Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

Luxshare Precision Industry / Equity Bottom-Up

<ul><li>Potential Huawei sanctions under a reelected Trump administration could spell trouble for Chinese tech companies.</li><li>Luxshare's acquisition of nine Wingtech ODM subsidiaries indicates a consolidation trend in the tech manufacturing industry.</li><li>The 2025 semiconductor boom is expected to be fueled by AI technology, but could face volatility due to Trump-era policies.</li></ul>

Potential Huawei sanctions under a reelected Trump administration could spell trouble for Chinese tech companies.Luxshare's acquisition of nine Wingtech ODM subsidiaries indicates a consolidation trend in the tech manufacturing industry.The 2025 semiconductor boom is expected to be fueled by AI technology, but could face volatility due to Trump-era policies.

Tech Supply Chain Tracker (01-Jan-2025): Trump could bring back Huawei sanctions 2.0

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Industrials and Consumer Staples Remain Top Overweights, Though Sentiment Fragile for Both.</li>
<li>Energy sector shows signs of a turnaround from long-term decline, whilst Financials remain unloved by China investors.</li>
<li>Real Estate allocations have hit record lows, with average holdings at just 2.93%, while Consumer Discretionary sector approaches all-time highs.</li>
</ul>


Industrials and Consumer Staples Remain Top Overweights, Though Sentiment Fragile for Both.
Energy sector shows signs of a turnaround from long-term decline, whilst Financials remain unloved by China investors.
Real Estate allocations have hit record lows, with average holdings at just 2.93%, while Consumer Discretionary sector approaches all-time highs.


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.

<ul>
<li>Apple is widely expected to launch its long-awaited MR headset in WWDC 2023 this week.</li>
<li>We believe 2023 is set to be one of the best years in VR/AR ecosystem development as Apple’s first MR headset will set new standard for innovation.</li>
<li>We expect technology upgrade to accelerate in displays, optics/sensors and tracking/interaction for enhancing user experience. </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 is widely expected to launch its long-awaited MR headset in WWDC 2023 this week.
We believe 2023 is set to be one of the best years in VR/AR ecosystem development as Apple’s first MR headset will set new standard for innovation.
We expect technology upgrade to accelerate in displays, optics/sensors and tracking/interaction for enhancing user experience. 

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 – Apple MR: Long-awaited next “iPhone moment”

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of CSI 100 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 CHINA VANKE, PING AN INSURANCE, BOE TECHNOLOGY, TCL TECHNOLOGY, COSCO SHIPPING, GANFENG LITHIUM, Cosco Shipping, Ping An Insurance, China Vanke, Boe Technology, Tcl Technology.</li>
</ul>


We analysed the earning revision of component stocks of CSI 100 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 CHINA VANKE, PING AN INSURANCE, BOE TECHNOLOGY, TCL TECHNOLOGY, COSCO SHIPPING, GANFENG LITHIUM, Cosco Shipping, Ping An Insurance, China Vanke, Boe Technology, Tcl Technology.


CSI 100 Index Earning Revision (Nov): CHINA VANKE, PING AN INSURANCE, BOE, TCL

<ul><li>Apple’s (AAPL US, NR) FY4Q25 (CY3Q25) results were solid, with revenue growth of 8% YoY and adjusted EPS growth of 13% YoY, driven by iPhone/Mac sales (+6%/13% YoY) and record Service revenue (+15% YoY), offsetting weakness in Greater China (-4% YoY) due to supply constraints on strong iPhone 16/17 demand.</li><li>For FY1Q26E (CY4Q25E), mgmt. guided for 10-12% YoY revenue growth, double-digit iPhone revenue growth and resilient GPM of 47-48%, which includes US$1.4bn tariff impact (vs US$1.1bn in 4Q).</li><li>We believe this set of robust guidance should alleviate market concerns, especially given ongoing supply constraints for iPhone 17 and reduction in channel inventories QoQ. </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’s (AAPL US, NR) FY4Q25 (CY3Q25) results were solid, with revenue growth of 8% YoY and adjusted EPS growth of 13% YoY, driven by iPhone/Mac sales (+6%/13% YoY) and record Service revenue (+15% YoY), offsetting weakness in Greater China (-4% YoY) due to supply constraints on strong iPhone 16/17 demand.For FY1Q26E (CY4Q25E), mgmt. guided for 10-12% YoY revenue growth, double-digit iPhone revenue growth and resilient GPM of 47-48%, which includes US$1.4bn tariff impact (vs US$1.1bn in 4Q).We believe this set of robust guidance should alleviate market concerns, especially given ongoing supply constraints for iPhone 17 and reduction in channel inventories QoQ. 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 FY4Q25 Read-Through: Resilient IPhone/Services Momentum...

China

Luxshare Precision Industry Co., Ltd. researches, manufactures and sells connectors. The Company's products are widely used in computers, communication devices, consumer electronics products and automobiles.

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Luxshare Precision Industry (002475 CH)

Tech Supply Chain Tracker (01-Jan-2025): Trump could bring back Huawei sanctions 2.0

Potential Huawei sanctions if Trump remains in office, Luxshare acquisition of Wingtech ODM subsidiaries, 2025 semiconductor growth driven by AI,...

Tech Supply Chain Tracker

China Macro: Sector Positioning Update

Sector positioning among active China Funds. Industrials and Consumer Staples Remain Top Overweights, Energy shows signs of a turnaround, whilst...

Steven Holden

China Technology – Apple MR: Long-awaited next “iPhone moment”

We believe 2023 is set to be one of the best years in VR/AR ecosystem development as Apple’s first MR headset will set new standard for innovation.

CMB International

CSI 100 Index Earning Revision (Nov): CHINA VANKE, PING AN INSURANCE, BOE, TCL

We analyzed CSI 100's consensus for Nov 2025 and highlighted changes of EPS in CHINA VANKE (000002 CH), PING AN INSURANCE (601318 CH), BOE...

Ke Yan, CFA, FRM

Technology - Apple FY4Q25 Read-Through: Resilient IPhone/Services Momentum...

Apple’s (AAPL US, NR) FY4Q25 (CY3Q25) results were solid, with revenue growth of 8% YoY and adjusted EPS growth of 13% YoY, driven by iPhone/Mac...

CMB International

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