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 H / 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

<ul><li>PICC P&amp;C beat in 1H earnings, with net profit lifting 32.3% YoY to RMB 24.5bn, translating into 4.1% rise in 2Q25, propelled by a double play of underwriting profit (+45%) and net investment results (+62%).</li><li>CoR dropped 1.4pct YoY to 94.8%, with comprehensive expense ratio down 3.1pct YoY to 23.0%, offset by the loss ratio ticking up by 1.7pct YoY to 71.8%, outperforming major peers as Ping An/ CPIC/Sunshine/ZhongAn/TPI’s CoR at 95.2%/96.3%/98.8%/95.6%/95.5%.</li><li>We see auto/non-auto CoR improved by 2.2pct/0.1pct YoY to 94.2%/95.7% in 1H25, well met the guidance of CoR less than 96%/99% set by the mgmt. at 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.

PICC P&amp;C beat in 1H earnings, with net profit lifting 32.3% YoY to RMB 24.5bn, translating into 4.1% rise in 2Q25, propelled by a double play of underwriting profit (+45%) and net investment results (+62%).CoR dropped 1.4pct YoY to 94.8%, with comprehensive expense ratio down 3.1pct YoY to 23.0%, offset by the loss ratio ticking up by 1.7pct YoY to 71.8%, outperforming major peers as Ping An/ CPIC/Sunshine/ZhongAn/TPI’s CoR at 95.2%/96.3%/98.8%/95.6%/95.5%.We see auto/non-auto CoR improved by 2.2pct/0.1pct YoY to 94.2%/95.7% in 1H25, well met the guidance of CoR less than 96%/99% set by the mgmt. at 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.

PICC P&C (2328 HK) - Robust 1H Delivery of CoR...

<ul><li>PICC P&amp;C reported a strong 1Q25 earnings alert, with net profit expected to surge 80%-100% YoY to RMB10.6bn-11.7bn, implying a QoQ upswing of 95.3%-117% vs 4Q24.</li><li>1Q25 net profit represented more than one-third (33%-37%) of last year’s total net profit, driven by 1) a largely improved CoR with reduced catastrophic claims in 1Q25; and 2) optimized asset allocation structure shifting from the FVTPL to FVOCI, which helped smooth the volatilities from fair value movement to achieve steady investment income growth amid market fluctuations.</li><li>We estimate the 1Q25 CoR to arrive at less than 95%, and adjust the auto/non-auto CoR to 95.9%/99.0% (prev.96.0%/98.9% report) in FY25E, thanks to stringent expense controls and an improved non-auto UW structure. </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 reported a strong 1Q25 earnings alert, with net profit expected to surge 80%-100% YoY to RMB10.6bn-11.7bn, implying a QoQ upswing of 95.3%-117% vs 4Q24.1Q25 net profit represented more than one-third (33%-37%) of last year’s total net profit, driven by 1) a largely improved CoR with reduced catastrophic claims in 1Q25; and 2) optimized asset allocation structure shifting from the FVTPL to FVOCI, which helped smooth the volatilities from fair value movement to achieve steady investment income growth amid market fluctuations.We estimate the 1Q25 CoR to arrive at less than 95%, and adjust the auto/non-auto CoR to 95.9%/99.0% (prev.96.0%/98.9% report) in FY25E, thanks to stringent expense controls and an improved non-auto UW structure. 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) - 1Q25 CoR Outperformed

<ul><li>PICC P&amp;C’s full-year CoR missed, yet FY25E guidance beat. FY24 net profit amounted to RMB 32.2bn, up by 30.9% YoY, in line with our forecast.</li><li>Fullyear CoR was worse off to 98.8%, +1.0pct YoY due to a rise of loss ratio (+2.4pct) more than offset an optimized expense ratio (-1.4pct) to 73%/25.8% respectively.</li><li>Auto CoR was 96.8%, down 0.1pct YoY, meeting the &lt;97% year-start guidance, thanks to a better expense ratio (-2.3pct) offsetting the climb of claims (+2.2pct).</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’s full-year CoR missed, yet FY25E guidance beat. FY24 net profit amounted to RMB 32.2bn, up by 30.9% YoY, in line with our forecast.Fullyear CoR was worse off to 98.8%, +1.0pct YoY due to a rise of loss ratio (+2.4pct) more than offset an optimized expense ratio (-1.4pct) to 73%/25.8% respectively.Auto CoR was 96.8%, down 0.1pct YoY, meeting the &lt;97% year-start guidance, thanks to a better expense ratio (-2.3pct) offsetting the climb of claims (+2.2pct).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) - Optimized CoR guidance beat expectations

Thematic (Sector/Industry)

<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

China

PICC Property and Casualty Company Limited provides insurance services. The Company provides property loss insurances, liability insurances, credit insurances, accidental injury insurances, short term health insurances, guarantee insurances, and other insurance products. PICC Property and Casualty also operates investment businesses.

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PICC Property & Casualty H (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

PICC P&C (2328 HK) - Robust 1H Delivery of CoR...

PICC P&C beat in 1H earnings, with net profit lifting 32.3% YoY to RMB 24.5bn, translating into 4.1% rise in 2Q25, propelled by a double play of...

CMB International

PICC P&C (2328 HK) - 1Q25 CoR Outperformed

PICC P&C reported a strong 1Q25 earnings alert, with net profit expected to surge 80%-100% YoY to RMB10.6bn-11.7bn, implying a QoQ upswing of 95.3%...

CMB International

PICC P&C (2328 HK) - Optimized CoR guidance beat expectations

PICC P&C’s full-year CoR missed, yet FY25E guidance beat. FY24 net profit amounted to RMB 32.2bn, up by 30.9% YoY, in line with our forecast.

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

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