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>Based on NBS data, 2023 online retail sales GMV/online physical goods GMV reached RMB15.4/13.0tn, up 11.0/8.4% YoY.</li><li>The YoY growth of online physical goods GMV/total retail sales in Dec 2023 came in at 9.4%/7.4%, which implies a two-year CAGR of 6.8%/2.7% (slightly improved from 4.3%/1.8% in Nov 2023).</li><li>Looking ahead to 2024, we expect a mild consumption recovery trend. </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.

Based on NBS data, 2023 online retail sales GMV/online physical goods GMV reached RMB15.4/13.0tn, up 11.0/8.4% YoY.The YoY growth of online physical goods GMV/total retail sales in Dec 2023 came in at 9.4%/7.4%, which implies a two-year CAGR of 6.8%/2.7% (slightly improved from 4.3%/1.8% in Nov 2023).Looking ahead to 2024, we expect a mild consumption recovery trend. 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 Internet – 2023 online retail sales recap and 2024 outlook

<ul><li>Based on NBS data, 11M23 online retail sales GMV/ online physical goods GMV reached RMB14.0/11.8tn, up 11.0/8.3% YoY.</li><li>The YoY growth of online physical goods GMV/total retail sales in Nov 2023 came in at 7.6%/10.1% (Oct 2023: 4.9/7.6%), which implies a two-year CAGR of 4.3%/1.8% (slowed from 10.0%/3.5% in Oct 2023).</li><li>In our view, this heralds that overall consumption sentiment still takes time to recover. </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.

Based on NBS data, 11M23 online retail sales GMV/ online physical goods GMV reached RMB14.0/11.8tn, up 11.0/8.3% YoY.The YoY growth of online physical goods GMV/total retail sales in Nov 2023 came in at 7.6%/10.1% (Oct 2023: 4.9/7.6%), which implies a two-year CAGR of 4.3%/1.8% (slowed from 10.0%/3.5% in Oct 2023).In our view, this heralds that overall consumption sentiment still takes time to recover. 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 Internet – November online retail sales recap

<ul><li>Huawei's role in offering alternatives to foreign tech’s is prominent, but it's important to highlight the contribution of other smaller yet significant players in the development of home-grown solutions in China. </li><li>Nvidia faces significant revenue decline in China in the upcoming year to comply with US export curbs. The company is determined to protect its substantial revenue from the China market and expand its global presence aggressively to make up for the potential revenue loss from the China market.</li><li>Nvidia CFO said “China and other affected destinations consistently contributed approximately 2025% of data center revenue over the past few quarters”.</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.

Huawei's role in offering alternatives to foreign tech’s is prominent, but it's important to highlight the contribution of other smaller yet significant players in the development of home-grown solutions in China. Nvidia faces significant revenue decline in China in the upcoming year to comply with US export curbs. The company is determined to protect its substantial revenue from the China market and expand its global presence aggressively to make up for the potential revenue loss from the China market.Nvidia CFO said “China and other affected destinations consistently contributed approximately 2025% of data center revenue over the past few quarters”.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 Semiconductor – Domestic AI Chip Makers Accelerating Their Push as Nvidia’s Alternatives

<ul><li>For this year’s Double 11 sales promotion, overall industry delivered positive and stable YoY GMV growth (2.1%, per Syntun data), with Alibaba and JD.com (JD) both delivered positive YoY growth in GMV, order volume, and user volume.</li><li>Live streaming e-commerce GMV growth was still solid given a relatively lower base compared to horizontal e-commerce platform.</li><li>Ecommerce platforms are enhancing supply chain efficiency, product supply, and content ecosystem, as well as optimizing traffic allocation, to enhance user engagement, strengthen consumer mindshare on value for money products, and facilitate transactions, which in turn driving better ROI for merchants, and increasing merchants’ willingness to spend more on advertising. </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.

For this year’s Double 11 sales promotion, overall industry delivered positive and stable YoY GMV growth (2.1%, per Syntun data), with Alibaba and JD.com (JD) both delivered positive YoY growth in GMV, order volume, and user volume.Live streaming e-commerce GMV growth was still solid given a relatively lower base compared to horizontal e-commerce platform.Ecommerce platforms are enhancing supply chain efficiency, product supply, and content ecosystem, as well as optimizing traffic allocation, to enhance user engagement, strengthen consumer mindshare on value for money products, and facilitate transactions, which in turn driving better ROI for merchants, and increasing merchants’ willingness to spend more on advertising. 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 Internet – Trends observed from this year’s Double 11 shopping festival

<ul><li>Based on NBS data, 8M23 online retail sales GMV/ online physical goods GMV reached RMB9.5/8.0tn, up 12.1/9.5% YoY.</li><li>The YoY growth of online physical goods GMV in Aug 2023 came in at 6.1% (July 2023: 5.0%), which was largely in line with our estimate at 5.5%, demonstrated a marginal sequential improvement trend but indicated that consumption recovery still takes time.</li><li>Although overall top-line growth of e-commerce platforms is likely to face shortterm fluctuation due to macro uncertainties, e-commerce platforms are driving revenue growth and scale expansion in an efficient way and targeting for operating efficiency improvement, which likely leads to benign-than-expected industry competition, and better-than-expected earnings growth in 3Q23. </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.

Based on NBS data, 8M23 online retail sales GMV/ online physical goods GMV reached RMB9.5/8.0tn, up 12.1/9.5% YoY.The YoY growth of online physical goods GMV in Aug 2023 came in at 6.1% (July 2023: 5.0%), which was largely in line with our estimate at 5.5%, demonstrated a marginal sequential improvement trend but indicated that consumption recovery still takes time.Although overall top-line growth of e-commerce platforms is likely to face shortterm fluctuation due to macro uncertainties, e-commerce platforms are driving revenue growth and scale expansion in an efficient way and targeting for operating efficiency improvement, which likely leads to benign-than-expected industry competition, and better-than-expected earnings growth in 3Q23. 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 Internet – August online retail sales recap

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba (BABA US)

China Internet – 2023 online retail sales recap and 2024 outlook

The YoY growth of online physical goods GMV/total retail sales in Dec 2023 came in at 9.4%/7.4%, which implies a two-year CAGR of 6.8%/2.7%...

CMB International

China Internet – November online retail sales recap

The YoY growth of online physical goods GMV/total retail sales in Nov 2023 came in at 7.6%/10.1% (Oct 2023: 4.9/7.6%), which implies a two-year...

CMB International

China Semiconductor – Domestic AI Chip Makers Accelerating Their Push as Nvidia’s Alternatives

As the US tightens China’s access to advanced chips, we maintain our earlier view that domestic companies will look for Nvidia’s alternatives at a...

CMB International

China Internet – Trends observed from this year’s Double 11 shopping festival

For this year’s Double 11 sales promotion, overall industry delivered positive and stable YoY GMV growth (2.1%, per Syntun data), with Alibaba and...

CMB International

China Internet – August online retail sales recap

The YoY growth of online physical goods GMV in Aug 2023 came in at 6.1% (July 2023: 5.0%), which was largely in line with our estimate at 5.5%

CMB International

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