartered in Beijing, China, and was incorporated in 2003.

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PICC Property & Casualty (2328 HK)

PICC P&C (2328 HK) - 3Q25 Review: Dual Strength in Underwriting and Investment Income

PICC P&C delivered robust 3Q25 results with net profit reaching RMB15.8bn, up 91.5% YoY, inline with the range in profit alert of 57%-122% (CMBI est).

CMB International

China Insurance - 1-3M26: Life growth resilient and P&C marginally recovered in March

The NFRA reported 1Q26 premiums. Total insurance premium grew 6.3% YoY to RMB2.31tn, with industry premium modestly up by 1.4% YoY in March.

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 - 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

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