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.

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

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>There have been no changes to investment positions in the portfolio.</li><li>KTX DR Tactical Picks delivered an average return of +1.49%, led by AMD80, which rallied on expectations that strong AI server demand will enhance profitability.</li><li>Based on our KTX Baht Tracker, the baht has begun to strengthen again.</li></ul>

There have been no changes to investment positions in the portfolio.KTX DR Tactical Picks delivered an average return of +1.49%, led by AMD80, which rallied on expectations that strong AI server demand will enhance profitability.Based on our KTX Baht Tracker, the baht has begun to strengthen again.

KTX Tactical DR Picks - January 23, 2026 (Eng.)

<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

<ul><li>We recommend selling MITSU19 with a holding-period return of +1.95%, and adding PINGAN80 in its place.</li><li>The KTX DR Tactical Picks portfolio gained 0.55% yesterday, supported by continued strength in US technology stocks.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

We recommend selling MITSU19 with a holding-period return of +1.95%, and adding PINGAN80 in its place.The KTX DR Tactical Picks portfolio gained 0.55% yesterday, supported by continued strength in US technology stocks.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX Tactical DR Picks - November 12, 2025 (Eng.)

<ul><li>We recommend cutting loss on XIAOMI80 after the holding-period return fell 6.6%, and switching into FERRARI80, a DR referencing Ferrari N.V. (RACE) listed on Euronext Milan.</li><li>The KTX DR Tactical Picks portfolio delivered an average return of +0.84% from the previous day, supported by a rally in US technology stocks after NVIDIA surged to a new record high.</li><li>Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments, including DRs.</li></ul>

We recommend cutting loss on XIAOMI80 after the holding-period return fell 6.6%, and switching into FERRARI80, a DR referencing Ferrari N.V. (RACE) listed on Euronext Milan.The KTX DR Tactical Picks portfolio delivered an average return of +0.84% from the previous day, supported by a rally in US technology stocks after NVIDIA surged to a new record high.Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments, including DRs.

KTX TACTICAL DR PICKS - October 3, 2025 (Eng.)

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.

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Ping An Insurance Group of (601318 CH)

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

KTX Tactical DR Picks - January 23, 2026 (Eng.)

KTX DR Tactical Picks delivered an average return of +1.49%, led by AMD80, which rallied on expectations that strong AI server demand will enhance...

Krungthai XSpring

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

KTX Tactical DR Picks - November 12, 2025 (Eng.)

We recommend selling MITSU19 with a holding-period return of +1.95%, and adding PINGAN80 in its place.The KTX DR Tactical Picks portfolio gained...

Krungthai XSpring

KTX TACTICAL DR PICKS - October 3, 2025 (Eng.)

We recommend cutting loss on XIAOMI80 after the holding-period return fell 6.6%, and switching into FERRARI80, a DR referencing Ferrari N.V. (RACE)...

Krungthai XSpring

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