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)

Thematic (Sector/Industry)

Hong kong Real estate / Thematic (Sector/Industry)

<ul><li>Following a series of easing policy combinations from the government, various cities have continued to implement easing measures.</li><li>We think regulators have showed its willingness to actively manage market expectations, so the speculation around more easing policies will continue, especially against the backdrop of important upcoming meetings like the Standing committee of the NPC and the Central Economic Work Conference.</li><li>We reiterate our view that the sector will exhibit an upward trend in 4Q24 (with some volatility), and suggest investors to buy the dip. </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>

Following a series of easing policy combinations from the government, various cities have continued to implement easing measures.We think regulators have showed its willingness to actively manage market expectations, so the speculation around more easing policies will continue, especially against the backdrop of important upcoming meetings like the Standing committee of the NPC and the Central Economic Work Conference.We reiterate our view that the sector will exhibit an upward trend in 4Q24 (with some volatility), and suggest investors to buy the dip. 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.

Huafa Industrial Co., Ltd. Zhuhai (600325 CH)

Hangzhou Binjiang Real Estate Grp (002244 CH)

China Merchants Shekou Industr (001979 CH)

Property - Policy Speculation + Favourable Data Release = Stock Uptrend with Volatility