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>Moutai announced 2Q results that matched with its pre-announcement, and we do not expect the numbers to be eventful to near term share price.</li><li>While Moutai has been a laggard of the recent baijiu sector rally in response to a positive market takeaway from the recent politburo meeting, the company remains a solid defensive name which shields itself from any malignant price competition through its brand scarcity.</li><li>Our recent channel check with distributors indicated that prices of sealed/unpacked Feitian Moutai steadied at RMB2,940/2,740 per bottle by end-July, largely unchanged from that we observed in early June, not to mention a healthy 15-day inventory level. </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>

Moutai announced 2Q results that matched with its pre-announcement, and we do not expect the numbers to be eventful to near term share price.While Moutai has been a laggard of the recent baijiu sector rally in response to a positive market takeaway from the recent politburo meeting, the company remains a solid defensive name which shields itself from any malignant price competition through its brand scarcity.Our recent channel check with distributors indicated that prices of sealed/unpacked Feitian Moutai steadied at RMB2,940/2,740 per bottle by end-July, largely unchanged from that we observed in early June, not to mention a healthy 15-day inventory level. 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.

Kweichou Moutai (600519 CH) – 2Q Rev/NP +20.4/21.0% as Pre-Announced

Kweichow Moutai

Kweichou Moutai (600519 CH) – 2Q Rev/NP +20.4/21.0% as Pre-Announced