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>Continue to support digital economy development </li><li>Encouraging technology breakthroughs, innovations, and overseas expansion. </li><li>Business model robustness, operating leveraging improvement, and ability to expand to new revenue streams will be the key stock alpha drivers.</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.

Continue to support digital economy development Encouraging technology breakthroughs, innovations, and overseas expansion. Business model robustness, operating leveraging improvement, and ability to expand to new revenue streams will be the key stock alpha drivers.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 – Quality growth and further digitization penetration provide growth support

<ul><li>NBS released (15 December) November online retail sales data.</li><li>YoY growth of online physical goods GMV slowed to 1.2% YoY amid soft consumption sentiment, but online retail sales penetration rate of physical goods reached 27.1% in 11M22 at a historical high, which we attribute to further constrained offline activities and further commerce adoption of new online format.</li><li>The high online penetration could sustain into December, in our view, as offline activities will remain constrained and continue to shift online.</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.

NBS released (15 December) November online retail sales data.YoY growth of online physical goods GMV slowed to 1.2% YoY amid soft consumption sentiment, but online retail sales penetration rate of physical goods reached 27.1% in 11M22 at a historical high, which we attribute to further constrained offline activities and further commerce adoption of new online format.The high online penetration could sustain into December, in our view, as offline activities will remain constrained and continue to shift online.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 – November Online Retail Sales Recap

High Quality Stock Setups, Weekly Stock Bull Finder

Weekly Stock Bull Finder

High Quality Stock Setups

Finding high potential stock setups on quality companies

Equity Bottom-Up

Melco Resorts & Entertainment / Equity Bottom-Up

<ul><li>As investors we are faced with a deluge of noisy breaking news, business media talking heads, and what has felt like non-stop Fed speakers offering their differing views on the economy and the path of rate hikes going in 2023. </li><li>This week was no different. Fed Chair Jay Powell was front and center suggesting that interest rate hikes will likely be stepped down to 50bps in the upcoming December Fed meeting in a few weeks. </li><li>This was already discounted and expected by the market and effectively didn’t offer much of anything Wall St. didn’t already know.</li></ul>

As investors we are faced with a deluge of noisy breaking news, business media talking heads, and what has felt like non-stop Fed speakers offering their differing views on the economy and the path of rate hikes going in 2023. This week was no different. Fed Chair Jay Powell was front and center suggesting that interest rate hikes will likely be stepped down to 50bps in the upcoming December Fed meeting in a few weeks. This was already discounted and expected by the market and effectively didn’t offer much of anything Wall St. didn’t already know.

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Cover Story: China’s share markets back on the fundraising menu for ailing developers (Part 2)</li><li>China steps up timetable for senior vaccinations as Covid cases surge</li><li>China’s President Xi Jinping meets with Mongolian President</li></ul>

Cover Story: China’s share markets back on the fundraising menu for ailing developers (Part 2)China steps up timetable for senior vaccinations as Covid cases surgeChina’s President Xi Jinping meets with Mongolian President

CX Daily: China’s Share Markets Back on the Fundraising Menu for Ailing Developers (Part 2)

<ul><li>Pinduoduo (PDD) announced (28 November) 3Q22 results: revenue was up 65% YoY to RMB35.5bn, 21/15% higher than our/Bloomberg consensus estimates, which we attribute to increase in merchant activities and on boarding of more quality merchants that drove stronger-than-expected monetization rate expansion, aided by PDD’s sticky user base, and its enhanced technology capability that drove better match between products and consumers.</li><li>Non-GAAP net income attributable to PDD was RMB12.4bn (3Q21: 3.2bn), beating our/consensus estimates of RMB7.5/7.1bn, given better-than-expected GPM and stronger-than-expected operating leverage aided by robust revenue growth.</li><li>Leveraging highly sticky user base, PDD is able to manage sales and marketing spending in an efficient and more proactive way.</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.

Pinduoduo (PDD) announced (28 November) 3Q22 results: revenue was up 65% YoY to RMB35.5bn, 21/15% higher than our/Bloomberg consensus estimates, which we attribute to increase in merchant activities and on boarding of more quality merchants that drove stronger-than-expected monetization rate expansion, aided by PDD’s sticky user base, and its enhanced technology capability that drove better match between products and consumers.Non-GAAP net income attributable to PDD was RMB12.4bn (3Q21: 3.2bn), beating our/consensus estimates of RMB7.5/7.1bn, given better-than-expected GPM and stronger-than-expected operating leverage aided by robust revenue growth.Leveraging highly sticky user base, PDD is able to manage sales and marketing spending in an efficient and more proactive way.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.

Pinduoduo (PDD US) – Strong revenue and earnings growth

China

PDD Holdings Inc. is a multinational commerce group that owns and operates a portfolio of businesses. The Company focuses on digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities. PDD Holdings has built a network of sourcing, logistics, and fulfillment capabilities for its underlying businesses.

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PDD Holdings (PDD US)

China Internet – Quality growth and further digitization penetration provide growth support

Continue to support digital economy development. Encouraging technology breakthroughs, innovations, and overseas expansion.

CMB International

China Internet – November Online Retail Sales Recap

The high online penetration could sustain into December, in our view, as offline activities will remain constrained and continue to shift online.

CMB International

Weekly Stock Bullfinder - Week of 12/5

As investors we are faced with a deluge of noisy breaking news, business media talking heads, and what has felt like non-stop Fed speakers offering...

Weekly Stock Bull Finder

Pinduoduo (PDD US) – Strong revenue and earnings growth

Pinduoduo (PDD) announced (28 November) 3Q22 results: revenue was up 65% YoY to RMB35.5bn, 21/15% higher than our/Bloomberg consensus estimates

CMB International

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52-week Range

Market Cap (USDm)

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China Internet – Quality growth and further digitization penetration provide growth support

Continue to support digital economy development. Encouraging technology breakthroughs, innovations, and overseas expansion.

CMB International

China Internet – November Online Retail Sales Recap

The high online penetration could sustain into December, in our view, as offline activities will remain constrained and continue to shift online.

CMB International

Weekly Stock Bullfinder - Week of 12/5

As investors we are faced with a deluge of noisy breaking news, business media talking heads, and what has felt like non-stop Fed speakers offering...

Weekly Stock Bull Finder

CX Daily: China’s Share Markets Back on the Fundraising Menu for Ailing Developers (Part 2)

Cover Story: China’s share markets back on the fundraising menu for ailing developers (Part 2). China steps up timetable for senior vaccinations as...

Caixin Global

Pinduoduo (PDD US) – Strong revenue and earnings growth

Pinduoduo (PDD) announced (28 November) 3Q22 results: revenue was up 65% YoY to RMB35.5bn, 21/15% higher than our/Bloomberg consensus estimates

CMB International