Table of contents
Difficult 1Q, but gradual loosening to drive modest upside in 2012 2
Top picks: NCI H and Ping An A (both on Buy, CL) 5
NCI (1336.HK): Above-peer NBV growth, attractive risk/reward; initiate with Buy, CL 11
Ping An A (601318.SS, Buy): Add to Conviction List 13
China Life (2628.HK/601628.SS): Downgrade to Neutral from Buy 16
CPIC A (601601.SS): Downgrade to Neutral from Buy 19
PICC (2328.HK, Neutral): Lower 2012E/2013E earnings estimates 22
Disclosure Appendix 25
The prices in the body of this report are based on the market close of January16, 2012.