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 delivered robust 1H results. Group net profit grew 37.1% YoY to RMB 25.1bn, translating to a nearly doubled 2Q net profit at RMB13.3bn, leading peers once again after 1Q bottom-line first turned into positive growth among CN insurers.</li><li>Life and P&amp;C net profit was up 43.0%/18.6% YoY to RMB 20bn/4.8bn, supported by strong underwriting and better-than-expected investment.</li><li>Life NBV remained strong in 2Q, rising 13.5% YoY to RMB3.8bn on top of a solid comparative. </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 delivered robust 1H results. Group net profit grew 37.1% YoY to RMB 25.1bn, translating to a nearly doubled 2Q net profit at RMB13.3bn, leading peers once again after 1Q bottom-line first turned into positive growth among CN insurers.Life and P&amp;C net profit was up 43.0%/18.6% YoY to RMB 20bn/4.8bn, supported by strong underwriting and better-than-expected investment.Life NBV remained strong in 2Q, rising 13.5% YoY to RMB3.8bn on top of a solid comparative. 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) - Steam Ahead with Doubled 2Q Net Profit and Strong NBV Uptrend