External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

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.

Macroeconomics

<ul><li>In European USD AT1 space, we prefer UK and EU G-SIBs in view of their stance of equity should be written down ahead of AT1 in any resolution first.</li><li>We consider the risk of non-call and coupon skips for EU G-SIBs is low under the backdrop of the falling UST and these banks' ability and incentive to maintain access to capital markets at low funding costs.</li><li>We pick banks with good track records in coupon payments as scheduled and calling their AT1s on the first call dates. </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>

In European USD AT1 space, we prefer UK and EU G-SIBs in view of their stance of equity should be written down ahead of AT1 in any resolution first.We consider the risk of non-call and coupon skips for EU G-SIBs is low under the backdrop of the falling UST and these banks' ability and incentive to maintain access to capital markets at low funding costs.We pick banks with good track records in coupon payments as scheduled and calling their AT1s on the first call dates. 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.

CMBI Fixed Income - European AT1s: Our Picks Under Basel III Finalization

Asian Economist

Kok Peng Chan

Thematic (Sector/Industry)

<ul>
<li>By tracking chip sales, sector earnings and ICT profit margins our analysis point to an early-to-mid-cycle AI expansion, not an AI-bubble about to implode</li>
<li>WSTS data show AI demand in a de-synchronised mode, revealing a multi-speed chip cycle with AI in the fast lane and legacy end-markets still digesting past booms</li>
<li>Tech and communication stocks dominate the S&amp;P 500, but unlike 1999 their market and earnings share are broadly matched, suggesting elevated but not irrational pricing provided AI monetisation holds up</li>
</ul>


By tracking chip sales, sector earnings and ICT profit margins our analysis point to an early-to-mid-cycle AI expansion, not an AI-bubble about to implode
WSTS data show AI demand in a de-synchronised mode, revealing a multi-speed chip cycle with AI in the fast lane and legacy end-markets still digesting past booms
Tech and communication stocks dominate the S&amp;P 500, but unlike 1999 their market and earnings share are broadly matched, suggesting elevated but not irrational pricing provided AI monetisation holds up


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Finimize Research

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Finimize

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Cross Asset Strategy

<ul>
<li>Technological revolutions follow a sequence: they start with a disruptive “installation phase”, then go through a critical “turning point”, and are finally followed by a “deployment phase”.</li>
<li>According to Carlota Perez, AI isn’t the start of a new technological revolution: it’s a critical milestone in the current, longstanding “information and telecommunication” revolution.</li>
<li>Being aware of different phases is valuable when investing. It can help you play the contrarian card – staying cautious during the frenzy and making bolder bets during the downturns.</li>
</ul>


Technological revolutions follow a sequence: they start with a disruptive “installation phase”, then go through a critical “turning point”, and are finally followed by a “deployment phase”.
According to Carlota Perez, AI isn’t the start of a new technological revolution: it’s a critical milestone in the current, longstanding “information and telecommunication” revolution.
Being aware of different phases is valuable when investing. It can help you play the contrarian card – staying cautious during the frenzy and making bolder bets during the downturns.


AI And Investing In The New Technological Revolution

<ul>
<li>Ray Dalio actually made an art form of it: his All-Weather Portfolio spreads risk across economic scenarios like inflation, deflation, growth, and slowdowns.</li>
<li>You can improve on it by layering a simple trend filter on top. Do that, and the risk-adjusted returns get a serious boost: drawdowns shrink and the ride is smoother.</li>
<li>The traditional All-Weather Portfolio, 2x leveraged, delivered an 8.7% annual return with 13.8% volatility, and a Sharpe of 0.48. The trend-filtered version 8.2% return and a Sharpe 0.71.</li>
</ul>


Ray Dalio actually made an art form of it: his All-Weather Portfolio spreads risk across economic scenarios like inflation, deflation, growth, and slowdowns.
You can improve on it by layering a simple trend filter on top. Do that, and the risk-adjusted returns get a serious boost: drawdowns shrink and the ride is smoother.
The traditional All-Weather Portfolio, 2x leveraged, delivered an 8.7% annual return with 13.8% volatility, and a Sharpe of 0.48. The trend-filtered version 8.2% return and a Sharpe 0.71.


Ray Dalio’s All-Weather Portfolio Works In Any Market – And This Tweak Makes It Even Better

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Maybe it’s 10, 20 years something like that. For me that’s long term. Um my prediction is that work will be optional.</li>
<li>The evidence speaks for itself uh but but but AI and humanoid robots will actually eliminate poverty and Tesla won’t be the only one that makes them.</li>
<li>There will still be constraints on power like electricity. The fundamental physics elements will still be constraints. Um but um I think at some point uh currency becomes irrelevant.</li>
</ul>


Maybe it’s 10, 20 years something like that. For me that’s long term. Um my prediction is that work will be optional.
The evidence speaks for itself uh but but but AI and humanoid robots will actually eliminate poverty and Tesla won’t be the only one that makes them.
There will still be constraints on power like electricity. The fundamental physics elements will still be constraints. Um but um I think at some point uh currency becomes irrelevant.


Did The Elon & Jensen Clown Show Just Crater The AI Narrative?

Chile
Insights on Chile

CMBI Fixed Income - European AT1s: Our Picks Under Basel III Finalization

In European USD AT1 space, we prefer UK and EU G-SIBs in view of their stance of equity should be written down ahead of AT1 in any resolution first.

CMB International

Tracking the AI Cycle : A Macro View

We provide a macro view and three indicators which investors can use to track the AI cycle. They are no where near a 1999 dot-com bubble scenario...

Kok Peng Chan

AI And Investing In The New Technological Revolution

Understanding the phases of technological revolutions can guide investment strategies, with AI seen as a critical milestone in the current...

Finimize Research

Ray Dalio’s All-Weather Portfolio Works In Any Market – And This Tweak Makes It Even Better

Ray Dalio's All-Weather Portfolio can be enhanced with a trend filter for improved risk-adjusted returns, reducing drawdowns, and providing a...

Finimize Research

Did The Elon & Jensen Clown Show Just Crater The AI Narrative?

At last week's US-Saudi Investment Forum, Elon's inability to clearly articulate the deal he had just signed with the KSA was shocking.

William Keating

CMBI Fixed Income - European AT1s: Our Picks Under Basel III Finalization

In European USD AT1 space, we prefer UK and EU G-SIBs in view of their stance of equity should be written down ahead of AT1 in any resolution first.

CMB International

Tracking the AI Cycle : A Macro View

We provide a macro view and three indicators which investors can use to track the AI cycle. They are no where near a 1999 dot-com bubble scenario...

Kok Peng Chan

AI And Investing In The New Technological Revolution

​Understanding the phases of technological revolutions can guide investment strategies, with AI seen as a critical milestone in the current...

Finimize Research

Ray Dalio’s All-Weather Portfolio Works In Any Market – And This Tweak Makes It Even Better

​Ray Dalio's All-Weather Portfolio can be enhanced with a trend filter for improved risk-adjusted returns, reducing drawdowns, and providing a...

Finimize Research

Did The Elon & Jensen Clown Show Just Crater The AI Narrative?

At last week's US-Saudi Investment Forum, Elon's inability to clearly articulate the deal he had just signed with the KSA was shocking.

William Keating

Understanding the phases of technological revolutions can guide investment strategies, with AI seen as a critical milestone in the current...

Ray Dalio's All-Weather Portfolio can be enhanced with a trend filter for improved risk-adjusted returns, reducing drawdowns, and providing a...