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

<ul><li>Ping An posted solid 1Q results, with Group OPAT up 7.6% YoY to RMB40.8bn, outpacing our estimate of RMB39.2bn.</li><li>This increase can be attributed to 1) a resilient L&amp;H OPAT uptrend (+4.6% vs CMBI est: +4.5%); 2) PAB profit turnaround (+3.0%); and 3) a notable surge in AM profitability (+193.3%).</li><li>Group NPAT fell 7.4% YoY to RMB25bn, slightly better than our estimate of RMB24.3bn, due to heightened market headwinds in 1Q26. </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.

Ping An posted solid 1Q results, with Group OPAT up 7.6% YoY to RMB40.8bn, outpacing our estimate of RMB39.2bn.This increase can be attributed to 1) a resilient L&amp;H OPAT uptrend (+4.6% vs CMBI est: +4.5%); 2) PAB profit turnaround (+3.0%); and 3) a notable surge in AM profitability (+193.3%).Group NPAT fell 7.4% YoY to RMB25bn, slightly better than our estimate of RMB24.3bn, due to heightened market headwinds in 1Q26. 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.

Ping An (2318 HK/601318 CH) - 1Q OPAT a Slight Beat;

<ul><li>Ping An is scheduled to report 1Q26 earnings on Apr 28 (Tue) post-market.</li><li>We expect Group OPAT to remain resilient at RMB39.2bn, up 3.5% YoY (vs. 1Q25: +2.4% YoY) primarily driven by L&amp;H and asset management (AM) segments.</li><li>For Life OPAT, we forecast a 4.5% YoY increase in 1Q26 (1Q25: +5.0% YoY) supported by steady insurance AUM growth and a stable interest rate, which should help narrow the decline in CSM release. </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.

Ping An is scheduled to report 1Q26 earnings on Apr 28 (Tue) post-market.We expect Group OPAT to remain resilient at RMB39.2bn, up 3.5% YoY (vs. 1Q25: +2.4% YoY) primarily driven by L&amp;H and asset management (AM) segments.For Life OPAT, we forecast a 4.5% YoY increase in 1Q26 (1Q25: +5.0% YoY) supported by steady insurance AUM growth and a stable interest rate, which should help narrow the decline in CSM release. 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.

Ping An (2318 HK) - Expect Resilient OPAT, NPAT to Slide on Equity Swings; Solid NBV Uptrend

<ul><li>Ping An delivered robust FY25 results with Group OPAT back to double-digit growth of 10.3% YoY to RMB134.4bn, translating to 35.3% YoY rise in 4Q25, slightly lower than our estimate of RMB135.9bn (link).</li><li>Group NPAT reported at RMB134.8bn in FY25, up 6.5% YoY, modestly higher than our estimate of RMB133.1bn.</li><li>The gap between OPAT and NPAT involved non-operating items incl. 1) RMB9.06bn in short-term investment variance from L&amp;H business (vs. FY24: -RMB3.9bn) and 2) RMB8.6bn in one-off losses from the combined effect of consolidation of subsidiaries and sale of Autohome, and revaluation losses on higher value of H-share convertible bonds. </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.

Ping An delivered robust FY25 results with Group OPAT back to double-digit growth of 10.3% YoY to RMB134.4bn, translating to 35.3% YoY rise in 4Q25, slightly lower than our estimate of RMB135.9bn (link).Group NPAT reported at RMB134.8bn in FY25, up 6.5% YoY, modestly higher than our estimate of RMB133.1bn.The gap between OPAT and NPAT involved non-operating items incl. 1) RMB9.06bn in short-term investment variance from L&amp;H business (vs. FY24: -RMB3.9bn) and 2) RMB8.6bn in one-off losses from the combined effect of consolidation of subsidiaries and sale of Autohome, and revaluation losses on higher value of H-share convertible bonds. 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.

Ping An (2318 HK) - Group OPAT Back to Double-Digit Rise...

<ul><li>We maintain Ping An as one of our sector top picks, and lift TP to HK$90 based on SOTP, by 1) rolling forward to FY26E forecasts, and 2) fine-tuning net earnings and NBV growth in FY25-27E.</li><li>On a like-for-like basis, we estimate 12% YoY growth of Group OPAT in FY25E to RMB136bn, which implies ~46% YoY increase in 4Q25 (vs.3Q25: +15.2%).</li><li>The 4Q acceleration could be driven by 1) robust L&amp;H OPAT growth supported with improving operating variance and investment service result; 2) asset management on a YoY decline of impairment loss thanks to capital market recovery; and 3) P&amp;C’s robust underwriting profit. </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.

We maintain Ping An as one of our sector top picks, and lift TP to HK$90 based on SOTP, by 1) rolling forward to FY26E forecasts, and 2) fine-tuning net earnings and NBV growth in FY25-27E.On a like-for-like basis, we estimate 12% YoY growth of Group OPAT in FY25E to RMB136bn, which implies ~46% YoY increase in 4Q25 (vs.3Q25: +15.2%).The 4Q acceleration could be driven by 1) robust L&amp;H OPAT growth supported with improving operating variance and investment service result; 2) asset management on a YoY decline of impairment loss thanks to capital market recovery; and 3) P&amp;C’s robust underwriting profit. 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.

Ping An (2318 HK) - Banca Fuelling NBV Growth in Jumpstart Sales...

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

China

Ping An Insurance (Group) Company of China Limited provides products and services through its five ecosystems in financial services, healthcare, auto services, real estate services and Smart City solutions. The Group's insurance business writes property, casualty, and life insurance products.

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

Ping An Insurance Group of (601318 CH)

Ping An (2318 HK/601318 CH) - 1Q OPAT a Slight Beat;

This increase can be attributed to 1) a resilient L&H OPAT uptrend (+4.6% vs CMBI est: +4.5%); 2) PAB profit turnaround (+3.0%); and 3) a notable...

CMB International

Ping An (2318 HK) - Expect Resilient OPAT, NPAT to Slide on Equity Swings; Solid NBV Uptrend

We expect Group OPAT to remain resilient at RMB39.2bn, up 3.5% YoY (vs. 1Q25: +2.4% YoY) primarily driven by L&H and asset management (AM) segments.

CMB International

Ping An (2318 HK) - Group OPAT Back to Double-Digit Rise...

Ping An delivered robust FY25 results with Group OPAT back to double-digit growth of 10.3% YoY to RMB134.4bn, translating to 35.3% YoY rise in...

CMB International

Ping An (2318 HK) - Banca Fuelling NBV Growth in Jumpstart Sales...

We maintain Ping An as one of our sector top picks, and lift TP to HK$90 based on SOTP, by 1) rolling forward to FY26E forecasts, and 2) fine...

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)