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>Over the weekend, Weichai pre-announced that net profit in 3Q23 is expected to surge 120-200% YoY to RMB2.03-2.77bn, which is better than our expectation.</li><li>The impressive 3Q23 earnings boosted the net profit in 9M23 up by 80-100% YoY. We believe the strong growth in 3Q was driven by natural gas trucks and export.</li><li>We maintain our positive stance on Weichai as the decline in LNG price will continue to boost sales of LNG trucks/engines, where Weichai has strong presence. </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>

Over the weekend, Weichai pre-announced that net profit in 3Q23 is expected to surge 120-200% YoY to RMB2.03-2.77bn, which is better than our expectation.The impressive 3Q23 earnings boosted the net profit in 9M23 up by 80-100% YoY. We believe the strong growth in 3Q was driven by natural gas trucks and export.We maintain our positive stance on Weichai as the decline in LNG price will continue to boost sales of LNG trucks/engines, where Weichai has strong presence. 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.

Weichai Power (000338 CH) – 3Q23 Earnings Surged 120-200% YoY