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>China’s passenger-vehicle (PV) retail sales volume fell 0.4% YoY and 10% MoM in Jul 2023 amid high base, 2% higher than our prior forecast.</li><li>YTD retail sales volume rose 4% YoY. Wholesale volume fell 3% YoY and 7% MoM to 2.10mn units in Jul 2023, the second highest Jul in history, and 2% higher than our prior forecast.</li><li>Wholesale volume rose 7% YoY (or +0.84mn units YoY) YTD, aided by 78% YoY growth (or +0.92mn units YoY) of exports. </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>

China’s passenger-vehicle (PV) retail sales volume fell 0.4% YoY and 10% MoM in Jul 2023 amid high base, 2% higher than our prior forecast.YTD retail sales volume rose 4% YoY. Wholesale volume fell 3% YoY and 7% MoM to 2.10mn units in Jul 2023, the second highest Jul in history, and 2% higher than our prior forecast.Wholesale volume rose 7% YoY (or +0.84mn units YoY) YTD, aided by 78% YoY growth (or +0.92mn 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 – 2H23 Auto Sales Could Beat Amid Resilient Jul, Aug

China/Asia TMT

Shawn Yang

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>PDD: Temu reportedly increases product prices in certain regions (+)</li>
<li>Atour Lifestyle: Summar vacation season is coming to a end, hotel RevPAR begin to decline</li>
<li>XPEV/NIO/LI: Xpeng to launch G9 facelift in September ( +/-/-)</li>
</ul>


PDD: Temu reportedly increases product prices in certain regions (+)
Atour Lifestyle: Summar vacation season is coming to a end, hotel RevPAR begin to decline
XPEV/NIO/LI: Xpeng to launch G9 facelift in September ( +/-/-)


China TMT Update-PDD/ATAT/XPEV/NIO/LI-Temu Increases Prices/Hotel RevPAR Declines/G9 Facelift

<ul>
<li>ACMR/981.HK/1347.HK: US outbound investment restrictions likely to exempt publicly traded securities (+/+/+)</li>
<li>NIO/1211 HK: Geely's sub-brand Zeekr cut price of its 001 model (-/-)</li>
<li>XPEV/NIO/BYD: Tesla China cuts Model Y prices and offers insurance subsidy for Model 3 (-/-/-)</li>
</ul>


ACMR/981.HK/1347.HK: US outbound investment restrictions likely to exempt publicly traded securities (+/+/+)
NIO/1211 HK: Geely's sub-brand Zeekr cut price of its 001 model (-/-)
XPEV/NIO/BYD: Tesla China cuts Model Y prices and offers insurance subsidy for Model 3 (-/-/-)


China TMT Update-ACMR/981.HK/1347.HK/NIO/1211.HK/XPEV/BYD-Tesla Cuts Model Y Prices/Geely Cuts Price

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

<ul>
<li>This earnings season has highlighted the robust performance of older-generation ("trailing edge") companies.</li>
<li>Their inventories have also been rising. At the same time, there's a noticeable demand slump in China.</li>
<li>Surprisingly, Chinese semiconductor firms are increasing their investments in older technology, known as the "lagging edge" capacity. Put the pieces together, and there’s a big story here.</li>
</ul>


This earnings season has highlighted the robust performance of older-generation ("trailing edge") companies.
Their inventories have also been rising. At the same time, there's a noticeable demand slump in China.
Surprisingly, Chinese semiconductor firms are increasing their investments in older technology, known as the "lagging edge" capacity. Put the pieces together, and there’s a big story here.


Chinese EV's and the Lagging Edge Price War

<ul>
<li>1810. HK: Takeaways for Xiaomi from Apple’s F3Q23 earnings (-)</li>
<li>NIO:  local benchmarking platform revealed NIO phone's core specs (+)</li>
<li>LKNCY: Luckin Coffee sold 7.39mn cups on the Start of Autumn（+）</li>
</ul>


1810. HK: Takeaways for Xiaomi from Apple’s F3Q23 earnings (-)
NIO:  local benchmarking platform revealed NIO phone's core specs (+)
LKNCY: Luckin Coffee sold 7.39mn cups on the Start of Autumn（+）


China TMT Update-1810. HK/NIO/LKNCY- NIO Phone's Core Specs/Luckin Sold 7.39mn Cups/Apple’s Earnings

China

NIO Inc. manufactures and sells automobiles. The Company offers electric vehicles and parts, as well as provides battery charging services. NIO serves customers worldwide.

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NIO (NIO US)

China Auto Sector – 2H23 Auto Sales Could Beat Amid Resilient Jul, Aug

China’s passenger-vehicle (PV) retail sales volume fell 0.4% YoY and 10% MoM in Jul 2023 amid high base, 2% higher than our prior forecast.

CMB International

China TMT Update-PDD/ATAT/XPEV/NIO/LI-Temu Increases Prices/Hotel RevPAR Declines/G9 Facelift

PDD: Temu reportedly increases product prices in certain regions (+)/Atour Lifestyle: hotel RevPAR begin to decline/XPEV/NIO/LI: Xpeng to launch G9...

Blue Lotus Research Institute

China TMT Update-ACMR/981.HK/1347.HK/NIO/1211.HK/XPEV/BYD-Tesla Cuts Model Y Prices/Geely Cuts Price

ACMR/981.HK/1347.HK: US outbound investment restrictions;NIO/1211 HK: Geely's sub-brand Zeekr cut price;XPEV/NIO/BYD: Tesla China cuts Model Y...

Blue Lotus Research Institute

Chinese EV's and the Lagging Edge Price War

Prices cuts imply price wars, Western chip subsidies are against strategy spending in China. Full stack margin at Chinese Automotive makers means...

Fabricated Knowledge

China TMT Update-1810. HK/NIO/LKNCY- NIO Phone's Core Specs/Luckin Sold 7.39mn Cups/Apple’s Earnings

1810. HK: Takeaways for Xiaomi from Apple’s F3Q23 earnings;NIO: local benchmarking platform revealed NIO phone's core specs;Luckin Coffee sold...

Blue Lotus Research Institute

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