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.

Thematic (Sector/Industry)

<ul><li>Apple (AAPL US, NR) reported in-line FY2Q25 (CY1Q25) results and also provided the framework for tariff impact for the next quarter.</li><li>Overall, FY2Q revenue of US$95.4bn (+5% YoY) and EPS of US$1.65 (+8% YoY) were largely in-line with market expectations, thanks to better iPhone/iPad/Mac sales (+2%/15%/7% YoY) and services GPM, offsetting weakness of sales in China (-2% YoY) and wearables (-5% YoY).</li><li>For FY3Q25E, mgmt. guided revenue growth of “low- to mid-single digit” and GPM of 45.5%-46.5%, including impact of US$900mn tariff-related costs (20% on China imports). </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>

Apple (AAPL US, NR) reported in-line FY2Q25 (CY1Q25) results and also provided the framework for tariff impact for the next quarter.Overall, FY2Q revenue of US$95.4bn (+5% YoY) and EPS of US$1.65 (+8% YoY) were largely in-line with market expectations, thanks to better iPhone/iPad/Mac sales (+2%/15%/7% YoY) and services GPM, offsetting weakness of sales in China (-2% YoY) and wearables (-5% YoY).For FY3Q25E, mgmt. guided revenue growth of “low- to mid-single digit” and GPM of 45.5%-46.5%, including impact of US$900mn tariff-related costs (20% on China imports). 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.

Technology - Apple FY2Q25 Read-Through: IPhone/China Weakness and US$900mn Tariff Cost

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Hong Kong Alpha portfolio underperformed its benchmark index during April by 1.1%.  Since its inception last year, the portfolio has outperformed its benchmark by 18%.</li>
<li>Although the tech sector was hit after April 2nd, the portfolio made 2% in its tech exposure for the month.  We reduced the portfolio's volatility &amp; increased its Sharpe ratio.</li>
<li>At the end of April, sold positions that are at risk from the tariff uncertainty and increased our exposure to China domestic consumption.</li>
</ul>


The Hong Kong Alpha portfolio underperformed its benchmark index during April by 1.1%.  Since its inception last year, the portfolio has outperformed its benchmark by 18%.
Although the tech sector was hit after April 2nd, the portfolio made 2% in its tech exposure for the month.  We reduced the portfolio's volatility &amp; increased its Sharpe ratio.
At the end of April, sold positions that are at risk from the tariff uncertainty and increased our exposure to China domestic consumption.


HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>Statistics supported "Sell in May, go away" for the HSI. Since 2013, the average return for May is -2%, and is negative in 8 out of the last 12 years.</li>
<li>On average, May is the worst month since 2020, too. This even eclipsed the month of Oct, which is widely believed to be normally the worst month.</li>
<li>If a weak May happens, the heavily weighted yet strongly performed constituents like <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>, and <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> are to suffer. </li>
</ul>


Statistics supported "Sell in May, go away" for the HSI. Since 2013, the average return for May is -2%, and is negative in 8 out of the last 12 years.
On average, May is the worst month since 2020, too. This even eclipsed the month of Oct, which is widely believed to be normally the worst month.
If a weak May happens, the heavily weighted yet strongly performed constituents like BYD (1211 HK), Alibaba Group (9988 HK), and Xiaomi Corp (1810 HK) are to suffer. 


HK Strategy: Sell in May, Go Away? The History Says Yes!

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>XPEV US: 2025 X9 Achieves 7,500 Orders in 7 Days Post-Launch (+)</li>
<li>1810 HK: YU7 to Launch as Scheduled in June-July 2025(+)</li>
<li>Macro: Shanghai slightly enhances support measures for catering businesses (/)</li>
</ul>


XPEV US: 2025 X9 Achieves 7,500 Orders in 7 Days Post-Launch (+)
1810 HK: YU7 to Launch as Scheduled in June-July 2025(+)
Macro: Shanghai slightly enhances support measures for catering businesses (/)


[Blue Lotus Daily]:XPEV US/1810 HK/LI US/NIO US/Macro

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Sep 18th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Bidu (9888 HK), Link Reit (823 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Bilibili (9626 HK), Kuaishou (1024 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Sep 18th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Bidu (9888 HK), Link Reit (823 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Bilibili (9626 HK), Kuaishou (1024 HK).


Hong Kong Buybacks Weekly (Sep 18th): Tencent, Bidu, Link Reit

China

Xiaomi is a Chinese multinational corporation specializing in consumer electronics and technology, primarily known for its smartphones (Mi, Redmi, POCO series) and a wide range of AIoT (Artificial Intelligence of Things) devices, including smart home products, wearables, and laptops. The company also provides internet services, including its MIUI operating system. Xiaomi was founded in 2010 and is headquartered in Beijing, China.

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Xiaomi (1810 HK)

Technology - Apple FY2Q25 Read-Through: IPhone/China Weakness and US$900mn Tariff Cost

Apple (AAPL US, NR) reported in-line FY2Q25 (CY1Q25) results and also provided the framework for tariff impact for the next quarter.

CMB International

HONG KONG ALPHA PORTFOLIO (April 2025)

The Hong Kong Alpha portfolio underperformed its benchmark index during April by 1.1%. Since its inception last year, the portfolio has...

David Mudd

HK Strategy: Sell in May, Go Away? The History Says Yes!

Statistics show "Sell in May, go away" holds true for HSI with negative returns in May since 2013, making it the worst one, even surpassing Oct....

Osbert Tang, CFA

[Blue Lotus Daily]:XPEV US/1810 HK/LI US/NIO US/Macro

XPEV's X9 receives 7,500 orders in 7 days post-launch, YU7 set to launch in June-July 2025, Shanghai boosts support for catering businesses.

Blue Lotus Research Institute

Hong Kong Buybacks Weekly (Sep 18th): Tencent, Bidu, Link Reit

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Technology - Apple FY2Q25 Read-Through: IPhone/China Weakness and US$900mn Tariff Cost

Apple (AAPL US, NR) reported in-line FY2Q25 (CY1Q25) results and also provided the framework for tariff impact for the next quarter.

CMB International

HONG KONG ALPHA PORTFOLIO (April 2025)

The Hong Kong Alpha portfolio underperformed its benchmark index during April by 1.1%. Since its inception last year, the portfolio has...

David Mudd

HK Strategy: Sell in May, Go Away? The History Says Yes!

​Statistics show "Sell in May, go away" holds true for HSI with negative returns in May since 2013, making it the worst one, even surpassing Oct....

Osbert Tang, CFA

[Blue Lotus Daily]:XPEV US/1810 HK/LI US/NIO US/Macro

​XPEV's X9 receives 7,500 orders in 7 days post-launch, YU7 set to launch in June-July 2025, Shanghai boosts support for catering businesses.

Blue Lotus Research Institute

Hong Kong Buybacks Weekly (Sep 18th): Tencent, Bidu, Link Reit

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Statistics show "Sell in May, go away" holds true for HSI with negative returns in May since 2013, making it the worst one, even surpassing Oct....

XPEV's X9 receives 7,500 orders in 7 days post-launch, YU7 set to launch in June-July 2025, Shanghai boosts support for catering businesses.