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 May 2025 price discounts at dealers for major automakers in this report.</li><li>Note that May discounts for each automaker are calculated based on the weighted average of Apr 2025 retail sales volume for each model, as May 2025 retail sales volume data have not been released yet.</li><li>The industrywide average discounts rose 0.7ppts MoM to about 15% in May 2025, based on our calculations, mainly driven by German brands (VW, Mercedes-Benz and BMW, etc.). </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>

We summarize the May 2025 price discounts at dealers for major automakers in this report.Note that May discounts for each automaker are calculated based on the weighted average of Apr 2025 retail sales volume for each model, as May 2025 retail sales volume data have not been released yet.The industrywide average discounts rose 0.7ppts MoM to about 15% in May 2025, based on our calculations, mainly driven by German brands (VW, Mercedes-Benz and BMW, etc.). 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 to Stabilize Chinese OEMs’ Discounts

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Sep 11th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Tencent, Sun Hung Kai Properties, Ntes, CCB, Minimax, Zj Innolight, China Mobile, CNOOC.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 11th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Tencent, Sun Hung Kai Properties, Ntes, CCB, Minimax, Zj Innolight, China Mobile, CNOOC.


HK Short Interest Weekly: Tencent, Sun Hung Kai Properties, Ntes, CCB, Minimax, Zj Innolight, CNOOC

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.

News from Caixin

Cross Asset Strategy

<ul>
<li>Corruption / In Depth: Court sounds alarm about corruption in big tech.</li>
<li>It revealed that in the four years through 2024 the court handled 127 criminal cases involving corruption in the industry.</li>
<li>The district hosts many internet companies’ offices, both headquarters and local branches.</li>
</ul>


Corruption / In Depth: Court sounds alarm about corruption in big tech.
It revealed that in the four years through 2024 the court handled 127 criminal cases involving corruption in the industry.
The district hosts many internet companies’ offices, both headquarters and local branches.


CX Daily: Court Sounds Alarm About Corruption in Big Tech 

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>XPEV US: Mona M03 Max facelift launches with RMB15k price cut (+)</li>
<li>LI US/601127 CH/ XPEV US/NIO US: Week 21 Sales Ranking (May 19-25, 2025)(+/+/-/-)</li>
<li>New Energy Vehicle: MOC focuses on "zero-mile used cars", BYD(1211 HK) &amp; Dongfeng attend meeting(-)</li>
</ul>


XPEV US: Mona M03 Max facelift launches with RMB15k price cut (+)
LI US/601127 CH/ XPEV US/NIO US: Week 21 Sales Ranking (May 19-25, 2025)(+/+/-/-)
New Energy Vehicle: MOC focuses on "zero-mile used cars", BYD(1211 HK) &amp; Dongfeng attend meeting(-)


[Blue Lotus Daily]:XPEV US/LI US/601127 CH/NIO US/BZ US/1211 HK/New Energy Vehicle

<ul><li>Steel /In Depth: British Steel takeover leaves Chinese firm in limbo</li><li>Wanda /: Wanda to sell 48 malls to ease debt woes</li><li>ID /China stresses soon-to-launch national digital ID will be voluntary</li><li>Interest rate /Commentary: Is China headed for a zero interestrate era?</li></ul>

Steel /In Depth: British Steel takeover leaves Chinese firm in limboWanda /: Wanda to sell 48 malls to ease debt woesID /China stresses soon-to-launch national digital ID will be voluntaryInterest rate /Commentary: Is China headed for a zero interestrate era?

CX Daily: Wanda to Sell 48 Malls to Ease Debt Woes 

China

BYD Company Limited manufactures automotive products. The Company produces ordinary passenger cars, commercial vehicles, and other products. BYD also operates battery making, rail transportation construction, and other businesses.

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BYD (002594 CH)

Auto - New Models to Stabilize Chinese OEMs’ Discounts

The industrywide average discounts rose 0.7ppts MoM to about 15% in May 2025, based on our calculations, mainly driven by German brands (VW,...

CMB International

HK Short Interest Weekly: Tencent, Sun Hung Kai Properties, Ntes, CCB, Minimax, Zj Innolight, CNOOC

We analyzed the latest HK SFC report for aggregate short position as of Sep 11th and highlight short interest changes in Tencent (700 HK), Sun Hung...

Ke Yan, CFA, FRM

CX Daily: Court Sounds Alarm About Corruption in Big Tech

Corruption / In Depth: Court sounds alarm about corruption in big tech “Staff at internet firms can be as greedy as disgraced...

Caixin Global

[Blue Lotus Daily]:XPEV US/LI US/601127 CH/NIO US/BZ US/1211 HK/New Energy Vehicle

XPEV's Mona M03 Max gets a price cut, EV sales rankings fluctuate, MOC prioritizes "zero-mile used cars" with BYD and Dongfeng.

Blue Lotus Research Institute

CX Daily: Wanda to Sell 48 Malls to Ease Debt Woes

TOP STORIES Steel / In Depth: British Steel takeover leaves Chinese firm in limbo In an unusual move, the U. K. government recalled Parliament...

Caixin Global

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Auto - New Models to Stabilize Chinese OEMs’ Discounts

The industrywide average discounts rose 0.7ppts MoM to about 15% in May 2025, based on our calculations, mainly driven by German brands (VW,...

CMB International

HK Short Interest Weekly: Tencent, Sun Hung Kai Properties, Ntes, CCB, Minimax, Zj Innolight, CNOOC

We analyzed the latest HK SFC report for aggregate short position as of Sep 11th and highlight short interest changes in Tencent (700 HK), Sun Hung...

Ke Yan, CFA, FRM

CX Daily: Court Sounds Alarm About Corruption in Big Tech

Corruption / In Depth: Court sounds alarm about corruption in big tech “Staff at internet firms can be as greedy as disgraced...

Caixin Global

[Blue Lotus Daily]:XPEV US/LI US/601127 CH/NIO US/BZ US/1211 HK/New Energy Vehicle

​XPEV's Mona M03 Max gets a price cut, EV sales rankings fluctuate, MOC prioritizes "zero-mile used cars" with BYD and Dongfeng.

Blue Lotus Research Institute

CX Daily: Wanda to Sell 48 Malls to Ease Debt Woes

TOP STORIES Steel / In Depth: British Steel takeover leaves Chinese firm in limbo In an unusual move, the U. K. government recalled Parliament...

Caixin Global

XPEV's Mona M03 Max gets a price cut, EV sales rankings fluctuate, MOC prioritizes "zero-mile used cars" with BYD and Dongfeng.