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)

[NIO (NIO US, BUY, TP US$13) Target Price Change]: Late Delivery of Key Models Hurts 1H23 Momentum

[NIO Inc. (NIO US) Rating Change]: DG for Weak Momentum and Margin Pressure into Q3

NIO Inc. (NIO US, BUY, TP US$10.5) Rating Change: Witnessing a Turning Point…UG to BUY

Equity Bottom-Up

<ul><li>We project NIO’s 4Q22E net loss to narrow QoQ, despite sales volume miss.</li><li>We project NIO’s sales volume to rise 63% YoY to 200,000 units in FY23E.</li><li>We are more conservative about NIO’s breakeven point than consensus, as we believe it may need mass-market brand to achieve it given its heavy investments in R&amp;D and infrastructure.</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 project NIO’s 4Q22E net loss to narrow QoQ, despite sales volume miss.We project NIO’s sales volume to rise 63% YoY to 200,000 units in FY23E.We are more conservative about NIO’s breakeven point than consensus, as we believe it may need mass-market brand to achieve it given its heavy investments in R&amp;D and infrastructure.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.

NIO Inc. (NIO US) – 4Q22E loss to narrow; FY23 sales to outperform