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 Consumer discretionary / Thematic (Sector/Industry)

Bosideng International Holdings (3998 HK)

<ul><li>The 5-1 golden week holidays remain mixed, sales growth is resilient but the underlying are weak (traffic, ASP, discounts and margins), hence we stay conservative on the 2Q24E outlook.</li><li>Overall speaking, with the weak macro environment (e.g. dilution from outbound tourism, property prices and unemployment concerns), achieving such tourism sales growth (at roughly 7.6% YoY) and retail sales growth (at around 6.8% YoY) are already satisfying.</li><li>However, overhangs such as: 1) weak purchasing power per person, 2) drags on margin due to price wars and 3) potentially weak post holidays consumptions are still there. </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 5-1 golden week holidays remain mixed, sales growth is resilient but the underlying are weak (traffic, ASP, discounts and margins), hence we stay conservative on the 2Q24E outlook.Overall speaking, with the weak macro environment (e.g. dilution from outbound tourism, property prices and unemployment concerns), achieving such tourism sales growth (at roughly 7.6% YoY) and retail sales growth (at around 6.8% YoY) are already satisfying.However, overhangs such as: 1) weak purchasing power per person, 2) drags on margin due to price wars and 3) potentially weak post holidays consumptions are still there. 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.

Consumer Discretionary - Cautiously Optimistic After a Mixed Golden Week