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 fell 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.</li><li>Wholesale volume also rose 7% YoY YTD, 3% higher than our prior forecast, largely due to doubled PV exports in the first four months of 2023.</li><li>Automakers in China started to cut inventories in Apr 2023, as we had expected.</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 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.Wholesale volume also rose 7% YoY YTD, 3% higher than our prior forecast, largely due to doubled PV exports in the first four months of 2023.Automakers in China started to cut inventories in Apr 2023, as we had expected.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 – Mixed picture ahead as inventory risk lingers

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

<ul>
<li>The European Commission has given final approval to extra import tariffs on electric vehicles (EV) shipped from China, after an investigation concluded that state subsidies are enabling Chinese automakers to unfairly undercut their European rivals.</li>
<li>In a statement on Tuesday, the commission said that it has fixed the definitive countervailing duties, which will range from a 7.8% levy for Tesla Inc. cars manufactured in China to up to 35.3% for vehicles made by state-owned SAIC Motor Corp.</li>
<li>The tariffs — which only apply to battery EVs, also known as “pure” EVs — will be in place for five years and will be levied in addition to the EU’s existing import duties of 10% for cars.</li>
</ul>


The European Commission has given final approval to extra import tariffs on electric vehicles (EV) shipped from China, after an investigation concluded that state subsidies are enabling Chinese automakers to unfairly undercut their European rivals.
In a statement on Tuesday, the commission said that it has fixed the definitive countervailing duties, which will range from a 7.8% levy for Tesla Inc. cars manufactured in China to up to 35.3% for vehicles made by state-owned SAIC Motor Corp.
The tariffs — which only apply to battery EVs, also known as “pure” EVs — will be in place for five years and will be levied in addition to the EU’s existing import duties of 10% for cars.


EU Tariffs on Chinese EV Imports Get Final Nod 

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>XPeng and Baidu leading China's autonomous driving technology advancements in 2023</li><li>Malaysia's semiconductor sector set for growth in 3Q24 with talent recruitment and AI integration</li><li>Singtel partners with SK Telecom for 6G and AI innovation, while automakers persist in V2X development efforts</li></ul>

XPeng and Baidu leading China's autonomous driving technology advancements in 2023Malaysia's semiconductor sector set for growth in 3Q24 with talent recruitment and AI integrationSingtel partners with SK Telecom for 6G and AI innovation, while automakers persist in V2X development efforts

Tech Supply Chain Tracker (19-Jul-2024): China's auto exports, 2023.

<ul><li>Eleven Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Nov 2023 sales volumes on 1 Dec 2023.</li><li>Sales volume of the 11 automakers combined rose 49% YoY (ranging from -17% to +245%) and 2% MoM (ranging from -1% to +48%) in Nov.</li><li>Seven out of the 11 automakers posted their all-time high sales volume in Nov.</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.

Eleven Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Nov 2023 sales volumes on 1 Dec 2023.Sales volume of the 11 automakers combined rose 49% YoY (ranging from -17% to +245%) and 2% MoM (ranging from -1% to +48%) in Nov.Seven out of the 11 automakers posted their all-time high sales volume in Nov.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 – NEV Sales Volume MoM Growth Narrowed in Nov

<ul><li>After a strong sales beat in 2023, we expect China’s passenger-vehicle (PV) sales growth to be moderate in 2024E.</li><li>While it is still difficult to identify long-term winner in China’s auto industry, competition, overseas expansion and technological advancement would still be the key topics for 2024.</li><li>Exports, Chinese brands’ market share gain and competition still key topics.</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.

After a strong sales beat in 2023, we expect China’s passenger-vehicle (PV) sales growth to be moderate in 2024E.While it is still difficult to identify long-term winner in China’s auto industry, competition, overseas expansion and technological advancement would still be the key topics for 2024.Exports, Chinese brands’ market share gain and competition still key topics.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 – Competition Pushes Technological Advancement, Overseas Expansion

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 – Mixed picture ahead as inventory risk lingers

China’s passenger-vehicle (PV) retail sales volume fell 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.

CMB International

EU Tariffs on Chinese EV Imports Get Final Nod

The European Commission has given final approval to extra import tariffs on electric vehicles (EV) shipped from China, after an investigation...

Caixin Global

Tech Supply Chain Tracker (19-Jul-2024): China's auto exports, 2023.

China advances in autonomous driving tech; Malaysia's semiconductor sector grows with AI; Taiwan backs AI supercomputers; Google Cloud Taiwan faces...

Tech Supply Chain Tracker

China Auto Sector – NEV Sales Volume MoM Growth Narrowed in Nov

Eleven Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Nov 2023 sales...

CMB International

China Auto Sector – Competition Pushes Technological Advancement, Overseas Expansion

While it is still difficult to identify long-term winner in China’s auto industry, competition, overseas expansion and technological advancement...

CMB International

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