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.

Equity Bottom-Up

<ul>
<li>Apple is widely expected to launch its long-awaited MR headset in WWDC 2023 this week.</li>
<li>We believe 2023 is set to be one of the best years in VR/AR ecosystem development as Apple’s first MR headset will set new standard for innovation.</li>
<li>We expect technology upgrade to accelerate in displays, optics/sensors and tracking/interaction for enhancing user experience. </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.


Apple is widely expected to launch its long-awaited MR headset in WWDC 2023 this week.
We believe 2023 is set to be one of the best years in VR/AR ecosystem development as Apple’s first MR headset will set new standard for innovation.
We expect technology upgrade to accelerate in displays, optics/sensors and tracking/interaction for enhancing user experience. 

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 Technology – Apple MR: Long-awaited next “iPhone moment”

Thematic (Sector/Industry)

<ul>
<li>Apple announced significant updates on iOS 18 and showcased its new personal intelligence system “Apple Intelligence” across iPhone, iPad and Mac.</li>
<li>The long-awaited updates focused on enhancing user experience, privacy and ecosystem integration, leveraging generative models for personalised interactions and integrating ChatGPT in Siri for content generation.</li>
<li>In addition, Apple released VisionOS 2 and announced international launch schedules (28 June for China/Japan/Singapore, 12 July for Australia/Canada/France/ Germany/UK).</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.


Apple announced significant updates on iOS 18 and showcased its new personal intelligence system “Apple Intelligence” across iPhone, iPad and Mac.
The long-awaited updates focused on enhancing user experience, privacy and ecosystem integration, leveraging generative models for personalised interactions and integrating ChatGPT in Siri for content generation.
In addition, Apple released VisionOS 2 and announced international launch schedules (28 June for China/Japan/Singapore, 12 July for Australia/Canada/France/ Germany/UK).

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.

Technology - Apple WWDC 2024: Apple Intelligence, iOS 18, Siri with ChatGPT and more

<ul><li>Lenovo hosted the “AI Tech World” event with the theme “AI for All” in Shanghai yesterday. During the event, CEO Mr. Yang highlighted 1) Lenovo’s vision of bringing AI to every household and industry, 2) its emphasis on the industry trend of hybrid AI, 3) building personal AI agents on AI PC/smartphone/pad products and</li><li>4) deploying enterprise AI agents on Lenovo’s smart infrastructure, solutions and services. Lenovo also launched six new models of AI PC products.</li><li>We believe AI PC product launches are set to accelerate in 2024, and major beneficiaries include Lenovo (992 HK), Dell (Dell US), FIT Hon Teng (6088 HK), Chunqiu Electronics (603890 CH), Huaqin Tech (603296 CH), Bromake (301387 CH) and Luxshare (002475 CH).</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.

Lenovo hosted the “AI Tech World” event with the theme “AI for All” in Shanghai yesterday. During the event, CEO Mr. Yang highlighted 1) Lenovo’s vision of bringing AI to every household and industry, 2) its emphasis on the industry trend of hybrid AI, 3) building personal AI agents on AI PC/smartphone/pad products and4) deploying enterprise AI agents on Lenovo’s smart infrastructure, solutions and services. Lenovo also launched six new models of AI PC products.We believe AI PC product launches are set to accelerate in 2024, and major beneficiaries include Lenovo (992 HK), Dell (Dell US), FIT Hon Teng (6088 HK), Chunqiu Electronics (603890 CH), Huaqin Tech (603296 CH), Bromake (301387 CH) and Luxshare (002475 CH).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.

Technology - Lenovo Tech World 2024: AI PC Product Launches Set to Accelerate

<ul>
<li>Apple reported FY1Q24 (CY4Q23) revenue of US$119.6bn (+2% YoY) and EPS of US$2.18 (+16% YoY), which are in line and 4% above consensus, mainly due to a favourable product mix and better leverage, despite weak China sales (- 12.9% YoY) and one less week of sales compared with last year.</li>
<li>For FY2Q24E, mgmt. expected overall revenue and iPhone sales to be both US$5bn less YoY due to a high base in CY1Q23 caused by iPhone supply constraints, while the service segment revenue should increase YoY at a similar double-digit growth rate compared with the Dec quarter.</li>
<li>Given Huawei’s comeback in China and a lack of foldable phones in 2024, we believe iPhone shipments will face challenges in the near term, and Apple may focus on improving its shipment mix towards higherend Pro models. </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.


Apple reported FY1Q24 (CY4Q23) revenue of US$119.6bn (+2% YoY) and EPS of US$2.18 (+16% YoY), which are in line and 4% above consensus, mainly due to a favourable product mix and better leverage, despite weak China sales (- 12.9% YoY) and one less week of sales compared with last year.
For FY2Q24E, mgmt. expected overall revenue and iPhone sales to be both US$5bn less YoY due to a high base in CY1Q23 caused by iPhone supply constraints, while the service segment revenue should increase YoY at a similar double-digit growth rate compared with the Dec quarter.
Given Huawei’s comeback in China and a lack of foldable phones in 2024, we believe iPhone shipments will face challenges in the near term, and Apple may focus on improving its shipment mix towards higherend Pro models. 

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.

Technology - Apple FY1Q24 Beat on Better Margins and Resilient Service Revenue

<ul><li>Intel hosted its annual product launch event themed “AI Everywhere”, featuring the official release of AI-enabled Core Ultra processor, Meteor Lake, and 5thGen Xeon processor, Emerald Rapids.</li><li>The new Core Ultra processor marks the largest architectural shift in 40 years, and has launched the AI PC generation with innovation on all fronts: the new “CPU+GPU+NPU” design for AI computing, addition of a low-power efficiency core, and flexible tiled architectural innovation.</li><li>The new AI PC chips will power over 230 of the world’s first AI PCs with OEM partners (e.g. Lenovo, Acer, ASUS, Dell), and Intel expected AI PCs will comprise 80% of the PC market by 2028. </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.

Intel hosted its annual product launch event themed “AI Everywhere”, featuring the official release of AI-enabled Core Ultra processor, Meteor Lake, and 5thGen Xeon processor, Emerald Rapids.The new Core Ultra processor marks the largest architectural shift in 40 years, and has launched the AI PC generation with innovation on all fronts: the new “CPU+GPU+NPU” design for AI computing, addition of a low-power efficiency core, and flexible tiled architectural innovation.The new AI PC chips will power over 230 of the world’s first AI PCs with OEM partners (e.g. Lenovo, Acer, ASUS, Dell), and Intel expected AI PCs will comprise 80% of the PC market by 2028. 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 Technology – Takeaways of Intel AI Everywhere

Taiwan

FIT Hon Teng Limited manufactures and distributes electrical components. The Company produces backplane connectors, memory cards, sockets, terminal blocks, and other products. FIT Hon Teng markets its products throughout Taiwan.

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FIT Hon Teng (6088 HK)

China Technology – Apple MR: Long-awaited next “iPhone moment”

We believe 2023 is set to be one of the best years in VR/AR ecosystem development as Apple’s first MR headset will set new standard for innovation.

CMB International

Technology - Apple WWDC 2024: Apple Intelligence, iOS 18, Siri with ChatGPT and more

Apple announced significant updates on iOS 18 and showcased its new personal intelligence system “Apple Intelligence” across iPhone, iPad and Mac.

CMB International

Technology - Lenovo Tech World 2024: AI PC Product Launches Set to Accelerate

Lenovo hosted the “AI Tech World” event with the theme “AI for All” in Shanghai yesterday. During the event, CEO Mr. Yang highlighted 1) Lenovo’s...

CMB International

Technology - Apple FY1Q24 Beat on Better Margins and Resilient Service Revenue

Apple reported FY1Q24 (CY4Q23) revenue of US$119.6bn (+2% YoY) and EPS of US$2.18 (+16% YoY), which are in line and 4% above consensus

CMB International

China Technology – Takeaways of Intel AI Everywhere

Intel hosted its annual product launch event themed “AI Everywhere”, featuring the official release of AI-enabled Core Ultra processor, Meteor...

CMB International

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