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>Huawei has launched the long-awaited world’s first tri-fold smartphone, Mate XT, yesterday (10 Sep), featuring tri-foldable screen with two hinges, flagship camera system (OIS/periscope/ultrawide angle) and AI features supported by in-house Kylin chips and Harmony OS.</li><li>Over 4mn preorders were made ahead of the launch. We believe the launch of this premium device could strengthen Huawei’s technology leadership in the foldable phone market (vs Samsung/Apple).</li><li>The design breakthrough will also boost foldable phone shipment momentum and ASP growth into FY24/25E given the new form factor, premium spec and AI-enabled features. </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.

Huawei has launched the long-awaited world’s first tri-fold smartphone, Mate XT, yesterday (10 Sep), featuring tri-foldable screen with two hinges, flagship camera system (OIS/periscope/ultrawide angle) and AI features supported by in-house Kylin chips and Harmony OS.Over 4mn preorders were made ahead of the launch. We believe the launch of this premium device could strengthen Huawei’s technology leadership in the foldable phone market (vs Samsung/Apple).The design breakthrough will also boost foldable phone shipment momentum and ASP growth into FY24/25E given the new form factor, premium spec and AI-enabled features. 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 - Huawei Mate XT: the world’s first tri-fold smartphone is unveiled

<ul><li>Apple unveiled four iPhone 16 models (16/16 Plus, 16 Pro/Pro Max), featuring bigger screens (premium models), better processor, improved battery life, new Camera Control button and Apple Intelligence features.</li><li>Apple also launched two Apple Watch (Series 10/Ultra 2) and three AirPods (4/Pro 2/Max).</li><li>We believe most spec upgrades and Apple Intelligence launch are in-line with expectations, and no price hikes for both iPhone 16/16 Pro models will be positive to unlock pent-up demand and boost replacement cycle, given AI integration and multiple new features. </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.

Apple unveiled four iPhone 16 models (16/16 Plus, 16 Pro/Pro Max), featuring bigger screens (premium models), better processor, improved battery life, new Camera Control button and Apple Intelligence features.Apple also launched two Apple Watch (Series 10/Ultra 2) and three AirPods (4/Pro 2/Max).We believe most spec upgrades and Apple Intelligence launch are in-line with expectations, and no price hikes for both iPhone 16/16 Pro models will be positive to unlock pent-up demand and boost replacement cycle, given AI integration and multiple new features. 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 Launch Event: New IPhone 16/Watch/AirPods Unveiled

<ul><li>Apple will host a “It’s Glowtime” event on 9 Sep (10 Sep BJ Time), and it is widely expected to introduce four new iPhone 16 models (16/16 Plus, 16 Pro/Pro Max), new Apple Watches (10/Ultra 3), and 4th-gen AirPods.</li><li>We believe the event will focus on the integration of Apple Intelligence with the new devices, which we expect to accelerate replacement cycle, despite part of iOS 18 AI features coming on a later date.</li><li>Potential upside surprises include iPhone price increase, earlier and new AI features, and better carrier promotions/trade-in. </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.

Apple will host a “It’s Glowtime” event on 9 Sep (10 Sep BJ Time), and it is widely expected to introduce four new iPhone 16 models (16/16 Plus, 16 Pro/Pro Max), new Apple Watches (10/Ultra 3), and 4th-gen AirPods.We believe the event will focus on the integration of Apple Intelligence with the new devices, which we expect to accelerate replacement cycle, despite part of iOS 18 AI features coming on a later date.Potential upside surprises include iPhone price increase, earlier and new AI features, and better carrier promotions/trade-in. 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 Sep event preview: All eyes on AI integration with new iPhone 16/Watch/AirPods

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>SOUTHBOUND was a net seller the prior week for HK$1.5bn, the first week in 29 where SB was a net seller. It was all ETFs. Stocks were a net buy.</li>
<li>This week, they reverted to net buying. Financials and Utilities were strong net buys. ETFs again a net sell. Total SOUTHBOUND volumes also picked up. </li>
<li>SOEs, SOE Banks, Energy, Utilities, and finally <a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a> saw net buying after salutary earnings.</li>
</ul>


SOUTHBOUND was a net seller the prior week for HK$1.5bn, the first week in 29 where SB was a net seller. It was all ETFs. Stocks were a net buy.
This week, they reverted to net buying. Financials and Utilities were strong net buys. ETFs again a net sell. Total SOUTHBOUND volumes also picked up. 
SOEs, SOE Banks, Energy, Utilities, and finally Anta Sports Products (2020 HK) saw net buying after salutary earnings.


HK Connect SOUTHBOUND Flows (To 30 Aug 2024); Weak Econ Data, But a Rebound in SB Net Buys

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

AAC Technologies Holdings / Equity Bottom-Up

<ul>
<li>
<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 Holding (9988 HK)</a> upcoming inclusion in the Southbound Stock Connect  (SSC) platform could provide a tailwind to its share price and the Hong Kong market.
</li>
<li>
<a href="https://www.smartkarma.com/entities/tuhu-car-inc" target="_blank" data-smartkarma-citation="entities:36012:1" rel="noopener">Tuhu Car (9690 HK)</a> reported good 1H 2024 results with an increase of 23% in new store openings.  <a href="https://www.smartkarma.com/entities/aac-technologies-holdings-inc" target="_blank" data-smartkarma-citation="entities:6544:1" rel="noopener">AAC Technologies Holdings (2018 HK)</a> target price was increased after 1H2024 earnings.
</li>
<li>
<a href="https://www.smartkarma.com/entities/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest Environmental Protection Group (1381 HK)</a> ratings were cut after reporting lower 1H24 earnings.  The company omitted its interim dividend.
</li>
</ul>



Alibaba Group Holding (9988 HK) upcoming inclusion in the Southbound Stock Connect  (SSC) platform could provide a tailwind to its share price and the Hong Kong market.


Tuhu Car (9690 HK) reported good 1H 2024 results with an increase of 23% in new store openings.  AAC Technologies Holdings (2018 HK) target price was increased after 1H2024 earnings.


Canvest Environmental Protection Group (1381 HK) ratings were cut after reporting lower 1H24 earnings.  The company omitted its interim dividend.



BUY/SELL/HOLD: Hong Kong Stock Updates (August 28)

China

AAC Technologies Holdings Inc designs, develops and manufactures a broad range of miniaturized components that include speakers, receivers and microphones in the acoustic segment and others such as haptics vibrators, RF and antennas, and optical lenses. AAC's products are found in mobile devices such as smartphones, tablets, wearables, ultrabooks, notebooks and electronic book-readers.

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AAC Technologies Holdings (2018 HK)

Technology - Huawei Mate XT: the world’s first tri-fold smartphone is unveiled

We believe the launch of this premium device could strengthen Huawei’s technology leadership in the foldable phone market (vs Samsung/Apple).

CMB International

Technology - Apple Launch Event: New IPhone 16/Watch/AirPods Unveiled

Apple unveiled four iPhone 16 models (16/16 Plus, 16 Pro/Pro Max), featuring bigger screens (premium models), better processor, improved battery...

CMB International

Technology - Apple Sep event preview: All eyes on AI integration with new iPhone 16/Watch/AirPods

Apple will host a “It’s Glowtime” event on 9 Sep (10 Sep BJ Time), and it is widely expected to introduce four new iPhone 16 models (16/16 Plus, 16...

CMB International

HK Connect SOUTHBOUND Flows (To 30 Aug 2024); Weak Econ Data, But a Rebound in SB Net Buys

SOUTHBOUND Connect flows picked up to the positive side again after the buy streak was broken the week before. Gross flows picked up. Econ data was...

Travis Lundy

BUY/SELL/HOLD: Hong Kong Stock Updates (August 28)

Alibaba inclusion in the SB connect platform could be a positive market catalyst. Tuhu reported a large increase in new stores in 1H2024. AAC saw...

David Mudd

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