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 1Q26 results, with net profit down 23.7% YoY to RMB8.63bn, slightly below market estimates; while the combined ratio (COR) was down 0.3pct YoY to 94.2%, better-than-expected, thanks to continued improvements in both auto and non-auto COR.</li><li>The decline of net profit was due to investment headwinds, which caused the insurer’s total investment income to drop 38.4% YoY to RMB4.6bn, and total investment yield fell to 0.7% (unannualized, vs. 1Q25: 1.2%).</li><li>Underwriting profit and net investment results accounted for 70.7%/46.5% of pre-tax income in 1Q26, vs. 49.2%/56.2% in 1Q25. </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 1Q26 results, with net profit down 23.7% YoY to RMB8.63bn, slightly below market estimates; while the combined ratio (COR) was down 0.3pct YoY to 94.2%, better-than-expected, thanks to continued improvements in both auto and non-auto COR.The decline of net profit was due to investment headwinds, which caused the insurer’s total investment income to drop 38.4% YoY to RMB4.6bn, and total investment yield fell to 0.7% (unannualized, vs. 1Q25: 1.2%).Underwriting profit and net investment results accounted for 70.7%/46.5% of pre-tax income in 1Q26, vs. 49.2%/56.2% in 1Q25. 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) - Underwriting Resilience Persists Despite Investment Headwinds