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 Aug 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li Auto, Xpeng, BYD and Aion.</li><li>Note that such data are based on a sample size of 96 stores (15-18 stores for each brand) in 15 cities in China.</li><li>The following data reflect same-store metrics, and the metrics on a company level could be better than these figures, as most players are still expanding their sales network.</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 Aug 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li Auto, Xpeng, BYD and Aion.Note that such data are based on a sample size of 96 stores (15-18 stores for each brand) in 15 cities in China.The following data reflect same-store metrics, and the metrics on a company level could be better than these figures, as most players are still expanding their sales network.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 - Aug Leading Indicators May Imply a Solid Sep

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>ETF flows showed subdued activity during the week although the Southbound Connect platform had a minor outflow.</li>
<li>
<a href="https://www.smartkarma.com/entities/great-wall-motor-co-ltd-cb302af9-398c-4d2d-ba39-023e43287eef" target="_blank" data-smartkarma-citation="entities:128:1" rel="noopener">Great Wall Motor (2333 HK)</a> and <a href="https://www.smartkarma.com/entities/china-feihe-ltd" target="_blank" data-smartkarma-citation="entities:24413:1" rel="noopener">China Feihe (6186 HK)</a> both had positive news sentiment helping their share prices rally on better earnings announcements.
</li>
<li>
<a href="https://www.smartkarma.com/entities/new-world-development" target="_blank" data-smartkarma-citation="entities:7037:1" rel="noopener">New World Development (17 HK)</a> announced a major asset impairment write-down sending its stock to historic lows.  <a href="https://www.smartkarma.com/entities/china-tourism-group-duty-free" target="_blank" data-smartkarma-citation="entities:36229:1" rel="noopener">China Tourism Group Duty Free (1880 HK)</a> disappointed on 2Q24 sales and profits.
</li>
</ul>


ETF flows showed subdued activity during the week although the Southbound Connect platform had a minor outflow.

Great Wall Motor (2333 HK) and China Feihe (6186 HK) both had positive news sentiment helping their share prices rally on better earnings announcements.


New World Development (17 HK) announced a major asset impairment write-down sending its stock to historic lows.  China Tourism Group Duty Free (1880 HK) disappointed on 2Q24 sales and profits.



The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (September 7)

<ul><li>We summarize the Aug 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 Jul 2024 retail sales volume for each model, as Aug 2024 retail sales volume data have not been released yet.</li><li>The industrywide average discounts widened by 0.1ppts MoM in Aug based on our calculations, the mildest increase since Apr 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 Aug 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 Jul 2024 retail sales volume for each model, as Aug 2024 retail sales volume data have not been released yet.The industrywide average discounts widened by 0.1ppts MoM in Aug based on our calculations, the mildest increase since Apr 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 - Will “Golden Sep” reoccur after a peaceful Aug?

<ul><li>Maintain BUY. We believe strong 1H24 earnings could extend into 2H24 and FY25, as the Tank brand’s competitive edge and Great Wall’s overseas sales growth could last at least for another year, especially as Great Wall is to start local production in Brazil.</li><li>On the other hand, we believe it needs a new “H6” in the NEV era no later than 2025, by leveraging its current strong earnings.</li><li>Strong 2Q24 earnings aided by overseas and Tank. Great Wall’s 1H24 net profit of RMB7.1bn was in line with its preliminary announcement in Jul (within RMB6.5-7.3bn).</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.

Maintain BUY. We believe strong 1H24 earnings could extend into 2H24 and FY25, as the Tank brand’s competitive edge and Great Wall’s overseas sales growth could last at least for another year, especially as Great Wall is to start local production in Brazil.On the other hand, we believe it needs a new “H6” in the NEV era no later than 2025, by leveraging its current strong earnings.Strong 2Q24 earnings aided by overseas and Tank. Great Wall’s 1H24 net profit of RMB7.1bn was in line with its preliminary announcement in Jul (within RMB6.5-7.3bn).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.

Great Wall Motor (2333 HK) - Strong Earnings to Continue with a New H6 Needed

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Miserable economic data, minimal other data. It was a VERY quiet week in terms of gross volumes as per the <a href="https://www.smartkarma.com/insights/hk-connect-southbound-flows-to-16-aug-2024-big-net-buying-on-tiny-overall-volume-etfs-big" target="_blank" rel="noopener">SOUTHBOUND</a> and <a href="https://www.smartkarma.com/insights/mainland-connect-northbound-flows-to-16-aug-2024-banks-bought-industry-materials-sold" target="_blank" rel="noopener">NORTHBOUND</a> monitors.</li>
<li>SOUTHBOUND net buyer for 28th week in a row. ETFs and Tencent strong (14 of 15 days net bought). NORTHBOUND outflows small. Record foreign capital flight extends.</li>
<li>As expected (with AH 20d Premia returns at multi-year highs 2wks ago), AH Premia fell slightly, narrow premia falling more than wide premia. I continue to expect more H-vs-A gains.</li>
</ul>


Miserable economic data, minimal other data. It was a VERY quiet week in terms of gross volumes as per the SOUTHBOUND and NORTHBOUND monitors.
SOUTHBOUND net buyer for 28th week in a row. ETFs and Tencent strong (14 of 15 days net bought). NORTHBOUND outflows small. Record foreign capital flight extends.
As expected (with AH 20d Premia returns at multi-year highs 2wks ago), AH Premia fell slightly, narrow premia falling more than wide premia. I continue to expect more H-vs-A gains.


A/H Premium Tracker (To 16 Aug 2024): SB/NB Volumes WAAAAAY Down; AH Premia Down Small

China

Great Wall Motor Company Limited, through its subsidiaries, manufactures and sells pick-up trucks and sport-utility vehicles (SUVs) in China under branded names. The Company also researches and develops, and manufactures principal automotive parts and components for use in the assembly of pick-up trucks and SUVs.

Price Gauge
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Great Wall Motor (2333 HK)

Auto - Aug Leading Indicators May Imply a Solid Sep

We summarize the Aug 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li...

CMB International

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (September 7)

China Feihe beat estmates for 2Q with higher profits and GW Motor substantially increased international sales of EV's. NWD will take a large asset...

David Mudd

Auto - Will “Golden Sep” reoccur after a peaceful Aug?

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

CMB International