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>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 2Q26 insurance fund investments.</li><li>Total insurance funds topped RMB40.8tn, up 3.5% QoQ/12.7% YoY, sustaining a streak of double-digit rise for 12 consecutive quarters, at a pace in line with the growth of the industry’s total assets (+11.8% YoY).</li><li>The industry’s total assets/net assets grew 6.2%/11.1% from yearstart or 3.3%/7.7% QoQ, with the net asset growth staying more robust mainly driven by the uptrend in fair value of bonds and equities in our view, i.e. China’s 10yr govt. bond yield was down 8.1bps in 2Q26 (vs -3.9bps in 1Q26) with the CSI 300 index up 12% in 2Q26 (vs. -3.9% 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.

The NFRA reported 2Q26 insurance fund investments.Total insurance funds topped RMB40.8tn, up 3.5% QoQ/12.7% YoY, sustaining a streak of double-digit rise for 12 consecutive quarters, at a pace in line with the growth of the industry’s total assets (+11.8% YoY).The industry’s total assets/net assets grew 6.2%/11.1% from yearstart or 3.3%/7.7% QoQ, with the net asset growth staying more robust mainly driven by the uptrend in fair value of bonds and equities in our view, i.e. China’s 10yr govt. bond yield was down 8.1bps in 2Q26 (vs -3.9bps in 1Q26) with the CSI 300 index up 12% in 2Q26 (vs. -3.9% 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.

China Insurance - 2Q26 Insurance Funds: Total Scale Hit RMB40tn...

Insurance & Central Asia-focused Analyst, KT Capital Group

Alec Tseung

Insurance & Central Asia-focused Analyst

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

<ul>
<li>
Ping An L&amp;H: quality-focused restructuring has nearly doubled agent productivity since 2019, pushing NBV to post-Cvoid highs despite a much smaller agency force.</li>
<li>
Ping An P&amp;C: tech integration and enablement is closing the gap vs. market leader in product distribution and customer acquisition.</li>
<li>
Integrated finance and health/senior care strategy presents cross-selling opportunities and differentiated upside not yet priced in.</li>
</ul>



Ping An L&amp;H: quality-focused restructuring has nearly doubled agent productivity since 2019, pushing NBV to post-Cvoid highs despite a much smaller agency force.

Ping An P&amp;C: tech integration and enablement is closing the gap vs. market leader in product distribution and customer acquisition.

Integrated finance and health/senior care strategy presents cross-selling opportunities and differentiated upside not yet priced in.


2026 High Conviction: Ping An to Re-Rate if Growth/Recovery Continues

<ul><li>Ping An reported upbeat 3Q25 results, with Group OPAT rising 7.2% YoY to RMB 116.3bn in 9M25, accelerating to a 15.2% YoY increase in 3Q25 and beating our estimate of RMB 114bn.</li><li>This improvement was primarily driven by OPAT growth in P&amp;C (9M/3Q25: +8.3%/+26.2% YoY), technology (9M/3Q25: +2.0x/+2.9x YoY), and the AM segment profit turnaround to RMB 2.7bn (9M24: a loss of RMB 2.3bn).</li><li>Group net profit jumped 11.5% YoY to RMB133bn in 9M25, bolstered by a 45.4% YoY escalation in 3Q25, also exceeding our bottom-line forecast of RMB129bn. </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 reported upbeat 3Q25 results, with Group OPAT rising 7.2% YoY to RMB 116.3bn in 9M25, accelerating to a 15.2% YoY increase in 3Q25 and beating our estimate of RMB 114bn.This improvement was primarily driven by OPAT growth in P&amp;C (9M/3Q25: +8.3%/+26.2% YoY), technology (9M/3Q25: +2.0x/+2.9x YoY), and the AM segment profit turnaround to RMB 2.7bn (9M24: a loss of RMB 2.3bn).Group net profit jumped 11.5% YoY to RMB133bn in 9M25, bolstered by a 45.4% YoY escalation in 3Q25, also exceeding our bottom-line forecast of RMB129bn. 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) - 3Q Earnings Beat; Improving Business Quality with Catalysts Across

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of Oct 9th. The aggregated net margin trading position is USD341,906m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in ANHUI JIANGHUAI AUTOMOBILE, SHARETRONIC DATA TECHNOLOGY, YUANJIE SEMI, SUZHOU EVERBRIGHT PHOTONICS, GIGADEVICE SEMICONDUCTOR.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Oct 9th. The aggregated net margin trading position is USD341,906m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in ANHUI JIANGHUAI AUTOMOBILE, SHARETRONIC DATA TECHNOLOGY, YUANJIE SEMI, SUZHOU EVERBRIGHT PHOTONICS, GIGADEVICE SEMICONDUCTOR.


A-Share Margin Trading Weekly (Oct 9th): ANHUI JIANGHUAI AUTOMOBILE, SHARETRONIC DATA TECHNOLOGY

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)

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 - 2Q26 Insurance Funds: Total Scale Hit RMB40tn...

Total insurance funds topped RMB40.8tn, up 3.5% QoQ/12.7% YoY, sustaining a streak of double-digit rise for 12 consecutive quarters...

CMB International

2026 High Conviction: Ping An to Re-Rate if Growth/Recovery Continues

Despite decent share price performance this year, Ping An remains a laggard among other Chinese insurance stocks. It warrants a re-rating if its...

Alec Tseung

Ping An (2318 HK) - 3Q Earnings Beat; Improving Business Quality with Catalysts Across

Ping An reported upbeat 3Q25 results, with Group OPAT rising 7.2% YoY to RMB 116.3bn in 9M25, accelerating to a 15.2% YoY increase in 3Q25 and...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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 - 2Q26 Insurance Funds: Total Scale Hit RMB40tn...

Total insurance funds topped RMB40.8tn, up 3.5% QoQ/12.7% YoY, sustaining a streak of double-digit rise for 12 consecutive quarters...

CMB International

2026 High Conviction: Ping An to Re-Rate if Growth/Recovery Continues

Despite decent share price performance this year, Ping An remains a laggard among other Chinese insurance stocks. It warrants a re-rating if its...

Alec Tseung

Ping An (2318 HK) - 3Q Earnings Beat; Improving Business Quality with Catalysts Across

Ping An reported upbeat 3Q25 results, with Group OPAT rising 7.2% YoY to RMB 116.3bn in 9M25, accelerating to a 15.2% YoY increase in 3Q25 and...

CMB International

A-Share Margin Trading Weekly (Oct 9th): ANHUI JIANGHUAI AUTOMOBILE, SHARETRONIC DATA TECHNOLOGY

We analyzed A-share margin trading positions report for the past week and highlighted ANHUI JIANGHUAI AUTOMOBILE (600418 CH), SHARETRONIC DATA...

Ke Yan, CFA, FRM