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>According to insurance data, China’s passenger-vehicle (PV) retail sales volume rose 0.3% YoY and 28% MoM to 2.53mn units in Dec 2023, 6% higher than our prior forecast.</li><li>PV retail sales volume in 2023 rose 6% YoY to 21.7mn units. Wholesale volume rose 23% YoY and 7% MoM to 2.79mn units in Dec 2023, the best Dec in history, and 11% higher than our prior forecast.</li><li>PV wholesale volume rose 11% YoY to 26.06mn units in 2023, the highest in China’s history.</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.

According to insurance data, China’s passenger-vehicle (PV) retail sales volume rose 0.3% YoY and 28% MoM to 2.53mn units in Dec 2023, 6% higher than our prior forecast.PV retail sales volume in 2023 rose 6% YoY to 21.7mn units. Wholesale volume rose 23% YoY and 7% MoM to 2.79mn units in Dec 2023, the best Dec in history, and 11% higher than our prior forecast.PV wholesale volume rose 11% YoY to 26.06mn units in 2023, the highest in China’s history.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 – Attractive valuation with likely resilient earnings

<ul><li>We summarize the Dec 2023 price discounts at dealers for major automakers in this report.</li><li>Note that such discounts for each automaker are calculated based on the weighted average of Nov 2023 retail sales volume for each model, as Dec retail sales volume data have not been released yet.</li><li>Discounts at dealers for most brands continued to widen MoM in Dec 2023, in line with our prior expectation.</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 Dec 2023 price discounts at dealers for major automakers in this report.Note that such discounts for each automaker are calculated based on the weighted average of Nov 2023 retail sales volume for each model, as Dec retail sales volume data have not been released yet.Discounts at dealers for most brands continued to widen MoM in Dec 2023, in line with our prior expectation.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: 2023 Ended with More than Half Brands’ Discounts Reaching All-Time Highs

<ul><li>We summarize the Dec 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>The following data reflect same-store metrics, and the total new orders and other metrics could rise more than these figures, as most players have reaccelerated their store expansion.</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 Dec 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.The following data reflect same-store metrics, and the total new orders and other metrics could rise more than these figures, as most players have reaccelerated their store expansion.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: 2023 Ended with Rising NEV Leading Indicators

<ul><li>We summarize the Nov 2023 price discounts at dealers for major automakers in this report.</li><li>Note that such discounts for each automaker are calculated based on the weighted average of Oct 2023 retail sales volume for each model, as Nov retail sales volume data have not been released yet.</li><li>Discounts at dealers for most brands continued to widen MoM in Nov 2023, especially in the second half of Nov. </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 Nov 2023 price discounts at dealers for major automakers in this report.Note that such discounts for each automaker are calculated based on the weighted average of Oct 2023 retail sales volume for each model, as Nov retail sales volume data have not been released yet.Discounts at dealers for most brands continued to widen MoM in Nov 2023, especially in the second half of Nov. 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 – Year-end price war came a bit earlier in 2023

<ul><li>We summarize the Nov 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>Note that the following data reflects same-store metrics, and the total new orders and other metrics could rise more than these figures, as most players have reaccelerated their store expansion. </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 Nov 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.Note that the following data reflects same-store metrics, and the total new orders and other metrics could rise more than these figures, as most players have reaccelerated their store expansion. 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

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 – Attractive valuation with likely resilient earnings

According to insurance data, China’s passenger-vehicle (PV) retail sales volume rose 0.3% YoY and 28% MoM to 2.53mn units in Dec 2023, 6% higher...

CMB International

China Auto Sector: 2023 Ended with More than Half Brands’ Discounts Reaching All-Time Highs

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

CMB International

China Auto Sector: 2023 Ended with Rising NEV Leading Indicators

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

CMB International

China Auto Sector – Year-end price war came a bit earlier in 2023

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

CMB International

China Auto Sector - Nov 2023

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

CMB International

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