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

Thematic (Sector/Industry)

<ul><li>Chinese electric-vehicle (EV) makers are pulling out all the stops to lure buyers into placing orders by the end of 2022, before subsidies for new-energy vehicle (NEV) purchases are completely phased out</li><li>Carmakers are adopting these sales strategies because they want to “get in ahead of rivals” to secure as many orders as possible before 2023 amid growing speculation that China’s passenger NEV market will likely enter a phase of readjustment</li><li>Government subsidies were introduced in 2010 to spur the growth of the industry — alongside other support policies such as tax breaks for buyers</li></ul>

Chinese electric-vehicle (EV) makers are pulling out all the stops to lure buyers into placing orders by the end of 2022, before subsidies for new-energy vehicle (NEV) purchases are completely phased outCarmakers are adopting these sales strategies because they want to “get in ahead of rivals” to secure as many orders as possible before 2023 amid growing speculation that China’s passenger NEV market will likely enter a phase of readjustmentGovernment subsidies were introduced in 2010 to spur the growth of the industry — alongside other support policies such as tax breaks for buyers

China’s EV-Makers Race to Secure Orders Before Subsidies End

Cross Asset Strategy

<ul><li>Accounting : In Depth: U.S. audit row dims big accounting’s prospects in China</li><li>Covid-19: China targets seniors in renewed Covid vaccination drive</li><li>PMI: China’s manufacturing activity contracts again, Caixin PMI shows</li></ul>

Accounting : In Depth: U.S. audit row dims big accounting’s prospects in ChinaCovid-19: China targets seniors in renewed Covid vaccination drivePMI: China’s manufacturing activity contracts again, Caixin PMI shows

CX Daily: U.S. Audit Row Dims Big Accounting’s Prospects in China

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.

<div><div><div><div><ul><li>China’s passenger-vehicle (PV) retail sales volume, based on insurance data, rose 9% YoY to 1.86mn units in Sep 2022, 3% lower than our prior forecast.</li><li>Wholesale volume surged 33% YoY to 2.33mn units, 8% higher than our prior projection due to more inventories pushed to dealers than expected.</li><li>Almost 260,000 units of inventories were added into dealers in Sep 2022, the most in any Sep in history. </li></ul></div></div></div></div><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>

China’s passenger-vehicle (PV) retail sales volume, based on insurance data, rose 9% YoY to 1.86mn units in Sep 2022, 3% lower than our prior forecast.Wholesale volume surged 33% YoY to 2.33mn units, 8% higher than our prior projection due to more inventories pushed to dealers than expected.Almost 260,000 units of inventories were added into dealers in Sep 2022, the most in any Sep in history. 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 – 2H22E likely beat; FY23E consensus overstated

<ul><li><p>Caixin Explains: What to look out for at the 20th Party National Congress</p></li><li><p>China has no timetable for easing ‘zero-Covid’ policy yet, top epidemiologist says</p></li><li><p>Former South China city disease control chief gets 10 years behind bars for graft</p></li></ul>

Caixin Explains: What to look out for at the 20th Party National CongressChina has no timetable for easing ‘zero-Covid’ policy yet, top epidemiologist saysFormer South China city disease control chief gets 10 years behind bars for graft

CX Daily: What to Look Out For at the 20th Party National Congress

<div><div><div><div><ul><li>Golden week data missed market’s already low expectation for all three major categories - property sales, domestic tourism spending and auto sales.</li><li>4Q is unlikely to be a big surprise as property and its supply chain (20-30% of GDP) will still be the major drag that could neutralize the still resilient auto and gradually recovering consumption.</li><li>Together with more market volatility from pandemic and CPC meeting, we recommend investors to avoid one-sided long or short, but focus on pair trade opportunities to play the difference of BtoC over BtoB as BtoB is more vulnerable in terms of bad debts and pricing power than BtoC amid weak macro.</li></ul></div></div></div></div><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>

Golden week data missed market’s already low expectation for all three major categories - property sales, domestic tourism spending and auto sales.4Q is unlikely to be a big surprise as property and its supply chain (20-30% of GDP) will still be the major drag that could neutralize the still resilient auto and gradually recovering consumption.Together with more market volatility from pandemic and CPC meeting, we recommend investors to avoid one-sided long or short, but focus on pair trade opportunities to play the difference of BtoC over BtoB as BtoB is more vulnerable in terms of bad debts and pricing power than BtoC amid weak macro.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.

Cross sector report – Post-Golden Week: More positive on BToC recovery potential; Cautious on BToB

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.

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XPeng (XPEV US)

China’s EV-Makers Race to Secure Orders Before Subsidies End

Chinese electric-vehicle (EV) makers are pulling out all the stops to lure buyers into placing orders by the end of 2022, before subsidies...

Caixin Global

CX Daily: U.S. Audit Row Dims Big Accounting’s Prospects in China

Accounting : In Depth: U.S. audit row dims big accounting’s prospects in China. Covid-19: China targets seniors in renewed Covid vaccination drive

Caixin Global

China Auto Sector – 2H22E likely beat; FY23E consensus overstated

China’s passenger-vehicle (PV) retail sales volume, based on insurance data, rose 9% YoY to 1.86mn units in Sep 2022, 3% lower than our prior...

CMB International

CX Daily: What to Look Out For at the 20th Party National Congress

Caixin Explains: What to look out for at the 20th Party National Congress. China has no timetable for easing ‘zero-Covid’ policy yet, top...

Caixin Global

Cross sector report – Post-Golden Week: More positive on BToC recovery potential; Cautious on BToB

Golden week data missed market’s already low expectation for all three major categories - property sales, domestic tourism spending and auto sales.

CMB International

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