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>2Q23 global smartphone shipment posted 7.8% YoY decline, which narrowed from -14.6%/-18.3% YoY in 1Q23/4Q22, based on IDC.</li><li>Despite shipment weakness in 1H23, inventory level started to normalize in 2Q23, and we expect supply chain restocking will lead to positive YoY growth in 4Q23E.</li><li>In particular, China market outperformed in 2Q23 with -2.1% YoY (vs. -12.1%/-12.8% YoY in 1Q23/ 4Q22).</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>

2Q23 global smartphone shipment posted 7.8% YoY decline, which narrowed from -14.6%/-18.3% YoY in 1Q23/4Q22, based on IDC.Despite shipment weakness in 1H23, inventory level started to normalize in 2Q23, and we expect supply chain restocking will lead to positive YoY growth in 4Q23E.In particular, China market outperformed in 2Q23 with -2.1% YoY (vs. -12.1%/-12.8% YoY in 1Q23/ 4Q22).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 – 2Q23 Global Smartphone Shipment Decline Narrowed

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of July 28th.</li>
<li>We estimate the weekly inflows to be US$5,187.1 million, led by financials, consumer staples, industrials sectors, and offset by information technology.</li>
<li>We highlight flows for Moutai, CATL, East Money Information, Wuliangye, Ping An Insurance, Haitian Flavouring, LUxshare, BOE.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of July 28th.
We estimate the weekly inflows to be US$5,187.1 million, led by financials, consumer staples, industrials sectors, and offset by information technology.
We highlight flows for Moutai, CATL, East Money Information, Wuliangye, Ping An Insurance, Haitian Flavouring, LUxshare, BOE.


Northbound Flows (Jul 28th): $5.2bn Inflows

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of June 30th.</li>
<li>We estimate the weekly outflows to be US$1,252.3 million, led by consumer staples, financials, and offset by materials, consumer discretionary, industrials.</li>
<li>We highlight flows for Midea, Kunlun Tech, Tcl Technology Group, Moutai, Wuliangye, China Tourism, CATL, Longi Green.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of June 30th.
We estimate the weekly outflows to be US$1,252.3 million, led by consumer staples, financials, and offset by materials, consumer discretionary, industrials.
We highlight flows for Midea, Kunlun Tech, Tcl Technology Group, Moutai, Wuliangye, China Tourism, CATL, Longi Green.


Northbound Flows (Jun 30th): Moutai, Wuliangye, China Tourism, CATL, Longi Green

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of June 23rd.</li>
<li>We estimate the weekly inflows to be US$43.7 million, led by industrials, information technology, communication services sectors, and offset by materials, financials.</li>
<li>We estimate the inflows to be USD 43 mil last week and highlight flows for China Cssc, Dahua.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of June 23rd.
We estimate the weekly inflows to be US$43.7 million, led by industrials, information technology, communication services sectors, and offset by materials, financials.
We estimate the inflows to be USD 43 mil last week and highlight flows for China Cssc, Dahua.


Northbound Flows (Jun 23rd): China Cssc, Dahua

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of June 16th.</li>
<li>We estimate the weekly inflows to be US$2,312.7 million, led by industrials, information technology, consumer discretionary sectors, and offset by financials, materials.</li>
<li>We highlight flows for CATL, Wuliangye, Moutai, Foxconn Industrial Internet, Midea, BYD, Sany Heavy, Luxshare Precision, Wuxi Apptec, Gree Electric Appliances, Longi Green, Ping An Insurance, Dahua.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of June 16th.
We estimate the weekly inflows to be US$2,312.7 million, led by industrials, information technology, consumer discretionary sectors, and offset by financials, materials.
We highlight flows for CATL, Wuliangye, Moutai, Foxconn Industrial Internet, Midea, BYD, Sany Heavy, Luxshare Precision, Wuxi Apptec, Gree Electric Appliances, Longi Green, Ping An Insurance, Dahua.


Northbound Flows (Jun 16th): CATL, Wuliangye, Moutai, Foxconn Industrial Internet, Midea, Gree

China

Luxshare Precision Industry Co., Ltd. researches, manufactures and sells connectors. The Company's products are widely used in computers, communication devices, consumer electronics products and automobiles.

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Luxshare Precision Industry (002475 CH)

China Technology – 2Q23 Global Smartphone Shipment Decline Narrowed

2Q23 global smartphone shipment posted 7.8% YoY decline, which narrowed from -14.6%/-18.3% YoY in 1Q23/4Q22, based on IDC.

CMB International

Northbound Flows (Jul 28th): $5.2bn Inflows

We analyzed the Shanghai/Shenzhen Connect Scheme for last week and highlight flows for Moutai, CATL, East Money Information, Wuliangye, Ping An...

Ke Yan, CFA, FRM

Northbound Flows (Jun 30th): Moutai, Wuliangye, China Tourism, CATL, Longi Green

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Midea, Kunlun Tech, Tcl Technology Group, Moutai,...

Ke Yan, CFA, FRM

Northbound Flows (Jun 23rd): China Cssc, Dahua

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for China Cssc Holding, Zhejiang Dahua.

Ke Yan, CFA, FRM

Northbound Flows (Jun 16th): CATL, Wuliangye, Moutai, Foxconn Industrial Internet, Midea, Gree

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for CATL, Wuliangye, Moutai, Foxconn Industrial...

Ke Yan, CFA, FRM

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