External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Thematic (Sector/Industry)

China Financials / 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><p><em>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.</em></p>

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...