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)

[XPeng (XPEV US) Earnings Review]: Facing Price War and Fiercer Competition in 2023

[XPeng (XPEV US, BUY, TP US$11.5) Rating Change]: G6 Is a Superb Answer to Tesla Model Y…UG to BUY

[XPeng Inc. (XPEV US, BUY, TP US$10) TP Change]: BUY on Recovery Starting from 2Q23

Equity Bottom-Up

<ul><li>Market reacts positively after Xpeng’s in-line 3Q22 earnings, as some investors may believe the worst is over for the company.</li><li>We are of the view that Xpeng still has a chance to turn around, as its RMB 35bn net cash position could support Xpeng for 2-3 years until Xpeng finds out a winning model.</li><li>Therefore, its three new models next year could be key catalysts.</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>

Market reacts positively after Xpeng’s in-line 3Q22 earnings, as some investors may believe the worst is over for the company.We are of the view that Xpeng still has a chance to turn around, as its RMB 35bn net cash position could support Xpeng for 2-3 years until Xpeng finds out a winning model.Therefore, its three new models next year could be key catalysts.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.

Xpeng Inc. (XPEV US) – Short-term negatives have been priced in