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Caixin Global

Articles from Caixin Global

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Cross Asset Strategy

<ul><li>Casinos / In Depth: Casino plan could put Thailand behind only Las Vegas and Macao</li><li>Consumption /In Depth: China’s policymakers target consumption to kick economy into gear</li><li>Energy Insider /: BYD crushes rivals in global EV sales, oil producing ship that captures its own emissions unveiled</li></ul>

Casinos / In Depth: Casino plan could put Thailand behind only Las Vegas and MacaoConsumption /In Depth: China’s policymakers target consumption to kick economy into gearEnergy Insider /: BYD crushes rivals in global EV sales, oil producing ship that captures its own emissions unveiled

CX Daily: Casino Plan Could Put Thailand Behind Only Las Vegas and Macao 

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>Hong Kong's secular bull market gained after DeepSeek's announcement ignited shares in the tech sector.</li>
<li>
<a href="https://www.smartkarma.com/entities/kingsoft-corp-ltd" target="_blank" data-smartkarma-citation="entities:492:1" rel="noopener">Kingsoft Corp (3888 HK)</a> broke out to new high after it announced its DAU for WPS exceeded 100mm.  <a href="https://www.smartkarma.com/entities/kingsoft-cloud-holdings-limited" target="_blank" data-smartkarma-citation="entities:36647:1" rel="noopener">Kingsoft Cloud Holdings (3896 HK)</a> is benefiting from the AI rally.</li>
<li>
<a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> broke out to an all-time high after announcing it would offer its ADA service for free. The move caused <a href="https://www.smartkarma.com/entities/tesla-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla (TSLA US)</a> shares to fall.
</li>
</ul>


Hong Kong's secular bull market gained after DeepSeek's announcement ignited shares in the tech sector.

Kingsoft Corp (3888 HK) broke out to new high after it announced its DAU for WPS exceeded 100mm.  Kingsoft Cloud Holdings (3896 HK) is benefiting from the AI rally.

BYD (1211 HK) broke out to an all-time high after announcing it would offer its ADA service for free. The move caused Tesla (TSLA US) shares to fall.



Technically Speaking, Breakouts and Breakdowns: HONG KONG (February 11)

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>We summarize the Jan 2025 price discounts at dealers for major automakers in this report.</li><li>Note that Jan discounts for each automaker are calculated based on the weighted average of Dec 2024 retail sales volume for each model, as Jan 2025 retail sales volume data have not been released yet.</li><li>The industrywide average discounts widened by 0.3ppts MoM in Jan 2025, based on our calculations, mainly driven by Chinese automakers, including BYD, Leapmotor and GAC Aion, and German brands, such as BMW and Audi. BYD plans to cover the majority of its models with autonomous driving (AD) functions this year, which may have resulted in higher discounts for its existing models. </li></ul>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.

We summarize the Jan 2025 price discounts at dealers for major automakers in this report.Note that Jan discounts for each automaker are calculated based on the weighted average of Dec 2024 retail sales volume for each model, as Jan 2025 retail sales volume data have not been released yet.The industrywide average discounts widened by 0.3ppts MoM in Jan 2025, based on our calculations, mainly driven by Chinese automakers, including BYD, Leapmotor and GAC Aion, and German brands, such as BMW and Audi. BYD plans to cover the majority of its models with autonomous driving (AD) functions this year, which may have resulted in higher discounts for its existing models. 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.

Auto - Leap, BYD, Aion Led Discount Increase in Jan

<ul><li>We are of the view that 4Q24 earnings of Geely, BYD and Li Auto could continue to be more resilient than most peers.</li><li>Net losses of Xpeng could narrow QoQ in 4Q24, while that of NIO may continue to widen QoQ, in our view.</li><li>Leapmotor turned profitable for the first time on a quarterly basis in 4Q24, stronger than most investors’ expectation. </li></ul>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.

We are of the view that 4Q24 earnings of Geely, BYD and Li Auto could continue to be more resilient than most peers.Net losses of Xpeng could narrow QoQ in 4Q24, while that of NIO may continue to widen QoQ, in our view.Leapmotor turned profitable for the first time on a quarterly basis in 4Q24, stronger than most investors’ expectation. 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.

Auto - 4Q24 Earnings Preview: Growing Divergence

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>China's 2025 trade-in subsidies now include smartphones and ICE vehicles, but with a price caveat that excludes Apple, positive for Xiaomi and JD.com;</li>
<li>China limits export of LFP battery technology, but lowers import tax again;</li>
<li>ICE-Turned EV makers continue to enjoy product superiority. The watchouts for 2025 are BYD and Geely. Tesla's sales may peter out from C2H25.</li>
</ul>


China's 2025 trade-in subsidies now include smartphones and ICE vehicles, but with a price caveat that excludes Apple, positive for Xiaomi and JD.com;
China limits export of LFP battery technology, but lowers import tax again;
ICE-Turned EV makers continue to enjoy product superiority. The watchouts for 2025 are BYD and Geely. Tesla's sales may peter out from C2H25.


Blue Lotus China Growth Equity Weekly (2/2025): Tesla Heading into a Different Chinese EV Market

Hong Kong

Geely Automobile Holdings Limited is a leading Chinese automotive company primarily engaged in the research, development, manufacturing, marketing, and sale of passenger vehicles and related components. It offers a diverse portfolio of products including sedans, SUVs, and electric vehicles under brands such as Geely Auto, Lynk & Co, and Zeekr. The company is headquartered in Hong Kong and was founded in 1973.

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Geely Auto (175 HK)

CX Daily: Casino Plan Could Put Thailand Behind Only Las Vegas and Macao

TOP STORY Casinos / In Depth: Casino plan could put Thailand behind only Las Vegas and Macao The Thai government first proposed legalizing...

Caixin Global

Technically Speaking, Breakouts and Breakdowns: HONG KONG (February 11)

HK stocks gained momentum after the DeepSeek announcement. Kingsoft shares broke out to new highs after announcing that WPS had DAUs of 100mm. BYD...

David Mudd

Auto - Leap, BYD, Aion Led Discount Increase in Jan

Note that Jan discounts for each automaker are calculated based on the weighted average of Dec 2024 retail sales volume for each model, as Jan 2025...

CMB International

Auto - 4Q24 Earnings Preview: Growing Divergence

We are of the view that 4Q24 earnings of Geely, BYD and Li Auto could continue to be more resilient than most peers. Net losses of Xpeng could...

CMB International

Blue Lotus China Growth Equity Weekly (2/2025): Tesla Heading into a Different Chinese EV Market

2025 trade-in subsidies favor Xiaomi and JD.com. China's new measure at limiting LFP battery exports added on export bans. Geely is new player at...

Blue Lotus Research Institute

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