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 HK market had a strong run over the past two weeks following the dramatic policy changes announced by the Chinese government.</li><li>In order to have a closer look at the sources of buying forces, we analysed ~13,000 data points of shareholdings over the past nine settlement days (23 Sep - 4 Oct on T+2 basis) for four HK-listed names under our coverage, namely Weichai PowerH (2338 HK, BUY), Zoomlion-H (1157 HK, BUY), SANYI (631 HK, BUY) and Sinotruk (3808 HK, HOLD). Our analysis is based on CCASS data, which represented brokers’ holdings on behalf of clients.</li><li>We divided ~380 brokers into six categories: (1) Hong Kong, (2) the Chinese mainland, (3) Stock connect, (4) the US, (5) Europe and (6) other foreign brokers (excluding the US and Europe). </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 HK market had a strong run over the past two weeks following the dramatic policy changes announced by the Chinese government.In order to have a closer look at the sources of buying forces, we analysed ~13,000 data points of shareholdings over the past nine settlement days (23 Sep - 4 Oct on T+2 basis) for four HK-listed names under our coverage, namely Weichai PowerH (2338 HK, BUY), Zoomlion-H (1157 HK, BUY), SANYI (631 HK, BUY) and Sinotruk (3808 HK, HOLD). Our analysis is based on CCASS data, which represented brokers’ holdings on behalf of clients.We divided ~380 brokers into six categories: (1) Hong Kong, (2) the Chinese mainland, (3) Stock connect, (4) the US, (5) Europe and (6) other foreign brokers (excluding the US and Europe). 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 - Who Are Buying/Selling the Sector?

<ul><li>We revise down our 2024E/25E heavy-duty truck (HDT) industry sales forecast by 11%/9% to 0.96mn / 1mn units, representing 4%/5% YoY growth.</li><li>For exports, the growth outlook is less certain given the weakness of truck sales in Russia, a major market for Chinese trucks.</li><li>We are concerned that the growth in other countries will not be able to offset the decline in Russia. </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 revise down our 2024E/25E heavy-duty truck (HDT) industry sales forecast by 11%/9% to 0.96mn / 1mn units, representing 4%/5% YoY growth.For exports, the growth outlook is less certain given the weakness of truck sales in Russia, a major market for Chinese trucks.We are concerned that the growth in other countries will not be able to offset the decline in Russia. 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 - Turning Cautious on Export Market; D/G Sinotruk to HOLD; Maintain BUY on Weichai

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 July 19th.</li>
<li>We estimate the weekly outflows to be US$2,388.5 million, led by consumer discretionary, industrials, financials.</li>
<li>We highlight flows for Midea (000333 CH), Zhongji Innolight (300308 CH), Mindray (300760 CH).</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of July 19th.
We estimate the weekly outflows to be US$2,388.5 million, led by consumer discretionary, industrials, financials.
We highlight flows for Midea (000333 CH), Zhongji Innolight (300308 CH), Mindray (300760 CH).


Northbound Flows (Jul 19th): Midea, Zhongji Innolight, Mindray

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of May 31st.</li>
<li>We estimate the weekly outflows to be US$860.8 million, led by consumer staples, financials, health care, and offset by information technology, materials, utilities.</li>
<li>We highlight flows for Zijin Mining, China Yangtze Power, Montage Technology, Moutai, CMB.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of May 31st.
We estimate the weekly outflows to be US$860.8 million, led by consumer staples, financials, health care, and offset by information technology, materials, utilities.
We highlight flows for Zijin Mining, China Yangtze Power, Montage Technology, Moutai, CMB.


Northbound Flows (May 31st): Zijin Mining, China Yangtze Power, Montage Technology, Moutai, CMB

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of May 24th.</li>
<li>We estimate the weekly inflows to be US$654.7 million, led by utilities, financials, industrials sectors, and offset by health care, consumer discretionary, communication services.</li>
<li>We highlight flows for CATL, China Yangtze Power, Bank Of Ningbo, Nari Technology, Jiangsu Hengrui Medicine, Weichai Power.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of May 24th.
We estimate the weekly inflows to be US$654.7 million, led by utilities, financials, industrials sectors, and offset by health care, consumer discretionary, communication services.
We highlight flows for CATL, China Yangtze Power, Bank Of Ningbo, Nari Technology, Jiangsu Hengrui Medicine, Weichai Power.


Northbound Flows (May 24th): CATL, China Yangtze Power, Bank Of Ningbo, Nari Technology, Hengrui

China

Weichai Power Co., Ltd. specializes in the research and development, manufacturing and sales of diesel engines. The company's products are applicable to markets such as, heavy-duty vehicles, coaches, construction machines, vessels and power generator.

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Weichai Power Co Ltd H (2338 HK)

Capital Goods - Who Are Buying/Selling the Sector?

The HK market had a strong run over the past two weeks following the dramatic policy changes announced by the Chinese government.

CMB International

Capital Goods - Turning Cautious on Export Market; D/G Sinotruk to HOLD; Maintain BUY on Weichai

We revise down our 2024E/25E heavy-duty truck (HDT) industry sales forecast by 11%/9% to 0.96mn / 1mn units, representing 4%/5% YoY growth.

CMB International

Northbound Flows (Jul 19th): Midea, Zhongji Innolight, Mindray

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Midea, Zhongji Innolight, Mindray.

Ke Yan, CFA, FRM

Northbound Flows (May 31st): Zijin Mining, China Yangtze Power, Montage Technology, Moutai, CMB

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Zijin Mining, China Yangtze Power, Montage...

Ke Yan, CFA, FRM

Northbound Flows (May 24th): CATL, China Yangtze Power, Bank Of Ningbo, Nari Technology, Hengrui

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for CATL, China Yangtze Power, Bank Of Ningbo, Nari...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

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