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.

Equity Bottom-Up

<div><div><div><div><ul><li>Pinduoduo (PDD) has established strong consumer mindshare with value proposition, which will aid resilient revenue growth amid macro uncertainties.</li><li>PDD is also strategically incorporating more branded products, which will aid monetization rate improvement.</li><li>Strong user stickiness enables PDD to optimize Opex, provide merchants with cost-effective traffic on its platform which lead to sustainable competitive edge and online GMV market share gain. </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>

Pinduoduo (PDD) has established strong consumer mindshare with value proposition, which will aid resilient revenue growth amid macro uncertainties.PDD is also strategically incorporating more branded products, which will aid monetization rate improvement.Strong user stickiness enables PDD to optimize Opex, provide merchants with cost-effective traffic on its platform which lead to sustainable competitive edge and online GMV market share gain. 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.

Pinduoduo (PDD US) – Strong consumer mindshare aids monetization progress and cost optimization

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><p>E-commerce / In Depth: Chinese internet giants gear up for global e-commerce push</p></li><li><p>Family offices / Hong Kong steps up efforts to lure billionaires’ business</p></li><li><p>Payment / Alipay tests new feature to ease money transfers to WeChat friends</p></li></ul>

E-commerce / In Depth: Chinese internet giants gear up for global e-commerce pushFamily offices / Hong Kong steps up efforts to lure billionaires’ businessPayment / Alipay tests new feature to ease money transfers to WeChat friends

CX Daily: Chinese Internet Giants Gear Up for Global E-Commerce Push

Thematic (Sector/Industry)

<div><div><div><div><ul><li>Golden week data missed market’s already low expectation for all three major categories - property sales, domestic tourism spending and auto sales.</li><li>4Q is unlikely to be a big surprise as property and its supply chain (20-30% of GDP) will still be the major drag that could neutralize the still resilient auto and gradually recovering consumption.</li><li>Together with more market volatility from pandemic and CPC meeting, we recommend investors to avoid one-sided long or short, but focus on pair trade opportunities to play the difference of BtoC over BtoB as BtoB is more vulnerable in terms of bad debts and pricing power than BtoC amid weak macro.</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>

Golden week data missed market’s already low expectation for all three major categories - property sales, domestic tourism spending and auto sales.4Q is unlikely to be a big surprise as property and its supply chain (20-30% of GDP) will still be the major drag that could neutralize the still resilient auto and gradually recovering consumption.Together with more market volatility from pandemic and CPC meeting, we recommend investors to avoid one-sided long or short, but focus on pair trade opportunities to play the difference of BtoC over BtoB as BtoB is more vulnerable in terms of bad debts and pricing power than BtoC amid weak 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.

Cross sector report – Post-Golden Week: More positive on BToC recovery potential; Cautious on BToB

<ul><li><p>In Depth: Verdict reversal in high-profile murder stands out amid exoneration trend</p></li><li><p>China’s local governments sell assets as fiscal income slumps</p></li><li><p>Trending in China: Defense of China’s centuries of isolationist policies sparks debate</p></li></ul>

In Depth: Verdict reversal in high-profile murder stands out amid exoneration trendChina’s local governments sell assets as fiscal income slumpsTrending in China: Defense of China’s centuries of isolationist policies sparks debate

CX Daily: Verdict Reversal in High-Profile Murder Stands Out Amid Exoneration Trend

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<li>
<p>Caixin Explains: Washington’s drive to hobble Chinese chipmaking</p>
</li>
<li>
<p>Communist Party’s 20th National Congress to kick off on Oct. 16</p>
</li>
<li>
<p>Shenzhen schools delay fall term as city braces for fresh Covid outbreak</p>
</li>
</ul>



Caixin Explains: Washington’s drive to hobble Chinese chipmaking


Communist Party’s 20th National Congress to kick off on Oct. 16


Shenzhen schools delay fall term as city braces for fresh Covid outbreak



CX Daily: Washington’s Drive to Hobble Chinese Chipmaking

China

PDD Holdings Inc. is a multinational commerce group that owns and operates a portfolio of businesses. The Company focuses on digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities. PDD Holdings has built a network of sourcing, logistics, and fulfillment capabilities for its underlying businesses.

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PDD Holdings (PDD US)

Pinduoduo (PDD US) – Strong consumer mindshare aids monetization progress and cost optimization

Pinduoduo (PDD) has established strong consumer mindshare with value proposition, which will aid resilient revenue growth amid macro uncertainties.

CMB International

CX Daily: Chinese Internet Giants Gear Up for Global E-Commerce Push

In Depth: Chinese internet giants gear up for global e-commerce push. Hong Kong steps up efforts to lure billionaires’ business

Caixin Global

Cross sector report – Post-Golden Week: More positive on BToC recovery potential; Cautious on BToB

Golden week data missed market’s already low expectation for all three major categories - property sales, domestic tourism spending and auto sales.

CMB International

CX Daily: Verdict Reversal in High-Profile Murder Stands Out Amid Exoneration Trend

In Depth: Verdict reversal in high-profile murder stands out amid exoneration trend. China’s local governments sell assets as fiscal income slumps

Caixin Global

CX Daily: Washington’s Drive to Hobble Chinese Chipmaking

Caixin Explains: Washington’s drive to hobble Chinese chipmaking. Communist Party’s 20th National Congress to kick off on Oct. 16

Caixin Global

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