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>Pinduoduo /: China’s faltering recovery is good for business — at least if you’re Pinduoduo</li><li>Palestine-Israel /: Xi proposes three-point resolution for Palestinian-Israeli conflict</li><li>Jobless /: Chart of the Day: China’s youth unemployment breaks record as graduate influx looms</li></ul>

Pinduoduo /: China’s faltering recovery is good for business — at least if you’re PinduoduoPalestine-Israel /: Xi proposes three-point resolution for Palestinian-Israeli conflictJobless /: Chart of the Day: China’s youth unemployment breaks record as graduate influx looms

CX Daily: China’s Faltering Recovery Is Good for Business — at Least if You’re Pinduoduo

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>Nine new-energy vehicle (NEV) brands including BYD, NIO, Xpeng, Li Auto, Zeekr, Aion, Aito, Neta and Leap reported their May 2023 sales volumes on 1 Jun 2023.</li><li>Sales volume of the nine brands combined rose 88% YoY (ranged from -26% to +146%) and 13% MoM (ranged from -8% to 38%) in May 2023.</li><li>Li Auto’s May sales more than doubled NIO and Xpeng combined.</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.

Nine new-energy vehicle (NEV) brands including BYD, NIO, Xpeng, Li Auto, Zeekr, Aion, Aito, Neta and Leap reported their May 2023 sales volumes on 1 Jun 2023.Sales volume of the nine brands combined rose 88% YoY (ranged from -26% to +146%) and 13% MoM (ranged from -8% to 38%) in May 2023.Li Auto’s May sales more than doubled NIO and Xpeng combined.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 – May NEV likely to hit second highest in history

<ul><li>Auto experts and industry executives in China are calling on regulators to explore a market-based approach to governing electric-vehicle (EV) makers’ manufacturing qualifications.</li><li>The sector confronts an influx of inexperienced and ultimately unsuccessful firms amid the country’s push towards electrification.</li><li>The success of China’s EV industry has been widely viewed as the result of years of Beijing’s supportive policies, including the use of <a href="https://www.caixinglobal.com/2023-04-06/in-depth-why-should-beijing-reinstate-subsidies-for-auto-sales-102016072.html" target="_blank" rel="noopener">subsidies</a> to spur demand, and instruments such as a strict permit system to better manage capacity.</li></ul>

Auto experts and industry executives in China are calling on regulators to explore a market-based approach to governing electric-vehicle (EV) makers’ manufacturing qualifications.The sector confronts an influx of inexperienced and ultimately unsuccessful firms amid the country’s push towards electrification.The success of China’s EV industry has been widely viewed as the result of years of Beijing’s supportive policies, including the use of subsidies to spur demand, and instruments such as a strict permit system to better manage capacity.

China’s EV Industry Calls on Regulators to Curb the Back-Seat Driving

Equity Bottom-Up

<ul><li>Our top pick. Li Auto’s 1Q23 results beat our previous forecasts. We believe its profitability could sustain with GPM’s sequential improvement.</li><li>We are still of the view that Li Auto is best positioned among Chinese NEV start-ups, with the highest chance to become a long-term winner.</li><li>Apart from its products, we like the company’s high self-discipline in costs and business expansion even as it is much more resourceful than before.</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.

Our top pick. Li Auto’s 1Q23 results beat our previous forecasts. We believe its profitability could sustain with GPM’s sequential improvement.We are still of the view that Li Auto is best positioned among Chinese NEV start-ups, with the highest chance to become a long-term winner.Apart from its products, we like the company’s high self-discipline in costs and business expansion even as it is much more resourceful than before.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.

Li Auto Inc. (LI US) – 1Q23 beat with sustainable profitability ahead

<ul><li>China granted a six-month grace period for carmakers and dealers to sell off as many as 2 million new vehicles that will be out of compliance with new emission standards taking effect July 1.</li><li>The move is intended to ease pressure on the auto market amid slowing sales and a brutal price war.</li><li>The government said it will allow sales of vehicles produced under the old pollution standards to continue until Dec. 31, though automakers will have to apply more stringent requirements to newly built autos starting July 1.</li></ul>

China granted a six-month grace period for carmakers and dealers to sell off as many as 2 million new vehicles that will be out of compliance with new emission standards taking effect July 1.The move is intended to ease pressure on the auto market amid slowing sales and a brutal price war.The government said it will allow sales of vehicles produced under the old pollution standards to continue until Dec. 31, though automakers will have to apply more stringent requirements to newly built autos starting July 1.

China Cuts Automakers a Break on New Emission Rules

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)

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)

SAIC Motor Corporation Ltd., through joint ventures, manufactures and markets automobiles and related parts and accessories.

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.

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

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.

Suzuki Motor Corporation manufactures automobiles, motorcycles, and their related parts. The Company has production facilities in USA, Japan, Taiwan, India, Pakistan, Indonesia, Thailand, and Hungary.

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.

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

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Li Auto (LI US)

CX Daily: China’s Faltering Recovery Is Good for Business — at Least if You’re Pinduoduo

Pinduoduo /: China’s faltering recovery is good for business — at least if you’re Pinduoduo Palestine-Israel /: Xi proposes three-point resolution...

Caixin Global

China Auto Sector – May NEV likely to hit second highest in history

Nine new-energy vehicle (NEV) brands including BYD, NIO, Xpeng, Li Auto, Zeekr, Aion, Aito, Neta and Leap reported their May 2023 sales volumes on...

CMB International

China’s EV Industry Calls on Regulators to Curb the Back-Seat Driving

Auto experts and industry executives in China are calling on regulators to explore a market-based approach to governing electric-vehicle (EV)...

Caixin Global

Li Auto Inc. (LI US) – 1Q23 beat with sustainable profitability ahead

Our top pick. Li Auto’s 1Q23 results beat our previous forecasts. We believe its profitability could sustain with GPM’s sequential improvement.

CMB International

China Cuts Automakers a Break on New Emission Rules

China granted a six-month grace period for carmakers and dealers to sell off as many as 2 million new vehicles that will be out of compliance with...

Caixin Global

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