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>Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Xiaomi, Zeekr, Aion, Deepal, Leap, Neta and HIMA etc reported their Jun 2024 sales volumes on 1 Jul.</li><li>Total sales volume combined rose 42% YoY (ranging from - 22% to +739%) and 8% MoM (ranging from -13% to +51%).</li><li>The NEV trio slightly beat. Li Auto delivered about 48,000 units (+36% MoM) in Jun. The L6’s deliveries surpassed 20,000 units in Jun, in line with our prior forecast. </li></ul><p><em>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.</em></p>

Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Xiaomi, Zeekr, Aion, Deepal, Leap, Neta and HIMA etc reported their Jun 2024 sales volumes on 1 Jul.Total sales volume combined rose 42% YoY (ranging from - 22% to +739%) and 8% MoM (ranging from -13% to +51%).The NEV trio slightly beat. Li Auto delivered about 48,000 units (+36% MoM) in Jun. The L6’s deliveries surpassed 20,000 units in Jun, in line with our prior forecast. 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 - Six NEV Brands Hit a Record-High in Jun

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>1810 HK/1211 HK/LI US/NIO US/XPEV US: EV sales were strong in the 25th week of 2024, with several brands reaching new highs (/////////)</li>
<li>ATAT US:The first Atour Hotel 4.0 opens in Xi'an. (+)</li>
<li>Ministry of Commerce: Mainland China will increase the tax-free allowance for luggage carried by resident travelers entering from Hong Kong and Macao</li>
</ul>


1810 HK/1211 HK/LI US/NIO US/XPEV US: EV sales were strong in the 25th week of 2024, with several brands reaching new highs (/////////)
ATAT US:The first Atour Hotel 4.0 opens in Xi'an. (+)
Ministry of Commerce: Mainland China will increase the tax-free allowance for luggage carried by resident travelers entering from Hong Kong and Macao


[Blue Lotus Daily]:1810HK/1211HK/LI/NIO /XPEV/ATAT/2352CH/BEKE/2618HK/2352SZ/ZTO/1519HK/981HK/9699HK

<ul>
<li>1211 HK/LI US /XPEV US/NIO US: China and the EU have launched negotiations on electric vehicle tariffs (///////)</li>
<li>BEKE US: Existing Home Sales Increase 61% YoY in the 26th Week of 2024, Expected to Increase 19% YoY in June (+)</li>
<li>1810 HK/ NIO US/ XPEV US/ LI US/1211 HK/300207 SZ/300750 SZ:  Xiaomi's third model was said to be a low priced model, targeting low tier cities .(/////////////)</li>
</ul>


1211 HK/LI US /XPEV US/NIO US: China and the EU have launched negotiations on electric vehicle tariffs (///////)
BEKE US: Existing Home Sales Increase 61% YoY in the 26th Week of 2024, Expected to Increase 19% YoY in June (+)
1810 HK/ NIO US/ XPEV US/ LI US/1211 HK/300207 SZ/300750 SZ:  Xiaomi's third model was said to be a low priced model, targeting low tier cities .(/////////////)


[Blue Lotus Daily]:1211HK/LI/XPEV/NIO/BEKE/1810HK/300207SZ/300750SZ/LKNCY/9926HK/MNSO/600519CH

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>Under pressure from US, Mexico appears to shut out Chinese BEV makers</li>
<li>Biden administration seems intent on keeping low-priced Chinese BEVs out</li>
<li>Next: monitor new BEV investments in MX, and policies of new prez Sheinbaum</li>
</ul>


Under pressure from US, Mexico appears to shut out Chinese BEV makers
Biden administration seems intent on keeping low-priced Chinese BEVs out
Next: monitor new BEV investments in MX, and policies of new prez Sheinbaum


For Chinese BEV Makers, A Potential 'Backdoor' to the US BEV Market May Be Shut by Mexico

<ul>
<li>BZ US: Age 16-24 unemployment rate decreased month-on-month for two consecutive periods.(+)</li>
<li>ACMR US/LRCX US/8035 JP/7735 JP: Congressmen put forward bill to block purchase of certain China made semiconductor equipment by US subsidy recipients (-/+/+/+)</li>
<li>LI US/XPEV US/NIO US/1810 HK: New energy vehicles LI continues to lead in the 24th week of 2024 (///////)</li>
</ul>


BZ US: Age 16-24 unemployment rate decreased month-on-month for two consecutive periods.(+)
ACMR US/LRCX US/8035 JP/7735 JP: Congressmen put forward bill to block purchase of certain China made semiconductor equipment by US subsidy recipients (-/+/+/+)
LI US/XPEV US/NIO US/1810 HK: New energy vehicles LI continues to lead in the 24th week of 2024 (///////)


[Blue Lotus Daily]:BZ US/ACMR US/LRCX US/8035 JP/7735 JP/LI US/XPEV US/NIO US/1810 HK

China

NIO Inc. manufactures and sells automobiles. The Company offers electric vehicles and parts, as well as provides battery charging services. NIO serves customers worldwide.

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NIO (NIO US)

Auto - Six NEV Brands Hit a Record-High in Jun

Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Xiaomi, Zeekr, Aion, Deepal, Leap, Neta and HIMA etc reported their Jun 2024...

CMB International

[Blue Lotus Daily]:1810HK/1211HK/LI/NIO /XPEV/ATAT/2352CH/BEKE/2618HK/2352SZ/ZTO/1519HK/981HK/9699HK

EV sales surge in 25th week of 2024, Atour Hotel 4.0 opens in Xi'an, China raises tax-free allowance for resident travelers from Hong Kong and Macao.

Blue Lotus Research Institute

[Blue Lotus Daily]:1211HK/LI/XPEV/NIO/BEKE/1810HK/300207SZ/300750SZ/LKNCY/9926HK/MNSO/600519CH

China and the EU are in talks to negotiate electric vehicle tariffs, while Xiaomi plans to release a low-priced model targeting low tier cities....

Blue Lotus Research Institute

For Chinese BEV Makers, A Potential 'Backdoor' to the US BEV Market May Be Shut by Mexico

Chinese BEV makers appear increasingly eager to gain a foothold in Mexico, probably with the ultimate goal of exporting to the US market.

Tracking Traffic

[Blue Lotus Daily]:BZ US/ACMR US/LRCX US/8035 JP/7735 JP/LI US/XPEV US/NIO US/1810 HK

US youth unemployment rate is decreasing, Congressmen propose bill to block purchase of China-made semiconductor equipment by US subsidy...

Blue Lotus Research Institute

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52-week Range

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Auto - Six NEV Brands Hit a Record-High in Jun

Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Xiaomi, Zeekr, Aion, Deepal, Leap, Neta and HIMA etc reported their Jun 2024...

CMB International

[Blue Lotus Daily]:1810HK/1211HK/LI/NIO /XPEV/ATAT/2352CH/BEKE/2618HK/2352SZ/ZTO/1519HK/981HK/9699HK

​EV sales surge in 25th week of 2024, Atour Hotel 4.0 opens in Xi'an, China raises tax-free allowance for resident travelers from Hong Kong and Macao.

Blue Lotus Research Institute

[Blue Lotus Daily]:1211HK/LI/XPEV/NIO/BEKE/1810HK/300207SZ/300750SZ/LKNCY/9926HK/MNSO/600519CH

​China and the EU are in talks to negotiate electric vehicle tariffs, while Xiaomi plans to release a low-priced model targeting low tier cities....

Blue Lotus Research Institute

For Chinese BEV Makers, A Potential 'Backdoor' to the US BEV Market May Be Shut by Mexico

Chinese BEV makers appear increasingly eager to gain a foothold in Mexico, probably with the ultimate goal of exporting to the US market.

Tracking Traffic

[Blue Lotus Daily]:BZ US/ACMR US/LRCX US/8035 JP/7735 JP/LI US/XPEV US/NIO US/1810 HK

​US youth unemployment rate is decreasing, Congressmen propose bill to block purchase of China-made semiconductor equipment by US subsidy...

Blue Lotus Research Institute

EV sales surge in 25th week of 2024, Atour Hotel 4.0 opens in Xi'an, China raises tax-free allowance for resident travelers from Hong Kong and Macao.

China and the EU are in talks to negotiate electric vehicle tariffs, while Xiaomi plans to release a low-priced model targeting low tier cities....

US youth unemployment rate is decreasing, Congressmen propose bill to block purchase of China-made semiconductor equipment by US subsidy...