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 Nov 2023 sales volumes on 1 Dec 2023.</li><li>Sales volume of the 11 automakers combined rose 49% YoY (ranging from -17% to +245%) and 2% MoM (ranging from -1% to +48%) in Nov.</li><li>Seven out of the 11 automakers posted their all-time high sales volume in Nov.</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 Nov 2023 sales volumes on 1 Dec 2023.Sales volume of the 11 automakers combined rose 49% YoY (ranging from -17% to +245%) and 2% MoM (ranging from -1% to +48%) in Nov.Seven out of the 11 automakers posted their all-time high sales volume in Nov.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 – NEV Sales Volume MoM Growth Narrowed in Nov

<ul><li>After a strong sales beat in 2023, we expect China’s passenger-vehicle (PV) sales growth to be moderate in 2024E.</li><li>While it is still difficult to identify long-term winner in China’s auto industry, competition, overseas expansion and technological advancement would still be the key topics for 2024.</li><li>Exports, Chinese brands’ market share gain and competition still key topics.</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.

After a strong sales beat in 2023, we expect China’s passenger-vehicle (PV) sales growth to be moderate in 2024E.While it is still difficult to identify long-term winner in China’s auto industry, competition, overseas expansion and technological advancement would still be the key topics for 2024.Exports, Chinese brands’ market share gain and competition still key topics.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 – Competition Pushes Technological Advancement, Overseas Expansion

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>TSLA/XPEV/NIO/LI/BIDU: Tesla FSD expected to launch in the Chinese market</li>
<li>1211.HK/600104.CH/601633.CH: Japanese auto makers cut prices in Thailand to fend off Chinese EV</li>
<li>XPEV/NIO/BIDU/BYD: BYD cut vehicle prices again to boost year-end sales</li>
</ul>


TSLA/XPEV/NIO/LI/BIDU: Tesla FSD expected to launch in the Chinese market
1211.HK/600104.CH/601633.CH: Japanese auto makers cut prices in Thailand to fend off Chinese EV
XPEV/NIO/BIDU/BYD: BYD cut vehicle prices again to boost year-end sales


[Blue Lotus Daily]: TSLA/XPEV/NIO/LI/BIDU/1211.HK/600104.CH/601633.CH/ATAT/BEKE

<ul>
<li>LKNCY: Cotti Coffee pans to expand into tea drinks business(+)</li>
<li>BIDU/DIDI/XPEV: MIIT and 4 other departments to carry out intelligent car access network(+)</li>
<li>LI/NIO/XPEV/300274 CH/300750 CH/601012 CH/JKS: China Export Data in October shows PV and wind power decline accelerating(+/+/+/-/-/-/-)</li>
</ul>


LKNCY: Cotti Coffee pans to expand into tea drinks business(+)
BIDU/DIDI/XPEV: MIIT and 4 other departments to carry out intelligent car access network(+)
LI/NIO/XPEV/300274 CH/300750 CH/601012 CH/JKS: China Export Data in October shows PV and wind power decline accelerating(+/+/+/-/-/-/-)


[Blue Lotus Daily]: LKNCY/Cotti Coffe/XPEV/BIDU/NIO/LI/JKS/DIDI/300274 CH/300750 CH/601012 CH

<ul>
<li>BEKE: New Home Sales still lukewarm in October and early November (/)</li>
<li>XPEV, LI, BYD, CATL: SK On and LGES cut staff amid US EV slowdowns, positive for Chinese EV &amp; battery</li>
<li>XPEV: Huawei AITO M5 rear-end accident took place on November 14 raises safety concerns(+)</li>
</ul>


BEKE: New Home Sales still lukewarm in October and early November (/)
XPEV, LI, BYD, CATL: SK On and LGES cut staff amid US EV slowdowns, positive for Chinese EV &amp; battery
XPEV: Huawei AITO M5 rear-end accident took place on November 14 raises safety concerns(+)


[Blue Lotus Daily]:  BEKE/XPEV/LI/BYD/CATL

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 – NEV Sales Volume MoM Growth Narrowed in Nov

Eleven Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Nov 2023 sales...

CMB International

China Auto Sector – Competition Pushes Technological Advancement, Overseas Expansion

While it is still difficult to identify long-term winner in China’s auto industry, competition, overseas expansion and technological advancement...

CMB International

[Blue Lotus Daily]: TSLA/XPEV/NIO/LI/BIDU/1211.HK/600104.CH/601633.CH/ATAT/BEKE

Tesla is set to launch Full Self-Driving (FSD) in China, Japanese auto makers reduce prices in Thailand to compete with Chinese EVs, and BYD...

Blue Lotus Research Institute

[Blue Lotus Daily]: LKNCY/Cotti Coffe/XPEV/BIDU/NIO/LI/JKS/DIDI/300274 CH/300750 CH/601012 CH

Cotti Coffee plans tea expansion, MIIT to launch intelligent car access network, China's PV and wind power decline worsens in October.

Blue Lotus Research Institute

[Blue Lotus Daily]: BEKE/XPEV/LI/BYD/CATL

New home sales remain tepid, while US EV slowdowns lead to staff cuts at SK On and LGES, potentially benefiting Chinese EV and battery companies....

Blue Lotus Research Institute

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52-week Range

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China Auto Sector – NEV Sales Volume MoM Growth Narrowed in Nov

Eleven Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap and Aito reported their Nov 2023 sales...

CMB International

China Auto Sector – Competition Pushes Technological Advancement, Overseas Expansion

While it is still difficult to identify long-term winner in China’s auto industry, competition, overseas expansion and technological advancement...

CMB International

[Blue Lotus Daily]: TSLA/XPEV/NIO/LI/BIDU/1211.HK/600104.CH/601633.CH/ATAT/BEKE

​Tesla is set to launch Full Self-Driving (FSD) in China, Japanese auto makers reduce prices in Thailand to compete with Chinese EVs, and BYD...

Blue Lotus Research Institute

[Blue Lotus Daily]: LKNCY/Cotti Coffe/XPEV/BIDU/NIO/LI/JKS/DIDI/300274 CH/300750 CH/601012 CH

​Cotti Coffee plans tea expansion, MIIT to launch intelligent car access network, China's PV and wind power decline worsens in October.

Blue Lotus Research Institute

[Blue Lotus Daily]: BEKE/XPEV/LI/BYD/CATL

​New home sales remain tepid, while US EV slowdowns lead to staff cuts at SK On and LGES, potentially benefiting Chinese EV and battery companies....

Blue Lotus Research Institute

Tesla is set to launch Full Self-Driving (FSD) in China, Japanese auto makers reduce prices in Thailand to compete with Chinese EVs, and BYD...

Cotti Coffee plans tea expansion, MIIT to launch intelligent car access network, China's PV and wind power decline worsens in October.

New home sales remain tepid, while US EV slowdowns lead to staff cuts at SK On and LGES, potentially benefiting Chinese EV and battery companies....