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Articles from Caixin Global

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Cross Asset Strategy

<ul><li>Summers /: Cover Story: Summers on secular stagnation and lessons for China</li><li>China-U.S. /: China’s Foreign Minister meets U.S. counterpart for ‘constructive’ talks</li><li>Tourism /Analysis: Property slump, weak confidence loom over stellar China Lunar New Year travel data</li></ul>

Summers /: Cover Story: Summers on secular stagnation and lessons for ChinaChina-U.S. /: China’s Foreign Minister meets U.S. counterpart for ‘constructive’ talksTourism /Analysis: Property slump, weak confidence loom over stellar China Lunar New Year travel data

CX Daily: Summers on Secular Stagnation and Lessons for China 

Thematic (Sector/Industry)

<ul><li>China was the world’s top auto exporter last year, cementing its position after overtaking Japan as No. 1 earlier in 2023, thanks largely to strong demand for new-energy vehicles (NEVs), increased deliveries to Russia and escalating domestic competition that forced automakers to accelerate their overseas expansion.</li><li>China’s auto exports surged 57.9% year-on-year to 4.91 million cars, as reported by the China Association of Automobile Manufacturers (CAAM) last month.</li><li>By comparison, Japan exported 4.42 million vehicles in 2023, up 16% from a year earlier, according to data from the Japa</li></ul>

China was the world’s top auto exporter last year, cementing its position after overtaking Japan as No. 1 earlier in 2023, thanks largely to strong demand for new-energy vehicles (NEVs), increased deliveries to Russia and escalating domestic competition that forced automakers to accelerate their overseas expansion.China’s auto exports surged 57.9% year-on-year to 4.91 million cars, as reported by the China Association of Automobile Manufacturers (CAAM) last month.By comparison, Japan exported 4.42 million vehicles in 2023, up 16% from a year earlier, according to data from the Japa

China Was World’s Largest Auto Exporter in 2023 After NEVs Drove Up Shipments 

Equity Bottom-Up

Contemporary Amperex Technology (CATL) / Equity Bottom-Up

<ul><li>Battery giant Contemporary Amperex Technology Co. Ltd. (CATL) (<a href="https://www.smartkarma.com/300750.SZ" target="_blank" rel="noopener">300750.SZ</a> -0.92%) has set up a battery swapping joint venture (JV) with ride-hailing company Didi Global Inc. to service Didi’s expanding fleet of electric vehicles (EVs).</li><li>The tie-up is CATL’s latest foray into battery swapping — dominated by EV-maker Nio Inc. — as it aims to expand beyond production and into downstream businesses that make use of its products.</li><li>It comes as the world’s No. 1 producer of EV batteries by installed capacity faces growing competition from rivals such as BYD Co. Ltd. (<a href="https://www.smartkarma.com/002594.SZ" target="_blank" rel="noopener">002594.SZ</a> +0.69%), which produces both vehicles and their batteries.</li></ul>

Battery giant Contemporary Amperex Technology Co. Ltd. (CATL) (300750.SZ -0.92%) has set up a battery swapping joint venture (JV) with ride-hailing company Didi Global Inc. to service Didi’s expanding fleet of electric vehicles (EVs).The tie-up is CATL’s latest foray into battery swapping — dominated by EV-maker Nio Inc. — as it aims to expand beyond production and into downstream businesses that make use of its products.It comes as the world’s No. 1 producer of EV batteries by installed capacity faces growing competition from rivals such as BYD Co. Ltd. (002594.SZ +0.69%), which produces both vehicles and their batteries.

CATL Hitches Up With Didi, Broadening Move in Battery Swapping 

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.

<ul><li>Eleven Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Nov 2023 sales volumes on 1 Dec 2023.</li><li>Sales volume of the 11 automakers combined rose 49% YoY (ranging from -17% to +245%) and 2% MoM (ranging from -1% to +48%) in Nov.</li><li>Seven out of the 11 automakers posted their all-time high sales volume in 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.

Eleven Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Nov 2023 sales volumes on 1 Dec 2023.Sales volume of the 11 automakers combined rose 49% YoY (ranging from -17% to +245%) and 2% MoM (ranging from -1% to +48%) in Nov.Seven out of the 11 automakers posted their all-time high sales volume in 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 – NEV Sales Volume MoM Growth Narrowed in Nov

<ul><li>After a strong sales beat in 2023, we expect China’s passenger-vehicle (PV) sales growth to be moderate in 2024E.</li><li>While it is still difficult to identify long-term winner in China’s auto industry, competition, overseas expansion and technological advancement would still be the key topics for 2024.</li><li>Exports, Chinese brands’ market share gain and competition still key topics.</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.

After a strong sales beat in 2023, we expect China’s passenger-vehicle (PV) sales growth to be moderate in 2024E.While it is still difficult to identify long-term winner in China’s auto industry, competition, overseas expansion and technological advancement would still be the key topics for 2024.Exports, Chinese brands’ market share gain and competition still key topics.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 – Competition Pushes Technological Advancement, Overseas Expansion

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)

CX Daily: Summers on Secular Stagnation and Lessons for China

Summers / Cover Story: Summers on secular stagnation and lessons for China Comparing the United States and China as two people stranded in a...

Caixin Global

China Was World’s Largest Auto Exporter in 2023 After NEVs Drove Up Shipments

China was the world’s top auto exporter last year, cementing its position after overtaking Japan as No. 1 earlier in 2023, thanks largely to...

Caixin Global

CATL Hitches Up With Didi, Broadening Move in Battery Swapping

Battery giant Contemporary Amperex Technology Co. Ltd. (CATL) (300750.SZ -0.92%) has set up a battery swapping joint venture (JV) with...

Caixin Global

China Auto Sector – NEV Sales Volume MoM Growth Narrowed in Nov

Eleven Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Nov 2023 sales...

CMB International

China Auto Sector – Competition Pushes Technological Advancement, Overseas Expansion

While it is still difficult to identify long-term winner in China’s auto industry, competition, overseas expansion and technological advancement...

CMB International

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