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>Exam / In Depth: Can China provide middle-schoolers long-promised exam relief?</li><li>Tourism /: Thailand falls out of favor with Chinese tourists</li><li>Drugs /: China cuts new path for commercial insurance holders to get pricey drugs</li></ul>

Exam / In Depth: Can China provide middle-schoolers long-promised exam relief?Tourism /: Thailand falls out of favor with Chinese touristsDrugs /: China cuts new path for commercial insurance holders to get pricey drugs

CX Daily: Can China Provide Middle-Schoolers Long-Promised Exam Relief? 

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>Fourteen Chinese NEV makers/brands including BYD, Great Wall, NIO, Xpeng, Li Auto, Leapmotor, Xiaomi, HIMA, Galaxy, Zeekr, Aion, Voyah, Deepal and Avatr reported their Jun 2025 sales volumes on 1 Jul 2025.</li><li>Total NEV sales volume combined rose 27% YoY (ranging from -24% to +224%) and remained flat MoM (ranging from -20% to +19%) last month.</li><li>Li Auto missed, Xpeng and NIO in line. Li Auto’s Jun deliveries fell 11% MoM to about 36,000 units, driving its 2Q25 sales volume up by 20% QoQ to about 111,000 units, but still missing our previous forecast by about 13,000 units.</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.

Fourteen Chinese NEV makers/brands including BYD, Great Wall, NIO, Xpeng, Li Auto, Leapmotor, Xiaomi, HIMA, Galaxy, Zeekr, Aion, Voyah, Deepal and Avatr reported their Jun 2025 sales volumes on 1 Jul 2025.Total NEV sales volume combined rose 27% YoY (ranging from -24% to +224%) and remained flat MoM (ranging from -20% to +19%) last month.Li Auto missed, Xpeng and NIO in line. Li Auto’s Jun deliveries fell 11% MoM to about 36,000 units, driving its 2Q25 sales volume up by 20% QoQ to about 111,000 units, but still missing our previous forecast by about 13,000 units.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 - New models to drive NEV sales in 3Q after a solid Jun

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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.

Equity Bottom-Up

<ul>
<li>BYD announced that the company would provide price discounts for 22 models.</li>
<li>BYD has scale advantage over other NEV car makers and the NEV industry has bargaining power over suppliers and dealers.</li>
<li>The auto association and the Ministry of Industry are trying to protect small companies from bankruptcy.</li>
</ul>


BYD announced that the company would provide price discounts for 22 models.
BYD has scale advantage over other NEV car makers and the NEV industry has bargaining power over suppliers and dealers.
The auto association and the Ministry of Industry are trying to protect small companies from bankruptcy.


BYD (1211 HK): Authorities Halting Severe Competition Throughout Industry and Industry Chain

<ul><li>We summarize the May 2025 price discounts at dealers for major automakers in this report.</li><li>Note that May discounts for each automaker are calculated based on the weighted average of Apr 2025 retail sales volume for each model, as May 2025 retail sales volume data have not been released yet.</li><li>The industrywide average discounts rose 0.7ppts MoM to about 15% in May 2025, based on our calculations, mainly driven by German brands (VW, Mercedes-Benz and BMW, etc.). </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 summarize the May 2025 price discounts at dealers for major automakers in this report.Note that May discounts for each automaker are calculated based on the weighted average of Apr 2025 retail sales volume for each model, as May 2025 retail sales volume data have not been released yet.The industrywide average discounts rose 0.7ppts MoM to about 15% in May 2025, based on our calculations, mainly driven by German brands (VW, Mercedes-Benz and BMW, etc.). 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 - New Models to Stabilize Chinese OEMs’ Discounts

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of May 30th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Catl, Horizonrobot, ICBC, Fl2 Csop Hsi, Fi2 Csop Hsi.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 30th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Catl, Horizonrobot, ICBC, Fl2 Csop Hsi, Fi2 Csop Hsi.


HK Short Interest Weekly: Catl, Horizonrobot, ICBC

China

Zhejiang Leapmotor Technologies Ltd. operates as an electric vehicles manufacturer. The Company develops and sells electric vehicles and other products. Zhejiang Leapmotor Technologies markets its products throughout China.

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Zhejiang Leapmotor Technologie (9863 HK)

CX Daily: Can China Provide Middle-Schoolers Long-Promised Exam Relief?

Exam / In Depth: Can China provide middle-schoolers long-promised exam relief? Tourism /: Thailand falls out of favor with Chinese tourists Drugs...

Caixin Global

Auto - New models to drive NEV sales in 3Q after a solid Jun

Total NEV sales volume combined rose 27% YoY (ranging from -24% to +224%) and remained flat MoM (ranging from -20% to +19%) last month.

CMB International

BYD (1211 HK): Authorities Halting Severe Competition Throughout Industry and Industry Chain

BYD provideS price discounts for 22 models. BYD has cashflow advantage over competitors, suppliers, and dealers. Authorities are trying to prevent...

Ming Lu

Auto - New Models to Stabilize Chinese OEMs’ Discounts

The industrywide average discounts rose 0.7ppts MoM to about 15% in May 2025, based on our calculations, mainly driven by German brands (VW,...

CMB International

HK Short Interest Weekly: Catl, Horizonrobot, ICBC

We analyzed the latest HK SFC report for aggregate short position as of May 30th and highlight short interest changes in Catl, Horizonrobot, ICBC,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

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