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>China’s passenger-vehicle (PV) retail sales volume rose 11% YoY in Feb 2023, 4% lower than our prior forecast.</li><li>Wholesale volume also rose 11% YoY last month, 13% higher than our prior projection, again largely due to inventory restocking and higher export volume.</li><li>PV exports surged 86% YoY to about 271,000 units in Feb 2023. Automakers in China added about 131,000 units of inventories into their dealers in Feb 2023 based on our calculations, which has led to 2.2 months of inventories based on our projected retail sales volume for Mar and Apr 2023. </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.

China’s passenger-vehicle (PV) retail sales volume rose 11% YoY in Feb 2023, 4% lower than our prior forecast.Wholesale volume also rose 11% YoY last month, 13% higher than our prior projection, again largely due to inventory restocking and higher export volume.PV exports surged 86% YoY to about 271,000 units in Feb 2023. Automakers in China added about 131,000 units of inventories into their dealers in Feb 2023 based on our calculations, which has led to 2.2 months of inventories based on our projected retail sales volume for Mar and Apr 2023. 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 – A trough in the short term?

China/Asia TMT

Shawn Yang

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>9926HK：Akeso and China's 2nd largest pharmaceutical distributor signed collaborative R&amp;D agreement（+）</li>
<li>XPEV: Xpeng to officially unveils facelift of P7 on Friday (+)</li>
<li>981.HK/1347.HK/ACMR: Netherlands announces intention to ban only “state-of-the-art” ASML DUV tools (+/+/+)</li>
</ul>


9926HK：Akeso and China's 2nd largest pharmaceutical distributor signed collaborative R&amp;D agreement（+）
XPEV: Xpeng to officially unveils facelift of P7 on Friday (+)
981.HK/1347.HK/ACMR: Netherlands announces intention to ban only “state-of-the-art” ASML DUV tools (+/+/+)


China TMT Update(Mar.10): 9926hk/XPEV/981.HK/1347.HK/ACMR: Xpeng to Unveils Facelift of P7 (+)

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<ul><li>WTR Sustainable Index: During the week ended March 3, 2023, the WTR Sustainable Index performed in line with the broader market, rising 2.0% W/W versus the S&amp;P 500 Index (up 1.9%), the Russell 2000 Index (up 2.0%), and the Nasdaq Composite Index (up 2.6%).</li><li>Energy Technology (8.5% of the index) drove the index performance, rising 4.4%, while Advanced Transportation Solutions (69.6% of the index) was up 1.2% and Industrial Climate and Ag Technology was up 3.4%.</li><li>Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 25.0x versus 18.3x for the S&amp;P 500.</li></ul>

WTR Sustainable Index: During the week ended March 3, 2023, the WTR Sustainable Index performed in line with the broader market, rising 2.0% W/W versus the S&amp;P 500 Index (up 1.9%), the Russell 2000 Index (up 2.0%), and the Nasdaq Composite Index (up 2.6%).Energy Technology (8.5% of the index) drove the index performance, rising 4.4%, while Advanced Transportation Solutions (69.6% of the index) was up 1.2% and Industrial Climate and Ag Technology was up 3.4%.Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 25.0x versus 18.3x for the S&amp;P 500.

Weekly Sustainable Investing Surveyor: Week Ended March 3, 2023

<ul>
<li>XPEV: BYD cut prices for the older models of its Dynasty series (-)</li>
<li>700HK/SE/NTES: &lt;Undawn&gt; performance lower than expectation  (-/-/+)， hence we cut our estimation of annual gross billings of the game</li>
<li>9995HK: Daiichi Sangyo/Astra Zeneca's ADC blockbuster DS8201 (Enhertu) approve by NMPA... Impact to Remegen is material in the long run (-)</li>
</ul>


XPEV: BYD cut prices for the older models of its Dynasty series (-)
700HK/SE/NTES: &lt;Undawn&gt; performance lower than expectation  (-/-/+)， hence we cut our estimation of annual gross billings of the game
9995HK: Daiichi Sangyo/Astra Zeneca's ADC blockbuster DS8201 (Enhertu) approve by NMPA... Impact to Remegen is material in the long run (-)


China TMT Update(Feb.28):  700HK/SE/NTES/XPEV/9995HK - BYD Cut Prices for the Older Models

<ul><li>China’s passenger-vehicle (PV) retail sales volume fell 43% YoY in Jan 2023, in line with our prior forecast of 44% YoY decline.</li><li>Wholesale volume fell 33% YoY last month, 30% stronger than our prior projection, largely due to much weaker than-expected inventory destocking and higher export volume.</li><li>PV exports only fell 9% MoM to about 250,000 units in Jan 2023. Automakers only cut about 26,000 units of inventories in their dealers’ showrooms in Jan 2023 based on our calculations, despite early Chinese New Year, which has led to more than two months of inventories based on our projected retail sales volume for Feb and Mar 2023. I</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.

China’s passenger-vehicle (PV) retail sales volume fell 43% YoY in Jan 2023, in line with our prior forecast of 44% YoY decline.Wholesale volume fell 33% YoY last month, 30% stronger than our prior projection, largely due to much weaker than-expected inventory destocking and higher export volume.PV exports only fell 9% MoM to about 250,000 units in Jan 2023. Automakers only cut about 26,000 units of inventories in their dealers’ showrooms in Jan 2023 based on our calculations, despite early Chinese New Year, which has led to more than two months of inventories based on our projected retail sales volume for Feb and Mar 2023. IContent 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 – Inventory risk could lead to a bumpy recovery

China

XPeng Inc. designs, produces, and distributes electric vehicles. The Company designs, develops, manufactures and markets smart smart electric vehicles, as well as finance, parts, and maintenance services. XPeng serves customers in China.

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XPeng (XPEV US)

China Auto Sector – A trough in the short term?

Wholesale volume also rose 11% YoY last month, 13% higher than our prior projection, again largely due to inventory restocking and higher export...

CMB International

China TMT Update(Mar.10): 9926hk/XPEV/981.HK/1347.HK/ACMR: Xpeng to Unveils Facelift of P7 (+)

Akeso and China's 2nd largest pharmaceutical distributor signed collaborative R&D agreement ; Xpeng to officially unveils facelift of P7:...

Blue Lotus Research Institute

Weekly Sustainable Investing Surveyor: Week Ended March 3, 2023

During the week ended March 3, 2023, the WTR Sustainable Index performed in line with the broader market, rising 2.0% W/W versus the S&P 500 Index...

Water Tower Research

China TMT Update(Feb.28): 700HK/SE/NTES/XPEV/9995HK - BYD Cut Prices for the Older Models

9995HK: Daiichi Sangyo/Astra Zeneca's ADC blockbuster DS8201 (Enhertu) approve by NMPA; XPEV: BYD cut prices for the older models (-); 700HK/SE...

Blue Lotus Research Institute

China Auto Sector – Inventory risk could lead to a bumpy recovery

Wholesale volume fell 33% YoY last month, 30% stronger than our prior projection, largely due to much weaker than-expected inventory destocking and...

CMB International

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