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 Mar 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 Feb 2024 retail sales volume for each model, as Mar 2024 retail sales volume data have not been released yet.</li><li>On the surface, the industrywide average discounts remained flat MoM in Mar 2024. </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 Mar 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 Feb 2024 retail sales volume for each model, as Mar 2024 retail sales volume data have not been released yet.On the surface, the industrywide average discounts remained flat MoM in Mar 2024. 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 - New models with lower MSRPs made discounts artificially stable

<ul><li>We summarize the Feb 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 Jan 2023 retail sales volume for each model, as Feb 2024 retail sales volume data have not been released yet.</li><li>The industrywide average discounts remained largely flat MoM in Feb 2024, partially due to the Chinese New Year (CNY). </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 Feb 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 Jan 2023 retail sales volume for each model, as Feb 2024 retail sales volume data have not been released yet.The industrywide average discounts remained largely flat MoM in Feb 2024, partially due to the Chinese New Year (CNY). 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 - Competition is stiffer than what discounts show

<ul><li>China’s passenger-vehicle (PV) retail sales volume rose 72% YoY and fell 12% MoM to 2.22mn units in Jan 2024, based on insurance data, 2% higher than our prior forecast.</li><li>China’s PV wholesale volume rose 44% YoY and fell 24% MoM to 2.11mn units in Jan 2024, according to CAAM, 10% lower than our forecast, as automakers cut more than 0.4mn units of inventories.</li><li>PV exports rose 48% YoY and fell 12% MoM to 0.37mn units in Jan, also 10% lower than our projection</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 rose 72% YoY and fell 12% MoM to 2.22mn units in Jan 2024, based on insurance data, 2% higher than our prior forecast.China’s PV wholesale volume rose 44% YoY and fell 24% MoM to 2.11mn units in Jan 2024, according to CAAM, 10% lower than our forecast, as automakers cut more than 0.4mn units of inventories.PV exports rose 48% YoY and fell 12% MoM to 0.37mn units in Jan, also 10% lower than our projectionContent 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 - Post CNY Sales Recovery Could Be Mild

<ul><li>11 Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Feb 2024 NEV sales volumes on 1 Mar 2024.</li><li>Sales volume of the 11 automakers combined fell 19% YoY (ranging from -45% to +503%) and 39% MoM (ranging from -51% to -19%) in Feb 2024 due to the Chinese New Year holiday.</li><li>Li Auto rose YoY, Xpeng fell the most MoM. Li Auto’s deliveries rose 22% YoY and fell 35% MoM to about 20,000 units in Feb 2024, in line with our prior 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.

11 Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Feb 2024 NEV sales volumes on 1 Mar 2024.Sales volume of the 11 automakers combined fell 19% YoY (ranging from -45% to +503%) and 39% MoM (ranging from -51% to -19%) in Feb 2024 due to the Chinese New Year holiday.Li Auto rose YoY, Xpeng fell the most MoM. Li Auto’s deliveries rose 22% YoY and fell 35% MoM to about 20,000 units in Feb 2024, in line with our prior 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 - Feb NEV Sales Fell; More New Models from Mar

<ul><li>We summarize the Jan 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 Dec 2023 retail sales volume for each model, as Jan 2024 retail sales volume data have not been released yet.</li><li>The blended average discounts for foreign brands slightly narrowed MoM in Jan 2024, based on our calculations, while those for Chinese brands widened by 0.6ppt MoM on average, as Chinese automakers are probably more aggressive in pushing sales before the Chinese New Year (CNY). </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 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 Dec 2023 retail sales volume for each model, as Jan 2024 retail sales volume data have not been released yet.The blended average discounts for foreign brands slightly narrowed MoM in Jan 2024, based on our calculations, while those for Chinese brands widened by 0.6ppt MoM on average, as Chinese automakers are probably more aggressive in pushing sales before the Chinese New Year (CNY). 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 - Chinese Brands’ Discounts Continued to Widen in Jan

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 - New models with lower MSRPs made discounts artificially stable

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

CMB International

Auto - Competition is stiffer than what discounts show

We summarize the Feb 2024 price discounts at dealers for major automakers in this report. Note that such discounts for each automaker are...

CMB International

Auto - Post CNY Sales Recovery Could Be Mild

China’s passenger-vehicle (PV) retail sales volume rose 72% YoY and fell 12% MoM to 2.22mn units in Jan 2024, based on insurance data, 2% higher...

CMB International

Auto - Feb NEV Sales Fell; More New Models from Mar

11 Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Feb 2024 NEV sales...

CMB International

Auto - Chinese Brands’ Discounts Continued to Widen in Jan

Discounts at dealers usually narrow after the CNY amid more new model launches, which did not occur in 2022 and 2023, as price war outweighed new...

CMB International

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