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 Mar 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 Feb 2024 retail sales volume for each model, as Mar 2024 retail sales volume data have not been released yet.</li><li>On the surface, the industrywide average discounts remained flat MoM in Mar 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 Mar 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 Feb 2024 retail sales volume for each model, as Mar 2024 retail sales volume data have not been released yet.On the surface, the industrywide average discounts remained flat MoM in Mar 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 - New models with lower MSRPs made discounts artificially stable

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 changes in margin trading positions of A-share stocks as of Aug 28th. The aggregated net margin trading position is USD355,387m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in JENKEM TECHNOLOGY, PING AN INSURANCE, INDUSTRIAL BANK, HUATAI SECURITIES, Mindray.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Aug 28th. The aggregated net margin trading position is USD355,387m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in JENKEM TECHNOLOGY, PING AN INSURANCE, INDUSTRIAL BANK, HUATAI SECURITIES, Mindray.


A-Share Margin Trading Weekly (Aug 28th): JENKEM TECHNOLOGY, PING AN INSURANCE, INDUSTRIAL BANK

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 28th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, Smic, Hua Hong Semi, Akeso, Yofc, Cspc Pharma, Innovent Bio, Minimax, Kuaishou, Ping An.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 28th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Smic, Hua Hong Semi, Akeso, Yofc, Cspc Pharma, Innovent Bio, Minimax, Kuaishou, Ping An.


HK Connect Flows Weekly (Aug 28th): Alibaba, Smic, Hua Hong Semi, Akeso, Yofc, Cspc Pharma, Minimax

<ul><li>China’s passenger-vehicle (PV) retail sales volume rose 72% YoY and fell 12% MoM to 2.22mn units in Jan 2024, based on insurance data, 2% higher than our prior forecast.</li><li>China’s PV wholesale volume rose 44% YoY and fell 24% MoM to 2.11mn units in Jan 2024, according to CAAM, 10% lower than our forecast, as automakers cut more than 0.4mn units of inventories.</li><li>PV exports rose 48% YoY and fell 12% MoM to 0.37mn units in Jan, also 10% lower than our projection</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.

China’s passenger-vehicle (PV) retail sales volume rose 72% YoY and fell 12% MoM to 2.22mn units in Jan 2024, based on insurance data, 2% higher than our prior forecast.China’s PV wholesale volume rose 44% YoY and fell 24% MoM to 2.11mn units in Jan 2024, according to CAAM, 10% lower than our forecast, as automakers cut more than 0.4mn units of inventories.PV exports rose 48% YoY and fell 12% MoM to 0.37mn units in Jan, also 10% lower than our projectionContent 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 - Post CNY Sales Recovery Could Be Mild

<ul><li>11 Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Feb 2024 NEV sales volumes on 1 Mar 2024.</li><li>Sales volume of the 11 automakers combined fell 19% YoY (ranging from -45% to +503%) and 39% MoM (ranging from -51% to -19%) in Feb 2024 due to the Chinese New Year holiday.</li><li>Li Auto rose YoY, Xpeng fell the most MoM. Li Auto’s deliveries rose 22% YoY and fell 35% MoM to about 20,000 units in Feb 2024, in line with our prior expectation.</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.

11 Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Feb 2024 NEV sales volumes on 1 Mar 2024.Sales volume of the 11 automakers combined fell 19% YoY (ranging from -45% to +503%) and 39% MoM (ranging from -51% to -19%) in Feb 2024 due to the Chinese New Year holiday.Li Auto rose YoY, Xpeng fell the most MoM. Li Auto’s deliveries rose 22% YoY and fell 35% MoM to about 20,000 units in Feb 2024, in line with our prior expectation.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 - Feb NEV Sales Fell; More New Models from Mar

China

Guangzhou Automobile Group Co., Ltd. is a Chinese state-owned automobile manufacturer that designs, develops, manufactures, and sells passenger cars, commercial vehicles, motorcycles, and automotive components. The company operates its own brands, including Trumpchi, Aion, and Hyptec, and has joint ventures with international partners like Honda and Toyota. It was founded in June 1997 and is headquartered in Guangzhou, Guangdong, China.

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Guangzhou Automobile Group (2238 HK)

Auto - New models with lower MSRPs made discounts artificially stable

Note that such discounts for each automaker are calculated based on the weighted average of Feb 2024 retail sales volume for each model

CMB International

HK Connect Flows Weekly (Aug 28th): Alibaba, Smic, Hua Hong Semi, Akeso, Yofc, Cspc Pharma, Minimax

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Smic, Hua Hong Semi, Akeso, Yofc, Cspc Pharma,...

Ke Yan, CFA, FRM

Auto - Post CNY Sales Recovery Could Be Mild

China’s passenger-vehicle (PV) retail sales volume rose 72% YoY and fell 12% MoM to 2.22mn units in Jan 2024, based on insurance data, 2% higher...

CMB International

Auto - Feb NEV Sales Fell; More New Models from Mar

11 Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Feb 2024 NEV sales...

CMB International

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Auto - New models with lower MSRPs made discounts artificially stable

Note that such discounts for each automaker are calculated based on the weighted average of Feb 2024 retail sales volume for each model

CMB International

A-Share Margin Trading Weekly (Aug 28th): JENKEM TECHNOLOGY, PING AN INSURANCE, INDUSTRIAL BANK

We analyzed A-share margin trading positions report for the past week and highlighted JENKEM TECHNOLOGY, PING AN INSURANCE, INDUSTRIAL BANK, HUATAI...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Aug 28th): Alibaba, Smic, Hua Hong Semi, Akeso, Yofc, Cspc Pharma, Minimax

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Smic, Hua Hong Semi, Akeso, Yofc, Cspc Pharma,...

Ke Yan, CFA, FRM

Auto - Post CNY Sales Recovery Could Be Mild

China’s passenger-vehicle (PV) retail sales volume rose 72% YoY and fell 12% MoM to 2.22mn units in Jan 2024, based on insurance data, 2% higher...

CMB International

Auto - Feb NEV Sales Fell; More New Models from Mar

11 Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Feb 2024 NEV sales...

CMB International