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)

Hong kong Real estate / Thematic (Sector/Industry)

<ul><li>The NBS (National Bureau of Statistics) property data was in-line in December 2023, the full year property sales value/property investment decline narrowed to -6.5%/-9.6% YoY (-12.5/-16.5% excluding base adjustment impact) from -26.7/- 10% in 2022，still in bottoming process.</li><li>Looking into 2024, we believe the recovery in new home market will still take time.</li><li>Sales and investments may show a continuous fall at -4/-9% YoY in our view, considering the diminishing policy effect, developers’ debt issue which may squeeze purchase demand to secondary market, low land acquisition in 2023 which may result in a lower level of quality saleable resource, and higher affordable housing supply which may lead to less demand for commercial housing. </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 NBS (National Bureau of Statistics) property data was in-line in December 2023, the full year property sales value/property investment decline narrowed to -6.5%/-9.6% YoY (-12.5/-16.5% excluding base adjustment impact) from -26.7/- 10% in 2022，still in bottoming process.Looking into 2024, we believe the recovery in new home market will still take time.Sales and investments may show a continuous fall at -4/-9% YoY in our view, considering the diminishing policy effect, developers’ debt issue which may squeeze purchase demand to secondary market, low land acquisition in 2023 which may result in a lower level of quality saleable resource, and higher affordable housing supply which may lead to less demand for commercial housing. 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 Dec data in line, still in bottoming process