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)

<div><div><div><div><ul><li>We expect global smartphone market to remain sluggish into 4Q22E, given weak consumer demand, macro uncertainties and lack of major spec upgrade.</li><li>We estimate global/China smartphone market to decline 9%/15% YoY in FY22E. Recent reported data revealed that China smartphone sell-in/sell- through declined 31%/10% YoY in Jul (vs +9%/-8% in Jun), and global smartphone sell-through dropped 16.5% YoY in Jul (vs -16.1% in Jun).</li><li>For 4Q22E, we believe the only bright spot is iPhone supply chain restocking, and we prefer related names such as Luxshare for iPhone/Watch/AirPods OEM, Goertek for share gain in Watch/ AirPods, and FIT Hon Teng/Tongda for iPhone shipment upside. </li></ul></div></div></div></div><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>

We expect global smartphone market to remain sluggish into 4Q22E, given weak consumer demand, macro uncertainties and lack of major spec upgrade.We estimate global/China smartphone market to decline 9%/15% YoY in FY22E. Recent reported data revealed that China smartphone sell-in/sell- through declined 31%/10% YoY in Jul (vs +9%/-8% in Jun), and global smartphone sell-through dropped 16.5% YoY in Jul (vs -16.1% in Jun).For 4Q22E, we believe the only bright spot is iPhone supply chain restocking, and we prefer related names such as Luxshare for iPhone/Watch/AirPods OEM, Goertek for share gain in Watch/ AirPods, and FIT Hon Teng/Tongda for iPhone shipment upside. 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.

China Technology - China Smartphone: No Signs of Recovery in 4Q22E

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 analysed the earning revision of component stocks of HS TECH in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on BIDU, XPENG, NIO, XIAOMI, JD.COM.</li>
</ul>


We analysed the earning revision of component stocks of HS TECH in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on BIDU, XPENG, NIO, XIAOMI, JD.COM.


HS TECH Index Earning Revision (Jul): BIDU, XPENG, NIO, XIAOMI, JD.COM

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yadea-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22706:1" rel="noopener">Yadea (1585 HK)</a> has introduced new capabilities, including sodium batteries and battery swapping, that will yield revenue growth. </li>
<li>Investments in the overseas manufacturing facilities will produce higher margins and avoid a price war in China. </li>
<li>After a big jump in the sales and earnings in FY 2025 while <a href="https://www.smartkarma.com/entities/aima-technology-group-co-ltd" target="_blank" data-smartkarma-citation="entities:40125:1" rel="noopener">AIMA Technology Group (603529 CH)</a> result is worse, the share price has not really moved. <strong>A buying opportunity. </strong>
</li>
</ul>



Yadea (1585 HK) has introduced new capabilities, including sodium batteries and battery swapping, that will yield revenue growth. 
Investments in the overseas manufacturing facilities will produce higher margins and avoid a price war in China. 
After a big jump in the sales and earnings in FY 2025 while AIMA Technology Group (603529 CH) result is worse, the share price has not really moved. A buying opportunity. 



Yadea (1585): FY 25 Strong Result Not Priced In

Research from EqualOcean, EqualOcean

EqualOcean

Research from EqualOcean

EqualOcean is an investment research firm and information service provider focusing on China's Technology, Automotive and Consumer Internet sectors. With unique research and due diligence methodology, we provide tailored insights into a wide range of industries and companies, empowering our clients' value-added decisions.

Founded in 2014, EqualOcean is headquartered in Beijing and has offices in Shanghai, Shenzhen and New York.

<ul><li>An eventful year - The semiconductor shortage is both accidental and inevitable</li><li>Dawn in 2022 - The crunch is likely to be relieved in 2022 but it will take years to fully meet the industry's needs. </li><li>Favored electric cars - Albeit auto brands can't get components on time, many of them are now prioritizing EV production. </li></ul>

An eventful year - The semiconductor shortage is both accidental and inevitableDawn in 2022 - The crunch is likely to be relieved in 2022 but it will take years to fully meet the industry's needs. Favored electric cars - Albeit auto brands can't get components on time, many of them are now prioritizing EV production. 

Tesla Can Deal with Supply Chain Shortage, Unlike Most Chinese Peers

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>Semiconductor weakness continued to weigh heavily on the market and left Information Technology lagging other sectors.</li>
<li>Market breadth remained positive, although the distribution of returns showed considerably greater weakness among the largest decliners.</li>
<li>Index implied vols remained firm while single stock implied vols continued to normalize, narrowing the unusually wide spread between them.</li>
</ul>


Semiconductor weakness continued to weigh heavily on the market and left Information Technology lagging other sectors.
Market breadth remained positive, although the distribution of returns showed considerably greater weakness among the largest decliners.
Index implied vols remained firm while single stock implied vols continued to normalize, narrowing the unusually wide spread between them.


Hong Kong Single Stock Options Weekly July 13–17: Semis Weaken Despite Broad Market Gains

China

BYD Electronic (International) Co., Ltd. manufactures and sells handset components and modules, and provides assembly services for mobile phones. The company offers one-stop product solutions leveraging electronic information, AI, 5G, and IoT technologies, with its business spanning smartphones, computers, new energy vehicles, smart home solutions, and communication equipment. It was incorporated in 2007 and is headquartered in Shenzhen, China.

Price Gauge
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BYD Electronic (285 HK)

China Technology - China Smartphone: No Signs of Recovery in 4Q22E

We expect global smartphone market to remain sluggish into 4Q22E, given weak consumer demand, macro uncertainties and lack of major spec upgrade.

CMB International

HS TECH Index Earning Revision (Jul): BIDU, XPENG, NIO, XIAOMI, JD.COM

We analyzed HS TECH's consensus for Jul 2026 and highlighted changes of EPS in BIDU (9888 HK), XPENG (9868 HK), NIO (9866 HK), XIAOMI (1810 HK),...

Ke Yan, CFA, FRM

Yadea (1585): FY 25 Strong Result Not Priced In

Yadea Group Holdings introduces new capabilities for revenue growth, overseas investments to avoid price wars, and a buying opportunity with...

Henry Soediarko

Tesla Can Deal with Supply Chain Shortage, Unlike Most Chinese Peers

BYD is positioned well, too. The global automotive industry is facing a deepening supply chain crisis

EqualOcean

Hong Kong Single Stock Options Weekly July 13–17: Semis Weaken Despite Broad Market Gains

Positive breadth masked deeper weakness among the largest decliners, with semiconductors weighing on Information Technology as single stock implied...

John Ley

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Technology - China Smartphone: No Signs of Recovery in 4Q22E

We expect global smartphone market to remain sluggish into 4Q22E, given weak consumer demand, macro uncertainties and lack of major spec upgrade.

CMB International

HS TECH Index Earning Revision (Jul): BIDU, XPENG, NIO, XIAOMI, JD.COM

We analyzed HS TECH's consensus for Jul 2026 and highlighted changes of EPS in BIDU (9888 HK), XPENG (9868 HK), NIO (9866 HK), XIAOMI (1810 HK),...

Ke Yan, CFA, FRM

Yadea (1585): FY 25 Strong Result Not Priced In

​Yadea Group Holdings introduces new capabilities for revenue growth, overseas investments to avoid price wars, and a buying opportunity with...

Henry Soediarko

Tesla Can Deal with Supply Chain Shortage, Unlike Most Chinese Peers

BYD is positioned well, too. The global automotive industry is facing a deepening supply chain crisis

EqualOcean

Hong Kong Single Stock Options Weekly July 13–17: Semis Weaken Despite Broad Market Gains

Positive breadth masked deeper weakness among the largest decliners, with semiconductors weighing on Information Technology as single stock implied...

John Ley

Yadea Group Holdings introduces new capabilities for revenue growth, overseas investments to avoid price wars, and a buying opportunity with...