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>China’s passenger-vehicle (PV) retail sales volume fell 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.</li><li>Wholesale volume also rose 7% YoY YTD, 3% higher than our prior forecast, largely due to doubled PV exports in the first four months of 2023.</li><li>Automakers in China started to cut inventories in Apr 2023, as we had expected.</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 fell 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.Wholesale volume also rose 7% YoY YTD, 3% higher than our prior forecast, largely due to doubled PV exports in the first four months of 2023.Automakers in China started to cut inventories in Apr 2023, as we had expected.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 – Mixed picture ahead as inventory risk lingers

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>A growing number of Chinese manufacturers have set up factories in Southeast Asia, hoping to use the region to bypass U.S. import controls as the Trump administration plans to slap additional tariffs on Chinese goods.</li><li>Whether this approach will work, however, remains to be seen as Washington may tighten its scrutiny over Chinese companies registered overseas.</li><li>In 2024, the industrial parks that Amata Corp. PCL operates in Southeast Asia attracted nearly 90 foreign-funded factories, 75% of which were from China, Amata Chairman Vikrom Kromadit said in a recent interview with Caixin.<div id="ad_1"></div></li></ul>

A growing number of Chinese manufacturers have set up factories in Southeast Asia, hoping to use the region to bypass U.S. import controls as the Trump administration plans to slap additional tariffs on Chinese goods.Whether this approach will work, however, remains to be seen as Washington may tighten its scrutiny over Chinese companies registered overseas.In 2024, the industrial parks that Amata Corp. PCL operates in Southeast Asia attracted nearly 90 foreign-funded factories, 75% of which were from China, Amata Chairman Vikrom Kromadit said in a recent interview with Caixin.

Looking to Dodge U.S. Tariffs, Chinese Manufacturers Set Up Shop in Southeast Asia  

Cross Asset Strategy

<ul><li>Cryptocurrencies / In Depth: How cryptocurrency gets used to move billions of yuan in and out of China</li><li>Corruption /: New probe into former Hubei leader brought down by Covid pandemic</li><li>Trade /: Washington wants to seal new trade deal with Beijing, ex-U.S. Treasury Secretary says</li></ul>

Cryptocurrencies / In Depth: How cryptocurrency gets used to move billions of yuan in and out of ChinaCorruption /: New probe into former Hubei leader brought down by Covid pandemicTrade /: Washington wants to seal new trade deal with Beijing, ex-U.S. Treasury Secretary says

CX Daily: How Cryptocurrency Gets Used to Move Billions of Yuan in and out of China 

<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 

Equity Bottom-Up

<ul><li>Tesla has shortened its supplier payment cycle to about 90 days in 2024, continuing to outpace rivals in financial efficiency and supplier relations.</li><li>Tesla’s Shanghai factory, where 95% of parts are sourced locally, reflects the company’s deep integration with China’s supply chain.</li><li>The move highlights Tesla’s unique approach to balancing cost-cutting and supplier support in an industry under strain from intense competition, price wars and shifting dynamics between automakers and parts providers.</li></ul>

Tesla has shortened its supplier payment cycle to about 90 days in 2024, continuing to outpace rivals in financial efficiency and supplier relations.Tesla’s Shanghai factory, where 95% of parts are sourced locally, reflects the company’s deep integration with China’s supply chain.The move highlights Tesla’s unique approach to balancing cost-cutting and supplier support in an industry under strain from intense competition, price wars and shifting dynamics between automakers and parts providers.

Tesla Shortens Supplier Payment Terms to 90 Days Through Cost-Saving Innovations 

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 – Mixed picture ahead as inventory risk lingers

China’s passenger-vehicle (PV) retail sales volume fell 1% YoY in first four months of 2023, 2% higher than our forecast made in Dec 2022.

CMB International

Looking to Dodge U.S. Tariffs, Chinese Manufacturers Set Up Shop in Southeast Asia

A growing number of Chinese manufacturers have set up factories in Southeast Asia, hoping to use the region to bypass U. S. import controls as the...

Caixin Global

CX Daily: How Cryptocurrency Gets Used to Move Billions of Yuan in and out of China

Cryptocurrencies / In Depth: How cryptocurrency gets used to move billions of yuan in and out of China When police in East China’s Shandong...

Caixin Global

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

Tesla Shortens Supplier Payment Terms to 90 Days Through Cost-Saving Innovations

Tesla has shortened its supplier payment cycle to about 90 days in 2024, continuing to outpace rivals in financial efficiency and supplier...

Caixin Global

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