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>Property sales during Labor Day holiday (May 1-5) were solid with daily transaction volume for new homes in 30 cities/second-hand homes in 16 cities rising 28/162% YoY, respectively, demonstrating stable home-buying sentiment post the March peak without the market-feared cliff-like decline.</li><li>With a high base in 2Q25, we forecast existing home transaction/new home transaction (EHT/NHT) GTV growth of 14%/2% YoY to RMB650/240bn (vs.1Q25E: +26%/+43% YoY).</li><li>We are confident in revenue growth given the company’s active market share expansion but stay cautious on profitability due to elevated CSR-related expenses that will likely remain high in recent years, albeit creating non-negligible long-term value. </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>

Property sales during Labor Day holiday (May 1-5) were solid with daily transaction volume for new homes in 30 cities/second-hand homes in 16 cities rising 28/162% YoY, respectively, demonstrating stable home-buying sentiment post the March peak without the market-feared cliff-like decline.With a high base in 2Q25, we forecast existing home transaction/new home transaction (EHT/NHT) GTV growth of 14%/2% YoY to RMB650/240bn (vs.1Q25E: +26%/+43% YoY).We are confident in revenue growth given the company’s active market share expansion but stay cautious on profitability due to elevated CSR-related expenses that will likely remain high in recent years, albeit creating non-negligible long-term value. 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.

Ke Holdings (BEKE US) - Holiday Sales Suggest Stable Home-Buying Sentiment

KE Holdings

Ke Holdings (BEKE US) - Holiday Sales Suggest Stable Home-Buying Sentiment