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)

Thematic (Sector/Industry)

China Real estate / Thematic (Sector/Industry)

<ul><li>NBS reported an in-line property investment at -11% YoY in Aug (vs. -12% in Jul) and slight beat on property sales at +5%/-16% MoM/YoY (vs. -45%/-19% in Jul).</li><li>We expect sales growth to perform better in Sep-Oct given 1) relaxation in 12 tier-2 cities (more to come) combined with new policy in tier-1 cities (report) would release certain demand to support sales in ST, 2) developers are speeding up project launch to benefit from sentiment tailwind and 3) our Leading Indicator suggests good sales performance in Oct.</li><li>While the sustainability of recovery is uncertain as 1) our channel check in tier-1 cities shows both the project visitor flow/house transaction have signs of retreat during the 2nd week compared to the 1 st week after new policy, 2) continuous fall on home price arouses more watchand-see sentiment of home buyers, 3) concern on future income expectation still exists which suppresses a chunk of demands. </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>

NBS reported an in-line property investment at -11% YoY in Aug (vs. -12% in Jul) and slight beat on property sales at +5%/-16% MoM/YoY (vs. -45%/-19% in Jul).We expect sales growth to perform better in Sep-Oct given 1) relaxation in 12 tier-2 cities (more to come) combined with new policy in tier-1 cities (report) would release certain demand to support sales in ST, 2) developers are speeding up project launch to benefit from sentiment tailwind and 3) our Leading Indicator suggests good sales performance in Oct.While the sustainability of recovery is uncertain as 1) our channel check in tier-1 cities shows both the project visitor flow/house transaction have signs of retreat during the 2nd week compared to the 1 st week after new policy, 2) continuous fall on home price arouses more watchand-see sentiment of home buyers, 3) concern on future income expectation still exists which suppresses a chunk of demands. 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 Property Sector – NBS Aug Data In-Line