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>Eleven Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Jan 2024 sales volumes on 1 Feb 2024.</li><li>Sales volume of the 11 automakers combined rose 80% YoY (ranging from +18% to +978%) on low a base (Chinese New Year (CNY) in Jan 2023)) and fell 34% MoM (ranging from -59% to +95%) in Jan 2024.</li><li>Xpeng fell most MoM. Li Auto’s deliveries rose 106% YoY and fell 38% MoM to about 31,000 units in Jan 2024, in line with its weekly insurance data. Li Auto’s monthly deliveries were surpassed by Aito by about 1,800 units last month, the first time since Nov 2022.</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.

Eleven Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Jan 2024 sales volumes on 1 Feb 2024.Sales volume of the 11 automakers combined rose 80% YoY (ranging from +18% to +978%) on low a base (Chinese New Year (CNY) in Jan 2023)) and fell 34% MoM (ranging from -59% to +95%) in Jan 2024.Xpeng fell most MoM. Li Auto’s deliveries rose 106% YoY and fell 38% MoM to about 31,000 units in Jan 2024, in line with its weekly insurance data. Li Auto’s monthly deliveries were surpassed by Aito by about 1,800 units last month, the first time since Nov 2022.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 – Jan NEV Sales in Line; More Catalysts After CNY

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>300274 SZ: Sungrow preannounced full-year profit to exceed expectations (+)</li>
<li>LI/NIO/XPEV: Li Auto's deliveries rose in the third week of January, ranking first among new forces, but still lower than expected (-)</li>
<li>BEKE: Chongqing raised the levy standard of property tax (+)</li>
</ul>


300274 SZ: Sungrow preannounced full-year profit to exceed expectations (+)
LI/NIO/XPEV: Li Auto's deliveries rose in the third week of January, ranking first among new forces, but still lower than expected (-)
BEKE: Chongqing raised the levy standard of property tax (+)


[Blue Lotus Daily]: ATAT/HTHT/TCOM/300750CH/1211HK/835185CH/ 600516CH/LI/NIO/XPEV/BEKE/ZTO

<ul><li>According to insurance data, China’s passenger-vehicle (PV) retail sales volume rose 0.3% YoY and 28% MoM to 2.53mn units in Dec 2023, 6% higher than our prior forecast.</li><li>PV retail sales volume in 2023 rose 6% YoY to 21.7mn units. Wholesale volume rose 23% YoY and 7% MoM to 2.79mn units in Dec 2023, the best Dec in history, and 11% higher than our prior forecast.</li><li>PV wholesale volume rose 11% YoY to 26.06mn units in 2023, the highest in China’s history.</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.

According to insurance data, China’s passenger-vehicle (PV) retail sales volume rose 0.3% YoY and 28% MoM to 2.53mn units in Dec 2023, 6% higher than our prior forecast.PV retail sales volume in 2023 rose 6% YoY to 21.7mn units. Wholesale volume rose 23% YoY and 7% MoM to 2.79mn units in Dec 2023, the best Dec in history, and 11% higher than our prior forecast.PV wholesale volume rose 11% YoY to 26.06mn units in 2023, the highest in China’s history.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 – Attractive valuation with likely resilient earnings

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

<ul><li>Chinese firms are rushing to make their own auto chips as demand continues to increase in the world’s largest car market.</li><li>In 2023, there were more than 300 local auto chipmakers, nearly 10 times the number from three years ago, said Yuan Chengyin, general manager of National New Energy Vehicle Technology Innovation Center, a NEV research center funded by the Ministry of Science and Technology.</li><li>China provides the best market for auto chipmakers as the demand for smart driving cars is much higher compared with other countries, said Zhang Qiang, chairman of Wuxi-based auto chipmaker Xinchi Technology, at a business event Tuesday.</li></ul>

Chinese firms are rushing to make their own auto chips as demand continues to increase in the world’s largest car market.In 2023, there were more than 300 local auto chipmakers, nearly 10 times the number from three years ago, said Yuan Chengyin, general manager of National New Energy Vehicle Technology Innovation Center, a NEV research center funded by the Ministry of Science and Technology.China provides the best market for auto chipmakers as the demand for smart driving cars is much higher compared with other countries, said Zhang Qiang, chairman of Wuxi-based auto chipmaker Xinchi Technology, at a business event Tuesday.

Chinese Auto Chip Firms Racing to Cash In on NEV Boom 

<ul>
<li>XPEV/1211 BYD: Tesla announced price reduction for Model 3 and Model Y(-)</li>
<li>TCOM/780 HK: 4Q23 inbound and outbound travel recover to 82% of 2019 level, mainly from Hong Kong and Macao(-)</li>
<li>ATAT/HTHT: National Migration Administration introduced five facilitation measures to attract foreigners to China (+)</li>
</ul>


XPEV/1211 BYD: Tesla announced price reduction for Model 3 and Model Y(-)
TCOM/780 HK: 4Q23 inbound and outbound travel recover to 82% of 2019 level, mainly from Hong Kong and Macao(-)
ATAT/HTHT: National Migration Administration introduced five facilitation measures to attract foreigners to China (+)


[Blue Lotus Daily]: NIO/LI/XPEV/TSLA/1211 HK/TCOM/780 HK/ATAT/HTHT

China

Li Auto Inc. manufactures automobiles. The Company designs, develops, and sells smart new energy electric sport utility vehicles. Li Auto conducts businesses in China.

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Li Auto (LI US)

China Auto Sector – Jan NEV Sales in Line; More Catalysts After CNY

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

CMB International

[Blue Lotus Daily]: ATAT/HTHT/TCOM/300750CH/1211HK/835185CH/ 600516CH/LI/NIO/XPEV/BEKE/ZTO

Sungrow's full-year profit exceeds expectations; Li Auto's deliveries improve but fall short; Chongqing raises property tax levy standard.

Blue Lotus Research Institute

China Auto Sector – Attractive valuation with likely resilient earnings

According to insurance data, China’s passenger-vehicle (PV) retail sales volume rose 0.3% YoY and 28% MoM to 2.53mn units in Dec 2023, 6% higher...

CMB International

Chinese Auto Chip Firms Racing to Cash In on NEV Boom

Chinese firms are rushing to make their own auto chips as demand continues to increase in the world’s largest car market. In 2023, there were more...

Caixin Global

[Blue Lotus Daily]: NIO/LI/XPEV/TSLA/1211 HK/TCOM/780 HK/ATAT/HTHT

Tesla reduces prices for Model 3 and Model Y; Travel recovers to 82% of 2019 levels in Hong Kong and Macao; China introduces measures to attract...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Auto Sector – Jan NEV Sales in Line; More Catalysts After CNY

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

CMB International

[Blue Lotus Daily]: ATAT/HTHT/TCOM/300750CH/1211HK/835185CH/ 600516CH/LI/NIO/XPEV/BEKE/ZTO

​Sungrow's full-year profit exceeds expectations; Li Auto's deliveries improve but fall short; Chongqing raises property tax levy standard.

Blue Lotus Research Institute

China Auto Sector – Attractive valuation with likely resilient earnings

According to insurance data, China’s passenger-vehicle (PV) retail sales volume rose 0.3% YoY and 28% MoM to 2.53mn units in Dec 2023, 6% higher...

CMB International

Chinese Auto Chip Firms Racing to Cash In on NEV Boom

Chinese firms are rushing to make their own auto chips as demand continues to increase in the world’s largest car market. In 2023, there were more...

Caixin Global

[Blue Lotus Daily]: NIO/LI/XPEV/TSLA/1211 HK/TCOM/780 HK/ATAT/HTHT

​Tesla reduces prices for Model 3 and Model Y; Travel recovers to 82% of 2019 levels in Hong Kong and Macao; China introduces measures to attract...

Blue Lotus Research Institute

Sungrow's full-year profit exceeds expectations; Li Auto's deliveries improve but fall short; Chongqing raises property tax levy standard.

Tesla reduces prices for Model 3 and Model Y; Travel recovers to 82% of 2019 levels in Hong Kong and Macao; China introduces measures to attract...