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 Apr 2024 price discounts at dealers for major automakers in this report.</li><li>Note that such discounts for each automaker are calculated based on the weighted average of Mar 2024 retail sales volume for each model, as Apr 2024 retail sales volume data have not been released yet.</li><li>The industrywide average discounts widened by 0.2ppt MoM in Apr based on our calculations, mainly due to German and Japanese brands. </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 Apr 2024 price discounts at dealers for major automakers in this report.Note that such discounts for each automaker are calculated based on the weighted average of Mar 2024 retail sales volume for each model, as Apr 2024 retail sales volume data have not been released yet.The industrywide average discounts widened by 0.2ppt MoM in Apr based on our calculations, mainly due to German and Japanese brands. 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 - OEMs’ Different Strategies Amid Higher Discount

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>BEKE US: April existing home sales on track of recovery, while new home lukewarm, and high tier cities policy easing bodes well for Beike.(+)</li>
<li>LI US : LI L6 sales momentum accelerates during May Day holiday.(/)</li>
<li>NIO US/ LI US / 1211 HK :  New energy vehicle sales growth rebounded in the fourth week of April 2024, with Nio, LI and Zeekr regaining market shares （/////）</li>
</ul>


BEKE US: April existing home sales on track of recovery, while new home lukewarm, and high tier cities policy easing bodes well for Beike.(+)
LI US : LI L6 sales momentum accelerates during May Day holiday.(/)
NIO US/ LI US / 1211 HK :  New energy vehicle sales growth rebounded in the fourth week of April 2024, with Nio, LI and Zeekr regaining market shares （/////）


[Blue Lotus Daily]:BEKE US/NIO US/LI US/1211 HK/1801 HK/1810 HK

<ul><li>We summarize the Apr 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li Auto, Xpeng, BYD and Aion.</li><li>Note that such data are based on a sample size of 96 stores (15-18 stores for each brand) in 15 cities in China.</li><li>The following data reflect same-store metrics, and the metrics on a company level could be better than these figures, as most players are still expanding their sales network. </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 Apr 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li Auto, Xpeng, BYD and Aion.Note that such data are based on a sample size of 96 stores (15-18 stores for each brand) in 15 cities in China.The following data reflect same-store metrics, and the metrics on a company level could be better than these figures, as most players are still expanding their sales network. 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 - Leading Indicators, Policy Imply a Strong May

<ul>
<li>9926 HK/1801 HK/BGNE US/9995 HK: Stablization of insulin NDRL price suspected major changes in medical insurance policies(///////)</li>
<li>LI US/1810 HK/1211 HK/NIO US/XPEV US: In the 16th week of 2024, the growth rate of new energy vehicles slowed down, LI showed negative growth, AITO rebounded, Xiaomi fell back（/////////）</li>
<li>1810 HK/XPEV US/NIO US/LI US: Takeaways from Xiaomi Investor Conference (+/-/-/-)</li>
</ul>


9926 HK/1801 HK/BGNE US/9995 HK: Stablization of insulin NDRL price suspected major changes in medical insurance policies(///////)
LI US/1810 HK/1211 HK/NIO US/XPEV US: In the 16th week of 2024, the growth rate of new energy vehicles slowed down, LI showed negative growth, AITO rebounded, Xiaomi fell back（/////////）
1810 HK/XPEV US/NIO US/LI US: Takeaways from Xiaomi Investor Conference (+/-/-/-)


[Blue Lotus Daily]:9926HK/1801HK/BGNE US/9995HK/LI US/1810HK/1211HK/NIO US/XPEVUS/300274SZ/ 300750SZ

<ul>
<li>1810HK/1211HK/LI/XPEV/NIO: The growth rate of new energy vehicles fell back in the 15th week of 2024,BYD and Li delivered stably,AITO slowed down due to L6,XiaomiSU7 impacting TeslaM3 and BYDHan（/）</li>
<li>BEKE US: Residential new home sales value fell by 30% YoY in 1Q24, but slightly better than consensus(+)</li>
<li>300750 SZ: CATL’s first quarter results show strong pricing power amid fierce price war（/）</li>
</ul>


1810HK/1211HK/LI/XPEV/NIO: The growth rate of new energy vehicles fell back in the 15th week of 2024,BYD and Li delivered stably,AITO slowed down due to L6,XiaomiSU7 impacting TeslaM3 and BYDHan（/）
BEKE US: Residential new home sales value fell by 30% YoY in 1Q24, but slightly better than consensus(+)
300750 SZ: CATL’s first quarter results show strong pricing power amid fierce price war（/）


[Blue Lotus Daily]:1810 HK/1211 HK/LI US/XPEV US/NIO US/BEKE US/300750 SZ

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)

Auto - OEMs’ Different Strategies Amid Higher Discount

Note that such discounts for each automaker are calculated based on the weighted average of Mar 2024 retail sales volume for each model

CMB International

[Blue Lotus Daily]:BEKE US/NIO US/LI US/1211 HK/1801 HK/1810 HK

April existing home sales show signs of recovery.High tier cities easing policies.LI sales accelerate during 5.1 holiday.Nio, LI,and Zeekr see...

Blue Lotus Research Institute

Auto - Leading Indicators, Policy Imply a Strong May

We summarize the Apr 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li...

CMB International

[Blue Lotus Daily]:9926HK/1801HK/BGNE US/9995HK/LI US/1810HK/1211HK/NIO US/XPEVUS/300274SZ/ 300750SZ

Stablization of insulin NDRL price suspected major changes. New energy exports were generally weak in March, with new energy vehicles thriving....

Blue Lotus Research Institute

[Blue Lotus Daily]:1810 HK/1211 HK/LI US/XPEV US/NIO US/BEKE US/300750 SZ

New energy vehicle growth rate dips in 15th week of 2024, CATL shows strong pricing power in Q1, BEKE US sees 30% YoY drop in new home sales value...

Blue Lotus Research Institute

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Auto - OEMs’ Different Strategies Amid Higher Discount

Note that such discounts for each automaker are calculated based on the weighted average of Mar 2024 retail sales volume for each model

CMB International

[Blue Lotus Daily]:BEKE US/NIO US/LI US/1211 HK/1801 HK/1810 HK

​April existing home sales show signs of recovery.High tier cities easing policies.LI sales accelerate during 5.1 holiday.Nio, LI,and Zeekr see...

Blue Lotus Research Institute

Auto - Leading Indicators, Policy Imply a Strong May

We summarize the Apr 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li...

CMB International

[Blue Lotus Daily]:9926HK/1801HK/BGNE US/9995HK/LI US/1810HK/1211HK/NIO US/XPEVUS/300274SZ/ 300750SZ

Stablization of insulin NDRL price suspected major changes. New energy exports were generally weak in March, with new energy vehicles thriving....

Blue Lotus Research Institute

[Blue Lotus Daily]:1810 HK/1211 HK/LI US/XPEV US/NIO US/BEKE US/300750 SZ

​New energy vehicle growth rate dips in 15th week of 2024, CATL shows strong pricing power in Q1, BEKE US sees 30% YoY drop in new home sales value...

Blue Lotus Research Institute

April existing home sales show signs of recovery.High tier cities easing policies.LI sales accelerate during 5.1 holiday.Nio, LI,and Zeekr see...

New energy vehicle growth rate dips in 15th week of 2024, CATL shows strong pricing power in Q1, BEKE US sees 30% YoY drop in new home sales value...