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)

China Consumer discretionary / Thematic (Sector/Industry)

<div><div><div><div><ul><li>Eight new-energy vehicle (NEV) brands including NIO, Xpeng, Li Auto, Zeekr, Aion, AITO, Neta and Leap reported their Aug 2022 sales volumes on 1 Sep 2022.</li><li>Sales volume of the eight brands combined rose 117% YoY (ranged from -52% to +193%) and 2% MoM (ranged from -56% to +43%).</li><li>NIO leads among NEV trio. NIO was the only automaker among the NEV trio with MoM growth in sales volume, which is consistent with our prior argument that NIO should have the best sequential growth in sales volume among the NEV trio in 3Q22. We estimate the ET7 has about 4-5 months of order backlog.</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>

Eight new-energy vehicle (NEV) brands including NIO, Xpeng, Li Auto, Zeekr, Aion, AITO, Neta and Leap reported their Aug 2022 sales volumes on 1 Sep 2022.Sales volume of the eight brands combined rose 117% YoY (ranged from -52% to +193%) and 2% MoM (ranged from -56% to +43%).NIO leads among NEV trio. NIO was the only automaker among the NEV trio with MoM growth in sales volume, which is consistent with our prior argument that NIO should have the best sequential growth in sales volume among the NEV trio in 3Q22. We estimate the ET7 has about 4-5 months of order backlog.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 – Aug NEV: All-time high sales for tier-2 brands