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)

<ul><li>ASML and LAM posted in-line 3Q23 results, and a higher China sales mix is the bright spot, leading to better profitability.</li><li>Looking ahead, both believe that memory market recovery remains slow given low UTR and on-going inventory digestion, and cycle inflection visibility could be delayed to end-2023.</li><li>However, both remain positive on China demand for capacity expansion of domestic mature &amp; specialty nodes. </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>

ASML and LAM posted in-line 3Q23 results, and a higher China sales mix is the bright spot, leading to better profitability.Looking ahead, both believe that memory market recovery remains slow given low UTR and on-going inventory digestion, and cycle inflection visibility could be delayed to end-2023.However, both remain positive on China demand for capacity expansion of domestic mature &amp; specialty nodes. 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.

Semiconductor Manufacturing International Corp (SMIC) (981 HK)

Semiconductor Manufacturing International Corp (SMIC)

Advanced Micro-Fabrication Equ (688012 CH)

China Technology – Implications of ASML/LAM Research 3Q23 Results