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 posted strong 1H26 results, balancing quality underwriting expansion and equity fair value gains.</li><li>Group 1H net profit surged 2.29x YoY to RMB134.5bn, at the mid-point of previously announced profit alert (link), translating into RMB115.0bn in 2Q, up 8.48x YoY.</li><li>We attribute the bottom-line growth to 1) RMB23.0bn increase in insurance service results (+1.27x YoY); 2) RMB182.2bn increase from investment income (+3.14x YoY), of which net and realized fair value gains reached RMB47.4bn (+83% YoY, 26% mix) and unrealized gains from TPL assets elevated 131x YoY to RMB134.8bn (74% mix), as shown in table. </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 posted strong 1H26 results, balancing quality underwriting expansion and equity fair value gains.Group 1H net profit surged 2.29x YoY to RMB134.5bn, at the mid-point of previously announced profit alert (link), translating into RMB115.0bn in 2Q, up 8.48x YoY.We attribute the bottom-line growth to 1) RMB23.0bn increase in insurance service results (+1.27x YoY); 2) RMB182.2bn increase from investment income (+3.14x YoY), of which net and realized fair value gains reached RMB47.4bn (+83% YoY, 26% mix) and unrealized gains from TPL assets elevated 131x YoY to RMB134.8bn (74% mix), as shown in table. 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) - Strong Underwriting and Investment Gains Drive Interim DPS Beat

China Life Insurance

China Life (2628 HK) - Strong Underwriting and Investment Gains Drive Interim DPS Beat