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>Continue to support digital economy development </li><li>Encouraging technology breakthroughs, innovations, and overseas expansion. </li><li>Business model robustness, operating leveraging improvement, and ability to expand to new revenue streams will be the key stock alpha drivers.</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.

Continue to support digital economy development Encouraging technology breakthroughs, innovations, and overseas expansion. Business model robustness, operating leveraging improvement, and ability to expand to new revenue streams will be the key stock alpha drivers.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 Internet – Quality growth and further digitization penetration provide growth support

<ul><li>NBS released (15 December) November online retail sales data.</li><li>YoY growth of online physical goods GMV slowed to 1.2% YoY amid soft consumption sentiment, but online retail sales penetration rate of physical goods reached 27.1% in 11M22 at a historical high, which we attribute to further constrained offline activities and further commerce adoption of new online format.</li><li>The high online penetration could sustain into December, in our view, as offline activities will remain constrained and continue to shift online.</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.

NBS released (15 December) November online retail sales data.YoY growth of online physical goods GMV slowed to 1.2% YoY amid soft consumption sentiment, but online retail sales penetration rate of physical goods reached 27.1% in 11M22 at a historical high, which we attribute to further constrained offline activities and further commerce adoption of new online format.The high online penetration could sustain into December, in our view, as offline activities will remain constrained and continue to shift online.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 Internet – November Online Retail Sales Recap

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>Cover Story: China lines up yet more aid for the property sector, but will it be enough? (Part 1）</li><li>Guangzhou spares homebound from mass Covid testing</li><li>Cold snap in Northwest China leaves livestock trapped and herdsmen missing</li></ul>

Cover Story: China lines up yet more aid for the property sector, but will it be enough? (Part 1）Guangzhou spares homebound from mass Covid testingCold snap in Northwest China leaves livestock trapped and herdsmen missing

CX Daily: China Lines Up Yet More Aid for the Property Sector, But Will It Be Enough? (Part 1）

<ul><li>In Depth: Cosco alters course in the face of shipping headwinds.</li><li>China plans to put nuclear-powered base on the moon by 2028.</li><li>China’s ‘Big Six’ state banks offer developers $130 billion in credit lines.</li></ul>

In Depth: Cosco alters course in the face of shipping headwinds.China plans to put nuclear-powered base on the moon by 2028.China’s ‘Big Six’ state banks offer developers $130 billion in credit lines.

CX Daily: Cosco Alters Course in the Face of Shipping Headwinds

<ul><li><a href="https://www.caixinglobal.com/2022-11-17/in-depth-whats-next-for-chinas-covid-vaccine-strategy-101966773.html" target="_blank" rel="noopener"></a>Vaccines / In Depth: What’s next for China’s Covid vaccine strategy?</li><li>Students / Chinese student enrollment hits seven-year low in the U.S.</li><li>Caixin Summit / IMF official says recalibrating ‘zero Covid’ is critical to China’s recovery</li></ul>

Vaccines / In Depth: What’s next for China’s Covid vaccine strategy?Students / Chinese student enrollment hits seven-year low in the U.S.Caixin Summit / IMF official says recalibrating ‘zero Covid’ is critical to China’s recovery

CX Daily: What’s Next for China’s Covid Vaccine Strategy?

China

Meituan is a Chinese technology company that operates a platform for local services, including on-demand food delivery, in-store services, consumer reviews, hotel and travel bookings, and instant retail. The company also offers bike sharing, e-moped sharing, and grocery delivery services. Meituan is headquartered in Beijing, China, and was founded in 2010.

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Meituan (3690 HK)

China Internet – Quality growth and further digitization penetration provide growth support

Continue to support digital economy development. Encouraging technology breakthroughs, innovations, and overseas expansion.

CMB International

China Internet – November Online Retail Sales Recap

The high online penetration could sustain into December, in our view, as offline activities will remain constrained and continue to shift online.

CMB International

CX Daily: China Lines Up Yet More Aid for the Property Sector, But Will It Be Enough? (Part 1）

Cover Story: China lines up yet more aid for the property sector, but will it be enough? (Part 1). Guangzhou spares homebound from mass Covid testing

Caixin Global

CX Daily: Cosco Alters Course in the Face of Shipping Headwinds

In Depth: Cosco alters course in the face of shipping headwinds. China plans to put nuclear-powered base on the moon by 2028.

Caixin Global

CX Daily: What’s Next for China’s Covid Vaccine Strategy?

In Depth: What’s next for China’s Covid vaccine strategy? Chinese student enrollment hits seven-year low in the U.S. IMF official says...

Caixin Global

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