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>Despite a pre-buying effect in 2024, we expect China’s passenger-vehicle (PV) sales volume to be still resilient in 2025.</li><li>We also project new-energy vehicle (NEV) market share to reach 57.8% in 2025E on a retail basis, which could make NEVs become mainstream in most price segments.</li><li>While some key themes including competition and the rising importance of new models are likely to continue in 2025, we also need to be prepared for new trends.</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>

Despite a pre-buying effect in 2024, we expect China’s passenger-vehicle (PV) sales volume to be still resilient in 2025.We also project new-energy vehicle (NEV) market share to reach 57.8% in 2025E on a retail basis, which could make NEVs become mainstream in most price segments.While some key themes including competition and the rising importance of new models are likely to continue in 2025, we also need to be prepared for new trends.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 - 2025 Outlook: Likely a replica of 2024, but more

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>LI US/XPEV US/NIO US/1211 HK/TSLA US/ZK US:Electric vehicles delivered in the 48th week of 2024: LI and AITO stagnated, new new forces surged,while BYD and Tesla maintained moderate rise.(///////////)</li>
<li>MNSO US /601933 CH: A brief comment on the recent stock rally(///)</li>
<li>981HK/ACMR US/1347 HK: Impacts of US semiconductor export controls. (-/-/+)</li>
</ul>


LI US/XPEV US/NIO US/1211 HK/TSLA US/ZK US:Electric vehicles delivered in the 48th week of 2024: LI and AITO stagnated, new new forces surged,while BYD and Tesla maintained moderate rise.(///////////)
MNSO US /601933 CH: A brief comment on the recent stock rally(///)
981HK/ACMR US/1347 HK: Impacts of US semiconductor export controls. (-/-/+)


[Blue Lotus Daily]:LI US/XPEV US/NIO US/1211HK/TSLA US/ZK US/MNSO/601933CH/LKNCY/981HK/ACMR/1347HK

<ul>
<li>LI US/1211 HK/1810 HK/XPEV US/NIO US/9863 HK/ZK US:In the 47th week of new energy vehicles, LI and BYD were impacted by new new forces. (////////////)</li>
<li>1211 HK:BYD Requests Suppliers to Reduce Prices by 10% in 2025.(+)</li>
<li>1810 HK/JD US: Jiangsu Province Expands Consumer Subsidy Scope, Adding 27 Product Categories Including Mobile Phones and Laptops.(+/+)</li>
</ul>


LI US/1211 HK/1810 HK/XPEV US/NIO US/9863 HK/ZK US:In the 47th week of new energy vehicles, LI and BYD were impacted by new new forces. (////////////)
1211 HK:BYD Requests Suppliers to Reduce Prices by 10% in 2025.(+)
1810 HK/JD US: Jiangsu Province Expands Consumer Subsidy Scope, Adding 27 Product Categories Including Mobile Phones and Laptops.(+/+)


[Blue Lotus Daily]:LI US/1211 HK/1810 HK/XPEV US/NIO US/9863 HK/ZK US/JD US/Macro News

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Technical Analysis

<ul><li>Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,425/1,411 points (50-week EMA) and the resistance at 1,442/1,445 points (50-day and 10-day EMA).</li><li>In the short term, a technical sell signal was triggered yesterday (falling below 1,432 points for the first time), reflecting a downward trend toward the key support levels at 1,411/1,405 points, respectively.</li><li>We maintain the recommendation to sell on rallies until a new technical buy signal emerges.</li></ul>

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,425/1,411 points (50-week EMA) and the resistance at 1,442/1,445 points (50-day and 10-day EMA).In the short term, a technical sell signal was triggered yesterday (falling below 1,432 points for the first time), reflecting a downward trend toward the key support levels at 1,411/1,405 points, respectively.We maintain the recommendation to sell on rallies until a new technical buy signal emerges.

Krungthai XSpring Zoom Eng. November 28, 2024

<ul>
<li>1211 HK/TSLA US/1810 HK/NIO US/LI US/XPEV US/ZK US/9863 HK:In the 46th week of 2024, market demand is booming and new brands gain market share.(///////////////)</li>
<li>XPEV US: Xpeng's vehicle revenue and gross profit margin exceeded expectations in the third quarter, but service revenue was lower than expected, resulting in lower-than-expected profits.(/)</li>
<li>LKNCY US: Luckin Signs Memorandum for Brazilian Coffee Bean Purchases.(+)</li>
</ul>


1211 HK/TSLA US/1810 HK/NIO US/LI US/XPEV US/ZK US/9863 HK:In the 46th week of 2024, market demand is booming and new brands gain market share.(///////////////)
XPEV US: Xpeng's vehicle revenue and gross profit margin exceeded expectations in the third quarter, but service revenue was lower than expected, resulting in lower-than-expected profits.(/)
LKNCY US: Luckin Signs Memorandum for Brazilian Coffee Bean Purchases.(+)


[Blue Lotus Daily]:1211 HK/TSLA US/1810 HK/NIO US/LI US/XPEV US/ZK US/9863 HK/LKNCY US

China

XPeng Inc. designs, produces, and distributes electric vehicles. The Company designs, develops, manufactures and markets smart smart electric vehicles, as well as finance, parts, and maintenance services. XPeng serves customers in China.

Price Gauge
52-week Range	0.00 - 0.00
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XPeng (XPEV US)

Auto - 2025 Outlook: Likely a replica of 2024, but more

While some key themes including competition and the rising importance of new models are likely to continue in 2025, we also need to be prepared for...

CMB International

[Blue Lotus Daily]:LI US/XPEV US/NIO US/1211HK/TSLA US/ZK US/MNSO/601933CH/LKNCY/981HK/ACMR/1347HK

Electric vehicle deliveries in the 48th week of 2024 show stagnation for some, surge for others. Stock rally commentary and impacts of US...

Blue Lotus Research Institute

[Blue Lotus Daily]:LI US/1211 HK/1810 HK/XPEV US/NIO US/9863 HK/ZK US/JD US/Macro News

New energy vehicle companies like LI and BYD face challenges, with BYD requesting suppliers to cut prices by 10% by 2025 ,Jiangsu Province...

Blue Lotus Research Institute

Krungthai XSpring Zoom Eng. November 28, 2024

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,425/1,411 points (50-week EMA) and the resistance...

Krungthai XSpring

[Blue Lotus Daily]:1211 HK/TSLA US/1810 HK/NIO US/LI US/XPEV US/ZK US/9863 HK/LKNCY US

Market demand is booming in 46th week of 2024, new brands gaining share; XPEV's Q3 revenue exceeds expectations but service revenue disappoints;...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Auto - 2025 Outlook: Likely a replica of 2024, but more

While some key themes including competition and the rising importance of new models are likely to continue in 2025, we also need to be prepared for...

CMB International

[Blue Lotus Daily]:LI US/XPEV US/NIO US/1211HK/TSLA US/ZK US/MNSO/601933CH/LKNCY/981HK/ACMR/1347HK

​Electric vehicle deliveries in the 48th week of 2024 show stagnation for some, surge for others. Stock rally commentary and impacts of US...

Blue Lotus Research Institute

[Blue Lotus Daily]:LI US/1211 HK/1810 HK/XPEV US/NIO US/9863 HK/ZK US/JD US/Macro News

​New energy vehicle companies like LI and BYD face challenges, with BYD requesting suppliers to cut prices by 10% by 2025 ,Jiangsu Province...

Blue Lotus Research Institute

Krungthai XSpring Zoom Eng. November 28, 2024

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,425/1,411 points (50-week EMA) and the resistance...

Krungthai XSpring

[Blue Lotus Daily]:1211 HK/TSLA US/1810 HK/NIO US/LI US/XPEV US/ZK US/9863 HK/LKNCY US

​Market demand is booming in 46th week of 2024, new brands gaining share; XPEV's Q3 revenue exceeds expectations but service revenue disappoints;...

Blue Lotus Research Institute

Electric vehicle deliveries in the 48th week of 2024 show stagnation for some, surge for others. Stock rally commentary and impacts of US...

New energy vehicle companies like LI and BYD face challenges, with BYD requesting suppliers to cut prices by 10% by 2025 ,Jiangsu Province...

Market demand is booming in 46th week of 2024, new brands gaining share; XPEV's Q3 revenue exceeds expectations but service revenue disappoints;...