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>Year to date, the internet sector has pulled back after rapid rallies buoyed by improved sentiment and short-term fund inflows, in line with our previous expectation.</li><li>From a full-year perspective, given the rate cut cycle has not yet started and liquidity remains tight, we suggest focusing on: 1) companies capable of boosting shareholder returns or maintaining decent returns, supported by solid fundamentals (strong competitive advantages, steady growth in core business, and stable profitability) and committed to enhancing shareholder returns (also depends on management's willingness), such as Alibaba, Tencent, and NetEase;</li><li>2) companies whose new businesses have significant market potential and are poised to bring considerable capital gains in the long run, particularly from overseas expansion and AI-related initiatives, such as Pinduoduo, Tencent, Alibaba, and Trip.com</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.

Year to date, the internet sector has pulled back after rapid rallies buoyed by improved sentiment and short-term fund inflows, in line with our previous expectation.From a full-year perspective, given the rate cut cycle has not yet started and liquidity remains tight, we suggest focusing on: 1) companies capable of boosting shareholder returns or maintaining decent returns, supported by solid fundamentals (strong competitive advantages, steady growth in core business, and stable profitability) and committed to enhancing shareholder returns (also depends on management's willingness), such as Alibaba, Tencent, and NetEase;2) companies whose new businesses have significant market potential and are poised to bring considerable capital gains in the long run, particularly from overseas expansion and AI-related initiatives, such as Pinduoduo, Tencent, Alibaba, and Trip.comContent 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.

Internet - 1Q24 recap & our three stock-picking ideas

<ul><li>Based on NBS data, 2M24 online retail sales GMV/online physical goods GMV reached RMB2.2tn/1.8tn, up 15.3/14.4% YoY, which implied a two-year CAGR of 10.7/9.8%.</li><li>The growth of total online retail sales GMV continued to outpace that of online physical goods GMV, which was likely due to the robust growth in online travel bookings during the CNY holiday.</li><li>Leading e-commerce platforms are prioritizing GMV and revenue growth over margin improvement in 2024, and guided to reinvest incremental operating profit generated to drive further business growth, which likely indicates more intensified industry competition. </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.

Based on NBS data, 2M24 online retail sales GMV/online physical goods GMV reached RMB2.2tn/1.8tn, up 15.3/14.4% YoY, which implied a two-year CAGR of 10.7/9.8%.The growth of total online retail sales GMV continued to outpace that of online physical goods GMV, which was likely due to the robust growth in online travel bookings during the CNY holiday.Leading e-commerce platforms are prioritizing GMV and revenue growth over margin improvement in 2024, and guided to reinvest incremental operating profit generated to drive further business growth, which likely indicates more intensified industry competition. 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.

Internet - 2M24 online retail sales recap

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

<ul>
<li>1810 HK/BIDU: Google's Gemma is an important move for client-side AI (+)</li>
<li>3690 HK: Local news said Douyin has deemphasized take out business (+)</li>
<li>PDD/4689 JP/AMZN/4385 JP/4755 JP: Data indicates that Temu is particularly popular in Japan (+/~/-/-/-)</li>
</ul>


1810 HK/BIDU: Google's Gemma is an important move for client-side AI (+)
3690 HK: Local news said Douyin has deemphasized take out business (+)
PDD/4689 JP/AMZN/4385 JP/4755 JP: Data indicates that Temu is particularly popular in Japan (+/~/-/-/-)


[Blue Lotus Daily - TMT Update]: 700 HK/1810 HK/BIDU/JD/BABA/PDD/1024 HK/3690 HK/WB/4689JP/4755JP

Market Intelligence, ORTEX

ORTEX Market Intel

Market Intelligence

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Equity Bottom-Up

<ul><li>The week of August 17 was defined by extreme short-side stress in small caps.</li><li>ENRD saw the most violent move - short interest exploded 416% in a single week as borrow costs hit an all-time record.</li><li>Elsewhere, MAIR shorts surged 69% amid analyst target cuts, and convergence signals fired across more than two dozen names from regional banks to defence.</li></ul>

The week of August 17 was defined by extreme short-side stress in small caps.ENRD saw the most violent move - short interest exploded 416% in a single week as borrow costs hit an all-time record.Elsewhere, MAIR shorts surged 69% amid analyst target cuts, and convergence signals fired across more than two dozen names from regional banks to defence.

Short Sellers Strike: ENRD Borrow Hits 351%, MAIR Up 69%

China/Asia TMT

Shawn Yang

<ul>
<li>We recently conducted a round of interviews of several major Chinese online advertising agencies. We conclude that there has been slower-than-expected recovery in February.</li>
<li>Among major advertisers, travel, local service, medical service, and eCommerce have better performances. Gaming, automobile, and FMCG remain weak.</li>
<li>Tencent is still our top pick; maintain BUY to Baidu and Weibo; SELL to Kuaishou and BILI</li>
</ul>


We recently conducted a round of interviews of several major Chinese online advertising agencies. We conclude that there has been slower-than-expected recovery in February.
Among major advertisers, travel, local service, medical service, and eCommerce have better performances. Gaming, automobile, and FMCG remain weak.
Tencent is still our top pick; maintain BUY to Baidu and Weibo; SELL to Kuaishou and BILI


Tencent, Baidu, Weibo, Kuaishou and Bili: Online Ads Show Slow Recovery Trend

China

Weibo Corp is a social media platform for people to create, distribute and discover Chinese-language content.  The Company offers users public self-expression in real time with a powerful platform for social interaction, as well as content aggregation and distribution.

Price Gauge
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Weibo Corp (WB US)

Internet - 1Q24 recap & our three stock-picking ideas

Year to date, the internet sector has pulled back after rapid rallies buoyed by improved sentiment and short-term fund inflows, in line with our...

CMB International

Internet - 2M24 online retail sales recap

Based on NBS data, 2M24 online retail sales GMV/online physical goods GMV reached RMB2.2tn/1.8tn, up 15.3/14.4% YoY, which implied a two-year CAGR...

CMB International

[Blue Lotus Daily - TMT Update]: 700 HK/1810 HK/BIDU/JD/BABA/PDD/1024 HK/3690 HK/WB/4689JP/4755JP

Google's Gemma is an important move for client-side AI; Douyin shifts focus away from takeout; and Temu gains popularity in Japan.

Blue Lotus Research Institute

Short Sellers Strike: ENRD Borrow Hits 351%, MAIR Up 69%

The week of August 17 was defined by extreme short-side stress in small caps. ENRD saw the most violent move - short interest exploded 416% in a...

ORTEX Market Intel

Tencent, Baidu, Weibo, Kuaishou and Bili: Online Ads Show Slow Recovery Trend

We recently conducted a round of interviews of several major Chinese online advertising agencies. We conclude that there has been slower-than...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Internet - 1Q24 recap & our three stock-picking ideas

Year to date, the internet sector has pulled back after rapid rallies buoyed by improved sentiment and short-term fund inflows, in line with our...

CMB International

Internet - 2M24 online retail sales recap

Based on NBS data, 2M24 online retail sales GMV/online physical goods GMV reached RMB2.2tn/1.8tn, up 15.3/14.4% YoY, which implied a two-year CAGR...

CMB International

[Blue Lotus Daily - TMT Update]: 700 HK/1810 HK/BIDU/JD/BABA/PDD/1024 HK/3690 HK/WB/4689JP/4755JP

​Google's Gemma is an important move for client-side AI; Douyin shifts focus away from takeout; and Temu gains popularity in Japan.

Blue Lotus Research Institute

Short Sellers Strike: ENRD Borrow Hits 351%, MAIR Up 69%

The week of August 17 was defined by extreme short-side stress in small caps. ENRD saw the most violent move - short interest exploded 416% in a...

ORTEX Market Intel

Tencent, Baidu, Weibo, Kuaishou and Bili: Online Ads Show Slow Recovery Trend

We recently conducted a round of interviews of several major Chinese online advertising agencies. We conclude that there has been slower-than...

Blue Lotus Research Institute

Google's Gemma is an important move for client-side AI; Douyin shifts focus away from takeout; and Temu gains popularity in Japan.