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 had a channel check on property agencies in Beijing during the Labour Day holiday and found that 1) the number of visits increased but has been partly translated to increase in transactions.</li><li>2) Main reasons that kept potential buyers on the side-line are falling house price and bigger discount in new home project with higher proportion of completed house available.</li><li>High-frequency data showed that daily avg. new home transactions in 30 major cities during the Labour Day holiday of 2024 only recovered to 39% of 2023’s level, mainly dragged by Tier-3 cities. </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 had a channel check on property agencies in Beijing during the Labour Day holiday and found that 1) the number of visits increased but has been partly translated to increase in transactions.2) Main reasons that kept potential buyers on the side-line are falling house price and bigger discount in new home project with higher proportion of completed house available.High-frequency data showed that daily avg. new home transactions in 30 major cities during the Labour Day holiday of 2024 only recovered to 39% of 2023’s level, mainly dragged by Tier-3 cities. 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.

Property - Weekly highlight: Holiday sales update and takeaway from channel check in Beijing

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>BEKE US: April existing home sales on track of recovery, while new home lukewarm, and high tier cities policy easing bodes well for Beike.(+)</li>
<li>LI US : LI L6 sales momentum accelerates during May Day holiday.(/)</li>
<li>NIO US/ LI US / 1211 HK :  New energy vehicle sales growth rebounded in the fourth week of April 2024, with Nio, LI and Zeekr regaining market shares （/////）</li>
</ul>


BEKE US: April existing home sales on track of recovery, while new home lukewarm, and high tier cities policy easing bodes well for Beike.(+)
LI US : LI L6 sales momentum accelerates during May Day holiday.(/)
NIO US/ LI US / 1211 HK :  New energy vehicle sales growth rebounded in the fourth week of April 2024, with Nio, LI and Zeekr regaining market shares （/////）


[Blue Lotus Daily]:BEKE US/NIO US/LI US/1211 HK/1801 HK/1810 HK

<ul><li>Relaxation of demand-related policies continued with Beijing further optimizing mortgage loan requirement for divorced people and multiple cities removing the lower limit on mortgage rate for first-home buyers.</li><li>Around 35 cities joined the group of adopting “trade in old house for new” policies through 3 approaches (Figure 1).</li><li>These moves may not bring a surge in property sales but could prevent a sharp decline by marginally boosting demand in our view. </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.

Relaxation of demand-related policies continued with Beijing further optimizing mortgage loan requirement for divorced people and multiple cities removing the lower limit on mortgage rate for first-home buyers.Around 35 cities joined the group of adopting “trade in old house for new” policies through 3 approaches (Figure 1).These moves may not bring a surge in property sales but could prevent a sharp decline by marginally boosting demand in our view. 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.

Property - Weekly highlight: +ve progress on policy implementation, no remarkable recovery on sales

<ul>
<li>1810HK/1211HK/LI/XPEV/NIO: The growth rate of new energy vehicles fell back in the 15th week of 2024,BYD and Li delivered stably,AITO slowed down due to L6,XiaomiSU7 impacting TeslaM3 and BYDHan（/）</li>
<li>BEKE US: Residential new home sales value fell by 30% YoY in 1Q24, but slightly better than consensus(+)</li>
<li>300750 SZ: CATL’s first quarter results show strong pricing power amid fierce price war（/）</li>
</ul>


1810HK/1211HK/LI/XPEV/NIO: The growth rate of new energy vehicles fell back in the 15th week of 2024,BYD and Li delivered stably,AITO slowed down due to L6,XiaomiSU7 impacting TeslaM3 and BYDHan（/）
BEKE US: Residential new home sales value fell by 30% YoY in 1Q24, but slightly better than consensus(+)
300750 SZ: CATL’s first quarter results show strong pricing power amid fierce price war（/）


[Blue Lotus Daily]:1810 HK/1211 HK/LI US/XPEV US/NIO US/BEKE US/300750 SZ

<ul><li>NBS property data in 1Q24 remained sluggish but was well expected by the market.</li><li>REI decline widened to 9.5% from -9.0% in 2M24 even though continued base adjustment lowered the number in 1Q23 by 6%. REI was at - 15% if excluding this impact.</li><li>The decline of property sales value narrowed a bit more than decline in sales volume, reflecting a 1.4% hike in ASP as more supply was from higher tier cities with higher ASP in Mar. </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.

NBS property data in 1Q24 remained sluggish but was well expected by the market.REI decline widened to 9.5% from -9.0% in 2M24 even though continued base adjustment lowered the number in 1Q23 by 6%. REI was at - 15% if excluding this impact.The decline of property sales value narrowed a bit more than decline in sales volume, reflecting a 1.4% hike in ASP as more supply was from higher tier cities with higher ASP in Mar. 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.

Property - NBS 1Q24: Weakness Was Well Expected, Expecting More Financing-Side Policies

China

KE Holdings Inc. operates as an integrated online and offline platform for housing transactions and services. The Company offers existing and new home sales, home rentals, home renovation, real estate financial solutions, and other services. KE Holdings conducts businesses in China.

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KE Holdings (BEKE US)

Property - Weekly highlight: Holiday sales update and takeaway from channel check in Beijing

We had a channel check on property agencies in Beijing during the Labour Day holiday and found that 1) the number of visits increased but has been...

CMB International

[Blue Lotus Daily]:BEKE US/NIO US/LI US/1211 HK/1801 HK/1810 HK

April existing home sales show signs of recovery.High tier cities easing policies.LI sales accelerate during 5.1 holiday.Nio, LI,and Zeekr see...

Blue Lotus Research Institute

Property - Weekly highlight: +ve progress on policy implementation, no remarkable recovery on sales

These moves may not bring a surge in property sales but could prevent a sharp decline by marginally boosting demand in our view.

CMB International

[Blue Lotus Daily]:1810 HK/1211 HK/LI US/XPEV US/NIO US/BEKE US/300750 SZ

New energy vehicle growth rate dips in 15th week of 2024, CATL shows strong pricing power in Q1, BEKE US sees 30% YoY drop in new home sales value...

Blue Lotus Research Institute

Property - NBS 1Q24: Weakness Was Well Expected, Expecting More Financing-Side Policies

REI decline widened to 9.5% from -9.0% in 2M24 even though continued base adjustment lowered the number in 1Q23 by 6%. REI was at - 15% if...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Property - Weekly highlight: Holiday sales update and takeaway from channel check in Beijing

We had a channel check on property agencies in Beijing during the Labour Day holiday and found that 1) the number of visits increased but has been...

CMB International

[Blue Lotus Daily]:BEKE US/NIO US/LI US/1211 HK/1801 HK/1810 HK

​April existing home sales show signs of recovery.High tier cities easing policies.LI sales accelerate during 5.1 holiday.Nio, LI,and Zeekr see...

Blue Lotus Research Institute

Property - Weekly highlight: +ve progress on policy implementation, no remarkable recovery on sales

These moves may not bring a surge in property sales but could prevent a sharp decline by marginally boosting demand in our view.

CMB International

[Blue Lotus Daily]:1810 HK/1211 HK/LI US/XPEV US/NIO US/BEKE US/300750 SZ

​New energy vehicle growth rate dips in 15th week of 2024, CATL shows strong pricing power in Q1, BEKE US sees 30% YoY drop in new home sales value...

Blue Lotus Research Institute

Property - NBS 1Q24: Weakness Was Well Expected, Expecting More Financing-Side Policies

REI decline widened to 9.5% from -9.0% in 2M24 even though continued base adjustment lowered the number in 1Q23 by 6%. REI was at - 15% if...

CMB International

April existing home sales show signs of recovery.High tier cities easing policies.LI sales accelerate during 5.1 holiday.Nio, LI,and Zeekr see...

New energy vehicle growth rate dips in 15th week of 2024, CATL shows strong pricing power in Q1, BEKE US sees 30% YoY drop in new home sales value...