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>Ping An is set to release its 1H26 results on Aug 20 (Thu) post-market. We estimate Group OPAT at RMB83.3bn (+7.2% YoY), implying a robust 2Q26 increase of 6.8%, (vs. +7.6% in 1Q26).</li><li>We expect Group NPAT to reach RMB83.8bn (+23% YoY), slightly above OPAT, reflecting positive short-term investment variances from the 2Q equity market rally (i.e. CSI300: +12% in 2Q26 vs. -4% in 1Q26/+1% in 2Q25) and revaluation gains on the conversion value of the outstanding convertible bonds.</li><li>Key drivers for this solid 1H26 performance include 1) L&amp;H OPAT expected to grow ~3% YoY (CMBI est) benefiting from a more stable interest rate environment in 2Q26 (i.e. 10YR government bond yield down 5.7bps, vs. -17bps in 2Q25), which should aid new business contractual service margin (NB CSM) growth. </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>

Ping An is set to release its 1H26 results on Aug 20 (Thu) post-market. We estimate Group OPAT at RMB83.3bn (+7.2% YoY), implying a robust 2Q26 increase of 6.8%, (vs. +7.6% in 1Q26).We expect Group NPAT to reach RMB83.8bn (+23% YoY), slightly above OPAT, reflecting positive short-term investment variances from the 2Q equity market rally (i.e. CSI300: +12% in 2Q26 vs. -4% in 1Q26/+1% in 2Q25) and revaluation gains on the conversion value of the outstanding convertible bonds.Key drivers for this solid 1H26 performance include 1) L&amp;H OPAT expected to grow ~3% YoY (CMBI est) benefiting from a more stable interest rate environment in 2Q26 (i.e. 10YR government bond yield down 5.7bps, vs. -17bps in 2Q25), which should aid new business contractual service margin (NB CSM) growth. 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.

Ping An (2318 HK/601318 CH) - 1H26 Preview: 2Q OPAT Strength Persists While NBV Takes a Breather

Ping An Insurance

Ping An (2318 HK/601318 CH) - 1H26 Preview: 2Q OPAT Strength Persists While NBV Takes a Breather