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)

Equity Bottom-Up

<ul><li>We attended (3 Jun) Ke Holdings’ (Beike) 2024 Investor Day, and key takeaways are: 1) Empowered by its strong technological capabilities and supported by the well-established infrastructure network, Beike is heading towards a one-stop residential services platform for better living with ~RMB26.7tn TAM in 2031E (RMB17.7tn TAM for housing transactions and RMB9tn TAM for new business);</li><li>2) Beike’s “customer-first” mindset has been embedded in each of the business pillars, which we think should support its longterm business development;</li><li>3) for new business development, Beike will leverage the integrated platform to address pain points in the home renovation industry, develop network effects among properties, customers and services providers to create economies of scale for its home rental business, and enhance its C2M model in collaboration with partners to create products that are well suited for the market for Beihaojia business. </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 attended (3 Jun) Ke Holdings’ (Beike) 2024 Investor Day, and key takeaways are: 1) Empowered by its strong technological capabilities and supported by the well-established infrastructure network, Beike is heading towards a one-stop residential services platform for better living with ~RMB26.7tn TAM in 2031E (RMB17.7tn TAM for housing transactions and RMB9tn TAM for new business);2) Beike’s “customer-first” mindset has been embedded in each of the business pillars, which we think should support its longterm business development;3) for new business development, Beike will leverage the integrated platform to address pain points in the home renovation industry, develop network effects among properties, customers and services providers to create economies of scale for its home rental business, and enhance its C2M model in collaboration with partners to create products that are well suited for the market for Beihaojia business. 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) - Takeaways from 2024 Investor Day

KE Holdings

Ke Holdings (BEKE US) - Takeaways from 2024 Investor Day