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

China Life Insurance Company / Equity Bottom-Up

<ul><li>China Life released prelim. earnings alert. The company expects net profit to grow 122%-144% YoY (or at RMB56.2-66.4bn) under IFRS and 100%-120% YoY (or at RMB 51.2-61.4bn) under China Accounting Standards (ASBE) in FY24, easing from the increase of 174% in year-to-3Q24.</li><li>4Q bottom-line could range from a net loss of RMB 2.16bn to a gain of RMB 8.08bn, implying at most 0.8% YoY increase vs RMB8.02bn in 4Q23.</li><li>We attribute this more-than-doubled net profit primarily to the equity market rally in 3Q, which surged the insurer’s total investment income by +152.4% YoY in 9M24. </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>

China Life released prelim. earnings alert. The company expects net profit to grow 122%-144% YoY (or at RMB56.2-66.4bn) under IFRS and 100%-120% YoY (or at RMB 51.2-61.4bn) under China Accounting Standards (ASBE) in FY24, easing from the increase of 174% in year-to-3Q24.4Q bottom-line could range from a net loss of RMB 2.16bn to a gain of RMB 8.08bn, implying at most 0.8% YoY increase vs RMB8.02bn in 4Q23.We attribute this more-than-doubled net profit primarily to the equity market rally in 3Q, which surged the insurer’s total investment income by +152.4% YoY in 9M24. 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 Life (2628 HK) - 4Q Net Profit Could Decline Despite Better Capital Market