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>In-line NBS Dec data concluded the hard-landing 2022 for property market with sales value/property investment down 27/10% YoY.</li><li>Looking into 2023, we think the recovery of new home market still takes time and expect sales and investment to continue falling at -10/-5% (slightly more negative than consensus).</li><li>The key investment themes for this year are quick recovery in existing home market and property supply chain to enjoy direct policy support (RMB350bn Home completion funding, RMB100bn for social housing).</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>

In-line NBS Dec data concluded the hard-landing 2022 for property market with sales value/property investment down 27/10% YoY.Looking into 2023, we think the recovery of new home market still takes time and expect sales and investment to continue falling at -10/-5% (slightly more negative than consensus).The key investment themes for this year are quick recovery in existing home market and property supply chain to enjoy direct policy support (RMB350bn Home completion funding, RMB100bn for social housing).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 Property Sector – Silver lining lies on relaxation in Tier 1 cities

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 109.2% as of Jan 6th.</li>
<li>The average A-H premium changed by -2.6ppt week on week, led by utilities, real estate, financials and offset by health care, consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for Weichai Power, Tigermed, Pharmaron, Minsheng, Junshi, YOFC, Huaneng Power, China Longyuan.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 109.2% as of Jan 6th.
The average A-H premium changed by -2.6ppt week on week, led by utilities, real estate, financials and offset by health care, consumer discretionary.
We highlight weekly changes in A-H premium for Weichai Power, Tigermed, Pharmaron, Minsheng, Junshi, YOFC, Huaneng Power, China Longyuan.


A-H Premium Weekly (Jan 6th): Weichai Power, Tigermed, Pharmaron, Minsheng, Junshi, YOFC

<ul>
<li>We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 111.8% as of Dec 30th.</li>
<li>The average A-H premium changed by -0.0ppt weeok on week, led by utilities, real estate, consumer discretionary and offset by communication services, consumer staples, energy.</li>
<li>We highlight weekly changes in A-H premium for Xinjiang Goldwind, Weichai Power, Baiyunshan, China Telecom, Sinopec Oilfield, Cosco Shipping.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 111.8% as of Dec 30th.
The average A-H premium changed by -0.0ppt weeok on week, led by utilities, real estate, consumer discretionary and offset by communication services, consumer staples, energy.
We highlight weekly changes in A-H premium for Xinjiang Goldwind, Weichai Power, Baiyunshan, China Telecom, Sinopec Oilfield, Cosco Shipping.


A-H Premium Weekly (Dec 30th): Xinjiang Goldwind, Weichai Power, Baiyunshan

<ul>
<li>We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 111.8% as of Dec 23rd.</li>
<li>The average A-H premium changed by -1.6ppt weeok on week, led by consumer staples, communication services, energy and offset by information technology, real estate.</li>
<li>We highlight weekly changes in A-H premium for Xinjiang Gold Wind, Haier Smart Home, Weichai Power, Fuyao Glass, Shenhua, China Minsheng, Shanghai Junshi, Luoyang Glass.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 111.8% as of Dec 23rd.
The average A-H premium changed by -1.6ppt weeok on week, led by consumer staples, communication services, energy and offset by information technology, real estate.
We highlight weekly changes in A-H premium for Xinjiang Gold Wind, Haier Smart Home, Weichai Power, Fuyao Glass, Shenhua, China Minsheng, Shanghai Junshi, Luoyang Glass.


A-H Premium Weekly (Dec 23rd): Xinjiang Gold Wind, Haier Smart Home

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Outlook /: <a href="https://www.caixinglobal.com/2022-12-20/in-depth-whats-in-store-for-china-gdp-fiscal-policy-in-2023-101980038.html" target="_blank" rel="noopener">In Depth: What’s in store for China GDP, fiscal policy in 2023</a></li><li>Covid-19 /: Hong Kong approval expands mainlanders’ access to mRNA Covid shots</li><li>Trade /: <a href="https://www.caixinglobal.com/2022-12-20/chinese-exporters-lose-some-of-their-edge-from-a-weakening-yuan-101980123.html" target="_blank" rel="noopener">Chinese exporters lose some of their edge from a weakening yuan</a></li></ul>

Outlook /: In Depth: What’s in store for China GDP, fiscal policy in 2023Covid-19 /: Hong Kong approval expands mainlanders’ access to mRNA Covid shotsTrade /: Chinese exporters lose some of their edge from a weakening yuan

CX Daily: What’s in Store for China GDP, Fiscal Policy in 2023

China

China Vanke Co., Ltd. is a property development company.  The Company develops residential properties in Shenzhen, Shanghai, Beijing, Tianjin, Shenyang, Nanjing, and other big cities in China.

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China Vanke (H) (2202 HK)

China Property Sector – Silver lining lies on relaxation in Tier 1 cities

In-line NBS Dec data concluded the hard-landing 2022 for property market with sales value/property investment down 27/10% YoY.

CMB International

A-H Premium Weekly (Jan 6th): Weichai Power, Tigermed, Pharmaron, Minsheng, Junshi, YOFC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Weichai Power, Tigermed, Pharmaron, Minsheng, Junshi, YOFC,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Dec 30th): Xinjiang Goldwind, Weichai Power, Baiyunshan

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Xinjiang Goldwind, Weichai Power, Baiyunshan, China Telecom,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Dec 23rd): Xinjiang Gold Wind, Haier Smart Home

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Xinjiang Gold Wind, Haier Smart Home, Weichai Power, Fuyao...

Ke Yan, CFA, FRM

CX Daily: What’s in Store for China GDP, Fiscal Policy in 2023

What’s in store for China GDP, fiscal policy in 2023. Hong Kong approval expands mainlanders’ access to mRNA Covid shots. Chinese exporters lose...

Caixin Global

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