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>Baidu announced (16 May) its 1Q23 results: quarterly revenue was RMB31.1bn, up 9.6% YoY, 5/4% higher than our forecast/Bloomberg consensus estimates.</li><li>Non-GAAP net income was RMB5.3bn, higher than our forecast/Bloomberg consensus estimates at RMB4.2/4.3bn, driven by stronger than expected recovery of ads business, and better than expected margin expansion of cloud business, which achieved profitability on non-GAAP operating profit level.</li><li>The ongoing recovery in offline activities is likely to benefit Baidu more than its peers given its relatively greater exposure in offline ads categories, and Baidu’s strategy to drive for quality growth for cloud business likely aids a continuous margin expansion for cloud business in the medium term.</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.

Baidu announced (16 May) its 1Q23 results: quarterly revenue was RMB31.1bn, up 9.6% YoY, 5/4% higher than our forecast/Bloomberg consensus estimates.Non-GAAP net income was RMB5.3bn, higher than our forecast/Bloomberg consensus estimates at RMB4.2/4.3bn, driven by stronger than expected recovery of ads business, and better than expected margin expansion of cloud business, which achieved profitability on non-GAAP operating profit level.The ongoing recovery in offline activities is likely to benefit Baidu more than its peers given its relatively greater exposure in offline ads categories, and Baidu’s strategy to drive for quality growth for cloud business likely aids a continuous margin expansion for cloud business in the medium term.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.

Baidu (BIDU US) – Cloud business turned profitable

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>AI /: China’s AI charge part 3: Short on chips and talent</li><li>China-Canada /: Tit-for-Tat: China expels Canadian diplomat after Ottawa’s move declaring a Chinese envoy as persona non grata</li><li>Gold /: China’s gold buying spree stretches into sixth straight month</li></ul>

AI /: China’s AI charge part 3: Short on chips and talentChina-Canada /: Tit-for-Tat: China expels Canadian diplomat after Ottawa’s move declaring a Chinese envoy as persona non grataGold /: China’s gold buying spree stretches into sixth straight month

CX Daily: China’s AI Charge Part 3: Short on Chips and Talent

<ul><li>Time banks / In Depth: Why time banks haven’t caught on in China</li><li>Digital banks / Top Chinese digital banks report more bad loans but higher earnings</li><li>Banking / In Depth: China’s banks look to bolster bottom line after lending binge</li></ul>

Time banks / In Depth: Why time banks haven’t caught on in ChinaDigital banks / Top Chinese digital banks report more bad loans but higher earningsBanking / In Depth: China’s banks look to bolster bottom line after lending binge

CX Daily: Why Time Banks Haven’t Caught On in China

<ul><li>AI / Special Report: China’s AI charge. OpenAI’s ChatGPT has taken the world by storm. </li><li>Bridge / Mainland roads opened to more cars from Hong Kong</li><li>Soccer / Two more former top China soccer officials ensnared in corruption dragnet</li></ul>

AI / Special Report: China’s AI charge. OpenAI’s ChatGPT has taken the world by storm. Bridge / Mainland roads opened to more cars from Hong KongSoccer / Two more former top China soccer officials ensnared in corruption dragnet

Thematic (Sector/Industry)

<ul><li>Chinese artificial intelligence leader SenseTime plans to launch its own chatbot model in mid-2023, the company said, becoming the latest tech company to join the global rush sparked by OpenAI’s ChatGPT.</li><li>Hong Kong-traded SenseTime said it made major progress in natural language processing and successfully developed a large pretrained model which will be rolled out in the middle of this year.</li><li>The model has been trained with more than 100 billion parameters to improve the performance of text generation and human-computer dialogue, SenseTime said Tuesday during its earnings call.</li></ul>

Chinese artificial intelligence leader SenseTime plans to launch its own chatbot model in mid-2023, the company said, becoming the latest tech company to join the global rush sparked by OpenAI’s ChatGPT.Hong Kong-traded SenseTime said it made major progress in natural language processing and successfully developed a large pretrained model which will be rolled out in the middle of this year.The model has been trained with more than 100 billion parameters to improve the performance of text generation and human-computer dialogue, SenseTime said Tuesday during its earnings call.

SenseTime to Roll Out Its Own ChatGPT Rival in Mid-2023

China

Baidu, Inc. operates an Internet search engine. The Company offers algorithmic search, enterprise search, news, MP3, and image searches, voice assistance, online storage, and navigation services. Baidu serves clients globally.

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Baidu (BIDU US)

Baidu (BIDU US) – Cloud business turned profitable

Baidu announced (16 May) its 1Q23 results: quarterly revenue was RMB31.1bn, up 9.6% YoY, 5/4% higher than our forecast/Bloomberg consensus estimates.

CMB International

CX Daily: China’s AI Charge Part 3: Short on Chips and Talent

AI /: China’s AI charge part 3: Short on chips and talent China-Canada /: Tit-for-Tat: China expels Canadian diplomat Gold /: China’s gold buying...

Caixin Global

CX Daily: Why Time Banks Haven’t Caught On in China

In Depth: Why time banks haven’t caught on in China. Top Chinese digital banks report more bad loans but higher earnings. In Depth: China’s banks...

Caixin Global

CX Daily: China’s AI Charge

Special Report: China’s AI charge. Mainland roads opened to more cars from Hong Kong. Two more former top China soccer officials ensnared in...

Caixin Global

SenseTime to Roll Out Its Own ChatGPT Rival in Mid-2023

Chinese artificial intelligence leader SenseTime plans to launch its own chatbot model in mid-2023, the company said, becoming the latest tech...

Caixin Global

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