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>AIA recorded 6% YoY growth of value of new business (VNB) in 2H22 on a constant FX rate (CER) basis, translating into 4.5% YoY VNB growth in 4Q22.</li><li>The life insurer reported positive new business momentum across its major markets in 2H22, with 1) Mainland China’s VNB growth turnaround to +3% YoY on a CER basis despite the negative impact from Omicron peak in Dec 2022, 2) 13% VNB growth of ASEAN business in 2H22 driven by multi-channel strategy, and 3) 5% YoY growth of HK VNB.</li><li>During the analyst briefing, the management indicated that 1) the VNB growth of mainland visitors (MCV) business was strong in 2M23 as the border reopened; 2) despite the slight VNB decline of AIA China in Jan 2023 amid Omicron outbreaks, the new business momentum quickly bounced back to double digit in Feb and brought 2M23 China VNB growth to positive. </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>

AIA recorded 6% YoY growth of value of new business (VNB) in 2H22 on a constant FX rate (CER) basis, translating into 4.5% YoY VNB growth in 4Q22.The life insurer reported positive new business momentum across its major markets in 2H22, with 1) Mainland China’s VNB growth turnaround to +3% YoY on a CER basis despite the negative impact from Omicron peak in Dec 2022, 2) 13% VNB growth of ASEAN business in 2H22 driven by multi-channel strategy, and 3) 5% YoY growth of HK VNB.During the analyst briefing, the management indicated that 1) the VNB growth of mainland visitors (MCV) business was strong in 2M23 as the border reopened; 2) despite the slight VNB decline of AIA China in Jan 2023 amid Omicron outbreaks, the new business momentum quickly bounced back to double digit in Feb and brought 2M23 China VNB growth to positive. 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.

AIA Group Ltd. (1299 HK) – 2H22 recovery in line; Upbeat trend in HK and China in 2M23