External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>After a strong sales beat in 2023, we expect China’s passenger-vehicle (PV) sales growth to be moderate in 2024E.</li><li>While it is still difficult to identify long-term winner in China’s auto industry, competition, overseas expansion and technological advancement would still be the key topics for 2024.</li><li>Exports, Chinese brands’ market share gain and competition still key topics.</li></ul>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.

After a strong sales beat in 2023, we expect China’s passenger-vehicle (PV) sales growth to be moderate in 2024E.While it is still difficult to identify long-term winner in China’s auto industry, competition, overseas expansion and technological advancement would still be the key topics for 2024.Exports, Chinese brands’ market share gain and competition still key topics.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 Auto Sector – Competition Pushes Technological Advancement, Overseas Expansion

<ul><li>We summarize the Oct 2023 leading indicators as below, including number of leads, customer flows, and new orders generated, for Tesla, NIO, Li Auto, Xpeng, BYD and Aion.</li><li>Note that such data are based on a sample size of 96 stores (15- 18 stores for each brand) in 15 major cities in China.</li><li>In general, new orders per store for most brands have been rising MoM since Apr 2023, which have been consistent with our prior projection that NEV market share in China could rise sequentially for the remainder of the year. </li></ul>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.

We summarize the Oct 2023 leading indicators as below, including number of leads, customer flows, and new orders generated, for Tesla, NIO, Li Auto, Xpeng, BYD and Aion.Note that such data are based on a sample size of 96 stores (15- 18 stores for each brand) in 15 major cities in China.In general, new orders per store for most brands have been rising MoM since Apr 2023, which have been consistent with our prior projection that NEV market share in China could rise sequentially for the remainder of the year. 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 Auto Sector – Improving Leading Indicators Imply Strong 4Q23

<ul><li>We summarize the Oct 2023 price discounts at dealers for major automakers in this report.</li><li>Note that such discounts for each automaker are calculated based on weighted average of Sep 2023 retail sales volume for each model, as Oct retail sales volume data have not been released yet.</li><li>Discounts at dealers for most brands continued to widen MoM in Oct 2023.</li></ul>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.

We summarize the Oct 2023 price discounts at dealers for major automakers in this report.Note that such discounts for each automaker are calculated based on weighted average of Sep 2023 retail sales volume for each model, as Oct retail sales volume data have not been released yet.Discounts at dealers for most brands continued to widen MoM in Oct 2023.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 Auto Sector – Oct discounts widened after 3Q23 earnings beat

<ul><li>China’s passenger-vehicle (PV) retail sales volume rose 6% YoY and 3% MoM to 1.97mn units in Sep 2023, 4% higher than our prior forecast.</li><li>YTD retail sales volume rose 4% YoY. Wholesale volume rose 7% YoY and 9% MoM to 2.49mn units in Sep 2023, the best Sep in history, and 9% higher than our prior forecast.</li><li>Wholesale volume rose 7% YoY (or +1.14mn units YoY) YTD, all aided by 67% YoY growth (or +1.14mn units YoY) of exports. </li></ul>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’s passenger-vehicle (PV) retail sales volume rose 6% YoY and 3% MoM to 1.97mn units in Sep 2023, 4% higher than our prior forecast.YTD retail sales volume rose 4% YoY. Wholesale volume rose 7% YoY and 9% MoM to 2.49mn units in Sep 2023, the best Sep in history, and 9% higher than our prior forecast.Wholesale volume rose 7% YoY (or +1.14mn units YoY) YTD, all aided by 67% YoY growth (or +1.14mn units YoY) of exports. 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 Auto Sector – Strong 4Q23 sales mixed with rising competition

<ul><li>We summarize the Sep 2023 price discounts at dealers for major automakers in this report.</li><li>Note that such discounts for each automaker are calculated based on weighted average of Aug 2023 retail sales volume for each model, as Sep retail sales volume data have not been released yet.</li><li>Discounts at dealers for most brands widened MoM in Sep 2023, as the price war persists with more and more competitive product rollouts and raw material price decline. </li></ul>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.

We summarize the Sep 2023 price discounts at dealers for major automakers in this report.Note that such discounts for each automaker are calculated based on weighted average of Aug 2023 retail sales volume for each model, as Sep retail sales volume data have not been released yet.Discounts at dealers for most brands widened MoM in Sep 2023, as the price war persists with more and more competitive product rollouts and raw material price decline. 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 Auto Sector – Sep discounts widened again

Hong Kong

Yadea Group is a leading electric two wheeler brand in China. The company produces electric bikes and scooters.

Brilliance China Automotive Holdings Limited, through its subsidiaries, manufactures and distributes minibuses and sedans in the People's Republic of China.  The Company also manufactures and trades automotive components.

Qingling Motors Company Limited produces and sells Isuzu light duty trucks, pickup trucks, multi-purpose sport vehicles, heavy-duty trucks, other vehicles, and automobile parts and accessories.

Vietnam Manufacturing and Export Processing (Holdings) Limited manufactures scooter and cub motorbikes.  The Company produces motorbike engines and parts for use in its own motorbikes and for sale, and also sells and services moulds for making die-cast and forged metal parts.

Vietnam Manufacturing and Export Processing (422 HK)

Vietnam Manufacturing and Export Processing

Hybrid Kinetic Group Ltd. seeks to develop and manufacture hybrid vehicles. The Company's initial targeted production is targeted for 2012.

New Focus Auto Tech Holdings Ltd is an automobile after-sales service provider in the Greater China region. The Company provides car-washing services, high-end detailing and tinting, basic maintenances, modifications, accessory sales, and body repair. New Focus Auto also manufactures and distributes auto ancillary products in North America, Europe, and other Asian countries.

New Focus Auto Tech Holdings Ltd (360 HK)

MGM China Holdings Ltd. owns a luxury resort, hotel, and casino located in Macau. The Company is also exploring other casino gaming development opportunities in Macau.

Chow Tai Fook Jewellery Group Limited retails jewelry.  The Company sells rings, necklaces, earrings, pendants, bracelets, and small statues.  Chow Tai Fook Jewellery operates retail stores in China, Hong Kong, Macau, Taiwan, Malaysia, and Singapore.

Bosideng International Holdings Limited develops down apparel products in the Peoples Republic of China. The Company's products include down jackets, vests, and pants which it offers through retail outlets located in multiple cities.

Bosideng International Holdings (3998 HK)

L'Occitane International S.A. is a global, natural and organic ingredient based cosmetics and well-being products enterprise.  The Company designs, manufactures and markets a wide range of cosmetics and well-being products based on natural and organic ingredients sourced principally from or near Provence.

PT Astra International Tbk assembles and distributes automobiles, motorcycles, and their related spare parts.  Through its subsidiaries, the Company also operates in the mining, development of plantations, financial and information technology.

NISSAN MOTOR CO., LTD. manufactures and distributes automobiles and related parts. It also provides financing services. Nissan delivers a comprehensive range of products under various brands. The Company manufactures in Japan, the United States, Mexico, the United Kingdom and many other countries.

Great Wall Motor Company Limited, through its subsidiaries, manufactures and sells pick-up trucks and sport-utility vehicles (SUVs) in China under branded names. The Company also researches and develops, and manufactures principal automotive parts and components for use in the assembly of pick-up trucks and SUVs.

Hero MotoCorp Ltd. designs, manufactures and distributes motorcycles. The Company's products also include motorcycle parts and accessories.

Subaru Corp manufactures passenger cars, buses, motor vehicle parts, and industrial machinery.  The Company also produces aircraft parts and supplies it to defense agency and Boeing Co.  The Company sells its passenger cars under the Subaru brand name.

Yamaha Motor Co., Ltd. manufactures motorcycles.  The Company also produces motor vehicle engines for Toyota Motor Corp. and Ford Motor Co.  Yamaha Motor's specialty products include motor boats, snowmobiles, golf carts, and electric power generators.  Yamaha Motor sells products in Japan, North America, Europe, Asia, and South America.

BAIC BluePark New Energy Technology Co.,Ltd. operates as a passenger car manufacturer. The Company engages in research, development, and marketing of new energy vehicles and power battery system. BAIC BluePark New Energy Technology conducts businesses in China.

BAIC BluePark New Energy Techn (600733 CH)

Guangzhou Automobile Group Company, Ltd. manufactures, sells, and services automobiles. The Company is also involved in automobile parts and components, and auto finance and related services for both overseas and domestic markets.

Isuzu Motors Limited manufactures and markets trucks and automobile parts. The Company's products include pickup trucks, light/heavy duty trucks, medium and large-sized buses, recreational vehicles, and sport utility vehicles.

TVS Motor Company Limited manufactures motorcycles, mopeds, and scooters. The Company provides spark ignition operated outboard motors, combustion spark ignition engines, critical engines, and transmission parts. TVS Motor Company serves customers in India.

Geely Automobile Holdings Limited operates as a passenger vehicles manufacturing company. The Company provides passenger vehicles development, manufacturing, sales, and other services. Geely Automobile Holdings also exports passenger vehicles.

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Geely Auto (175 HK)

China Auto Sector – Competition Pushes Technological Advancement, Overseas Expansion

While it is still difficult to identify long-term winner in China’s auto industry, competition, overseas expansion and technological advancement...

CMB International

China Auto Sector – Improving Leading Indicators Imply Strong 4Q23

We summarize the Oct 2023 leading indicators as below, including number of leads, customer flows, and new orders generated, for Tesla, NIO, Li...

CMB International

China Auto Sector – Oct discounts widened after 3Q23 earnings beat

Note that such discounts for each automaker are calculated based on weighted average of Sep 2023 retail sales volume for each model, as Oct retail...

CMB International

China Auto Sector – Strong 4Q23 sales mixed with rising competition

China’s passenger-vehicle (PV) retail sales volume rose 6% YoY and 3% MoM to 1.97mn units in Sep 2023, 4% higher than our prior forecast.

CMB International

China Auto Sector – Sep discounts widened again

Discounts at dealers for most brands widened MoM in Sep 2023, as the price war persists with more and more competitive product rollouts and raw...

CMB International

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