External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>Huawei's role in offering alternatives to foreign tech’s is prominent, but it's important to highlight the contribution of other smaller yet significant players in the development of home-grown solutions in China. </li><li>Nvidia faces significant revenue decline in China in the upcoming year to comply with US export curbs. The company is determined to protect its substantial revenue from the China market and expand its global presence aggressively to make up for the potential revenue loss from the China market.</li><li>Nvidia CFO said “China and other affected destinations consistently contributed approximately 2025% of data center revenue over the past few quarters”.</li></ul>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.

Huawei's role in offering alternatives to foreign tech’s is prominent, but it's important to highlight the contribution of other smaller yet significant players in the development of home-grown solutions in China. Nvidia faces significant revenue decline in China in the upcoming year to comply with US export curbs. The company is determined to protect its substantial revenue from the China market and expand its global presence aggressively to make up for the potential revenue loss from the China market.Nvidia CFO said “China and other affected destinations consistently contributed approximately 2025% of data center revenue over the past few quarters”.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.

China Semiconductor – Domestic AI Chip Makers Accelerating Their Push as Nvidia’s Alternatives

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul><li>Alibaba delivered inline 2QFY24 (March year-end) results: total revenue was RMB224.8bn, up 8.5% YoY, and non-GAAP net income for the quarter was RMB40.2bn, up 16.8% YoY.</li><li>Both revenue and non-GAAP net income in 2QFY24 were in line with Bloomberg consensus estimates.</li><li>Alibaba decided not to proceed with a full spin-off for Cloud Intelligence Group (CIG), and will focus on developing a sustainable growth model for CIG under current circumstances, but stressed that it remained committed to drive shareholder returns. </li></ul>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.

Alibaba delivered inline 2QFY24 (March year-end) results: total revenue was RMB224.8bn, up 8.5% YoY, and non-GAAP net income for the quarter was RMB40.2bn, up 16.8% YoY.Both revenue and non-GAAP net income in 2QFY24 were in line with Bloomberg consensus estimates.Alibaba decided not to proceed with a full spin-off for Cloud Intelligence Group (CIG), and will focus on developing a sustainable growth model for CIG under current circumstances, but stressed that it remained committed to drive shareholder returns. 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.

Alibaba (BABA US) – Remain Committed to Enhance Shareholder Returns

<ul><li>For this year’s Double 11 sales promotion, overall industry delivered positive and stable YoY GMV growth (2.1%, per Syntun data), with Alibaba and JD.com (JD) both delivered positive YoY growth in GMV, order volume, and user volume.</li><li>Live streaming e-commerce GMV growth was still solid given a relatively lower base compared to horizontal e-commerce platform.</li><li>Ecommerce platforms are enhancing supply chain efficiency, product supply, and content ecosystem, as well as optimizing traffic allocation, to enhance user engagement, strengthen consumer mindshare on value for money products, and facilitate transactions, which in turn driving better ROI for merchants, and increasing merchants’ willingness to spend more on advertising. </li></ul>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.

For this year’s Double 11 sales promotion, overall industry delivered positive and stable YoY GMV growth (2.1%, per Syntun data), with Alibaba and JD.com (JD) both delivered positive YoY growth in GMV, order volume, and user volume.Live streaming e-commerce GMV growth was still solid given a relatively lower base compared to horizontal e-commerce platform.Ecommerce platforms are enhancing supply chain efficiency, product supply, and content ecosystem, as well as optimizing traffic allocation, to enhance user engagement, strengthen consumer mindshare on value for money products, and facilitate transactions, which in turn driving better ROI for merchants, and increasing merchants’ willingness to spend more on advertising. 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.

China Internet – Trends observed from this year’s Double 11 shopping festival

<ul><li>Alibaba’s customer management revenue (CMR) growth and cloud revenue growth will take time to recover under current macro backdrop, while the group is trying to revitalize growth via empowering each of the six main units.</li><li>Taobao and Tmall’s “user first” strategy is delivering results, increasing merchants’ willingness to invest in advertising.</li><li>Although Alibaba’s near-term domestic business development faces hindrance due to macro uncertainties, operating efficiency improvement across business lines, as well as international business revenue growth likely remain as bright spots. </li></ul>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.

Alibaba’s customer management revenue (CMR) growth and cloud revenue growth will take time to recover under current macro backdrop, while the group is trying to revitalize growth via empowering each of the six main units.Taobao and Tmall’s “user first” strategy is delivering results, increasing merchants’ willingness to invest in advertising.Although Alibaba’s near-term domestic business development faces hindrance due to macro uncertainties, operating efficiency improvement across business lines, as well as international business revenue growth likely remain as bright spots. 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.

Alibaba (BABA US) – Driving for Group Improvement

<ul><li>Based on NBS data, 8M23 online retail sales GMV/ online physical goods GMV reached RMB9.5/8.0tn, up 12.1/9.5% YoY.</li><li>The YoY growth of online physical goods GMV in Aug 2023 came in at 6.1% (July 2023: 5.0%), which was largely in line with our estimate at 5.5%, demonstrated a marginal sequential improvement trend but indicated that consumption recovery still takes time.</li><li>Although overall top-line growth of e-commerce platforms is likely to face shortterm fluctuation due to macro uncertainties, e-commerce platforms are driving revenue growth and scale expansion in an efficient way and targeting for operating efficiency improvement, which likely leads to benign-than-expected industry competition, and better-than-expected earnings growth in 3Q23. </li></ul>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.

Based on NBS data, 8M23 online retail sales GMV/ online physical goods GMV reached RMB9.5/8.0tn, up 12.1/9.5% YoY.The YoY growth of online physical goods GMV in Aug 2023 came in at 6.1% (July 2023: 5.0%), which was largely in line with our estimate at 5.5%, demonstrated a marginal sequential improvement trend but indicated that consumption recovery still takes time.Although overall top-line growth of e-commerce platforms is likely to face shortterm fluctuation due to macro uncertainties, e-commerce platforms are driving revenue growth and scale expansion in an efficient way and targeting for operating efficiency improvement, which likely leads to benign-than-expected industry competition, and better-than-expected earnings growth in 3Q23. 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.

China Internet – August online retail sales recap

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba Group Holding (9988 HK)

China Semiconductor – Domestic AI Chip Makers Accelerating Their Push as Nvidia’s Alternatives

As the US tightens China’s access to advanced chips, we maintain our earlier view that domestic companies will look for Nvidia’s alternatives at a...

CMB International

Alibaba (BABA US) – Remain Committed to Enhance Shareholder Returns

Alibaba delivered inline 2QFY24 (March year-end) results: total revenue was RMB224.8bn, up 8.5% YoY, and non-GAAP net income for the quarter was...

CMB International

China Internet – Trends observed from this year’s Double 11 shopping festival

For this year’s Double 11 sales promotion, overall industry delivered positive and stable YoY GMV growth (2.1%, per Syntun data), with Alibaba and...

CMB International

Alibaba (BABA US) – Driving for Group Improvement

Alibaba’s customer management revenue (CMR) growth and cloud revenue growth will take time to recover under current macro backdrop

CMB International

China Internet – August online retail sales recap

The YoY growth of online physical goods GMV in Aug 2023 came in at 6.1% (July 2023: 5.0%), which was largely in line with our estimate at 5.5%

CMB International

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