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>Our CNY channel check indicates the following trends: 1) Shopping malls are the key beneficiaries after reopening.</li><li>Wuyue/Wanda/CR all saw quick traffic recovery after COVID and restaurants performed the best. 2) Decent one-off pent-up demand for home purchase may boost Feb sales, in line with our sales leading indicator GAIN.</li><li>3) Overbuilt and unsold inventory poses the biggest risk for the property and financial system. </li></ul><p><em>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.</em></p>

Our CNY channel check indicates the following trends: 1) Shopping malls are the key beneficiaries after reopening.Wuyue/Wanda/CR all saw quick traffic recovery after COVID and restaurants performed the best. 2) Decent one-off pent-up demand for home purchase may boost Feb sales, in line with our sales leading indicator GAIN.3) Overbuilt and unsold inventory poses the biggest risk for the property and financial system. 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 Property Sector – CNY: Crowded Malls

China

ArtGo Holdings is primarily engaged in the mining, processing, trading, and sale of marble stones and commodity trading businesses. The company offers a range of marble products, including slabs, cut-to-size marble, and related crafts, along with calcium carbonate products and warehousing and logistics services. Founded in 2009, ArtGo Holdings is headquartered in Shanghai, the People's Republic of China.

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ArtGo Holdings (3313 HK)

China Property Sector – CNY: Crowded Malls

Wuyue/Wanda/CR all saw quick traffic recovery after COVID and restaurants performed the best. 2) Decent one-off pent-up demand for home purchase...

CMB International

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