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>China’s passenger-vehicle (PV) retail sales volume fell 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.</li><li>Wholesale volume also rose 7% YoY YTD, 3% higher than our prior forecast, largely due to doubled PV exports in the first four months of 2023.</li><li>Automakers in China started to cut inventories in Apr 2023, as we had expected.</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.

China’s passenger-vehicle (PV) retail sales volume fell 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.Wholesale volume also rose 7% YoY YTD, 3% higher than our prior forecast, largely due to doubled PV exports in the first four months of 2023.Automakers in China started to cut inventories in Apr 2023, as we had expected.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.

China Auto Sector – Mixed picture ahead as inventory risk lingers

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

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Cross Asset Strategy

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Law / In Depth: Dumping Case Shows How Chemical-Makers Shield Themselves From Liability Autos /: China’s Carmakers Shift Price War Tactics With Low Launch PricesInsurance /: JD.com Obtains Hong Kong Insurance Brokerage License, Sources Say

CX Daily: Dumping Case Shows How Chemical-Makers Shield Themselves From Liability 

<ul><li>Lawsuit /In Depth: Why Singapore Sovereign Fund Sues Chinese EV-Maker Nio</li><li>Food safety /In Depth: Stinky Shrimp Sets Off Storm About School Lunches</li><li>PPI /Analysis: China Tries to Lift Factory Prices, but Demand Is Still Missing</li></ul>

Lawsuit /In Depth: Why Singapore Sovereign Fund Sues Chinese EV-Maker NioFood safety /In Depth: Stinky Shrimp Sets Off Storm About School LunchesPPI /Analysis: China Tries to Lift Factory Prices, but Demand Is Still Missing

CX Daily: Why Singapore Sovereign Fund Sues Chinese EV-Maker Nio 

<ul><li>AI / In Depth: AI video is becoming a sector to watch in China, but don’t get out the popcorn yet Video generation tools powered by artificial intelligence (AI) have become one of the hottest investments for China’s big tech companies as they look to broaden their revenue streams.</li><li>Since ChatGPT developer OpenAI surprised the world with its text-to-video model Sora in February 2024, Chinese companies have rapidly rolled out similar tools that have been used to make short films and video series.</li><li>Law / China bolsters graft watchdog with new powers China is set to grant its powerful anti-corruption watchdog new investigative powers and significantly extend detention limits for suspects, signaling a further toughening of President Xi Jinping’s signature anti-graft campaign.</li></ul>

AI / In Depth: AI video is becoming a sector to watch in China, but don’t get out the popcorn yet Video generation tools powered by artificial intelligence (AI) have become one of the hottest investments for China’s big tech companies as they look to broaden their revenue streams.Since ChatGPT developer OpenAI surprised the world with its text-to-video model Sora in February 2024, Chinese companies have rapidly rolled out similar tools that have been used to make short films and video series.Law / China bolsters graft watchdog with new powers China is set to grant its powerful anti-corruption watchdog new investigative powers and significantly extend detention limits for suspects, signaling a further toughening of President Xi Jinping’s signature anti-graft campaign.

CX Daily: AI Video Is Becoming a Sector to Watch in China, but Don’t Get Out the Popcorn Yet 

Equity Bottom-Up

<ul><li>China’s key electric-vehicle (EV) makers set monthly delivery records in September as government subsidies and price cuts gave sales in the fiercely competitive industry a boost.</li><li>BYD Co. Ltd. (<a href="https://www.smartkarma.com/002594.SZ" target="_blank" rel="noopener">002594.SZ</a> +8.21%), the country’s top EV-maker, sold 419,426 vehicles in September, according to an exchange filing Tuesday.</li><li>The figure, which consisted of 164,956 battery EVs and 252,647 plug-in hybrids, marked a 45.9% year-on-year increase and a new monthly sales record.</li></ul>

China’s key electric-vehicle (EV) makers set monthly delivery records in September as government subsidies and price cuts gave sales in the fiercely competitive industry a boost.BYD Co. Ltd. (002594.SZ +8.21%), the country’s top EV-maker, sold 419,426 vehicles in September, according to an exchange filing Tuesday.The figure, which consisted of 164,956 battery EVs and 252,647 plug-in hybrids, marked a 45.9% year-on-year increase and a new monthly sales record.

Major Chinese EV-Makers Have Record Month for Sales  

China

NIO Inc. manufactures and sells automobiles. The Company offers electric vehicles and parts, as well as provides battery charging services. NIO serves customers worldwide.

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NIO (NIO US)

China Auto Sector – Mixed picture ahead as inventory risk lingers

China’s passenger-vehicle (PV) retail sales volume fell 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.

CMB International

CX Daily: Dumping Case Shows How Chemical-Makers Shield Themselves From Liability

Law / In Depth: Dumping Case Shows How Chemical-Makers Shield Themselves From Liability Autos /: China’s Carmakers Shift Price War Tactics With...

Caixin Global

CX Daily: Why Singapore Sovereign Fund Sues Chinese EV-Maker Nio

TOP STORIES Lawsuit / In Depth: Why Singapore Sovereign Fund Sues Chinese EV-Maker Nio Singaporean sovereign wealth fund GIC Pte. Ltd. is suing...

Caixin Global

CX Daily: AI Video Is Becoming a Sector to Watch in China, but Don’t Get Out the Popcorn Yet

AI / In Depth: AI video is becoming a sector to watch in China, but don’t get out the popcorn yet Video generation tools powered by...

Caixin Global

Major Chinese EV-Makers Have Record Month for Sales

China’s key electric-vehicle (EV) makers set monthly delivery records in September as government subsidies and price cuts gave sales in the...

Caixin Global

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