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)

Equity Bottom-Up

<ul><li>Maintain BUY. Great Wall’s 1Q26 GPM beat our prior forecast despite industry headwinds, which gives us more confidence in its FY26-27E GPM.</li><li>We are of the view that the chance of rolling out a competitive new model for Great Wall is increasing given its planned 12 new models this year.</li><li>1Q26 core profit largely in line, GPM beat. Great Wall’s 1Q26 revenue rose 13% YoY amid a sales volume growth of 5% YoY, or 4% lower than our prior forecast. </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>

Maintain BUY. Great Wall’s 1Q26 GPM beat our prior forecast despite industry headwinds, which gives us more confidence in its FY26-27E GPM.We are of the view that the chance of rolling out a competitive new model for Great Wall is increasing given its planned 12 new models this year.1Q26 core profit largely in line, GPM beat. Great Wall’s 1Q26 revenue rose 13% YoY amid a sales volume growth of 5% YoY, or 4% lower than our prior forecast. 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.

Great Wall Motor (2333 HK/601633 CH) - New-Model Sales as Key After 1Q26 Solid GPM