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>The two major earthmoving machinery, excavators and wheel loaders, saw double-digit sales volume growth in Aug, according to China Construction Machinery Association (CCMA).</li><li>Most notable is that exports of excavators grew 7% YoY to ~8k units in Aug, the first YoY growth since May 2023, an early sign of recovery.</li><li>Exports of wheel loaders remained strong with 22% growth in Aug. In China market, sales of excavators grew 18% YoY to 6.7k units in Aug, but the growth rate slowed gradually from 26%/22% in Jun/Jul. </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.

The two major earthmoving machinery, excavators and wheel loaders, saw double-digit sales volume growth in Aug, according to China Construction Machinery Association (CCMA).Most notable is that exports of excavators grew 7% YoY to ~8k units in Aug, the first YoY growth since May 2023, an early sign of recovery.Exports of wheel loaders remained strong with 22% growth in Aug. In China market, sales of excavators grew 18% YoY to 6.7k units in Aug, but the growth rate slowed gradually from 26%/22% in Jun/Jul. 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.

Capital Goods - Excavator Exports Grew for the First Time in 15 Months

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>Drugs / Cover Story: China formally enlists ‘miracle’ drug in fight against ballooning obesity rate Fang Xia, a 24-year-old woman, has faced a lifelong struggle with obesity, a condition that has plagued her both physically and psychologically.</li><li>But like millions of others around the world, her life was turned around after taking semaglutide, a glucagon-like peptide-1 (GLP-1) analog that mimics a hormone that triggers a sense of fullness and helps overweight people shed the pounds.</li><li>She was among the first batch of patients in China to be given the drug, originally prescribed to treat diabetes but repurposed “off label” to help people lose weight, and after 10 months, Fang lost over 50 pounds.</li></ul>

Drugs / Cover Story: China formally enlists ‘miracle’ drug in fight against ballooning obesity rate Fang Xia, a 24-year-old woman, has faced a lifelong struggle with obesity, a condition that has plagued her both physically and psychologically.But like millions of others around the world, her life was turned around after taking semaglutide, a glucagon-like peptide-1 (GLP-1) analog that mimics a hormone that triggers a sense of fullness and helps overweight people shed the pounds.She was among the first batch of patients in China to be given the drug, originally prescribed to treat diabetes but repurposed “off label” to help people lose weight, and after 10 months, Fang lost over 50 pounds.

CX Daily: China Formally Enlists ‘Miracle’ Drug in Fight Against Ballooning Obesity Rate 

Equity Bottom-Up

<ul><li>During the post-results call, SANY Heavy (SANY) remained positive on the overseas outlook despite the recent weakness of excavators in Europe and the US.</li><li>SANY expects the sales in the US to see potential stabilisation in 2025E, while the growth in emerging countries will continue to be strong.</li><li>For 2H24E, SANY expects China’s sales to stabilize (-12% in 1H24) while overseas sales growth will accelerate (+4.8% in 1H24). </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.

During the post-results call, SANY Heavy (SANY) remained positive on the overseas outlook despite the recent weakness of excavators in Europe and the US.SANY expects the sales in the US to see potential stabilisation in 2025E, while the growth in emerging countries will continue to be strong.For 2H24E, SANY expects China’s sales to stabilize (-12% in 1H24) while overseas sales growth will accelerate (+4.8% in 1H24). 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.

SANY Heavy (600031 CH) - Expect a Better 2H24E but Consensus Remains High

<ul><li>Both excavators and wheel loaders, the two major earthmoving machinery, saw double-digit growth in China market in May.</li><li>According to China Construction Machinery Association (CCMA), domestic sales of excavators grew 29% YoY to 8.5k units in May, with growth rate accelerating from 9%/13% in Mar/Apr.</li><li>We believe the growth in May was driven by small-size excavators as a result of utilities and municipal projects. </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.

Both excavators and wheel loaders, the two major earthmoving machinery, saw double-digit growth in China market in May.According to China Construction Machinery Association (CCMA), domestic sales of excavators grew 29% YoY to 8.5k units in May, with growth rate accelerating from 9%/13% in Mar/Apr.We believe the growth in May was driven by small-size excavators as a result of utilities and municipal projects. 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.

Capital Goods - Domestic excavator sales +29% YoY in May

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of May 10th.</li>
<li>We estimate the weekly inflows to be US$1,023.9 million, led by consumer staples, materials, financials sectors, and offset by information technology, communication services, consumer discretionary.</li>
<li>We highlight flows for Moutai, CMB, Shenzhen Inovance Technology, Haier Smart Home, Luxshare Precision, Nari Technology, Shanghai Putailai New Energy Technology, Midea, Focus Media.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of May 10th.
We estimate the weekly inflows to be US$1,023.9 million, led by consumer staples, materials, financials sectors, and offset by information technology, communication services, consumer discretionary.
We highlight flows for Moutai, CMB, Shenzhen Inovance Technology, Haier Smart Home, Luxshare Precision, Nari Technology, Shanghai Putailai New Energy Technology, Midea, Focus Media.


Northbound Flows (May 10th): Moutai, CMB, Inovance, Haier Smart Home, Luxshare Precision, Nari

China

SANY Heavy Industry Co., Ltd manufactures and markets construction and engineering machinery and related parts. The Company produces and sells concrete pumps, concrete pump vehicles, road rollers, pavers, and other related products. Sany Heavy Industry markets its products worldwide.

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Sany Heavy Industry (600031 CH)

Capital Goods - Excavator Exports Grew for the First Time in 15 Months

The two major earthmoving machinery, excavators and wheel loaders, saw double-digit sales volume growth in Aug, according to China Construction...

CMB International

CX Daily: China Formally Enlists ‘Miracle’ Drug in Fight Against Ballooning Obesity Rate

Drugs / Cover Story: China formally enlists ‘miracle’ drug in fight against ballooning obesity rate Fang Xia, a 24-year-old woman, has faced a...

Caixin Global

SANY Heavy (600031 CH) - Expect a Better 2H24E but Consensus Remains High

During the post-results call, SANY Heavy (SANY) remained positive on the overseas outlook despite the recent weakness of excavators in Europe and...

CMB International

Capital Goods - Domestic excavator sales +29% YoY in May

According to China Construction Machinery Association (CCMA), domestic sales of excavators grew 29% YoY to 8.5k units in May, with growth rate...

CMB International

Northbound Flows (May 10th): Moutai, CMB, Inovance, Haier Smart Home, Luxshare Precision, Nari

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Moutai, CMB, Inovance, Haier Smart Home, Luxshare...

Ke Yan, CFA, FRM

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