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)

Thematic (Sector/Industry)

<div><div><div><ul><li>Hikvision and Dahua both reported worse than expected 3Q22 results as macro <span style="font-size: var(--content-font-size);">headwinds surge. </span></li><li><span style="font-size: var(--content-font-size);">However, the diverging performance implies that Hikvision is </span><span style="font-size: var(--content-font-size);">more resilient than Dahua amid macro fluctuations. In particular, Hikvision </span><span style="font-size: var(--content-font-size);">revenue was up +3% YoY while that of Dahua was down -11% YoY in 3Q22. </span></li><li><span style="font-size: var(--content-font-size);">We </span><span style="font-size: var(--content-font-size);">are surprised to see Dahua’s QoQ decline in revenue, considering the lockdown </span><span style="font-size: var(--content-font-size);">impact in 2Q22. </span></li></ul></div></div></div><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>

Hikvision and Dahua both reported worse than expected 3Q22 results as macro headwinds surge. However, the diverging performance implies that Hikvision is more resilient than Dahua amid macro fluctuations. In particular, Hikvision revenue was up +3% YoY while that of Dahua was down -11% YoY in 3Q22. We are surprised to see Dahua’s QoQ decline in revenue, considering the lockdown impact in 2Q22. 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 AI – Margin under pressure amid weakening demand