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)

[KE Holdings (BEKE US) Target Price Change]: Raise TP for Better Market Outlook and Profitability

[KE Holdings Inc. (BEKE US) Target Price Change]: Government Clears the Commission Uncertainties

[KE Holdings (BEKE US) Target Price Change]: Operating Leverage Starts to Kick In, Maintain BUY

Equity Bottom-Up

<ul><li>We expect industry-wide Existing Home Transactions (EHT) recovery to be stronger than current market expectation (our forecast: 17% YoY GTV growth) in 2023E.</li><li>We also expect Beike’s network efficiency should amplify the benefits from such recovery, as EHT has higher than group average contribution profit margin (CPM).</li><li>In addition, increase in revenue contribution from high CPM (80%+) services revenue generated by Beike’s established agency cooperation network (ACN) could aid long-term margin expansion. </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>

We expect industry-wide Existing Home Transactions (EHT) recovery to be stronger than current market expectation (our forecast: 17% YoY GTV growth) in 2023E.We also expect Beike’s network efficiency should amplify the benefits from such recovery, as EHT has higher than group average contribution profit margin (CPM).In addition, increase in revenue contribution from high CPM (80%+) services revenue generated by Beike’s established agency cooperation network (ACN) could aid long-term margin expansion. 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.

Ke Holdings (BEKE US) – Existing home sales recovery to be better than anticipated