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)

Huafa Industrial Co., Ltd. Zhuhai (600325 CH)

<ul><li>The latest high frequency data continues to cheer up the market especially the new home sales which booked +9%/+35% WoW/MTD YoY growth and the YTD decline narrowed to -4% YoY.</li><li>Secondary home sales remained strong at 83% YoY for MTD in Mar.</li><li>Together with another RRR cut as we expected (report) and BEKE’s strong guidance (report), market confidence on sales sustainability was further strengthened.</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 latest high frequency data continues to cheer up the market especially the new home sales which booked +9%/+35% WoW/MTD YoY growth and the YTD decline narrowed to -4% YoY.Secondary home sales remained strong at 83% YoY for MTD in Mar.Together with another RRR cut as we expected (report) and BEKE’s strong guidance (report), market confidence on sales sustainability was further strengthened.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.

Hangzhou Binjiang Real Estate Grp (002244 CH)

Yuexiu Real Estate Investment Trust (405 HK)

China Property Sector – Property+ Weekly: Sales continued to cheer up the market