CMBI Credit Commentary Fixed Income Credit Commentary 25 Mar 2026 Glenn Ko, CFA 高志和 (852) 3657 6235 glennko@cmbi.com.hk Cyrena Ng, CPA 吳蒨瑩 (852) 3900 0801 cyrenang@cmbi.com.hk Trading desk comments 交易台市场观点 Yesterday, WESCHI 28-29 leaked 0.7-1.0pt. West China Cement reported a 15.3% yoy increase in revenue in FY25 yet weaker 2H25 results. See our comments yesterday. In Chinese IG space, XIAOMI 30-51 closed 1-4bps wider. Xiaomi's FY25 revenue was up 25% yoy to RMB457.3bn. See comments below. 5-10yr MEITUA tra ...

RT Sawyer Merritt (@SawyerMerritt)NEWS: Tesla ranked 1st on supply chain sustainability in the 2026 Lead the Charge auto/EV supply chain scorecard."@Tesla remains the top performing automaker of the Leaderboard for the second year running, and increased its overall score by 6 percentage points, while Ford only managed 2 percentage points. The gap between the two companies has widened: Tesla is now almost 5 percentage points ahead of Ford.Tesla reclaimed the top position in the battery section with an impres ...

🇨🇳 UPDATE: Chinese EV company Jiuzi Holdings signs $1B deal to acquire 10,000 BTC via equity. https://t.co/JNFk3nTruP ...

🚨 Xiaomi deploys humanoid bots at its EV assembly plant, adding momentum to the factory robotics race alongside Tesla Optimus• 3 hours of continuous autonomous operation• 90.2% success rate placing self-tapping nuts• Powered by Vision-Language-Action (VLA) + reinforcement learning• CEO Lei Jun expects far more humanoids in production over the next five yearsHumanoids are moving from demos to real factory floors! $TSLATsla Archive (@tesla_archive):🚨NEWS: $TSLA RIVAL XIAOMI DEPLOYS HUMANOID ROBOT WITH 3 HOURS ...

Prince Andrew advisor pitched Jeffrey Epstein on investing in EV startups like Lucid Motors https://t.co/s8RscX8U5A ...

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company has a team of experienced and qualified news journalists who produce independent content [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The content delivered includes insights across various sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5]

Market Overview - US stock futures showed a cautious rebound after a week of losses, with S&P 500 futures rising 0.4% and Nasdaq 100 futures increasing by approximately 0.6% [1] - Despite the rebound, both the S&P 500 and Nasdaq Composite are set for weekly losses, having entered negative territory for 2026 [2] Cryptocurrency Market - Bitcoin climbed back above $65,000 after hitting a 16-month low, although it is on track for its worst weekly performance since 2022 [3] - Strategy (MSTR), significantly impacted by the crypto downturn, reported a quarterly loss but saw its stock rise over 6% as bitcoin prices recovered and the CEO downplayed debt concerns [4] Technology Sector - Amazon (AMZN) shares fell 8% following its earnings report, which included plans for a substantial increase in spending to at least $200 billion by 2026, despite a forecast for lower operating income [5] - Concerns about the impact of new AI tools on legacy tech were dismissed by Big Tech CEOs and analysts, contributing to a tentative risk-on sentiment in the market [2] Automotive Industry - Stellantis (STLA) announced a charge of over €22 billion ($26 billion) to scale back its electric vehicle (EV) initiatives, leading to a more than 20% drop in its shares [6] - The automotive sector is facing challenges, highlighted by a $60 billion loss for Chinese carmaker BYD this week, indicating broader issues in the EV market [6] Labor Market - The release of the January jobs report has been postponed to the following Wednesday, amid emerging signs of labor market troubles, including a drop in job openings to the lowest level since 2020 and a surge in layoff announcements [7]

A relentless selloff in BYD shares is laying bare investor anxiety over the profit outlook for China’s EV sector, as cooling demand at home and surging raw material costs trigger a brutal reset of expectations https://t.co/FRwt8ZDwTu ...

中國 EV 市場 一月整體 只漲 1% BYD 全球 銷量暴跌 30%！ 結果 Tesla 上海廠交付 居然逆天 漲了9.3%？ CPCA 最新公布 Tesla 一月份 交付 69 129 輛 Model 3 和 Y 年比大增 9.3% 連續三個月 上漲！ 整個中國 新能源車批發 才 90 萬輛 環比暴跌 42% 大家都在喊冷 但 Tesla 硬是穩住 靠出口 撐住了場面 BYD 呢？ 全球直接崩 30% 月比更慘 下跌50%！ 去年還壓 Tesla 一頭 現在直接 被打臉 這波 Tesla 為什麼這麼強？ 低息七年貸款 零首付月供不到 2000 人民幣 再加保險補貼 直接把競爭對手 逼到牆角 馬斯克這盤棋 下得太狠了 中國市場 疲軟他還能漲 你說是不是 王者回歸？. ...

To be clear: I will always be an Elon supporter, and of course Tesla pioneered modern EV technology, but the Chinese companies in this space are highly competent and not to be underestimated.BYD announced their charger earlier this year, in March: https://t.co/GS3zVqavJk https://t.co/dWAjIttIvBDominic Lee 李梓敬 (@dominictsz):BYD's charging station in China, 400km in 5 minutes!Gasoline what? https://t.co/WgWGc5Nd3q ...