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>Nine Chinese automakers including BYD, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta and Leap reported their Sep 2023 sales volumes during 1-2 Oct 2023.</li><li>Sales volume of the nine automakers combined rose 52% YoY (ranged from -27% to +213%) and 5% MoM (ranged from -19% to 18%) in Sep 2023.</li><li>Li Auto slightly beat, NIO missed, Xpeng in line. </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.

Nine Chinese automakers including BYD, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta and Leap reported their Sep 2023 sales volumes during 1-2 Oct 2023.Sales volume of the nine automakers combined rose 52% YoY (ranged from -27% to +213%) and 5% MoM (ranged from -19% to 18%) in Sep 2023.Li Auto slightly beat, NIO missed, Xpeng in line. 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 – Most NEV Brands’ Sep Sales Volume on Track

<ul><li>China’s passenger-vehicle (PV) retail sales volume rose 2% YoY and 8% MoM to 1.92mn units in Aug 2023, the 3rd highest Aug in history, and 1% higher than our prior forecast.</li><li>YTD retail sales volume rose 3% YoY. Wholesale volume rose 7% YoY and 8% MoM to 2.27mn units in Aug 2023, the best Aug in history, and 2% higher than our prior forecast.</li><li>Wholesale volume rose 7% YoY (or +0.99mn units YoY) YTD, aided by 70% YoY growth (or +1.01mn units YoY) of exports. </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.

China’s passenger-vehicle (PV) retail sales volume rose 2% YoY and 8% MoM to 1.92mn units in Aug 2023, the 3rd highest Aug in history, and 1% higher than our prior forecast.YTD retail sales volume rose 3% YoY. Wholesale volume rose 7% YoY and 8% MoM to 2.27mn units in Aug 2023, the best Aug in history, and 2% higher than our prior forecast.Wholesale volume rose 7% YoY (or +0.99mn units YoY) YTD, aided by 70% YoY growth (or +1.01mn units YoY) of exports. 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 – More NEV Model Rollouts as a Positive Catalyst

<ul><li>We summarize the Aug 2023 price discounts at dealers for major automakers in this report.</li><li>Note that such discounts for each automaker are calculated based on weighted average of Jul 2023 retail sales volume for each model, as Aug retail sales volume data have not been released yet.</li><li>Discounts at dealers for most brands widened mildly MoM in Aug 2023, as the price war persists with more and more competitive product rollouts and raw-material price decline.</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 Aug 2023 price discounts at dealers for major automakers in this report.Note that such discounts for each automaker are calculated based on weighted average of Jul 2023 retail sales volume for each model, as Aug retail sales volume data have not been released yet.Discounts at dealers for most brands widened mildly MoM in Aug 2023, as the price war persists with more and more competitive product rollouts and raw-material price decline.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 – Aug discounts widened slightly MoM

Equity Bottom-Up

Guangzhou Automobile Group / Equity Bottom-Up

<ul><li>Maintain BUY. GAC probably faces a mixed picture in 2H23 after an in-line 2Q23, as we are concerned about GAC Mitsubishi’s goodwill impairment.</li><li>On the other hand, we expect Aion to cut loss significantly in 2H23E and FY24E. We now value Aion at HK$ 62bn, based on 0.7x our FY24E P/S.</li><li>We believe more investors would pay attention to Aion, should its margins improve gradually. </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.

Maintain BUY. GAC probably faces a mixed picture in 2H23 after an in-line 2Q23, as we are concerned about GAC Mitsubishi’s goodwill impairment.On the other hand, we expect Aion to cut loss significantly in 2H23E and FY24E. We now value Aion at HK$ 62bn, based on 0.7x our FY24E P/S.We believe more investors would pay attention to Aion, should its margins improve gradually. 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.

GAC Group (2238 HK) – Homegrown Brands Likely to Narrow Loss in 2H23

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Caixin Global

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Cross Asset Strategy

<ul><li>Flood /Cover Story: How a 140-year flood caught Beijing and nearby cities off guard</li><li>FDI /Chart of the Day: Foreign investment in China tumbles on overseas headwinds</li><li>Economy /Chinese economic officials at pains to tout efficacy of recovery stimulus</li></ul>

Flood /Cover Story: How a 140-year flood caught Beijing and nearby cities off guardFDI /Chart of the Day: Foreign investment in China tumbles on overseas headwindsEconomy /Chinese economic officials at pains to tout efficacy of recovery stimulus

CX Daily: How a 140-Year Flood Caught Beijing and Nearby Cities Off Guard

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.

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Guangzhou Automobile Group (2238 HK)

China Auto Sector – Most NEV Brands’ Sep Sales Volume on Track

Nine Chinese automakers including BYD, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta and Leap reported their Sep 2023 sales volumes during 1-2 Oct...

CMB International

China Auto Sector – More NEV Model Rollouts as a Positive Catalyst

China’s passenger-vehicle (PV) retail sales volume rose 2% YoY and 8% MoM to 1.92mn units in Aug 2023, the 3rd highest Aug in history, and 1%...

CMB International

China Auto Sector – Aug discounts widened slightly MoM

Discounts at dealers for most brands widened mildly MoM in Aug 2023, as the price war persists with more and more competitive product rollouts and...

CMB International

GAC Group (2238 HK) – Homegrown Brands Likely to Narrow Loss in 2H23

Maintain BUY. GAC probably faces a mixed picture in 2H23 after an in-line 2Q23, as we are concerned about GAC Mitsubishi’s goodwill impairment.

CMB International

CX Daily: How a 140-Year Flood Caught Beijing and Nearby Cities Off Guard

Flood /Cover Story: How a 140-year flood caught Beijing and nearby cities off guard FDI /Chart of the Day: Foreign investment in China tumbles on...

Caixin Global

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