External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>Life premiums exhibited resilience on high base in Jun and diverged amid top peers.</li><li>Ping An L&amp;H grew by 14.7% YoY in Jun (vs May: +10.4% YoY) thanks to life and health segments, which expanded +16.2%/+19.7% YoY in Jun (vs May: +10.6%/ +11.0% YoY).</li><li>We regard the premium pick-up a concomitant of the Group’s strategic initiatives on healthcare and elderly care, which have fostered new growth drivers with product mix to be further optimized. </li></ul>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.

Life premiums exhibited resilience on high base in Jun and diverged amid top peers.Ping An L&amp;H grew by 14.7% YoY in Jun (vs May: +10.4% YoY) thanks to life and health segments, which expanded +16.2%/+19.7% YoY in Jun (vs May: +10.6%/ +11.0% YoY).We regard the premium pick-up a concomitant of the Group’s strategic initiatives on healthcare and elderly care, which have fostered new growth drivers with product mix to be further optimized. 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.

Insurance - 6M24 Monthly: Life Prints Better-Than-Expected on High Base; P&C Dragged by Auto Sales

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

China Resources Beer Holdings / Equity Bottom-Up

<ul>
<li>A liquid proxy for China's recovering consumption (with no technology regulation risk)</li>
<li>A quality red chip company at a very reasonable valuation</li>
<li>Growing sales and margins as its premiumisation strategy is executed</li>
</ul>


A liquid proxy for China's recovering consumption (with no technology regulation risk)
A quality red chip company at a very reasonable valuation
Growing sales and margins as its premiumisation strategy is executed


Cheers! Raise a Glass to China Resources Beer (0291.HK)

Fintech & EM-focused Analyst, KT Capital Group

Alec Tseung

Fintech & EM-focused Analyst

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

PICC Property & Casualty H / Equity Bottom-Up

<ul>
<li>China's motor insurance has been showing signs of growth after years of decline due to deregulations and reforms in the sector.</li>
<li>Motor insurance tailwind will benefit large players the most. Bullish on PICC P&amp;C since it's the largest player in motor insurance and to likely benefit the most from the tailwind.</li>
<li>Bearish on CPIC since its P&amp;C business is much smaller than PICC P&amp;C and Ping An P&amp;C, while its L&amp;H growth continues to be under pressure.  </li>
</ul>


China's motor insurance has been showing signs of growth after years of decline due to deregulations and reforms in the sector.
Motor insurance tailwind will benefit large players the most. Bullish on PICC P&amp;C since it's the largest player in motor insurance and to likely benefit the most from the tailwind.
Bearish on CPIC since its P&amp;C business is much smaller than PICC P&amp;C and Ping An P&amp;C, while its L&amp;H growth continues to be under pressure.  


Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Exports / In Depth: As China’s exports surge, tariff hikes loom </li><li>Surveillance /: Chinese legal scholars call to scrap residential surveillance measure exploited for forced confessions</li><li>Corruption /: Another Taiping Life executive caught up in China’s crackdown on graft</li></ul>

Exports / In Depth: As China’s exports surge, tariff hikes loom Surveillance /: Chinese legal scholars call to scrap residential surveillance measure exploited for forced confessionsCorruption /: Another Taiping Life executive caught up in China’s crackdown on graft

CX Daily: As China’s Exports Surge, Tariff Hikes Loom 

<ul><li>China listed insurers reported monthly premiums in May, showing resilience of top life peers despite a high base under the pricing interest rate (PIR) cut last year.</li><li>P&amp;C growth marginally improved thanks to a sequential rebound in auto and certain lines’ recovery in non-auto segment.</li><li>Chinese regulator recently guided some insurance companies to lower the upper limit of PIR of increasing sum assured whole life plans (IWLPs) to 2.75% (vs now: 3.0%) with an intention to further reduce the cost of liabilities of the insurance industry. </li></ul>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.

China listed insurers reported monthly premiums in May, showing resilience of top life peers despite a high base under the pricing interest rate (PIR) cut last year.P&amp;C growth marginally improved thanks to a sequential rebound in auto and certain lines’ recovery in non-auto segment.Chinese regulator recently guided some insurance companies to lower the upper limit of PIR of increasing sum assured whole life plans (IWLPs) to 2.75% (vs now: 3.0%) with an intention to further reduce the cost of liabilities of the insurance industry. 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.

China Insurance - 5M24 Monthly: Life Growth Stayed Resilient

Hong Kong

China Taiping Insurance Holdings Company Ltd., through subsidiaries, underwrites life and property/casualty insurance and reinsurance.

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China Taiping Insurance Hldgs (966 HK)

Insurance - 6M24 Monthly: Life Prints Better-Than-Expected on High Base; P&C Dragged by Auto Sales

Ping An L&H grew by 14.7% YoY in Jun (vs May: +10.4% YoY) thanks to life and health segments, which expanded +16.2%/+19.7% YoY in Jun (vs May:...

CMB International

Cheers! Raise a Glass to China Resources Beer (0291.HK)

A quality Chinese red chip company at a reasonable valuation, growing sales and margins due to its premium strategy. A play on recovering Chinese...

Rikki Malik

China Insurance: PICC P&C Vs. CPIC

Bullish on PICC P&C outlook as it's expected to benefit the most from China's motor insurance recovery. Bearish on CPIC's because its P&C is much...

Alec Tseung

CX Daily: As China’s Exports Surge, Tariff Hikes Loom

Exports / In Depth: As China’s exports surge, tariff hikes loom Soaring demand for China’s goods in Southeast Asia and Brazil has buoyed the...

Caixin Global

China Insurance - 5M24 Monthly: Life Growth Stayed Resilient

China listed insurers reported monthly premiums in May, showing resilience of top life peers despite a high base under the pricing interest rate...

CMB International

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