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.

Equity Bottom-Up

<ul><li>iQiyi announced 2Q26 results: total revenue declined by 5% YoY, but recovered by 1% QoQ to RMB6.29bn, in line with Visible Alpha (VA) consensus; nonGAAP operating loss also narrowed by 80% QoQ to RMB30mn, largely in line with consensus, mainly thanks to revenue recovery and control in opex.</li><li>For 3Q26E, we forecast total revenue to decline by 9% YoY and 3% QoQ to RMB6.11bn, primarily attributable to the decline in content distribution and others revenue.</li><li>We trim our FY26-FY28 total revenue forecast by 4-5% to factor in the adjustment of content distribution and others businesses. </li></ul>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 announced 2Q26 results: total revenue declined by 5% YoY, but recovered by 1% QoQ to RMB6.29bn, in line with Visible Alpha (VA) consensus; nonGAAP operating loss also narrowed by 80% QoQ to RMB30mn, largely in line with consensus, mainly thanks to revenue recovery and control in opex.For 3Q26E, we forecast total revenue to decline by 9% YoY and 3% QoQ to RMB6.11bn, primarily attributable to the decline in content distribution and others revenue.We trim our FY26-FY28 total revenue forecast by 4-5% to factor in the adjustment of content distribution and others businesses. 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) - 2Q26 Results: Sequential Revenue and Margin Recovery

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet 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

Thematic (Sector/Industry)

<ul>
<li>With consumption in the doldrums, one would expect none growing at double digits. This is actually not the case; </li>
<li>Further, how many Chinese Growth Equity names are accelerating in growth in the second half? Quite a lot;</li>
<li>We reiterate our view that Chinese Internet names are took-all winners with strong pricing power, which are showing when they need to. The weak market sentiment is self-fulfilling.</li>
</ul>


With consumption in the doldrums, one would expect none growing at double digits. This is actually not the case; 
Further, how many Chinese Growth Equity names are accelerating in growth in the second half? Quite a lot;
We reiterate our view that Chinese Internet names are took-all winners with strong pricing power, which are showing when they need to. The weak market sentiment is self-fulfilling.


How Many Chinese Growth Equity Names Are Growing at Double Digits?

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Industrials and Consumer Staples Remain Top Overweights, Though Sentiment Fragile for Both.</li>
<li>Energy sector shows signs of a turnaround from long-term decline, whilst Financials remain unloved by China investors.</li>
<li>Real Estate allocations have hit record lows, with average holdings at just 2.93%, while Consumer Discretionary sector approaches all-time highs.</li>
</ul>


Industrials and Consumer Staples Remain Top Overweights, Though Sentiment Fragile for Both.
Energy sector shows signs of a turnaround from long-term decline, whilst Financials remain unloved by China investors.
Real Estate allocations have hit record lows, with average holdings at just 2.93%, while Consumer Discretionary sector approaches all-time highs.


Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>iQIYI, Inc. reported its financial and operational results for the first quarter of 2026, highlighting progress in its core streaming business alongside strategic initiatives in AI-driven content creation and international expansion.</li><li>The company’s total revenue reached RMB 6.2 billion, marking an 8% sequential decline largely due to seasonality and reduced third-party content distribution.</li><li>Membership services revenue increased 2% sequentially to RMB 4.2 billion, fueled by strong performance of premium domestic dramas such as The Punishment 2, Pursuit of Jade, and How Dare You!?, which resonated with the platform’s key young female demographic.</li></ul>

iQIYI, Inc. reported its financial and operational results for the first quarter of 2026, highlighting progress in its core streaming business alongside strategic initiatives in AI-driven content creation and international expansion.The company’s total revenue reached RMB 6.2 billion, marking an 8% sequential decline largely due to seasonality and reduced third-party content distribution.Membership services revenue increased 2% sequentially to RMB 4.2 billion, fueled by strong performance of premium domestic dramas such as The Punishment 2, Pursuit of Jade, and How Dare You!?, which resonated with the platform’s key young female demographic.

iQIYI’s RMB 6.2 Billion Quarter: Can Membership Growth Offset Ad Weakness?

<ul><li>iQiyi reported 1Q26 results: total revenue declined by 13% YoY and 8% QoQ to RMB6.23bn, in line with Bloomberg consensus and our estimate; non-GAAP net loss was RMB234mn, down from net income of RMB308mn in 1Q25 due to operating deleverage, in line with consensus/our estimate.</li><li>Looking into 2Q26E, we expect total revenue to recover by 2% QoQ to RMB6.35bn, primarily driven by the sequential growth of online advertising and content distribution revenue.</li><li>We slightly trim our FY26-FY28 total revenue forecast by 1-2% in view of the relatively slow recovery of membership business. </li></ul>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 reported 1Q26 results: total revenue declined by 13% YoY and 8% QoQ to RMB6.23bn, in line with Bloomberg consensus and our estimate; non-GAAP net loss was RMB234mn, down from net income of RMB308mn in 1Q25 due to operating deleverage, in line with consensus/our estimate.Looking into 2Q26E, we expect total revenue to recover by 2% QoQ to RMB6.35bn, primarily driven by the sequential growth of online advertising and content distribution revenue.We slightly trim our FY26-FY28 total revenue forecast by 1-2% in view of the relatively slow recovery of membership business. 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) - Inline 1Q26 Results; Solid Progress on New Growth Engines

China

iQIYI, Inc. offers video entertainment services. The Company provides movies, television dramas, variety shows, and other video contents. iQIYI offers services worldwide.

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iQIYI Inc (IQ US)

IQIYI (IQ US) - 2Q26 Results: Sequential Revenue and Margin Recovery

iQiyi announced 2Q26 results: total revenue declined by 5% YoY, but recovered by 1% QoQ to RMB6.29bn, in line with Visible Alpha (VA) consensus...

CMB International

How Many Chinese Growth Equity Names Are Growing at Double Digits?

More Chinese growth equity names growing at double digit than single and more are accelerating in growth in C2H24. Pessimism can turn into self...

Blue Lotus Research Institute

China Macro: Sector Positioning Update

Sector positioning among active China Funds. Industrials and Consumer Staples Remain Top Overweights, Energy shows signs of a turnaround, whilst...

Steven Holden

iQIYI’s RMB 6.2 Billion Quarter: Can Membership Growth Offset Ad Weakness?

iQIYI, Inc. reported its financial and operational results for the first quarter of 2026, highlighting progress in its core streaming business...

Baptista Research

IQIYI (IQ US) - Inline 1Q26 Results; Solid Progress on New Growth Engines

Looking into 2Q26E, we expect total revenue to recover by 2% QoQ to RMB6.35bn, primarily driven by the sequential growth of online advertising and...

CMB International

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