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)

Equity Bottom-Up

<ul><li>China Life reported mixed 1Q26 results, with net profit down 32.3% YoY to RMB19.5bn, below our estimate of RMB20.4bn, mainly due to fair value losses from TPL equities amid equity market turbulence.</li><li>Net asset value modestly grew 0.5% from year-start to RMB598.3bn, supported by higher retained earnings.</li><li>NBV surged 75.5% YoY in 1Q26, significantly beating market and our estimates, reflecting continued progress in shifting underwriting toward longer-duration and regular-paid products. </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>

China Life reported mixed 1Q26 results, with net profit down 32.3% YoY to RMB19.5bn, below our estimate of RMB20.4bn, mainly due to fair value losses from TPL equities amid equity market turbulence.Net asset value modestly grew 0.5% from year-start to RMB598.3bn, supported by higher retained earnings.NBV surged 75.5% YoY in 1Q26, significantly beating market and our estimates, reflecting continued progress in shifting underwriting toward longer-duration and regular-paid products. 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 Life (2628 HK) - NBV Surge a Strong Beat, Outweighing 1Q Net Profit Dip

China Life Insurance

China Life (2628 HK) - NBV Surge a Strong Beat, Outweighing 1Q Net Profit Dip