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

PICC Property & Casualty H / Equity Bottom-Up

<ul><li>PICC P&amp;C released 3Q results. NPAT grew 38.0% YoY to RMB26.75bn in 9M24, close to the upper bound of its profit alert (up by 20%-40%).</li><li>3Q NPAT hit a record high of RMB8.26bn, driven by a surge of fair value gains at RMB7.4bn (vs 3Q23: -RMB4.6bn), thanks to the 3Q equity market rally.</li><li>The insurer’s CoR was 98.2%, up 0.3pct YoY due to increased catastrophic losses from the non-auto segment, whose CoR deteriorated 1.9pct YoY to 100.5% (CAS basis) in 9M24, translating into a worsened 3Q CoR of 105.3% (CAS basis), according to mgmt. </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>

PICC P&amp;C released 3Q results. NPAT grew 38.0% YoY to RMB26.75bn in 9M24, close to the upper bound of its profit alert (up by 20%-40%).3Q NPAT hit a record high of RMB8.26bn, driven by a surge of fair value gains at RMB7.4bn (vs 3Q23: -RMB4.6bn), thanks to the 3Q equity market rally.The insurer’s CoR was 98.2%, up 0.3pct YoY due to increased catastrophic losses from the non-auto segment, whose CoR deteriorated 1.9pct YoY to 100.5% (CAS basis) in 9M24, translating into a worsened 3Q CoR of 105.3% (CAS basis), according to mgmt. 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.

PICC P&C (2328 HK) - 3Q CoR Miss Dragged by Non-Auto Claims