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>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

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

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

<ul><li>We summarize the Jul 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 Jun 2023 retail sales volume for each model, as Jul retail sales volume data have not been released yet.</li><li>Discounts at dealers for most Chinese brands narrowed MoM in Jul 2023, consistent with our prior argument that discounts may peak around Jun-Jul 2023. </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 Jul 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 Jun 2023 retail sales volume for each model, as Jul retail sales volume data have not been released yet.Discounts at dealers for most Chinese brands narrowed MoM in Jul 2023, consistent with our prior argument that discounts may peak around Jun-Jul 2023. 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 – Jul discount: Chinese narrowed, foreign widened

Equity Bottom-Up

<ul><li>Toyota Motor Corp., the world’s biggest car seller, has announced plans to consolidate its research and development (R&amp;D) resources in China and ramp up its focus on electric vehicles (EVs), as it attempts to revive stalling sales in the highly competitive market.</li><li>The Japanese automaker said on Monday it would change the name of its largest R&amp;D facility in China from Toyota Motor Engineering &amp; Manufacturing (China) Co. Ltd. to Intelligent ElectroMobility R&amp;D Center by TOYOTA (China) Co. Ltd., and consolidate engineers from its three China ventures into the newly named facility based in Changshu, Jiangsu province.</li><li>Among other plans, it would also strengthen local development of electrified vehicles (EVs) including battery, hybrid and plug-in hybrid models and accelerate the development of an electric powertrain with its two biggest suppliers, Denso Corp. and Aisin Corp., the company said.</li></ul>

Toyota Motor Corp., the world’s biggest car seller, has announced plans to consolidate its research and development (R&amp;D) resources in China and ramp up its focus on electric vehicles (EVs), as it attempts to revive stalling sales in the highly competitive market.The Japanese automaker said on Monday it would change the name of its largest R&amp;D facility in China from Toyota Motor Engineering &amp; Manufacturing (China) Co. Ltd. to Intelligent ElectroMobility R&amp;D Center by TOYOTA (China) Co. Ltd., and consolidate engineers from its three China ventures into the newly named facility based in Changshu, Jiangsu province.Among other plans, it would also strengthen local development of electrified vehicles (EVs) including battery, hybrid and plug-in hybrid models and accelerate the development of an electric powertrain with its two biggest suppliers, Denso Corp. and Aisin Corp., the company said.

Toyota to Ramp Up Electric Car Push in China With R&D Revamp

China

Great Wall Motor Company Limited, through its subsidiaries, manufactures and sells pick-up trucks and sport-utility vehicles (SUVs) in China under branded names. The Company also researches and develops, and manufactures principal automotive parts and components for use in the assembly of pick-up trucks and SUVs.

BAIC BluePark New Energy Technology Co.,Ltd. operates as a passenger car manufacturer. The Company engages in research, development, and marketing of new energy vehicles and power battery system. BAIC BluePark New Energy Technology conducts businesses in China.

BAIC BluePark New Energy Techn (600733 CH)

Anhui Jianghuai Automobile Co., Ltd. manufactures and markets bus and truck chassis, gear boxes, other auto parts, and business automobiles.

NIO Inc. manufactures and sells automobiles. The Company offers electric vehicles and parts, as well as provides battery charging services. NIO serves customers worldwide.

FAW Jiefang Group Co., Ltd, through joint ventures, manufactures and markets cars and auto parts.  The Company produces automobiles, transmission systems, and engines.  FAW Car also provides auto repair and customizing services.

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.

Chongqing Changan Automobile Company Limited develops, manufactures, and markets mini cars, mini sedans, full size sedans, and engines.

Chongqing Changan Automobile Company (200625 CH)

Li Auto Inc. manufactures automobiles. The Company designs, develops, and sells smart new energy electric sport utility vehicles. Li Auto conducts businesses in China.

BAIC Motor Corporation Limited designs, researches, develops, manufactures and sells a variety of passenger vehicles in China.

Dongfeng Motor Group Company Limited, through joint ventures, designs, manufactures, and markets diesel engines, light trucks, automobiles, castings, and related spare parts.

PT Astra International Tbk assembles and distributes automobiles, motorcycles, and their related spare parts.  Through its subsidiaries, the Company also operates in the mining, development of plantations, financial and information technology.

NISSAN MOTOR CO., LTD. manufactures and distributes automobiles and related parts. It also provides financing services. Nissan delivers a comprehensive range of products under various brands. The Company manufactures in Japan, the United States, Mexico, the United Kingdom and many other countries.

Geely Automobile Holdings Limited operates as a passenger vehicles manufacturing company. The Company provides passenger vehicles development, manufacturing, sales, and other services. Geely Automobile Holdings also exports passenger vehicles.

Hero MotoCorp Ltd. designs, manufactures and distributes motorcycles. The Company's products also include motorcycle parts and accessories.

Subaru Corp manufactures passenger cars, buses, motor vehicle parts, and industrial machinery.  The Company also produces aircraft parts and supplies it to defense agency and Boeing Co.  The Company sells its passenger cars under the Subaru brand name.

Yamaha Motor Co., Ltd. manufactures motorcycles.  The Company also produces motor vehicle engines for Toyota Motor Corp. and Ford Motor Co.  Yamaha Motor's specialty products include motor boats, snowmobiles, golf carts, and electric power generators.  Yamaha Motor sells products in Japan, North America, Europe, Asia, and South America.

Isuzu Motors Limited manufactures and markets trucks and automobile parts. The Company's products include pickup trucks, light/heavy duty trucks, medium and large-sized buses, recreational vehicles, and sport utility vehicles.

TVS Motor Company Limited manufactures motorcycles, mopeds, and scooters. The Company provides spark ignition operated outboard motors, combustion spark ignition engines, critical engines, and transmission parts. TVS Motor Company serves customers in India.

Eicher Motors Ltd. manufactures light commercial vehicles which are sold domestically and are also exported to other countries. Eicher Motors also manufactures two-wheelers and automotive gears.

Mazda Motor Corporation manufactures and sells automobiles, trucks, auto parts, and its accessories.  The Company operates its business worldwide.

Guangzhou Automobile Group Company Limited manufactures and sells automobiles. The Company vehicles, motorcycles, and other products. Guangzhou Automobile Group also provides automobile parts manufacturing, automotive business services, automotive finance, and other services.

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Guangzhou Automobile Group (601238 CH)

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

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

China Auto Sector – Jul discount: Chinese narrowed, foreign widened

Discounts at dealers for most Chinese brands narrowed MoM in Jul 2023, consistent with our prior argument that discounts may peak around Jun-Jul 2023.

CMB International

Toyota to Ramp Up Electric Car Push in China With R&D Revamp

Toyota Motor Corp., the world’s biggest car seller, has announced plans to consolidate its research and development (R&D) resources in China...

Caixin Global

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