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 Jan 2025 price discounts at dealers for major automakers in this report.</li><li>Note that Jan discounts for each automaker are calculated based on the weighted average of Dec 2024 retail sales volume for each model, as Jan 2025 retail sales volume data have not been released yet.</li><li>The industrywide average discounts widened by 0.3ppts MoM in Jan 2025, based on our calculations, mainly driven by Chinese automakers, including BYD, Leapmotor and GAC Aion, and German brands, such as BMW and Audi. BYD plans to cover the majority of its models with autonomous driving (AD) functions this year, which may have resulted in higher discounts for its existing models. </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 Jan 2025 price discounts at dealers for major automakers in this report.Note that Jan discounts for each automaker are calculated based on the weighted average of Dec 2024 retail sales volume for each model, as Jan 2025 retail sales volume data have not been released yet.The industrywide average discounts widened by 0.3ppts MoM in Jan 2025, based on our calculations, mainly driven by Chinese automakers, including BYD, Leapmotor and GAC Aion, and German brands, such as BMW and Audi. BYD plans to cover the majority of its models with autonomous driving (AD) functions this year, which may have resulted in higher discounts for its existing models. 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 - Leap, BYD, Aion Led Discount Increase in Jan

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>Abnormally high growth during CNY of the express delivery parcel data showed social gift giving likely bumped up 20ppt YoY growth this CNY;</li>
<li>BYD plans to extend ADS to its low priced cars. 2025 will be a year L3 ADS extending to mainstream EV's now this prediction is even conservative;</li>
<li>Chinese EV makers are launching free price wars. But zero financing may be prompted by the banks, not by EV makers, mitigating margin impact.</li>
</ul>


Abnormally high growth during CNY of the express delivery parcel data showed social gift giving likely bumped up 20ppt YoY growth this CNY;
BYD plans to extend ADS to its low priced cars. 2025 will be a year L3 ADS extending to mainstream EV's now this prediction is even conservative;
Chinese EV makers are launching free price wars. But zero financing may be prompted by the banks, not by EV makers, mitigating margin impact.


[Blue Lotus China New Consumer Weekly, 6/52] Express Delivery Showed Social Gift Took off During CNY

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

Cross Asset Strategy

<ul><li>Amid U.S. President Donald Trump’s renewed tariff war and the Federal Reserve tempering expectations of a rate cut, Hong Kong stocks opened lower in the Year of the Snake, with the Hang Seng Index dropping more than 2% before recovering the 20,000 mark by midday.</li><li>Despite the turbulence, market consensus suggests that the impact of tariffs is largely priced in, with some tech stocks defying the trend.</li><li>Among major indices, the Hang Seng Index saw its steepest drop of 2.3% in the morning, hitting a low of 19,764 before closing at 20,075.</li></ul>

Amid U.S. President Donald Trump’s renewed tariff war and the Federal Reserve tempering expectations of a rate cut, Hong Kong stocks opened lower in the Year of the Snake, with the Hang Seng Index dropping more than 2% before recovering the 20,000 mark by midday.Despite the turbulence, market consensus suggests that the impact of tariffs is largely priced in, with some tech stocks defying the trend.Among major indices, the Hang Seng Index saw its steepest drop of 2.3% in the morning, hitting a low of 19,764 before closing at 20,075.

Hong Kong Stocks Rebound After Sharp Drop as Trump’s Tariff War Weighs on Markets 

<ul>
<li>Employment picture worsened in December. We believe Chinese government will erect hiring-related corporate subsidy in 2025;</li>
<li>Early attempts at street drink overseas have failed. But new attempts from Luckin might well work, over time;</li>
<li>Tesla's new Model Y received a raving reception from Chinese consumers. But we doubt it can last.</li>
</ul>


Employment picture worsened in December. We believe Chinese government will erect hiring-related corporate subsidy in 2025;
Early attempts at street drink overseas have failed. But new attempts from Luckin might well work, over time;
Tesla's new Model Y received a raving reception from Chinese consumers. But we doubt it can last.


[Blue Lotus China New Consumer Weekly, 4/52] Luckin Coffee's Overseas Expansion Is Worth Waiting For

<ul><li>We are of the view that 4Q24 earnings of Geely, BYD and Li Auto could continue to be more resilient than most peers.</li><li>Net losses of Xpeng could narrow QoQ in 4Q24, while that of NIO may continue to widen QoQ, in our view.</li><li>Leapmotor turned profitable for the first time on a quarterly basis in 4Q24, stronger than most investors’ 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.

We are of the view that 4Q24 earnings of Geely, BYD and Li Auto could continue to be more resilient than most peers.Net losses of Xpeng could narrow QoQ in 4Q24, while that of NIO may continue to widen QoQ, in our view.Leapmotor turned profitable for the first time on a quarterly basis in 4Q24, stronger than most investors’ 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 - 4Q24 Earnings Preview: Growing Divergence

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)

Auto - Leap, BYD, Aion Led Discount Increase in Jan

Note that Jan discounts for each automaker are calculated based on the weighted average of Dec 2024 retail sales volume for each model, as Jan 2025...

CMB International

Hong Kong Stocks Rebound After Sharp Drop as Trump’s Tariff War Weighs on Markets

Amid U. S. President Donald Trump’s renewed tariff war and the Federal Reserve tempering expectations of a rate cut, Hong Kong stocks opened lower...

Caixin Global

[Blue Lotus China New Consumer Weekly, 4/52] Luckin Coffee's Overseas Expansion Is Worth Waiting For

Employment deteriorated in December. We believe government will need to introduce hiring-related corporate subsidies in the March Two Session. ...

Blue Lotus Research Institute

Auto - 4Q24 Earnings Preview: Growing Divergence

We are of the view that 4Q24 earnings of Geely, BYD and Li Auto could continue to be more resilient than most peers. Net losses of Xpeng could...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Auto - Leap, BYD, Aion Led Discount Increase in Jan

Note that Jan discounts for each automaker are calculated based on the weighted average of Dec 2024 retail sales volume for each model, as Jan 2025...

CMB International

[Blue Lotus China New Consumer Weekly, 6/52] Express Delivery Showed Social Gift Took off During CNY

​CNY gift giving boosts express delivery growth, BYD to add ADS to low priced cars, Chinese EV makers engage in price wars with potential financing...

Blue Lotus Research Institute

Hong Kong Stocks Rebound After Sharp Drop as Trump’s Tariff War Weighs on Markets

Amid U. S. President Donald Trump’s renewed tariff war and the Federal Reserve tempering expectations of a rate cut, Hong Kong stocks opened lower...

Caixin Global

[Blue Lotus China New Consumer Weekly, 4/52] Luckin Coffee's Overseas Expansion Is Worth Waiting For

​Employment deteriorated in December. We believe government will need to introduce hiring-related corporate subsidies in the March Two Session. ...

Blue Lotus Research Institute

Auto - 4Q24 Earnings Preview: Growing Divergence

We are of the view that 4Q24 earnings of Geely, BYD and Li Auto could continue to be more resilient than most peers. Net losses of Xpeng could...

CMB International

CNY gift giving boosts express delivery growth, BYD to add ADS to low priced cars, Chinese EV makers engage in price wars with potential financing...

Employment deteriorated in December. We believe government will need to introduce hiring-related corporate subsidies in the March Two Session. ...