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 / Equity Bottom-Up

<ul><li>PICC P&amp;C reported better-than-expected 1H26 results, with net profit rising 32% YoY to RMB32.3bn, translating into 80.0% YoY increase in 2Q26 (vs. 1Q: -23.7% YoY), reflecting strengths from both underwriting and investment results.</li><li>Interim DPS surged 41.7% YoY to RMB0.34/share implying 23.4% payout, which was a positive surprise to the market.</li><li>Underwriting combined ratio (CoR) improved 0.8pct YoY to 94% in 1H26, with expense ratio down 0.9pct YoY to 71.9%, partly offset by 0.1pct YoY increase in loss ratio. </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 reported better-than-expected 1H26 results, with net profit rising 32% YoY to RMB32.3bn, translating into 80.0% YoY increase in 2Q26 (vs. 1Q: -23.7% YoY), reflecting strengths from both underwriting and investment results.Interim DPS surged 41.7% YoY to RMB0.34/share implying 23.4% payout, which was a positive surprise to the market.Underwriting combined ratio (CoR) improved 0.8pct YoY to 94% in 1H26, with expense ratio down 0.9pct YoY to 71.9%, partly offset by 0.1pct YoY increase in loss ratio. 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) - Interim DPS +41.7% YoY a +VE Surprise