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>Guangzhou's latest policy eases home purchasing restrictions for foreigners, aiming to invigorate the market.</li><li>Post price cap removal, higher-tier cities are experiencing fervent bidding, while lower-tier cities have lagged behind, underscoring the market bidding mechanism’s role in fostering supply-demand equilibrium.</li><li>High-frequency data reveals that new home sales volume has dipped from June’s peak, yet the secondary market holds firm. Daily avg. transactions for new home sales in 30 major cities have seen a 21% decline, vs. an 11% increase for secondary sales in 17 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.

Guangzhou's latest policy eases home purchasing restrictions for foreigners, aiming to invigorate the market.Post price cap removal, higher-tier cities are experiencing fervent bidding, while lower-tier cities have lagged behind, underscoring the market bidding mechanism’s role in fostering supply-demand equilibrium.High-frequency data reveals that new home sales volume has dipped from June’s peak, yet the secondary market holds firm. Daily avg. transactions for new home sales in 30 major cities have seen a 21% decline, vs. an 11% increase for secondary sales in 17 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: Downside Pressure in Jul-Aug

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>1211 HK/LI US /1810 HK/NIO US/XPEV US: In the 26th week of 2024 (6/24-6/30), new energy vehicles strengthened across the board, mainly due to consumption subsidies（/////////）</li>
<li>MNSO US: Indonesia Plans to Impose 100%-200% Tariffs on Chinese Imports (-)</li>
<li>Macro News Update: Expectations Rise for Consumption Tax Reform (+)</li>
</ul>


1211 HK/LI US /1810 HK/NIO US/XPEV US: In the 26th week of 2024 (6/24-6/30), new energy vehicles strengthened across the board, mainly due to consumption subsidies（/////////）
MNSO US: Indonesia Plans to Impose 100%-200% Tariffs on Chinese Imports (-)
Macro News Update: Expectations Rise for Consumption Tax Reform (+)


[Blue Lotus Daily]:1211 HK/LI US /1810 HK/NIO US/XPEV US/MNSO US/981 HK/BEKE US/2150 HK

<ul>
<li>1810 HK/1211 HK/LI US/NIO US/XPEV US: EV sales were strong in the 25th week of 2024, with several brands reaching new highs (/////////)</li>
<li>ATAT US:The first Atour Hotel 4.0 opens in Xi'an. (+)</li>
<li>Ministry of Commerce: Mainland China will increase the tax-free allowance for luggage carried by resident travelers entering from Hong Kong and Macao</li>
</ul>


1810 HK/1211 HK/LI US/NIO US/XPEV US: EV sales were strong in the 25th week of 2024, with several brands reaching new highs (/////////)
ATAT US:The first Atour Hotel 4.0 opens in Xi'an. (+)
Ministry of Commerce: Mainland China will increase the tax-free allowance for luggage carried by resident travelers entering from Hong Kong and Macao


[Blue Lotus Daily]:1810HK/1211HK/LI/NIO /XPEV/ATAT/2352CH/BEKE/2618HK/2352SZ/ZTO/1519HK/981HK/9699HK

<ul><li>Beijing further relaxed its property policy by cutting down payment ratio by 10- 15ppt and mortgage rate by 30-55 bps (Figure 9), aligning with that in SH and SZ.</li><li>This was well expected by market and our previous report. Based on our policy relaxation timetable, we think BJ, SZ and SH still have room to relax on purchase restrictions.</li><li>High-frequency data suggests a more pronounced recovery near the end of June, mainly driven by the combined effects of policy incentives, centralized online registration in mid-year and the low base. </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.

Beijing further relaxed its property policy by cutting down payment ratio by 10- 15ppt and mortgage rate by 30-55 bps (Figure 9), aligning with that in SH and SZ.This was well expected by market and our previous report. Based on our policy relaxation timetable, we think BJ, SZ and SH still have room to relax on purchase restrictions.High-frequency data suggests a more pronounced recovery near the end of June, mainly driven by the combined effects of policy incentives, centralized online registration in mid-year and the low base. 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: Beijing Further Relaxed, Policy Easing Bore Fruit in Shanghai

<ul>
<li>1810 HK: Xiaomi EV deliveries continue to rebound in week 25 of 2024(/)</li>
<li>1810 HK/JD US: Data provider says smartphone sales volume grew 6.8% yoy during 6/18 (+/+)</li>
<li>ATAT US: Atour Planet achieved a GMV of RMB370mn during the 618 promotion, representing a year-on-year growth of 230%(+)</li>
</ul>


1810 HK: Xiaomi EV deliveries continue to rebound in week 25 of 2024(/)
1810 HK/JD US: Data provider says smartphone sales volume grew 6.8% yoy during 6/18 (+/+)
ATAT US: Atour Planet achieved a GMV of RMB370mn during the 618 promotion, representing a year-on-year growth of 230%(+)


[Blue Lotus Daily]:1810 HK/JD US/ATAT US/BEKE US/981 HK

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: Downside Pressure in Jul-Aug

For stocks, we recommend asset-light companies benefiting from the existing market such as CR MixC, Poly Services, Binjiang Services, Onewo, BEKE...

CMB International

[Blue Lotus Daily]:1211 HK/LI US /1810 HK/NIO US/XPEV US/MNSO US/981 HK/BEKE US/2150 HK

New energy vehicles see growth in 26th week of 2024 due to consumption subsidies; Indonesia plans high tariffs on Chinese imports; expectations...

Blue Lotus Research Institute

[Blue Lotus Daily]:1810HK/1211HK/LI/NIO /XPEV/ATAT/2352CH/BEKE/2618HK/2352SZ/ZTO/1519HK/981HK/9699HK

EV sales surge in 25th week of 2024, Atour Hotel 4.0 opens in Xi'an, China raises tax-free allowance for resident travelers from Hong Kong and Macao.

Blue Lotus Research Institute

Property - Weekly Highlight: Beijing Further Relaxed, Policy Easing Bore Fruit in Shanghai

Beijing further relaxed its property policy by cutting down payment ratio by 10- 15ppt and mortgage rate by 30-55 bps (Figure 9), aligning with...

CMB International

[Blue Lotus Daily]:1810 HK/JD US/ATAT US/BEKE US/981 HK

Xiaomi EV deliveries rebound, smartphone sales volume grows, Atour Planet sees significant GMV growth during 618 promotion.

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Property - Weekly Highlight: Downside Pressure in Jul-Aug

For stocks, we recommend asset-light companies benefiting from the existing market such as CR MixC, Poly Services, Binjiang Services, Onewo, BEKE...

CMB International

[Blue Lotus Daily]:1211 HK/LI US /1810 HK/NIO US/XPEV US/MNSO US/981 HK/BEKE US/2150 HK

​New energy vehicles see growth in 26th week of 2024 due to consumption subsidies; Indonesia plans high tariffs on Chinese imports; expectations...

Blue Lotus Research Institute

[Blue Lotus Daily]:1810HK/1211HK/LI/NIO /XPEV/ATAT/2352CH/BEKE/2618HK/2352SZ/ZTO/1519HK/981HK/9699HK

​EV sales surge in 25th week of 2024, Atour Hotel 4.0 opens in Xi'an, China raises tax-free allowance for resident travelers from Hong Kong and Macao.

Blue Lotus Research Institute

Property - Weekly Highlight: Beijing Further Relaxed, Policy Easing Bore Fruit in Shanghai

Beijing further relaxed its property policy by cutting down payment ratio by 10- 15ppt and mortgage rate by 30-55 bps (Figure 9), aligning with...

CMB International

[Blue Lotus Daily]:1810 HK/JD US/ATAT US/BEKE US/981 HK

​Xiaomi EV deliveries rebound, smartphone sales volume grows, Atour Planet sees significant GMV growth during 618 promotion.

Blue Lotus Research Institute

New energy vehicles see growth in 26th week of 2024 due to consumption subsidies; Indonesia plans high tariffs on Chinese imports; expectations...

EV sales surge in 25th week of 2024, Atour Hotel 4.0 opens in Xi'an, China raises tax-free allowance for resident travelers from Hong Kong and Macao.

Xiaomi EV deliveries rebound, smartphone sales volume grows, Atour Planet sees significant GMV growth during 618 promotion.