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>Nine Chinese automakers including BYD, Great Wall Motor, NIO, Xpeng, Li Auto, Zeekr, Aion, Neta and Leap reported their Jul 2023 sales volumes on 1 Aug 2023.</li><li>Sales volume of the nine automakers combined rose 67% YoY (ranged from -28% to +228%) and 6% MoM (ranged from -17% to +91%) in Jul 2023.</li><li>NEV trio all beat our expectation by 1,000-2,000 units. Li Auto recorded a sales volume of more than 34,000 units in Jul 2023, stronger than our previous forecast.</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.

Nine Chinese automakers including BYD, Great Wall Motor, NIO, Xpeng, Li Auto, Zeekr, Aion, Neta and Leap reported their Jul 2023 sales volumes on 1 Aug 2023.Sales volume of the nine automakers combined rose 67% YoY (ranged from -28% to +228%) and 6% MoM (ranged from -17% to +91%) in Jul 2023.NEV trio all beat our expectation by 1,000-2,000 units. Li Auto recorded a sales volume of more than 34,000 units in Jul 2023, stronger than our previous 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.

China Auto Sector – Jul NEV: All-time high sales for seven brands

China/Asia TMT

Shawn Yang

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>Real Estate Industry Update: Housing bureaus in China’s first tier cities pledge to draft supportive policy on home purchase（+）</li>
<li>2150HK: Nayuki teahouse average store revenue remains flattish YoY in July 2023（/）</li>
<li>LI/NIO/XPEV: Li Auto, NIO and Xpeng update August vehicle delivery results (+/+//)</li>
</ul>


Real Estate Industry Update: Housing bureaus in China’s first tier cities pledge to draft supportive policy on home purchase（+）
2150HK: Nayuki teahouse average store revenue remains flattish YoY in July 2023（/）
LI/NIO/XPEV: Li Auto, NIO and Xpeng update August vehicle delivery results (+/+//)


China TMT Update-BEKE/2150.HK/LI/NIO/XPEV-Supportive Policy on Home Purchase;August Vehicle Delivery

<ul>
<li>XPEV: Xpeng and Volkswagen cooperation updates, per the analyst call with IR team (/)</li>
<li>3690.HK: NDRC adds guidelines for restoring consumption of catering and tourism (+)</li>
<li>241HK/ 6618HK：Central Discipline Committee launched crackdown on healthcare corruption (-)</li>
</ul>


XPEV: Xpeng and Volkswagen cooperation updates, per the analyst call with IR team (/)
3690.HK: NDRC adds guidelines for restoring consumption of catering and tourism (+)
241HK/ 6618HK：Central Discipline Committee launched crackdown on healthcare corruption (-)


China TMT Update-XPEV/3690HK/241HK/6618HK-Volkswagen Cooperation;Crackdown on Healthcare Corruption

<ul>
<li>ATAT: Legacy-Huazhu 2Q23 RevPAR increased 21% vs. same period in 2019（+）</li>
<li>XPEV: weekly data indicates G6 capacity still needs time to ramp up (-)</li>
<li>XPEV : The VW brand concludes technological framework agreement for long-term cooperation with Xpeng (+)</li>
</ul>


ATAT: Legacy-Huazhu 2Q23 RevPAR increased 21% vs. same period in 2019（+）
XPEV: weekly data indicates G6 capacity still needs time to ramp up (-)
XPEV : The VW brand concludes technological framework agreement for long-term cooperation with Xpeng (+)


China TMT Update-ATAT/XPEV-The VW Brand Cooperate with Xpeng;G6 Capacity;Legacy-Huazhu 2Q23 RevPAR

<ul><li>China’s passenger-vehicle (PV) retail sales volume rose 2% YoY and 12% MoM in Jun 2023 amid high base, 5% higher than our prior forecast, driving the 1H23 retail sales volume 5% higher than a year ago.</li><li>Wholesale volume rose 2% YoY and 11% MoM to 2.27mn units in Jun 2023, the highest Jun in history, and 9% higher than our prior forecast.</li><li>Wholesale volume rose 9% YoY (or +0.41mn units YoY) in 1H23, aided by 88% YoY growth (or +0.83mn units YoY) of exports.</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 rose 2% YoY and 12% MoM in Jun 2023 amid high base, 5% higher than our prior forecast, driving the 1H23 retail sales volume 5% higher than a year ago.Wholesale volume rose 2% YoY and 11% MoM to 2.27mn units in Jun 2023, the highest Jun in history, and 9% higher than our prior forecast.Wholesale volume rose 9% YoY (or +0.41mn units YoY) in 1H23, aided by 88% YoY growth (or +0.83mn units YoY) of exports.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 – Strong June provides more confidence for 2H23

China

XPeng designs, develops, manufactures, and markets smart electric vehicles, integrating advanced technologies like autonomous driving and intelligent operating systems. Its product lineup includes a range of smart electric sedans, SUVs, and MPVs. The company was founded in 2014 and is headquartered in Guangzhou, China.

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XPeng (9868 HK)

China Auto Sector – Jul NEV: All-time high sales for seven brands

Nine Chinese automakers including BYD, Great Wall Motor, NIO, Xpeng, Li Auto, Zeekr, Aion, Neta and Leap reported their Jul 2023 sales volumes on 1...

CMB International

China TMT Update-BEKE/2150.HK/LI/NIO/XPEV-Supportive Policy on Home Purchase;August Vehicle Delivery

China’s first tier cities draft supportive policy on home purchase;Nayuki teahouse average store revenue remains flattish YoY;LI/NIO/XPEV: Li Auto,...

Blue Lotus Research Institute

China TMT Update-XPEV/3690HK/241HK/6618HK-Volkswagen Cooperation;Crackdown on Healthcare Corruption

XPEV: Xpeng and Volkswagen cooperation updates(/);3690.HK: NDRC adds guidelines for restoring consumption(+);241HK/6618HK：Central Discipline...

Blue Lotus Research Institute

China TMT Update-ATAT/XPEV-The VW Brand Cooperate with Xpeng;G6 Capacity;Legacy-Huazhu 2Q23 RevPAR

XPEV : The VW brand cooperation with Xpeng (+);XPEV: weekly data indicates G6 capacity still needs time to ramp up (-);ATAT: Legacy-Huazhu 2Q23...

Blue Lotus Research Institute

China Auto Sector – Strong June provides more confidence for 2H23

China’s passenger-vehicle (PV) retail sales volume rose 2% YoY and 12% MoM in Jun 2023 amid high base, 5% higher than our prior forecast

CMB International

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