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.

Equity Bottom-Up

<ul><li>Ping An reported upbeat 3Q25 results, with Group OPAT rising 7.2% YoY to RMB 116.3bn in 9M25, accelerating to a 15.2% YoY increase in 3Q25 and beating our estimate of RMB 114bn.</li><li>This improvement was primarily driven by OPAT growth in P&amp;C (9M/3Q25: +8.3%/+26.2% YoY), technology (9M/3Q25: +2.0x/+2.9x YoY), and the AM segment profit turnaround to RMB 2.7bn (9M24: a loss of RMB 2.3bn).</li><li>Group net profit jumped 11.5% YoY to RMB133bn in 9M25, bolstered by a 45.4% YoY escalation in 3Q25, also exceeding our bottom-line forecast of RMB129bn. </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.

Ping An reported upbeat 3Q25 results, with Group OPAT rising 7.2% YoY to RMB 116.3bn in 9M25, accelerating to a 15.2% YoY increase in 3Q25 and beating our estimate of RMB 114bn.This improvement was primarily driven by OPAT growth in P&amp;C (9M/3Q25: +8.3%/+26.2% YoY), technology (9M/3Q25: +2.0x/+2.9x YoY), and the AM segment profit turnaround to RMB 2.7bn (9M24: a loss of RMB 2.3bn).Group net profit jumped 11.5% YoY to RMB133bn in 9M25, bolstered by a 45.4% YoY escalation in 3Q25, also exceeding our bottom-line forecast of RMB129bn. 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) - 3Q Earnings Beat; Improving Business Quality with Catalysts Across

<ul><li>Ping An reported mixed 1H25 results, with Group OPAT rising 3.7% YoY to RMB 77.7bn, translating to a 4.9% YoY uptick in 2Q25 (vs.1Q25: +2.4%), in-line with consensus.</li><li>OPAT of three core business segments (Life, P&amp;C, and PAB) edged up 1% YoY to RMB 76.9bn (98.9% mix), slightly short of our expectations.</li><li>NBV jumped 39.8% YoY to RMB 22.3bn, a clear beat, mainly driven by bancassurance (+169%, 27% mix). </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.

Ping An reported mixed 1H25 results, with Group OPAT rising 3.7% YoY to RMB 77.7bn, translating to a 4.9% YoY uptick in 2Q25 (vs.1Q25: +2.4%), in-line with consensus.OPAT of three core business segments (Life, P&amp;C, and PAB) edged up 1% YoY to RMB 76.9bn (98.9% mix), slightly short of our expectations.NBV jumped 39.8% YoY to RMB 22.3bn, a clear beat, mainly driven by bancassurance (+169%, 27% mix). 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) - 1H25 a Mixed Bag: NBV Beat While OPAT in Line

Thematic (Sector/Industry)

<ul><li>The NFRA eased the solvency risk factors for insurance companies’ stockholdings in the CSI 300 index (from 0.3 to 0.27), the CSI Dividend Low Volatility 100 index (from 0.3 to 0.27) and the STAR Market (from 0.4 to 0.36) by 10%, on the premises that the insurer’s shareholding periods for the CSI 300 index and the CSI Div.</li><li>Low Vol 100 index by over three years and for the STAR Market by more than two years.</li><li>The Notice issued on 5 Dec (Fri) marks the regulators’ sustained efforts since May to guide insurance funds into the stock market, which we estimate that the easing rule could release RMB102.6bn incremental funds into the CSI 300 market, if total minimum capital release were to be fully invested. By 3Q25, total balance of stock investment amounted to RMB 3,621bn, rising 49% from year-start. </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.

The NFRA eased the solvency risk factors for insurance companies’ stockholdings in the CSI 300 index (from 0.3 to 0.27), the CSI Dividend Low Volatility 100 index (from 0.3 to 0.27) and the STAR Market (from 0.4 to 0.36) by 10%, on the premises that the insurer’s shareholding periods for the CSI 300 index and the CSI Div.Low Vol 100 index by over three years and for the STAR Market by more than two years.The Notice issued on 5 Dec (Fri) marks the regulators’ sustained efforts since May to guide insurance funds into the stock market, which we estimate that the easing rule could release RMB102.6bn incremental funds into the CSI 300 market, if total minimum capital release were to be fully invested. By 3Q25, total balance of stock investment amounted to RMB 3,621bn, rising 49% from 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.

China Insurance - Easing Solvency Risk Factors to Steer Insurance Funds into Long-Term Stockholdings

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>We recommend selling MITSU19 with a holding-period return of +1.95%, and adding PINGAN80 in its place.</li><li>The KTX DR Tactical Picks portfolio gained 0.55% yesterday, supported by continued strength in US technology stocks.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

We recommend selling MITSU19 with a holding-period return of +1.95%, and adding PINGAN80 in its place.The KTX DR Tactical Picks portfolio gained 0.55% yesterday, supported by continued strength in US technology stocks.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX Tactical DR Picks - November 12, 2025 (Eng.)

<ul><li>We recommend cutting loss on XIAOMI80 after the holding-period return fell 6.6%, and switching into FERRARI80, a DR referencing Ferrari N.V. (RACE) listed on Euronext Milan.</li><li>The KTX DR Tactical Picks portfolio delivered an average return of +0.84% from the previous day, supported by a rally in US technology stocks after NVIDIA surged to a new record high.</li><li>Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments, including DRs.</li></ul>

We recommend cutting loss on XIAOMI80 after the holding-period return fell 6.6%, and switching into FERRARI80, a DR referencing Ferrari N.V. (RACE) listed on Euronext Milan.The KTX DR Tactical Picks portfolio delivered an average return of +0.84% from the previous day, supported by a rally in US technology stocks after NVIDIA surged to a new record high.Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments, including DRs.

KTX TACTICAL DR PICKS - October 3, 2025 (Eng.)

China

Ping An Insurance (Group) Company of China Limited provides a variety of insurance service in China.  The Company writes property, casualty, and life insurance.  Ping An Insurance also offers financial services.

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Ping An Insurance (H) (2318 HK)

Ping An (2318 HK) - 3Q Earnings Beat; Improving Business Quality with Catalysts Across

Ping An reported upbeat 3Q25 results, with Group OPAT rising 7.2% YoY to RMB 116.3bn in 9M25, accelerating to a 15.2% YoY increase in 3Q25 and...

CMB International

Ping An (2318 HK) - 1H25 a Mixed Bag: NBV Beat While OPAT in Line

Ping An reported mixed 1H25 results, with Group OPAT rising 3.7% YoY to RMB 77.7bn, translating to a 4.9% YoY uptick in 2Q25 (vs.1Q25: +2.4%), in...

CMB International

China Insurance - Easing Solvency Risk Factors to Steer Insurance Funds into Long-Term Stockholdings

The NFRA eased the solvency risk factors for insurance companies’ stockholdings in the CSI 300 index (from 0.3 to 0.27), the CSI Dividend Low...

CMB International

KTX Tactical DR Picks - November 12, 2025 (Eng.)

We recommend selling MITSU19 with a holding-period return of +1.95%, and adding PINGAN80 in its place.The KTX DR Tactical Picks portfolio gained...

Krungthai XSpring

KTX TACTICAL DR PICKS - October 3, 2025 (Eng.)

We recommend cutting loss on XIAOMI80 after the holding-period return fell 6.6%, and switching into FERRARI80, a DR referencing Ferrari N.V. (RACE)...

Krungthai XSpring

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