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>AMD’s 3Q23 results were largely in line with market expectations, despite its weaker 4Q23 guidance on gaming slowdown.</li>
<li>3Q revenue increased 4% YoY /8% QoQ to US$5.8bn driven by record sales of server CPU and strong Ryzen processor sales.</li>
<li>GPM improved 1ppt YoY to 51% and EPS increased 4% YoY to US$0.7, mainly driven by strong client segment and better product mix.</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.


AMD’s 3Q23 results were largely in line with market expectations, despite its weaker 4Q23 guidance on gaming slowdown.
3Q revenue increased 4% YoY /8% QoQ to US$5.8bn driven by record sales of server CPU and strong Ryzen processor sales.
GPM improved 1ppt YoY to 51% and EPS increased 4% YoY to US$0.7, mainly driven by strong client segment and better product mix.

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 – Implications of AMD 3Q23: PC Recovery and AI PC Opportunities

<ul><li>Intel’s 3Q23 results beat prior guidance and market expectations, and it guided an upbeat 4Q23 with a return to sales growth backed by improving PC market and a more competitive product pipeline.</li><li>3Q revenue declined 8% YoY to US$14.2bn (above high-end of guidance) and EPS increased 11% YoY to US$0.41 (vs. US$0.2 for guidance), mainly driven by CCG/DCAI strength, better operating leverage and expense discipline.</li><li>Looking into 4Q23E, mgmt. expected PC momentum to continue and sequential growth of datacentre and AI businesses in 4Q23E. </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.

Intel’s 3Q23 results beat prior guidance and market expectations, and it guided an upbeat 4Q23 with a return to sales growth backed by improving PC market and a more competitive product pipeline.3Q revenue declined 8% YoY to US$14.2bn (above high-end of guidance) and EPS increased 11% YoY to US$0.41 (vs. US$0.2 for guidance), mainly driven by CCG/DCAI strength, better operating leverage and expense discipline.Looking into 4Q23E, mgmt. expected PC momentum to continue and sequential growth of datacentre and AI businesses in 4Q23E. 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 – Implications of Intel 3Q23

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>Debt /Cover Story: China’s ‘hidden debt’ of local governments threatens national economy</li><li>Property /: Country Garden’s plan to extend bond repayment meets with resistance</li><li>Stocks /: China’s securities regulator steps up efforts to bolster sagging market</li></ul>

Debt /Cover Story: China’s ‘hidden debt’ of local governments threatens national economyProperty /: Country Garden’s plan to extend bond repayment meets with resistanceStocks /: China’s securities regulator steps up efforts to bolster sagging market

CX Daily: China’s ‘Hidden Debt’ of Local Governments Threatens National Economy

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

<ul><li>Global #3 server vendor Inspur has been placed on the entity list of the US, which could severely hit its sales due to potential difficulty in procurement of key parts and components.</li><li>The move could potentially benefit competitors, such as Lenovo, which has already enjoyed strong growth in server sales in the past few years.</li><li>Inspur (000977 CH, NR) is global #3 server vendor and, according to IDC data, it had 8.1% market share for 9M22, which was behind #1 Dell’s (DELL US, NR) 16.6% and #2 HP Enterprise’s (HPE US, NR) 13.8% but ahead of #4 Lenovo’s 6.2%.</li></ul>

Global #3 server vendor Inspur has been placed on the entity list of the US, which could severely hit its sales due to potential difficulty in procurement of key parts and components.The move could potentially benefit competitors, such as Lenovo, which has already enjoyed strong growth in server sales in the past few years.Inspur (000977 CH, NR) is global #3 server vendor and, according to IDC data, it had 8.1% market share for 9M22, which was behind #1 Dell’s (DELL US, NR) 16.6% and #2 HP Enterprise’s (HPE US, NR) 13.8% but ahead of #4 Lenovo’s 6.2%.

Lenovo (992 HK, NR) - The Fastest Growing Segment May Get a Further Boost

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Equity Bottom-Up

<ul style="list-style-type: disc;"><li>META Materials had a large presence at the Consumer Electronics Show (CES) earlier this month, with a booth in the North Hall, in the APMA booth in the West Hall, and in the Innovation Awards Showcase at the Venetian.</li><li>It also participated in the ShowStoppers @ CES 2023 technology showcase for the media.</li><li>META among the most talked about companies at CES. According to BuzzRadar, META was the #1 most talked about brand on Day 2 of CES, surpassing well-known companies such as Lenovo, BMW, and Sony.</li></ul>

META Materials had a large presence at the Consumer Electronics Show (CES) earlier this month, with a booth in the North Hall, in the APMA booth in the West Hall, and in the Innovation Awards Showcase at the Venetian.It also participated in the ShowStoppers @ CES 2023 technology showcase for the media.META among the most talked about companies at CES. According to BuzzRadar, META was the #1 most talked about brand on Day 2 of CES, surpassing well-known companies such as Lenovo, BMW, and Sony.

Meta Materials, Inc. (NASDAQ: MMAT) - CES Highlights Product Offerings

China

Lenovo Group Limited, through its subsidiaries, sells, and manufactures personal computers and handheld devices. The Company also provides Internet services and IT services, and contracting manufacturing business.

Lenovo (992 HK)

China Technology – Implications of AMD 3Q23: PC Recovery and AI PC Opportunities

AMD’s 3Q23 results were largely in line with market expectations, despite its weaker 4Q23 guidance on gaming slowdown. 3Q revenue increased 4% YoY...

CMB International

China Technology – Implications of Intel 3Q23

Intel’s 3Q23 results beat prior guidance and market expectations, and it guided an upbeat 4Q23 with a return to sales growth backed by improving PC...

CMB International

CX Daily: China’s ‘Hidden Debt’ of Local Governments Threatens National Economy

Debt /Cover Story: China’s ‘hidden debt’ of local governments threatens national economy Property /: Country Garden’s plan to extend bond...

Caixin Global

Lenovo (992 HK, NR) - The Fastest Growing Segment May Get a Further Boost

Global #3 server vendor Inspur has been placed on the entity list of the US, which could severely hit its sales due to potential difficulty in...

Quam Securities

Meta Materials, Inc. (NASDAQ: MMAT) - CES Highlights Product Offerings

META Materials had a large presence at the Consumer Electronics Show (CES) earlier this month, with a booth in the North Hall, in the APMA booth in...

Water Tower Research