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>The NBS (National Bureau of Statistics) property data was in-line in December 2023, the full year property sales value/property investment decline narrowed to -6.5%/-9.6% YoY (-12.5/-16.5% excluding base adjustment impact) from -26.7/- 10% in 2022，still in bottoming process.</li><li>Looking into 2024, we believe the recovery in new home market will still take time.</li><li>Sales and investments may show a continuous fall at -4/-9% YoY in our view, considering the diminishing policy effect, developers’ debt issue which may squeeze purchase demand to secondary market, low land acquisition in 2023 which may result in a lower level of quality saleable resource, and higher affordable housing supply which may lead to less demand for commercial housing. </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.

The NBS (National Bureau of Statistics) property data was in-line in December 2023, the full year property sales value/property investment decline narrowed to -6.5%/-9.6% YoY (-12.5/-16.5% excluding base adjustment impact) from -26.7/- 10% in 2022，still in bottoming process.Looking into 2024, we believe the recovery in new home market will still take time.Sales and investments may show a continuous fall at -4/-9% YoY in our view, considering the diminishing policy effect, developers’ debt issue which may squeeze purchase demand to secondary market, low land acquisition in 2023 which may result in a lower level of quality saleable resource, and higher affordable housing supply which may lead to less demand for commercial housing. 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 Property Sector – NBS Dec data in line, still in bottoming process

<ul><li>Data from National Bureau of Statistics (NBS) in Nov was in line with market expectation, with property investment decline narrowed to -10.6% YoY in Nov from -11.3% in Oct given new start area surprisingly booked positive increase and NBS adjusted -8% on calculation base in Nov vs. -6% in Oct. </li><li>Property sales was flat with volume/value inched up 2/1% MoM and barely no year-end seasonality like that in the past five years (avg. of 11% MoM in Nov) given low buying sentiment.</li><li>Beijing (BJ) &amp; Shanghai (SH) eased purchasing policies on 14 Dec and the stock market reacted positively with property names on HK market went up an average of 5% on the following day.</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.

Data from National Bureau of Statistics (NBS) in Nov was in line with market expectation, with property investment decline narrowed to -10.6% YoY in Nov from -11.3% in Oct given new start area surprisingly booked positive increase and NBS adjusted -8% on calculation base in Nov vs. -6% in Oct. Property sales was flat with volume/value inched up 2/1% MoM and barely no year-end seasonality like that in the past five years (avg. of 11% MoM in Nov) given low buying sentiment.Beijing (BJ) &amp; Shanghai (SH) eased purchasing policies on 14 Dec and the stock market reacted positively with property names on HK market went up an average of 5% on the following day.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 Property Sector – Expect New Policy in BJ/SH to Boost Secondary Market in Dec

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet 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

Equity Bottom-Up

<ul>
<li>We prepared high beta and low risk recommendations for 2024:</li>
<li>With 2024 YE as horizon, we recommend JD.com, JD Logistics, JDHealth, Tencent and Luckin.</li>
<li>With 1H24 as horizon, we recommend KE Holdings, NetEase and Kuaishou.</li>
</ul>


We prepared high beta and low risk recommendations for 2024:
With 2024 YE as horizon, we recommend JD.com, JD Logistics, JDHealth, Tencent and Luckin.
With 1H24 as horizon, we recommend KE Holdings, NetEase and Kuaishou.


2024 High Conviction Idea - High Beta and Low Risk Recommendations

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

<ul>
<li>In our view, China growth equity faces high geopolitical uncertainty in C3Q24 ahead of the US election, but can experience a relief rally in C1Q24.</li>
<li>We prepared high beta and low risk recommendations for 2024</li>
<li>For low-risk, we recommend JD/JDL/JDH, Tencent and Luckin. For high beta, we recommend BEKE, LI Auto and Kuaishou.</li>
</ul>


In our view, China growth equity faces high geopolitical uncertainty in C3Q24 ahead of the US election, but can experience a relief rally in C1Q24.
We prepared high beta and low risk recommendations for 2024
For low-risk, we recommend JD/JDL/JDH, Tencent and Luckin. For high beta, we recommend BEKE, LI Auto and Kuaishou.


[Blue Lotus Sector Update]: 2024 High Conviction Idea: Two Scenarios Towards Year End

<ul>
<li>TSLA/XPEV/NIO/LI/BIDU: Tesla FSD expected to launch in the Chinese market</li>
<li>1211.HK/600104.CH/601633.CH: Japanese auto makers cut prices in Thailand to fend off Chinese EV</li>
<li>XPEV/NIO/BIDU/BYD: BYD cut vehicle prices again to boost year-end sales</li>
</ul>


TSLA/XPEV/NIO/LI/BIDU: Tesla FSD expected to launch in the Chinese market
1211.HK/600104.CH/601633.CH: Japanese auto makers cut prices in Thailand to fend off Chinese EV
XPEV/NIO/BIDU/BYD: BYD cut vehicle prices again to boost year-end sales


[Blue Lotus Daily]: TSLA/XPEV/NIO/LI/BIDU/1211.HK/600104.CH/601633.CH/ATAT/BEKE

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)

China Property Sector – NBS Dec data in line, still in bottoming process

The NBS (National Bureau of Statistics) property data was in-line in December 2023, the full year property sales value/property investment decline...

CMB International

China Property Sector – Expect New Policy in BJ/SH to Boost Secondary Market in Dec

Data from National Bureau of Statistics (NBS) in Nov was in line with market expectation, with property investment decline narrowed to -10.6% YoY...

CMB International

2024 High Conviction Idea - High Beta and Low Risk Recommendations

"2024 high-beta and low-risk recommendations: JD.com, JD Logistics, JDHealth, Tencent, Luckin for 2024 YE horizon. KE Holdings, NetEase, Kuaishou...

Blue Lotus Research Institute

[Blue Lotus Sector Update]: 2024 High Conviction Idea: Two Scenarios Towards Year End

China growth equity faces geopolitical uncertainty in C3Q24 due to the US election, but a relief rally is expected in C1Q24. Blue Lotus prepared...

Blue Lotus Research Institute

[Blue Lotus Daily]: TSLA/XPEV/NIO/LI/BIDU/1211.HK/600104.CH/601633.CH/ATAT/BEKE

Tesla is set to launch Full Self-Driving (FSD) in China, Japanese auto makers reduce prices in Thailand to compete with Chinese EVs, and BYD...

Blue Lotus Research Institute

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52-week Range

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China Property Sector – NBS Dec data in line, still in bottoming process

The NBS (National Bureau of Statistics) property data was in-line in December 2023, the full year property sales value/property investment decline...

CMB International

China Property Sector – Expect New Policy in BJ/SH to Boost Secondary Market in Dec

Data from National Bureau of Statistics (NBS) in Nov was in line with market expectation, with property investment decline narrowed to -10.6% YoY...

CMB International

2024 High Conviction Idea - High Beta and Low Risk Recommendations

​"2024 high-beta and low-risk recommendations: JD.com, JD Logistics, JDHealth, Tencent, Luckin for 2024 YE horizon. KE Holdings, NetEase, Kuaishou...

Blue Lotus Research Institute

[Blue Lotus Sector Update]: 2024 High Conviction Idea: Two Scenarios Towards Year End

​China growth equity faces geopolitical uncertainty in C3Q24 due to the US election, but a relief rally is expected in C1Q24. Blue Lotus prepared...

Blue Lotus Research Institute

[Blue Lotus Daily]: TSLA/XPEV/NIO/LI/BIDU/1211.HK/600104.CH/601633.CH/ATAT/BEKE

​Tesla is set to launch Full Self-Driving (FSD) in China, Japanese auto makers reduce prices in Thailand to compete with Chinese EVs, and BYD...

Blue Lotus Research Institute

"2024 high-beta and low-risk recommendations: JD.com, JD Logistics, JDHealth, Tencent, Luckin for 2024 YE horizon. KE Holdings, NetEase, Kuaishou...

China growth equity faces geopolitical uncertainty in C3Q24 due to the US election, but a relief rally is expected in C1Q24. Blue Lotus prepared...

Tesla is set to launch Full Self-Driving (FSD) in China, Japanese auto makers reduce prices in Thailand to compete with Chinese EVs, and BYD...