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 Pacific Insurance / Equity Bottom-Up

<ul><li>CPIC released 3Q results with NPAT up 65.5% YoY to RMB38.3bn, at mid-point of announced profit alert (link) to rise by 60%-70%. 3Q NPAT grew 173.6% YoY to RMB13.2bn, driven by a surge in investment income and net fair value gains on top of a low base in 3Q23.</li><li>Headline NBV rose 37.9% YoY to RMB14.2bn in 9M24, translating to the 3Q NBV on a like-for-like basis surged 75.3% YoY to RMB5.2bn.</li><li>In 1Q-3Q24, we see accelerated growth of +30.7%/+13.5%/+75.3% YoY from the insurer’s quarterly NBV. </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>

CPIC released 3Q results with NPAT up 65.5% YoY to RMB38.3bn, at mid-point of announced profit alert (link) to rise by 60%-70%. 3Q NPAT grew 173.6% YoY to RMB13.2bn, driven by a surge in investment income and net fair value gains on top of a low base in 3Q23.Headline NBV rose 37.9% YoY to RMB14.2bn in 9M24, translating to the 3Q NBV on a like-for-like basis surged 75.3% YoY to RMB5.2bn.In 1Q-3Q24, we see accelerated growth of +30.7%/+13.5%/+75.3% YoY from the insurer’s quarterly NBV. 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.

CPIC (2601 HK) - 3Q NBV Growth Accelerated; Expect Par Sales to Outgrow