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>We took an Apollo field trip and hosted a group meeting with Baidu.</li><li>Our key takeaways are as follows: 1) recovery of ads business in 2Q23 is on track aided by the recovery of offline activities, and management remains upbeat on achieving better than GDP growth for ads business in 2023; 2) management believes Ernie Bot has achieved early-mover advantage and noted the Company is well prepared for monetization once received regulatory approval for large scale use; 3) regarding robotaxi, fully driverless ride hailing services are currently available in three cities, and management expects monetization to be more materialize with more license approvals and cost optimization in the coming years.</li><li>Reiterate BUY with SOTP-based target price of US$199.4. Key catalysts include: 1) better than expected recovery of advertising business; 2) kick in of monetization for Ernie Bot; and 3) sooner and greater than expected revenue contribution from Apollo Self Driving (ASD).</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>

We took an Apollo field trip and hosted a group meeting with Baidu.Our key takeaways are as follows: 1) recovery of ads business in 2Q23 is on track aided by the recovery of offline activities, and management remains upbeat on achieving better than GDP growth for ads business in 2023; 2) management believes Ernie Bot has achieved early-mover advantage and noted the Company is well prepared for monetization once received regulatory approval for large scale use; 3) regarding robotaxi, fully driverless ride hailing services are currently available in three cities, and management expects monetization to be more materialize with more license approvals and cost optimization in the coming years.Reiterate BUY with SOTP-based target price of US$199.4. Key catalysts include: 1) better than expected recovery of advertising business; 2) kick in of monetization for Ernie Bot; and 3) sooner and greater than expected revenue contribution from Apollo Self Driving (ASD).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) – Takeaway from Field Trip