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>IQ delivered upbeat 1Q23 results, with rev +15% YoY (5% above consensus) and adj. NP at RMB940mn (82% above consensus).</li><li>The breakthrough of The Knockout boosted subs up to 128.9mn in 1Q23, with net adds of 17mn.</li><li>2Q23E subs members might see a slight sequential decline (forecasting at 112mn) for soft seasonality, but we expect upcoming rich pipeline to support subs momentum in summer holiday and 2H23E (e.g. Story of Kunning Palace, The Demon Hunter's Romance). </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>

IQ delivered upbeat 1Q23 results, with rev +15% YoY (5% above consensus) and adj. NP at RMB940mn (82% above consensus).The breakthrough of The Knockout boosted subs up to 128.9mn in 1Q23, with net adds of 17mn.2Q23E subs members might see a slight sequential decline (forecasting at 112mn) for soft seasonality, but we expect upcoming rich pipeline to support subs momentum in summer holiday and 2H23E (e.g. Story of Kunning Palace, The Demon Hunter's Romance). 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.

IQIYI (IQ US) – Looking into 2Q23E Rich Pipeline

iQIYI Inc

IQIYI (IQ US) – Looking into 2Q23E Rich Pipeline