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>China’s passenger-vehicle (PV) retail sales volume fell 0.4% YoY and 10% MoM in Jul 2023 amid high base, 2% higher than our prior forecast.</li><li>YTD retail sales volume rose 4% YoY. Wholesale volume fell 3% YoY and 7% MoM to 2.10mn units in Jul 2023, the second highest Jul in history, and 2% higher than our prior forecast.</li><li>Wholesale volume rose 7% YoY (or +0.84mn units YoY) YTD, aided by 78% YoY growth (or +0.92mn units YoY) of exports. </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>

China’s passenger-vehicle (PV) retail sales volume fell 0.4% YoY and 10% MoM in Jul 2023 amid high base, 2% higher than our prior forecast.YTD retail sales volume rose 4% YoY. Wholesale volume fell 3% YoY and 7% MoM to 2.10mn units in Jul 2023, the second highest Jul in history, and 2% higher than our prior forecast.Wholesale volume rose 7% YoY (or +0.84mn units YoY) YTD, aided by 78% YoY growth (or +0.92mn units YoY) of exports. 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 Auto Sector – 2H23 Auto Sales Could Beat Amid Resilient Jul, Aug

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>Green power /Analysis: China’s updated green power market guidelines set to drive interprovincial trading</li><li>HKEX /: HKEX first half profit rises 31% despite sliding trading</li><li>Hong Kong /: Hong Kong families now have fewer than one child each on average, survey shows</li></ul>

Green power /Analysis: China’s updated green power market guidelines set to drive interprovincial tradingHKEX /: HKEX first half profit rises 31% despite sliding tradingHong Kong /: Hong Kong families now have fewer than one child each on average, survey shows

CX Daily: China’s Updated Green Power Market Guidelines Set to Drive Interprovincial Trading

<ul><li>Chinese auto exports again shot up in the first six months of this year, largely fueled by rising demand for new-energy vehicles (NEVs) and surging deliveries to a sanction-hit Russia, as local carmakers sought to invigorate sales with a push overseas.</li><li>First-half shipments leapt 75.7% from the same period last year to 2.14 million vehicles, according to a report Tuesday by the China Association of Automobile Manufacturers (CAAM).</li><li>Overseas shipments of NEVs — a category that consists mainly of pure electric and hybrid models — more than doubled to 534,000 vehicles, accounting for nearly a quarter of the total exports, the CAAM report showed.</li></ul>

Chinese auto exports again shot up in the first six months of this year, largely fueled by rising demand for new-energy vehicles (NEVs) and surging deliveries to a sanction-hit Russia, as local carmakers sought to invigorate sales with a push overseas.First-half shipments leapt 75.7% from the same period last year to 2.14 million vehicles, according to a report Tuesday by the China Association of Automobile Manufacturers (CAAM).Overseas shipments of NEVs — a category that consists mainly of pure electric and hybrid models — more than doubled to 534,000 vehicles, accounting for nearly a quarter of the total exports, the CAAM report showed.

Chinese Automakers Ride Overseas Demand as Global Expansion Pays Off

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.

Index Rebalance

<ul>
<li>MS-China adds 33 names and deletes 32, effective 1 Sep 2026. The ADDs include 31 A-shares and 2 HK stocks, the DELETEs 25 and 7.</li>
<li>Our ADD Hit rate was 15 of 16 announced (94%), with 1 false positive in 16 calls. DELETE Hit rate was 9 of 12 (75%).</li>
<li>All announced 33 ADDs enter the bridge after a +20.3% average run. We won't chase gap-ups.</li>
</ul>


MS-China adds 33 names and deletes 32, effective 1 Sep 2026. The ADDs include 31 A-shares and 2 HK stocks, the DELETEs 25 and 7.
Our ADD Hit rate was 15 of 16 announced (94%), with 1 false positive in 16 calls. DELETE Hit rate was 9 of 12 (75%).
All announced 33 ADDs enter the bridge after a +20.3% average run. We won't chase gap-ups.


MS-China Sep 2026 Index Rebalance: Post-Announcement Positioning

Chery Automobile Co. Ltd. / Index Rebalance

<ul>
<li>We screen China stocks ahead of a global index's August 2026 quarterly review, with 16 ADD and 22 DELETE candidates.</li>
<li>Nine of 16 ADD candidates are Information Technology names, and six cleared the May cutoffs without being added.</li>
<li>The DELETE list splits into 12 names below the retention lines across the full cutoff range and 10 borderline names.</li>
</ul>


We screen China stocks ahead of a global index's August 2026 quarterly review, with 16 ADD and 22 DELETE candidates.
Nine of 16 ADD candidates are Information Technology names, and six cleared the May cutoffs without being added.
The DELETE list splits into 12 names below the retention lines across the full cutoff range and 10 borderline names.


MS-China Sep 2026 Index Rebalance Forecast

China

Chery Automobile is a Chinese automobile manufacturer that designs, develops, manufactures, and sells passenger vehicles, automotive parts, and components. It offers internal combustion engines and new energy vehicles under brands such as CHERY, JETOUR, EXEED, iCAR, and LUXEED. The company is headquartered in Wuhu, Anhui, China, and was founded in 1997.

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Chery (9973 HK)

China Auto Sector – 2H23 Auto Sales Could Beat Amid Resilient Jul, Aug

China’s passenger-vehicle (PV) retail sales volume fell 0.4% YoY and 10% MoM in Jul 2023 amid high base, 2% higher than our prior forecast.

CMB International

CX Daily: China’s Updated Green Power Market Guidelines Set to Drive Interprovincial Trading

Green power /Analysis: China’s updated green power market guidelines set to drive interprovincial trading HKEX /: HKEX first half profit rises 31%...

Caixin Global

Chinese Automakers Ride Overseas Demand as Global Expansion Pays Off

Chinese auto exports again shot up in the first six months of this year, largely fueled by rising demand for new-energy vehicles (NEVs) and...

Caixin Global

MS-China Sep 2026 Index Rebalance: Post-Announcement Positioning

MGlobal Index announced the Review results after market close on 12 Aug with 33 ADDs and 32 DELETEs, effective 1 Sep. We review the pre...

Ke Yan, CFA, FRM

MS-China Sep 2026 Index Rebalance Forecast

We forecast 16 ADD candidates and 22 DELETE candidates for the MS-China August 2026 Quarterly Index Review, with the announcement expected after US...

Ke Yan, CFA, FRM

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