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>Maintain BUY. We view Li Auto’s 3Q24 earnings as strong from average selling price, gross margin and operating cost control aspects.</li><li>The drag mainly came from share-based payment and fair value loss from its investee’s share price decline.</li><li>Although the information about its new BEVs in 2025 is very limited, we believe that the company has been building a solid foundation, including comprehensive charging infrastructure, larger showrooms and rapidly improving autonomous driving technologies, for new BEVs, especially after the failure of the Mega. </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>

Maintain BUY. We view Li Auto’s 3Q24 earnings as strong from average selling price, gross margin and operating cost control aspects.The drag mainly came from share-based payment and fair value loss from its investee’s share price decline.Although the information about its new BEVs in 2025 is very limited, we believe that the company has been building a solid foundation, including comprehensive charging infrastructure, larger showrooms and rapidly improving autonomous driving technologies, for new BEVs, especially after the failure of the Mega. 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.

Li Auto Inc. (LI US) - Solid Earnings, Thorough Preparation Pave Way for FY25