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 Jan 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 Dec 2023 retail sales volume for each model, as Jan 2024 retail sales volume data have not been released yet.</li><li>The blended average discounts for foreign brands slightly narrowed MoM in Jan 2024, based on our calculations, while those for Chinese brands widened by 0.6ppt MoM on average, as Chinese automakers are probably more aggressive in pushing sales before the Chinese New Year (CNY). </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 Jan 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 Dec 2023 retail sales volume for each model, as Jan 2024 retail sales volume data have not been released yet.The blended average discounts for foreign brands slightly narrowed MoM in Jan 2024, based on our calculations, while those for Chinese brands widened by 0.6ppt MoM on average, as Chinese automakers are probably more aggressive in pushing sales before the Chinese New Year (CNY). 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 - Chinese Brands’ Discounts Continued to Widen in Jan

<ul><li>We summarize the Jan 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 Jan 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 - Moderate Leading Indicators May Result in Mild Recovery After CNY

<ul><li>Eleven Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Jan 2024 sales volumes on 1 Feb 2024.</li><li>Sales volume of the 11 automakers combined rose 80% YoY (ranging from +18% to +978%) on low a base (Chinese New Year (CNY) in Jan 2023)) and fell 34% MoM (ranging from -59% to +95%) in Jan 2024.</li><li>Xpeng fell most MoM. Li Auto’s deliveries rose 106% YoY and fell 38% MoM to about 31,000 units in Jan 2024, in line with its weekly insurance data. Li Auto’s monthly deliveries were surpassed by Aito by about 1,800 units last month, the first time since Nov 2022.</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 Jan 2024 sales volumes on 1 Feb 2024.Sales volume of the 11 automakers combined rose 80% YoY (ranging from +18% to +978%) on low a base (Chinese New Year (CNY) in Jan 2023)) and fell 34% MoM (ranging from -59% to +95%) in Jan 2024.Xpeng fell most MoM. Li Auto’s deliveries rose 106% YoY and fell 38% MoM to about 31,000 units in Jan 2024, in line with its weekly insurance data. Li Auto’s monthly deliveries were surpassed by Aito by about 1,800 units last month, the first time since Nov 2022.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 – Jan NEV Sales in Line; More Catalysts After CNY

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>Chinese firms are rushing to make their own auto chips as demand continues to increase in the world’s largest car market.</li><li>In 2023, there were more than 300 local auto chipmakers, nearly 10 times the number from three years ago, said Yuan Chengyin, general manager of National New Energy Vehicle Technology Innovation Center, a NEV research center funded by the Ministry of Science and Technology.</li><li>China provides the best market for auto chipmakers as the demand for smart driving cars is much higher compared with other countries, said Zhang Qiang, chairman of Wuxi-based auto chipmaker Xinchi Technology, at a business event Tuesday.</li></ul>

Chinese firms are rushing to make their own auto chips as demand continues to increase in the world’s largest car market.In 2023, there were more than 300 local auto chipmakers, nearly 10 times the number from three years ago, said Yuan Chengyin, general manager of National New Energy Vehicle Technology Innovation Center, a NEV research center funded by the Ministry of Science and Technology.China provides the best market for auto chipmakers as the demand for smart driving cars is much higher compared with other countries, said Zhang Qiang, chairman of Wuxi-based auto chipmaker Xinchi Technology, at a business event Tuesday.

Chinese Auto Chip Firms Racing to Cash In on NEV Boom 

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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.

Equity Bottom-Up

<ul>
<li>Chinese NEV (new energy vehicle) producers’ deliveries grew rapidly in 2023.</li>
<li>PDD closed most “local life” businesses, including hotel booking, movie ticketing, etc.</li>
<li>Jack Ma is no longer the controller of AliPay, the largest online payment app.</li>
</ul>


Chinese NEV (new energy vehicle) producers’ deliveries grew rapidly in 2023.
PDD closed most “local life” businesses, including hotel booking, movie ticketing, etc.
Jack Ma is no longer the controller of AliPay, the largest online payment app.


China Consumption Weekly (8 Jan 2024): BYD, Li Auto, PDD, AliPay, Mixue, Baidu

China

Guangzhou Automobile Group Company, Ltd. manufactures, sells, and services automobiles. The Company is also involved in automobile parts and components, and auto finance and related services for both overseas and domestic markets.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Guangzhou Automobile Group (2238 HK)

Auto - Chinese Brands’ Discounts Continued to Widen in Jan

Discounts at dealers usually narrow after the CNY amid more new model launches, which did not occur in 2022 and 2023, as price war outweighed new...

CMB International

Auto - Moderate Leading Indicators May Result in Mild Recovery After CNY

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

CMB International

China Auto Sector – Jan NEV Sales in Line; More Catalysts After CNY

Eleven Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Jan 2024 sales...

CMB International

Chinese Auto Chip Firms Racing to Cash In on NEV Boom

Chinese firms are rushing to make their own auto chips as demand continues to increase in the world’s largest car market. In 2023, there were more...

Caixin Global

China Consumption Weekly (8 Jan 2024): BYD, Li Auto, PDD, AliPay, Mixue, Baidu

Chinese NEV producers’ deliveries grew rapidly in 2023. PDD closed most “local life” businesses. Jack Ma is no longer the controller of AliPay.

Ming Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)