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)

IQiyi(IQ.US) 4Q22 Preview: Strong Content Only Secures Temporal Performance

IQIYI (IQ US): From Turnaround to High-Quality Growth

[iQIYI, Lnc. (IQ US,) Target Price Change]: Short-Term Catalysts Not to Solve Long-Term Challenges

Equity Bottom-Up

<ul><li>Despite macro uncertainty, we keep positive on iQIYI’s long-term subs trend and margin improvement, backed by its unique original content and valuable IP.</li><li>4Q22E would be a solid quarter, with rising subs and gradual ads recovery (supported by hit dramas New Life Begins &lt;卿卿日常&gt; and several wellanticipated titles).</li><li>We expect positive profit to continue ahead, with disciplined ROI-driven investment.</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>

Despite macro uncertainty, we keep positive on iQIYI’s long-term subs trend and margin improvement, backed by its unique original content and valuable IP.4Q22E would be a solid quarter, with rising subs and gradual ads recovery (supported by hit dramas New Life Begins &lt;卿卿日常&gt; and several wellanticipated titles).We expect positive profit to continue ahead, with disciplined ROI-driven investment.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) – Mild recovery with better margin ahead

iQIYI Inc

iQIYI (IQ US) – Mild recovery with better margin ahead