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 Real estate / Thematic (Sector/Industry)

<ul><li>The State Council’s meeting held last Friday reiterated the crucial role of real estate industry for stabilizing the macro economy, which sparked another round of anticipation for more supporting policies among investors.</li><li>Share prices of quality names in the sector inched up 2-3% yesterday in response.</li><li>We think it is possible to see more relaxation in tier-1 cities while the effect on property sales could be limited as residents’ future income expectation has not yet recovered and developers are still deeply mired in debt crisis. </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>

The State Council’s meeting held last Friday reiterated the crucial role of real estate industry for stabilizing the macro economy, which sparked another round of anticipation for more supporting policies among investors.Share prices of quality names in the sector inched up 2-3% yesterday in response.We think it is possible to see more relaxation in tier-1 cities while the effect on property sales could be limited as residents’ future income expectation has not yet recovered and developers are still deeply mired in debt crisis. 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.

Property - Weekly highlight: Tier-1 cities showed WoW recovery, YoY decline remains deep