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)

Hong kong Industrials / Thematic (Sector/Industry)

<ul><li>According to the preliminary data released by Cvworld, HDT wholesale volume (domestic + export) surged 29% YoY to 92k units in Jun, driven by both diesel and new-energy HDTs, which is above our expectation.</li><li>We believe the underlying driver for the strong growth was the implementation of truck replacement subsidies launched in Mar (for details, please find our publication “New subsidies on truck replacement cover NES IV and natural gas trucks; +ve to Weichai”.</li><li>The strong data point reaffirms our positive stance on HDT sector this year. We maintain our full-year HDT sales growth estimate of 10%. </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>

According to the preliminary data released by Cvworld, HDT wholesale volume (domestic + export) surged 29% YoY to 92k units in Jun, driven by both diesel and new-energy HDTs, which is above our expectation.We believe the underlying driver for the strong growth was the implementation of truck replacement subsidies launched in Mar (for details, please find our publication “New subsidies on truck replacement cover NES IV and natural gas trucks; +ve to Weichai”.The strong data point reaffirms our positive stance on HDT sector this year. We maintain our full-year HDT sales growth estimate of 10%. 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.

Capital Goods - HDT Sales +29% YoY in Jun, Better than Expectation