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)

Thematic (Sector/Industry)

China Financials / Thematic (Sector/Industry)

<ul><li>In 2Q22, banks continued to face NIM contractions, but the asset quality remained stable in spite of the headwinds from COVID restrictions.</li><li>Earnings growth slightly slowed in 2Q22, dragged by NIM contractions and slower loan growth.</li><li>The 15bps cut of 5-yr LPR and 5bps cut of 1-yr LPR on 22 Aug are in line with market expectations. </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>

In 2Q22, banks continued to face NIM contractions, but the asset quality remained stable in spite of the headwinds from COVID restrictions.Earnings growth slightly slowed in 2Q22, dragged by NIM contractions and slower loan growth.The 15bps cut of 5-yr LPR and 5bps cut of 1-yr LPR on 22 Aug are in line with market expectations. 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.

Chongqing Rural Commercial Bank (3618 HK)

Shanghai Pudong Development Bank Co. (600000 CH)

China Banking Sector – Banks’ Asset Quality Remained Stable in 2Q22