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 beat in 1H earnings, with net profit lifting 32.3% YoY to RMB 24.5bn, translating into 4.1% rise in 2Q25, propelled by a double play of underwriting profit (+45%) and net investment results (+62%).</li><li>CoR dropped 1.4pct YoY to 94.8%, with comprehensive expense ratio down 3.1pct YoY to 23.0%, offset by the loss ratio ticking up by 1.7pct YoY to 71.8%, outperforming major peers as Ping An/ CPIC/Sunshine/ZhongAn/TPI’s CoR at 95.2%/96.3%/98.8%/95.6%/95.5%.</li><li>We see auto/non-auto CoR improved by 2.2pct/0.1pct YoY to 94.2%/95.7% in 1H25, well met the guidance of CoR less than 96%/99% set by the mgmt. at year-start. </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 beat in 1H earnings, with net profit lifting 32.3% YoY to RMB 24.5bn, translating into 4.1% rise in 2Q25, propelled by a double play of underwriting profit (+45%) and net investment results (+62%).CoR dropped 1.4pct YoY to 94.8%, with comprehensive expense ratio down 3.1pct YoY to 23.0%, offset by the loss ratio ticking up by 1.7pct YoY to 71.8%, outperforming major peers as Ping An/ CPIC/Sunshine/ZhongAn/TPI’s CoR at 95.2%/96.3%/98.8%/95.6%/95.5%.We see auto/non-auto CoR improved by 2.2pct/0.1pct YoY to 94.2%/95.7% in 1H25, well met the guidance of CoR less than 96%/99% set by the mgmt. at year-start. 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) - Robust 1H Delivery of CoR...