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 HOLD. While we still believe Li Auto is an outstanding company and could make a comeback with its solid cash position, we think its transformation to an AI device company still takes some time.</li><li>The outlook of the redesigned L9 is still uncertain, in our view, given the heightened competition in the large SUV market. We expect Li Auto to make a net loss in 1H26E.</li><li>Even with a successful L9, valuation could still be unattractive based on FY26E earnings.</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 HOLD. While we still believe Li Auto is an outstanding company and could make a comeback with its solid cash position, we think its transformation to an AI device company still takes some time.The outlook of the redesigned L9 is still uncertain, in our view, given the heightened competition in the large SUV market. We expect Li Auto to make a net loss in 1H26E.Even with a successful L9, valuation could still be unattractive based on FY26E earnings.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.

Li Auto Inc. (LI US/2015 HK) - Await Redesigned L9 Amid Lingering Challenges