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>Chinese automakers including BYD, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap, Xiaomi etc reported their Apr 2024 sales volumes on 1 May 2024.</li><li>Total sales volume combined rose 43% YoY (ranging from -31% to +546%) and 2% MoM (ranging from -14% to +32%).</li><li>Li Auto, Xpeng miss, NIO beat. It appears to us that the weak sales of the Mega has spread into Li Auto’s other models.</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>

Chinese automakers including BYD, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap, Xiaomi etc reported their Apr 2024 sales volumes on 1 May 2024.Total sales volume combined rose 43% YoY (ranging from -31% to +546%) and 2% MoM (ranging from -14% to +32%).Li Auto, Xpeng miss, NIO beat. It appears to us that the weak sales of the Mega has spread into Li Auto’s other models.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.

Auto - Apr NEV sales beat; Price war continues

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 analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight flows for BOC, Tencent, China Mobile, ZTO Express, Anta Sports.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight flows for BOC, Tencent, China Mobile, ZTO Express, Anta Sports.


Hong Kong Connect Flows (April): 12M High of $10.7bn Inflows

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>300274 SZ/601012 CH: A fire broke out in JinkoSolar’s Shanxi factory may benefit the entire supply chain.(///)</li>
<li>1810 HK /XPEV US/LI US : Tesla passed all 4 national automotive data security requirements, Musk made a surprise visit to China and was received by Li Qiang （/////）</li>
<li>1810 HK: Pony.ai formed JV with Toyota to prepare for robotaxi（/）</li>
</ul>


300274 SZ/601012 CH: A fire broke out in JinkoSolar’s Shanxi factory may benefit the entire supply chain.(///)
1810 HK /XPEV US/LI US : Tesla passed all 4 national automotive data security requirements, Musk made a surprise visit to China and was received by Li Qiang （/////）
1810 HK: Pony.ai formed JV with Toyota to prepare for robotaxi（/）


[Blue Lotus Daily]:300274 SZ/601012 CH/1810 HK /XPEV US/LI US/300750 SZ/1211 HK/BZ US/Huawei

<ul>
<li>9926 HK/1801 HK/BGNE US/9995 HK: Stablization of insulin NDRL price suspected major changes in medical insurance policies(///////)</li>
<li>LI US/1810 HK/1211 HK/NIO US/XPEV US: In the 16th week of 2024, the growth rate of new energy vehicles slowed down, LI showed negative growth, AITO rebounded, Xiaomi fell back（/////////）</li>
<li>1810 HK/XPEV US/NIO US/LI US: Takeaways from Xiaomi Investor Conference (+/-/-/-)</li>
</ul>


9926 HK/1801 HK/BGNE US/9995 HK: Stablization of insulin NDRL price suspected major changes in medical insurance policies(///////)
LI US/1810 HK/1211 HK/NIO US/XPEV US: In the 16th week of 2024, the growth rate of new energy vehicles slowed down, LI showed negative growth, AITO rebounded, Xiaomi fell back（/////////）
1810 HK/XPEV US/NIO US/LI US: Takeaways from Xiaomi Investor Conference (+/-/-/-)


[Blue Lotus Daily]:9926HK/1801HK/BGNE US/9995HK/LI US/1810HK/1211HK/NIO US/XPEVUS/300274SZ/ 300750SZ

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

<ul>
<li>JD/BABA/2618.HK/6690.HK/000333.SH/000651.SH/1810.HK: Some cities have begun to roll out “Trade Old in for New” home appliance  subsidies (+)</li>
<li>700 HK: Source suggested that &lt;Black Myth: Wukong&gt; will commence pre-sales on Tencent's WeGame platform on May 19th.(+)</li>
<li>SHEIN: SHEIN launches support for self-operating 3P merchants in Europe (+)</li>
</ul>


JD/BABA/2618.HK/6690.HK/000333.SH/000651.SH/1810.HK: Some cities have begun to roll out “Trade Old in for New” home appliance  subsidies (+)
700 HK: Source suggested that &lt;Black Myth: Wukong&gt; will commence pre-sales on Tencent's WeGame platform on May 19th.(+)
SHEIN: SHEIN launches support for self-operating 3P merchants in Europe (+)


[Blue Lotus Daily - TMT Update]:JD US/BABA US/2618 HK/6690 HK/000333 SH/000651 SH/1810HK/700HK/SHEIN

China

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

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Xiaomi Corp (1810 HK)

Auto - Apr NEV sales beat; Price war continues

Chinese automakers including BYD, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap, Xiaomi etc reported their Apr 2024 sales volumes on 1 May...

CMB International

Hong Kong Connect Flows (April): 12M High of $10.7bn Inflows

We analyzed the Hong Kong Connect Scheme for April and highlight flows for BOC, Tencent, China Mobile, ZTO Express, Anta Sports.

Ke Yan, CFA, FRM

[Blue Lotus Daily]:300274 SZ/601012 CH/1810 HK /XPEV US/LI US/300750 SZ/1211 HK/BZ US/Huawei

Tesla passed automotive data security requirements, Musk visit to China，FSD is about to enter China. A fire broke out in JinkoSolar’s factory. CATL...

Blue Lotus Research Institute

[Blue Lotus Daily]:9926HK/1801HK/BGNE US/9995HK/LI US/1810HK/1211HK/NIO US/XPEVUS/300274SZ/ 300750SZ

Stablization of insulin NDRL price suspected major changes. New energy exports were generally weak in March, with new energy vehicles thriving....

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:JD US/BABA US/2618 HK/6690 HK/000333 SH/000651 SH/1810HK/700HK/SHEIN

Some cities begun to roll out “Trade Old in for New” subsidies. will commence pre-sales on Tencent's WeGame on May.SHEIN launches support for self...

Blue Lotus Research Institute

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