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)

China Consumer Discretionary: Reducing The Underweight

Thematic (Sector/Industry)

China Utilities / Thematic (Sector/Industry)

<ul><li>Overseas economy is moving into a recession from stagflation. China’s economy is bracing for a gradual resumption.</li><li>China’s new leaders will focus on confidence restoration &amp; economic resumption, and they will try their best to reopen the economy, stabilize property market and restore market confidence with a pro-business stance.</li><li>Overseas recession will not change China’s economic resumption cycle in 2023-2024. In the medium term, China will continue to transit its economy towards a technology, high-end manufacturing, modern service and consumption driven one.</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>

Overseas economy is moving into a recession from stagflation. China’s economy is bracing for a gradual resumption.China’s new leaders will focus on confidence restoration &amp; economic resumption, and they will try their best to reopen the economy, stabilize property market and restore market confidence with a pro-business stance.Overseas recession will not change China’s economic resumption cycle in 2023-2024. In the medium term, China will continue to transit its economy towards a technology, high-end manufacturing, modern service and consumption driven one.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 Strategy Outlook 2023 - Boosting Growth as the Priority