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>ZhongAn’s 1H26 net profit implied a strong beat, surging 1.32x YoY to RMB1.55bn, ahead of market consensus of RMB550mn.</li><li>The outperformance can be attributable to dual drivers of strong P&amp;C underwriting results and equity-driven fair value gains.</li><li>Underwriting profit recorded at RMB773mn, up 17.8% YoY, with P&amp;C combined ratio (CoR) improving 0.1pct YoY to 95.5% in 1H26. </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.

ZhongAn’s 1H26 net profit implied a strong beat, surging 1.32x YoY to RMB1.55bn, ahead of market consensus of RMB550mn.The outperformance can be attributable to dual drivers of strong P&amp;C underwriting results and equity-driven fair value gains.Underwriting profit recorded at RMB773mn, up 17.8% YoY, with P&amp;C combined ratio (CoR) improving 0.1pct YoY to 95.5% in 1H26. 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.

ZhongAn (6060 HK) - 1H Bottom-Line a Strong Beat, More than Doubled...

Thematic (Sector/Industry)

<ul><li>The NFRA reported 1-8M26 premiums. Total insurance premiums stayed broadly flat YoY at RMB4.82tn, with August monthly premium sliding 10.3% YoY to RMB530bn, mainly dragged by the decline in Life (-15.1% YoY) segment.</li><li>Personal life premiums fell 13.6% YoY to RMB401bn in Aug, sustaining the streak of double-digit declines for two consecutive months (Jul: -15.6% YoY) due to a high base of front-loaded demands in 3Q25 ahead of the PIR cuts in Sep-25 (vs. Jul-/Aug-25: +33.5%/+61.6%).</li><li>We expect the high-base effect to fade from Sep-26, with the trend of life premium sales to normalize in 4Q26E, alongside the ramp-up of the 2027E jumpstart sales. </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 1-8M26 premiums. Total insurance premiums stayed broadly flat YoY at RMB4.82tn, with August monthly premium sliding 10.3% YoY to RMB530bn, mainly dragged by the decline in Life (-15.1% YoY) segment.Personal life premiums fell 13.6% YoY to RMB401bn in Aug, sustaining the streak of double-digit declines for two consecutive months (Jul: -15.6% YoY) due to a high base of front-loaded demands in 3Q25 ahead of the PIR cuts in Sep-25 (vs. Jul-/Aug-25: +33.5%/+61.6%).We expect the high-base effect to fade from Sep-26, with the trend of life premium sales to normalize in 4Q26E, alongside the ramp-up of the 2027E jumpstart sales. 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 - 1-8M26: Weak Sales Momentum Persisted in Life and P&C Auto Insurance

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Hong Kong Alpha portfolio gained 8.45% in September and 60.89% and 62.80% YTD and since launch one year ago.  The portfolio has outperformed Hong Kong indexes by more than 40%.</li>
<li>The portfolio has a Sharpe ratio of 3.23 YTD and has generated more than 40% of its returns from stock-picking (alpha).  Its beta is low at only 1.17.</li>
<li>At the end of September, we increased exposure to AI and robotics and sold positions in the consumer and finance sectors.</li>
</ul>


Hong Kong Alpha portfolio gained 8.45% in September and 60.89% and 62.80% YTD and since launch one year ago.  The portfolio has outperformed Hong Kong indexes by more than 40%.
The portfolio has a Sharpe ratio of 3.23 YTD and has generated more than 40% of its returns from stock-picking (alpha).  Its beta is low at only 1.17.
At the end of September, we increased exposure to AI and robotics and sold positions in the consumer and finance sectors.


HONG KONG ALPHA PORTFOLIO: (September 2025)

<ul>
<li>Hong Kong Alpha Portfolio returned 5.23% in December and outperformed the benchmark by 5.92%.  The portfolio has outperformed Hong Kong indexes by 10.36% to 14.38% since its inception on 10/01/24.</li>
<li>About 80% of the portfolio's excess returns have been from alpha generation.  The portfolio has no exposure to Real Estate, Healthcare, Materials, or Energy at this time.</li>
<li>At month end, we sold ZhongAn Online P&amp;C Insurance C (6060 HK) , China Longyuan Power (916 HK) , CRRC Corp Ltd H (1766 HK), and <a href="https://www.smartkarma.com/entities/weibo-corp" target="_blank" data-smartkarma-citation="entities:35280:1" rel="noopener">Weibo (9898 HK)</a> .</li>
</ul>


Hong Kong Alpha Portfolio returned 5.23% in December and outperformed the benchmark by 5.92%.  The portfolio has outperformed Hong Kong indexes by 10.36% to 14.38% since its inception on 10/01/24.
About 80% of the portfolio's excess returns have been from alpha generation.  The portfolio has no exposure to Real Estate, Healthcare, Materials, or Energy at this time.
At month end, we sold ZhongAn Online P&amp;C Insurance C (6060 HK) , China Longyuan Power (916 HK) , CRRC Corp Ltd H (1766 HK), and Weibo (9898 HK) .


HONG KONG ALPHA PORTFOLIO (December 2024)

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Gross SOUTHBOUND volumes back above US$13bn a day this past 4-day week. Net buying back below US$500mm/day.</li>
<li>Among the top buys as a percentage of volume, FINANCIALS, ENERGY, TELECOMS stand out, dramatically. Among top sells, it is INFO TECH again. 8 weeks in a row negative.</li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">SOUTHBOUND Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Monitor</a> are both there free for SK readers.</li>
</ul>


Gross SOUTHBOUND volumes back above US$13bn a day this past 4-day week. Net buying back below US$500mm/day.
Among the top buys as a percentage of volume, FINANCIALS, ENERGY, TELECOMS stand out, dramatically. Among top sells, it is INFO TECH again. 8 weeks in a row negative.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.


HK Connect SOUTHBOUND Flows (To 6 June 2025); Volumes Up, Tech Down, ENERGY Bought Big

China

ZhongAn Online is China's first online-only insurance company, providing internet insurance services and insurance information technology services. It offers personalized products across health, digital life, consumer finance, and automotive ecosystems, and also provides IT consulting and digital banking services. The company was founded in 2013 and is headquartered in Shanghai, China.

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ZhongAn Online (6060 HK)

ZhongAn (6060 HK) - 1H Bottom-Line a Strong Beat, More than Doubled...

ZhongAn’s 1H26 net profit implied a strong beat, surging 1.32x YoY to RMB1.55bn, ahead of market consensus of RMB550mn. The outperformance can be...

CMB International

China Insurance - 1-8M26: Weak Sales Momentum Persisted in Life and P&C Auto Insurance

Total insurance premiums stayed broadly flat YoY at RMB4.82tn, with August monthly premium sliding 10.3% YoY to RMB530bn, mainly dragged by the...

CMB International

HONG KONG ALPHA PORTFOLIO: (September 2025)

Due to the sudden escalation of US/China tensions we have decided to reduce AI and other risk exposure in the Hong Kong Alpha portfolio at the open...

David Mudd

HONG KONG ALPHA PORTFOLIO (December 2024)

Hong Kong Alpha porfolio returned 5.29% in December and has outperformed Hong Kong indexes by 10% to 14% since its inception on 10/01/24.The...

David Mudd

HK Connect SOUTHBOUND Flows (To 6 June 2025); Volumes Up, Tech Down, ENERGY Bought Big

SOUTHBOUND bought another HK$14bn+ last week in the four-day week. ENERGY was big again, as was CONSUMER DISC though some of the latter was index...

Travis Lundy

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