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>We summarize the Sep 2024 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 Aug 2024 retail sales volume for each model, as Sep 2024 retail sales volume data have not been released yet.</li><li>The industrywide average discounts widened by 0.3ppts MoM in Sep, based on our calculations, mainly driven by German and Chinese brands. </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 Sep 2024 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 Aug 2024 retail sales volume for each model, as Sep 2024 retail sales volume data have not been released yet.The industrywide average discounts widened by 0.3ppts MoM in Sep, based on our calculations, mainly driven by German and Chinese brands. 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 - Stable Discounts Imply Resilient 3Q Earnings

<ul><li>We summarize the Sep 2024 leading indicators as below, including the 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 cities in China.</li><li>The following data reflect same-store metrics, and the metrics on a company level could be better than these figures, as most players are still expanding their sales network. </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 Sep 2024 leading indicators as below, including the 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 cities in China.The following data reflect same-store metrics, and the metrics on a company level could be better than these figures, as most players are still expanding their sales network. 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 - Sep NEV Leading Indicators Set the Tone for 4Q

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 analyzed the latest HK SFC report for aggregate short position as of Sep 27th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Ping An, Baba, Jd, CCB, CNOOC, China Mobile, Akeso, Zhaojin Mining.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 27th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Ping An, Baba, Jd, CCB, CNOOC, China Mobile, Akeso, Zhaojin Mining.


HK Short Interest Weekly: Ping An, Baba, Jd, CCB, CNOOC, China Mobile, Akeso, Zhaojin Mining

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>300750 CH/1211 HK:A fire broke out at CATL's Fujian factory, negatively affecting its safety image (-)</li>
<li>1211 HK:BYD recalls close to 100,000 vehicles, mainly produced in 2022-23 (/)</li>
<li>1519 HK/ZTO US: Parcel volume collection +40% yoy in prior week (+)</li>
</ul>


300750 CH/1211 HK:A fire broke out at CATL's Fujian factory, negatively affecting its safety image (-)
1211 HK:BYD recalls close to 100,000 vehicles, mainly produced in 2022-23 (/)
1519 HK/ZTO US: Parcel volume collection +40% yoy in prior week (+)


[Blue Lotus Daily]:300750 CH/1211 HK/1519 HK/ZTO US/1810 HK/600690 CH/000333 CH/000651 CH

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International</a> is well-positioned to fend off the challenge of incoming EV players to Indonesia, a country far more suited to Hybrid EVs, with little charging infrastructure.</li>
<li>Despite new entrants, the company has maintained its market share at 57% YTD, with Chinese EV makers fighting amongst themselves and other Japanese ICE brands losing some share. </li>
<li>
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra</a> continues to develop new HEV products, with a line up of 10 BEVs due by 2028 from Toyota but investments in the ecosystem are already underway. Valuations remain attractive.</li>
</ul>



Astra International is well-positioned to fend off the challenge of incoming EV players to Indonesia, a country far more suited to Hybrid EVs, with little charging infrastructure.
Despite new entrants, the company has maintained its market share at 57% YTD, with Chinese EV makers fighting amongst themselves and other Japanese ICE brands losing some share. 

Astra continues to develop new HEV products, with a line up of 10 BEVs due by 2028 from Toyota but investments in the ecosystem are already underway. Valuations remain attractive.


Astra International (ASII IJ) - Digging in Against the BEV Threat

China

BYD Company Limited manufactures automotive products. The Company produces ordinary passenger cars, commercial vehicles, and other products. BYD also operates battery making, rail transportation construction, and other businesses.

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BYD (002594 CH)

Auto - Stable Discounts Imply Resilient 3Q Earnings

We summarize the Sep 2024 price discounts at dealers for major automakers in this report. Note that such discounts for each automaker are...

CMB International

Auto - Sep NEV Leading Indicators Set the Tone for 4Q

We summarize the Sep 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li...

CMB International

HK Short Interest Weekly: Ping An, Baba, Jd, CCB, CNOOC, China Mobile, Akeso, Zhaojin Mining

We analyzed the latest HK SFC report for aggregate short position as of Sep 27th and highlight short interest changes in Ping An, Baba, Jd, CCB,...

Ke Yan, CFA, FRM

[Blue Lotus Daily]:300750 CH/1211 HK/1519 HK/ZTO US/1810 HK/600690 CH/000333 CH/000651 CH

CATL's safety image takes a hit after fire at Fujian factory, BYD recalls 100,000 vehicles, ZTO sees 40% increase in parcel volume collection.

Blue Lotus Research Institute

Astra International (ASII IJ) - Digging in Against the BEV Threat

Astra International is well-positioned to fend-off the challenge of incoming EV players to Indonesia, a country which far more suited to Hybrid EVs...

Angus Mackintosh

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52-week Range

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Auto - Stable Discounts Imply Resilient 3Q Earnings

We summarize the Sep 2024 price discounts at dealers for major automakers in this report. Note that such discounts for each automaker are...

CMB International

Auto - Sep NEV Leading Indicators Set the Tone for 4Q

We summarize the Sep 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li...

CMB International

HK Short Interest Weekly: Ping An, Baba, Jd, CCB, CNOOC, China Mobile, Akeso, Zhaojin Mining

We analyzed the latest HK SFC report for aggregate short position as of Sep 27th and highlight short interest changes in Ping An, Baba, Jd, CCB,...

Ke Yan, CFA, FRM

[Blue Lotus Daily]:300750 CH/1211 HK/1519 HK/ZTO US/1810 HK/600690 CH/000333 CH/000651 CH

​CATL's safety image takes a hit after fire at Fujian factory, BYD recalls 100,000 vehicles, ZTO sees 40% increase in parcel volume collection.

Blue Lotus Research Institute

Astra International (ASII IJ) - Digging in Against the BEV Threat

Astra International is well-positioned to fend-off the challenge of incoming EV players to Indonesia, a country which far more suited to Hybrid EVs...

Angus Mackintosh

CATL's safety image takes a hit after fire at Fujian factory, BYD recalls 100,000 vehicles, ZTO sees 40% increase in parcel volume collection.