External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Thematic (Sector/Industry)

United states Consumer discretionary / 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><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>

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.

Eva Precision Industrial Holdings (838 HK)

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