External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Macroeconomics

<ul><li>The Biden Administration announced this week an increase of tariffs targeting some China’s strategic sectors starting this year.</li><li>For solar cell/module (tariff to increase from 25% to 50%), we believe there will be no real impact given that direct export from China to the US was &lt;1% in 2023.</li><li>That said, the upcoming decision on tariff targeting the Southeast Asia will be more critical given meaningful Chinese companies’ capacity is located there (~60GW by end-2023). </li></ul><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>

The Biden Administration announced this week an increase of tariffs targeting some China’s strategic sectors starting this year.For solar cell/module (tariff to increase from 25% to 50%), we believe there will be no real impact given that direct export from China to the US was &lt;1% in 2023.That said, the upcoming decision on tariff targeting the Southeast Asia will be more critical given meaningful Chinese companies’ capacity is located there (~60GW by end-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.

Shanghai Zhenhua Heavy Industr (600320 CH)

Capital Goods - Assessing the impact of US tariff on China’s solar cells and STS cranes