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>2022 “11.11” saw mild GMV recovery, with emphasis on “quality growth”, “agricultural incentives”, “domestics promotion”, “opening up” and “user experience”.</li><li>Total GMV recorded RMB1,151bn, +13% YoY, based on Syntun data.</li><li>Short videos share gain continued, up to 16% mkt share from 7% in 2021 (livestreaming ecommerce GMV+146% YoY, vs. comprehensive platforms +2.9%).</li></ul><p><em>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.</em></p>

2022 “11.11” saw mild GMV recovery, with emphasis on “quality growth”, “agricultural incentives”, “domestics promotion”, “opening up” and “user experience”.Total GMV recorded RMB1,151bn, +13% YoY, based on Syntun data.Short videos share gain continued, up to 16% mkt share from 7% in 2021 (livestreaming ecommerce GMV+146% YoY, vs. comprehensive platforms +2.9%).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 Internet Sector – 2022 "11.11": Moderate recovery with quality growth

<ul><li>For this year’s Double 11 sales promotion, amid macro headwind, e-commerce platforms maintained their focus on improving user experience and driving for higher merchant engagement, with less focus on the GMV growth numbers.</li><li>On consumer end, e-commerce platforms are continuously improving logistic efficiency and enhancing content ecosystem to enhance customer experience.</li><li>On merchant end, platforms are optimizing traffic allocation, launching more merchant support policies, and helping brands better target on their members to achieve more cost-efficient GMV growth and improve ROI. E-commerce platforms are also deepening their deployment on industrial supply chains and proactively shouldering more social responsibilities to propel better recovery for merchants amid challenging macro.</li></ul><p><em>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.</em></p>

For this year’s Double 11 sales promotion, amid macro headwind, e-commerce platforms maintained their focus on improving user experience and driving for higher merchant engagement, with less focus on the GMV growth numbers.On consumer end, e-commerce platforms are continuously improving logistic efficiency and enhancing content ecosystem to enhance customer experience.On merchant end, platforms are optimizing traffic allocation, launching more merchant support policies, and helping brands better target on their members to achieve more cost-efficient GMV growth and improve ROI. E-commerce platforms are also deepening their deployment on industrial supply chains and proactively shouldering more social responsibilities to propel better recovery for merchants amid challenging macro.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 Internet – Trends observed from this year’s Double 11 shopping festival

<ul><li>In the short term, macro headwind has weighed on consumption willingness and YoY growth in online retail sales of physical goods, and the consistent recovery of growth could still take time, but we do expect a gradual recovery trend driven by gradual recovery in macro and easier comps trending into 2023.</li><li>Amid soft consumption willingness, e-commerce companies are focusing on addressing the demand of core membership user base and enhancing merchant engagement in recent Double 11 sales promotions in order to drive for higher efficiency.</li><li>The strategic move of leveraging established consumer mindshare to control sales promotion intensity and to adopt more strict cost saving plans could be focal points to drive near-term profit growth.</li></ul><p><em>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.</em></p>

In the short term, macro headwind has weighed on consumption willingness and YoY growth in online retail sales of physical goods, and the consistent recovery of growth could still take time, but we do expect a gradual recovery trend driven by gradual recovery in macro and easier comps trending into 2023.Amid soft consumption willingness, e-commerce companies are focusing on addressing the demand of core membership user base and enhancing merchant engagement in recent Double 11 sales promotions in order to drive for higher efficiency.The strategic move of leveraging established consumer mindshare to control sales promotion intensity and to adopt more strict cost saving plans could be focal points to drive near-term profit growth.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 Internet Sector – E-commerce: consistent recovery takes time

<div><div><div><div><ul><li>Consumption sentiment and offline activities’ recovery pace continued to weigh on internet sector’s 3Q financials performance.</li><li>Looking into 4Q and 2023, business model robustness, operating leverage improvement, and ability to expand into new revenue streams will be the key stock alpha drivers, while the heavily under-owned China Internet sector will remain sensitive to policies and other sentiment related beta drivers.</li><li>We expect leading technology companies will play vital role in building digital infrastructure and empowering enterprise digital transformation. </li></ul></div></div></div></div><p><em>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.</em></p>

Consumption sentiment and offline activities’ recovery pace continued to weigh on internet sector’s 3Q financials performance.Looking into 4Q and 2023, business model robustness, operating leverage improvement, and ability to expand into new revenue streams will be the key stock alpha drivers, while the heavily under-owned China Internet sector will remain sensitive to policies and other sentiment related beta drivers.We expect leading technology companies will play vital role in building digital infrastructure and empowering enterprise digital transformation. 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 Internet Sector – 3Q22 preview: near term bumpy recovery

Equity Bottom-Up

<div><div><div><div><ul><li>Leveraging off its superior supply chain and fulfilment capability, JD.com (JD) has established solid consumer mindshare in key categories (i.e, electronics &amp; home appliance, FMCG, etc.).</li><li>Relative to peers JD has lower exposure to discretionary apparel categories.</li><li>We expect category expansion, lower tier city expansion, and omni-channel retail development to support its long term growth.</li></ul><p><em>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.</em></p></div></div></div></div>

Leveraging off its superior supply chain and fulfilment capability, JD.com (JD) has established solid consumer mindshare in key categories (i.e, electronics &amp; home appliance, FMCG, etc.).Relative to peers JD has lower exposure to discretionary apparel categories.We expect category expansion, lower tier city expansion, and omni-channel retail development to support its long term growth.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.

JD.com (JD US) – Stabilizing amidst testing times

China

JD.com, Inc. is an online direct sales company in China. The Company offers a wide selection of products through its website and mobile applications. JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com (9618 HK)

China Internet Sector – 2022 "11.11": Moderate recovery with quality growth

2022 “11.11” saw mild GMV recovery, with emphasis on “quality growth”, “agricultural incentives”, “domestics promotion”, “opening up” and “user...

CMB International

China Internet – Trends observed from this year’s Double 11 shopping festival

For this year’s Double 11 sales promotion, amid macro headwind, e-commerce platforms maintained their focus on improving user experience

CMB International

China Internet Sector – E-commerce: consistent recovery takes time

Amid soft consumption willingness, e-commerce companies are focusing on addressing the demand of core membership user base and enhancing merchant...

CMB International

China Internet Sector – 3Q22 preview: near term bumpy recovery

We expect leading technology companies will play vital role in building digital infrastructure and empowering enterprise digital transformation.

CMB International

JD.com (JD US) – Stabilizing amidst testing times

Leveraging off its superior supply chain and fulfilment capability, JD.com (JD) has established solid consumer mindshare in key categories (i.e,...

CMB International

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