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>Chinese auto stocks underperformed the broader market in 3Q26, which we attribute to the slower-than-expected recovery in domestic demand, the newly imposed consumption tax on batteries, and the expected reduction in NEV export tax rebates (announced on 12 Oct 2026, to take effect on 1 Apr 2027).</li><li>We further cut our forecasts for both retail and wholesale volumes in 2026.</li><li>We also cut China’s NEV sales volume forecast in 2026, despite the on-track or even slightly outperforming market share gains.</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.

Chinese auto stocks underperformed the broader market in 3Q26, which we attribute to the slower-than-expected recovery in domestic demand, the newly imposed consumption tax on batteries, and the expected reduction in NEV export tax rebates (announced on 12 Oct 2026, to take effect on 1 Apr 2027).We further cut our forecasts for both retail and wholesale volumes in 2026.We also cut China’s NEV sales volume forecast in 2026, despite the on-track or even slightly outperforming market share gains.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 - Stable Pricing, Exports and Cost Discipline Cushion Weak Domestic Volume

Equity Bottom-Up

<ul><li>Maintain BUY. Great Wall's 2Q26 results were in line with its profit alert, with ASP beating our forecast on a record export mix.</li><li>We see an earnings inflection in 2H26E, driven by the expected receipt of RMB3-4bn in Russian recyclingfee reimbursement by Dec 2026, new model ramp-ups (such as the H10), and stabilizing selling expenses following the completion of its direct-sales network expansion.</li><li>Exports—now accounting for more than half of total sales volume with structurally higher margins—underpin earnings quality, while the Guiyuan platform should revive domestic sales, in our view</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. Great Wall's 2Q26 results were in line with its profit alert, with ASP beating our forecast on a record export mix.We see an earnings inflection in 2H26E, driven by the expected receipt of RMB3-4bn in Russian recyclingfee reimbursement by Dec 2026, new model ramp-ups (such as the H10), and stabilizing selling expenses following the completion of its direct-sales network expansion.Exports—now accounting for more than half of total sales volume with structurally higher margins—underpin earnings quality, while the Guiyuan platform should revive domestic sales, in our viewContent 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/601633 CH) - 2H26 earnings inflection with attractive valuation

<ul><li>Maintain BUY. Great Wall’s 1Q26 GPM beat our prior forecast despite industry headwinds, which gives us more confidence in its FY26-27E GPM.</li><li>We are of the view that the chance of rolling out a competitive new model for Great Wall is increasing given its planned 12 new models this year.</li><li>1Q26 core profit largely in line, GPM beat. Great Wall’s 1Q26 revenue rose 13% YoY amid a sales volume growth of 5% YoY, or 4% lower than our prior forecast. </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. Great Wall’s 1Q26 GPM beat our prior forecast despite industry headwinds, which gives us more confidence in its FY26-27E GPM.We are of the view that the chance of rolling out a competitive new model for Great Wall is increasing given its planned 12 new models this year.1Q26 core profit largely in line, GPM beat. Great Wall’s 1Q26 revenue rose 13% YoY amid a sales volume growth of 5% YoY, or 4% lower than our prior forecast. 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/601633 CH) - New-Model Sales as Key After 1Q26 Solid GPM

<ul><li>Maintain BUY. Despite the GPM miss in 3Q25, Great Wall is poised to achieve its all-time high sales volume in FY25E with efficient cost controls on SG&amp;A and R&amp;D.</li><li>We also project its FY26E sales volume to rise 16% YoY to 1.57mn units, the highest growth since FY17.</li><li>We expect Tank to continue being the foundation of Great Wall’s resilient earnings, with Wey and Ora being sales drivers in FY26E.</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. Despite the GPM miss in 3Q25, Great Wall is poised to achieve its all-time high sales volume in FY25E with efficient cost controls on SG&amp;A and R&amp;D.We also project its FY26E sales volume to rise 16% YoY to 1.57mn units, the highest growth since FY17.We expect Tank to continue being the foundation of Great Wall’s resilient earnings, with Wey and Ora being sales drivers in FY26E.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/601633 CH) - Stronger FY26 Sales Outlook Despite 3Q GPM Miss

<ul><li>We summarize the Feb 2026 price discounts at dealers for major automakers in this report.</li><li>Note that Feb discounts for each automaker are calculated based on the weighted average of Jan 2026 retail sales volume for each model, as Feb 2026 retail sales volume data have not been released yet.</li><li>On the surface, China’s industrywide average discounts remained flat in Feb 2026 vs. Jan 2026 and Dec 2025 based on our calculations, as narrower discounts for German brands offset wider discounts for other brands. </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 Feb 2026 price discounts at dealers for major automakers in this report.Note that Feb discounts for each automaker are calculated based on the weighted average of Jan 2026 retail sales volume for each model, as Feb 2026 retail sales volume data have not been released yet.On the surface, China’s industrywide average discounts remained flat in Feb 2026 vs. Jan 2026 and Dec 2025 based on our calculations, as narrower discounts for German brands offset wider discounts for other brands. 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 - 1Q26 carmakers’ margins under pressure amid rising discounts

China

Great Wall Motor is a Chinese automobile manufacturer specializing in the design, development, production, and sale of a diverse range of vehicles, including SUVs, pickup trucks, sedans, and new energy vehicles under various brands. The company also produces automotive parts and components. It was founded in 1984 and is headquartered in Baoding, Hebei, China.

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Great Wall Motor (2333 HK)

Auto - Stable Pricing, Exports and Cost Discipline Cushion Weak Domestic Volume

We also cut China’s NEV sales volume forecast in 2026, despite the on-track or even slightly outperforming market share gains.

CMB International