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>C&amp;l gas sales has shown a rapid recovery since Dec 2022, and potentially suppressed gas demand for C&amp;I may further release in 2023. </li><li>Dollar margin continues to improve. As TLG implemented active price-cross measures and diversified its gas source, the Group’s dollar margin improved to around RMB0.5cbm in 3Q22, and the dollar margin in 2H22 went back to a similar level to previous years.</li><li>Great development potential for TLG’s rural household PV business with the gas-electric synergy model</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>

C&amp;l gas sales has shown a rapid recovery since Dec 2022, and potentially suppressed gas demand for C&amp;I may further release in 2023. Dollar margin continues to improve. As TLG implemented active price-cross measures and diversified its gas source, the Group’s dollar margin improved to around RMB0.5cbm in 3Q22, and the dollar margin in 2H22 went back to a similar level to previous years.Great development potential for TLG’s rural household PV business with the gas-electric synergy modelContent 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.

Tian Lun Gas (1600 HK) – Rapid Recovery in C&L’s Gas Sale

China Tian Lun Gas

Tian Lun Gas (1600 HK) – Rapid Recovery in C&L’s Gas Sale