Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.</li>
<li>Last week saw NORTHBOUND net BUY RMB 5.3bn of A-shares on lower gross volumes. NORTHBOUND bought utilities, renewables, and semiconductors, and sold Kweichow Moutai, Midea, Bk Jiangsu, and Wuliangye Yibin.</li>
<li>Ongoing questions as to whether the NORTHBOUND volumes to the buy side are all foreigners. Some suspect there is national team buying mixed in, as was expected from earlier announcements.</li>
</ul>


The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
Last week saw NORTHBOUND net BUY RMB 5.3bn of A-shares on lower gross volumes. NORTHBOUND bought utilities, renewables, and semiconductors, and sold Kweichow Moutai, Midea, Bk Jiangsu, and Wuliangye Yibin.
Ongoing questions as to whether the NORTHBOUND volumes to the buy side are all foreigners. Some suspect there is national team buying mixed in, as was expected from earlier announcements.


Mainland Connect NORTHBOUND Flows (To 7 June 2024): Large Renewables Buying Drive Small Net Buying

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

NAURA Technology Group / Equity Bottom-Up

<ul><li>We recently held an NDR with Naura Technology’s management and we maintain our positive outlook for the Company.</li><li>We expect Naura to deliver robust revenue growth on capex expansion from downstream clients and accelerated semi localization trend.</li><li>In addition, we believe the Company could be one of the beneficiaries of the recently launched “Big Fund III” (US$47.5bn) in China.</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.

We recently held an NDR with Naura Technology’s management and we maintain our positive outlook for the Company.We expect Naura to deliver robust revenue growth on capex expansion from downstream clients and accelerated semi localization trend.In addition, we believe the Company could be one of the beneficiaries of the recently launched “Big Fund III” (US$47.5bn) in China.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.

Naura Technology (002371 CH) - Key Beneficiary of Semiconductor Localization

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>LGES takes over GM battery plant in response to Trump's win, expanding its presence in the US market.</li><li>India establishes a sovereign AI ecosystem, driving ambitions forward for technological advancements in the country.</li><li>Samsung's One UI 7 Beta introduces AI enhancements and improved security features in anticipation of the Galaxy S25 release.</li></ul>

LGES takes over GM battery plant in response to Trump's win, expanding its presence in the US market.India establishes a sovereign AI ecosystem, driving ambitions forward for technological advancements in the country.Samsung's One UI 7 Beta introduces AI enhancements and improved security features in anticipation of the Galaxy S25 release.

Tech Supply Chain Tracker (10-Dec-2024): LGES buys GM's plant post-Trump win.

<ul>
<li>The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.</li>
<li>Last week saw NORTHBOUND net SELL RMB 3.1bn of A-shares on slightly slower average activity after net buying RMB +63bn the previous five trading weeks. </li>
<li>Lower activity into the end of the Two Sessions Week. First net selling by NORTHBOUND in many weeks. </li>
</ul>


The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
Last week saw NORTHBOUND net SELL RMB 3.1bn of A-shares on slightly slower average activity after net buying RMB +63bn the previous five trading weeks. 
Lower activity into the end of the Two Sessions Week. First net selling by NORTHBOUND in many weeks. 


Mainland Connect NORTHBOUND Flows (To 8 Mar 2024): Utilities and Semis a Buy

China New Economy Equity Analyst, Blue Lotus Research Institute

Robert McKay

China New Economy Equity Analyst

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>In the past four quarters, Chinese companies bought 65+ ArF (Argon Fluoride) Immersion lithography machines, some capable of overlay precision as fine as 1.5nm overlay for Self-Aligned Double/Quadruple/Octuple Patterning (SAD/Q/OP);</li>
<li>The race is between Chinese foundries to put these lithography machines to meet the raging demand of AI, which looks optimistic in the medium term, despite short-term challenges;</li>
<li>The race is also among the global semiconductor industry to meet the demand for testing the limit of AI's scaling law. So far the balance tips in disfavor of China. </li>
</ul>


In the past four quarters, Chinese companies bought 65+ ArF (Argon Fluoride) Immersion lithography machines, some capable of overlay precision as fine as 1.5nm overlay for Self-Aligned Double/Quadruple/Octuple Patterning (SAD/Q/OP);
The race is between Chinese foundries to put these lithography machines to meet the raging demand of AI, which looks optimistic in the medium term, despite short-term challenges;
The race is also among the global semiconductor industry to meet the demand for testing the limit of AI's scaling law. So far the balance tips in disfavor of China. 


China's Near-Term Semiconductor Bottleneck Isn't ASML

China

NAURA Technology Group Co., Ltd. is an integrated high-tech company, which manufactures electronics equipments and components, including IC equipments, hybrid integrated circuits and combines with R&D, sales, and services.

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NAURA Technology Group (002371 CH)

Mainland Connect NORTHBOUND Flows (To 7 June 2024): Large Renewables Buying Drive Small Net Buying

NORTHBOUND saw net buying this week. Large caps saw net selling but semiconductor names see ongoing buying. I expect semicaps will continue to see...

Travis Lundy

Naura Technology (002371 CH) - Key Beneficiary of Semiconductor Localization

Naura is currently our favourite under the semi localization theme. Reiterate BUY rating for Naura (002371 CH), with an unchanged TP at RMB405.

CMB International

Tech Supply Chain Tracker (10-Dec-2024): LGES buys GM's plant post-Trump win.

LGES takes over GM battery plant, India advances AI ambitions, Samsung's One UI 7 Beta improves security, LG Electronics files for IPO in India,...

Tech Supply Chain Tracker

Mainland Connect NORTHBOUND Flows (To 8 Mar 2024): Utilities and Semis a Buy

NORTHBOUND Mainland Connect flows were small to the sell side this past week. Shenzhen accounts selling, SH buying. The net selling was about 5% of...

Travis Lundy

China's Near-Term Semiconductor Bottleneck Isn't ASML

China's semiconductor bottleneck isn't lithography tools in the near term, it is etchers. We see ST pressure, MT opportunity and LT challenge from...

Blue Lotus Research Institute

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