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>According to preliminary data from Cvworld, China HDT sales volume (domestic sales + exports) surged 64% YoY to ~80k units in Jan 2024.</li><li>The growth is stronger than our expectation as: (1) part of the sales in Dec 2023 were postponed to Jan 2024; (2) an early CNY in 2023 resulted in a low base effect.</li><li>Smoothing out the CNY effect by comparing the average sales in 2M23 (63k units), the sales of 80k units in Jan 2024 represented 27% growth. </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.

According to preliminary data from Cvworld, China HDT sales volume (domestic sales + exports) surged 64% YoY to ~80k units in Jan 2024.The growth is stronger than our expectation as: (1) part of the sales in Dec 2023 were postponed to Jan 2024; (2) an early CNY in 2023 resulted in a low base effect.Smoothing out the CNY effect by comparing the average sales in 2M23 (63k units), the sales of 80k units in Jan 2024 represented 27% growth. 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.

Capital Goods - HDT Sales Volume Surged ~64% YoY in Jan on Low Base

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of December 1st.</li>
<li>We estimate the weekly inflows to be US$359.9 million, led by information technology, health care, utilities sectors, and offset by financials, materials.</li>
<li>We highlight flows for Hygon Information Technology, Shanghai United Imaging Healthcare, BYD, CMB, Wuliangye, Midea, CATL.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of December 1st.
We estimate the weekly inflows to be US$359.9 million, led by information technology, health care, utilities sectors, and offset by financials, materials.
We highlight flows for Hygon Information Technology, Shanghai United Imaging Healthcare, BYD, CMB, Wuliangye, Midea, CATL.


Northbound Flows (Dec 1st): Hygon Information, Shanghai United Imaging Healthcare, BYD

<ul><li>For Chinese machinery manufacturers, penetration overseas remains a longterm driver.</li><li>That said, with growth trend reversing since mid-2023 after 2-3 years of extraordinary growth, the way to overseas expansion will likely be bumpy in 2024E, especially when the overseas competitors are recovering from the supply chain bottleneck.</li><li>Geographically, we expect strong demand to continue in the US and the Middle East, but weakness in Europe and China. </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.

For Chinese machinery manufacturers, penetration overseas remains a longterm driver.That said, with growth trend reversing since mid-2023 after 2-3 years of extraordinary growth, the way to overseas expansion will likely be bumpy in 2024E, especially when the overseas competitors are recovering from the supply chain bottleneck.Geographically, we expect strong demand to continue in the US and the Middle East, but weakness in Europe and China. 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 Construction Machinery / HDT – 2024 Outlook

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cimc-vehicles-group-co-ltd" target="_blank" data-smartkarma-citation="entities:28012:1" rel="noopener">CIMC Vehicle Group Co Ltd (1839 HK)</a> possible H Share buyback offer, excluding <a href="https://www.smartkarma.com/entities/china-international-marine-cntnrs-gp-ltd" target="_blank" data-smartkarma-citation="entities:11752:1" rel="noopener">China International Marine Cntnrs Gp (2039 HK)</a>’s shares, is HK$7.00, an 8.7% premium to the undisturbed price. </li>
<li>The key condition is approval by at least 75% of independent H Shareholders (&lt;10% of all independent H Shareholders rejection). There could also be a 90% minimum acceptance condition.</li>
<li>The offer is light, but independent H shareholders holding blocking stakes will likely be supportive. The final offer will be made on “same or better terms”, suggesting a potential bump.</li>
</ul>



CIMC Vehicle Group Co Ltd (1839 HK) possible H Share buyback offer, excluding China International Marine Cntnrs Gp (2039 HK)’s shares, is HK$7.00, an 8.7% premium to the undisturbed price. 
The key condition is approval by at least 75% of independent H Shareholders (&lt;10% of all independent H Shareholders rejection). There could also be a 90% minimum acceptance condition.
The offer is light, but independent H shareholders holding blocking stakes will likely be supportive. The final offer will be made on “same or better terms”, suggesting a potential bump.


CIMC Vehicles (1839 HK): Possible H Share Buyback Offer

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The New and Better (16 weeks old) A-H Monitor has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.</li>
<li>Hs with H/A pairs outperform their As on average with higher-liquidity Hs outperforming more. High Premium As not seeing shrinking premia on average.</li>
<li>SOUTHBOUND and NORTHBOUND were net sells overall. It looked like the combination of NORTHBOUND and SOUTHBOUND put on a long H short A in the non-bank financial sector.</li>
</ul>


The New and Better (16 weeks old) A-H Monitor has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
Hs with H/A pairs outperform their As on average with higher-liquidity Hs outperforming more. High Premium As not seeing shrinking premia on average.
SOUTHBOUND and NORTHBOUND were net sells overall. It looked like the combination of NORTHBOUND and SOUTHBOUND put on a long H short A in the non-bank financial sector.


A/H Premium Tracker (To 17 Nov): H up Vs A Despite SOUTHBOUND Net Selling; High Div SOEs Normalising

China

Weichai Power Co., Ltd. specializes in the research and development, manufacturing and sales of vehicles and parts. The Company produces engines, heavy vehicles, light vehicles, construction machinery, hydraulic products, automotive electronics, and related parts. Weichai Power markets its products across worldwide.

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Weichai Power (000338 CH)

Capital Goods - HDT Sales Volume Surged ~64% YoY in Jan on Low Base

According to preliminary data from Cvworld, China HDT sales volume (domestic sales + exports) surged 64% YoY to ~80k units in Jan 2024

CMB International

Northbound Flows (Dec 1st): Hygon Information, Shanghai United Imaging Healthcare, BYD

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Hygon Information Technology, Shanghai United...

Ke Yan, CFA, FRM

China Construction Machinery / HDT – 2024 Outlook

That said, with growth trend reversing since mid-2023 after 2-3 years of extraordinary growth, the way to overseas expansion will likely be bumpy...

CMB International

A/H Premium Tracker (To 17 Nov): H up Vs A Despite SOUTHBOUND Net Selling; High Div SOEs Normalising

A/H premia on average narrowed somewhat despite SOUTHBOUND net selling this week both on a universal and H/A pair space basis. High Div SOEs have...

Travis Lundy

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52-week Range

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Capital Goods - HDT Sales Volume Surged ~64% YoY in Jan on Low Base

According to preliminary data from Cvworld, China HDT sales volume (domestic sales + exports) surged 64% YoY to ~80k units in Jan 2024

CMB International

Northbound Flows (Dec 1st): Hygon Information, Shanghai United Imaging Healthcare, BYD

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Hygon Information Technology, Shanghai United...

Ke Yan, CFA, FRM

China Construction Machinery / HDT – 2024 Outlook

That said, with growth trend reversing since mid-2023 after 2-3 years of extraordinary growth, the way to overseas expansion will likely be bumpy...

CMB International

CIMC Vehicles (1839 HK): Possible H Share Buyback Offer

The offer is light, but independent H shareholders holding blocking stakes will likely be supportive. The final offer will be made on “same or...

Arun George

A/H Premium Tracker (To 17 Nov): H up Vs A Despite SOUTHBOUND Net Selling; High Div SOEs Normalising

A/H premia on average narrowed somewhat despite SOUTHBOUND net selling this week both on a universal and H/A pair space basis. High Div SOEs have...

Travis Lundy