External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Baidu announced (22 Aug) its 2Q24 results: revenue was RMB33.9bn, down 0.4% YoY and largely in line with Bloomberg consensus; non-GAAP net income was RMB7.4bn, 9% better than consensus, thanks to better-than-expected sales and marketing expense control.</li><li>Baidu is becoming more determined in driving user experience improvement, guiding to aim for a further increase in the contribution of Gen-AI generated results in search results page, and prioritize user experience improvement over monetization in the short term.</li><li>Although the transformation will likely bring incremental headwinds to ads revenue growth in the near term, Baidu’s long-term monetization prospects should be enhanced, in our view, with enhanced user stickiness, and potential innovative cost per sale (CPS) ads formats. </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>

Baidu announced (22 Aug) its 2Q24 results: revenue was RMB33.9bn, down 0.4% YoY and largely in line with Bloomberg consensus; non-GAAP net income was RMB7.4bn, 9% better than consensus, thanks to better-than-expected sales and marketing expense control.Baidu is becoming more determined in driving user experience improvement, guiding to aim for a further increase in the contribution of Gen-AI generated results in search results page, and prioritize user experience improvement over monetization in the short term.Although the transformation will likely bring incremental headwinds to ads revenue growth in the near term, Baidu’s long-term monetization prospects should be enhanced, in our view, with enhanced user stickiness, and potential innovative cost per sale (CPS) ads formats. 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.

Baidu (BIDU US) - More aggressive in Gen-AI empowered ads business transformation