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Caixin Global

Articles from Caixin Global

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News from Caixin

Equity Bottom-Up

<ul><li>Chinese carmaker BYD Co. Ltd. has unveiled its first luxury brand of electric vehicles (EV), joining its peers in efforts to impress wealthy domestic buyers</li><li>The launch marks BYD’s latest step into the high-end auto market as it tries to outgrow its image as a manufacturer of mid- to low-end vehicles</li><li>BYD is China’s largest EV and hybrid vehicle manufacturer by sales. In October, its wholesale shipments surpassed 200,000 for the second consecutive month</li></ul>

Chinese carmaker BYD Co. Ltd. has unveiled its first luxury brand of electric vehicles (EV), joining its peers in efforts to impress wealthy domestic buyersThe launch marks BYD’s latest step into the high-end auto market as it tries to outgrow its image as a manufacturer of mid- to low-end vehiclesBYD is China’s largest EV and hybrid vehicle manufacturer by sales. In October, its wholesale shipments surpassed 200,000 for the second consecutive month

BYD Launches Luxury EV Line in Challenge to High-End Foreign Brands

Cross Asset Strategy

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<p>Crimes / Cover Story: The evolution of crime in China. </p>
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<p>Seoul / Chinese nationals among scores dead in Seoul crush. </p>
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<p>Personnel / Rising Communist Party star Yin Yong named acting mayor of Beijing. .</p>
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Crimes / Cover Story: The evolution of crime in China. 


Seoul / Chinese nationals among scores dead in Seoul crush. 


Personnel / Rising Communist Party star Yin Yong named acting mayor of Beijing. .



CX Daily: The Evolution Of Crime In China

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)

<div><div><div><div><ul><li>China’s passenger-vehicle (PV) retail sales volume, based on insurance data, rose 9% YoY to 1.86mn units in Sep 2022, 3% lower than our prior forecast.</li><li>Wholesale volume surged 33% YoY to 2.33mn units, 8% higher than our prior projection due to more inventories pushed to dealers than expected.</li><li>Almost 260,000 units of inventories were added into dealers in Sep 2022, the most in any Sep in history. </li></ul></div></div></div></div><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, based on insurance data, rose 9% YoY to 1.86mn units in Sep 2022, 3% lower than our prior forecast.Wholesale volume surged 33% YoY to 2.33mn units, 8% higher than our prior projection due to more inventories pushed to dealers than expected.Almost 260,000 units of inventories were added into dealers in Sep 2022, the most in any Sep in 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 – 2H22E likely beat; FY23E consensus overstated

<div><div><div><div><ul><li>Golden week data missed market’s already low expectation for all three major categories - property sales, domestic tourism spending and auto sales.</li><li>4Q is unlikely to be a big surprise as property and its supply chain (20-30% of GDP) will still be the major drag that could neutralize the still resilient auto and gradually recovering consumption.</li><li>Together with more market volatility from pandemic and CPC meeting, we recommend investors to avoid one-sided long or short, but focus on pair trade opportunities to play the difference of BtoC over BtoB as BtoB is more vulnerable in terms of bad debts and pricing power than BtoC amid weak macro.</li></ul></div></div></div></div><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>

Golden week data missed market’s already low expectation for all three major categories - property sales, domestic tourism spending and auto sales.4Q is unlikely to be a big surprise as property and its supply chain (20-30% of GDP) will still be the major drag that could neutralize the still resilient auto and gradually recovering consumption.Together with more market volatility from pandemic and CPC meeting, we recommend investors to avoid one-sided long or short, but focus on pair trade opportunities to play the difference of BtoC over BtoB as BtoB is more vulnerable in terms of bad debts and pricing power than BtoC amid weak macro.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.

Cross sector report – Post-Golden Week: More positive on BToC recovery potential; Cautious on BToB

<ul><li><p>In Depth: The people behind a 10-year murder-for-cash spree in rural China</p></li><li><p>Covid restrictions tighten as record number of Chinese cities report cases</p></li><li><p>China drafts tough rules for insurers to join national personal pension system, sources say</p></li></ul>

In Depth: The people behind a 10-year murder-for-cash spree in rural ChinaCovid restrictions tighten as record number of Chinese cities report casesChina drafts tough rules for insurers to join national personal pension system, sources say

CX Daily: The People Behind a 10-Year Murder-For-Cash Spree in Rural China

China

BYD Company Limited, through its subsidiaries, manufactures and sells automobiles. The Company also researches, develops, manufactures and sells batteries, which are applied on mobile phones, cordless phones, power tools and other kinds of portable electronic devices.

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BYD (1211 HK)

BYD Launches Luxury EV Line in Challenge to High-End Foreign Brands

Chinese carmaker BYD Co. Ltd. has unveiled its first luxury brand of electric vehicles (EV), joining its peers in efforts to impress wealthy...

Caixin Global

CX Daily: The Evolution Of Crime In China

Crimes / Cover Story: The evolution of crime in China. Seoul / Chinese nationals among scores dead in Seoul crush. Personnel / Rising Communist...

Caixin Global

China Auto Sector – 2H22E likely beat; FY23E consensus overstated

China’s passenger-vehicle (PV) retail sales volume, based on insurance data, rose 9% YoY to 1.86mn units in Sep 2022, 3% lower than our prior...

CMB International

Cross sector report – Post-Golden Week: More positive on BToC recovery potential; Cautious on BToB

Golden week data missed market’s already low expectation for all three major categories - property sales, domestic tourism spending and auto sales.

CMB International

CX Daily: The People Behind a 10-Year Murder-For-Cash Spree in Rural China

In Depth: The people behind a 10-year murder-for-cash spree in rural China. Covid restrictions tighten as record number of Chinese cities report cases

Caixin Global

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