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>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”

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>In Depth: What’s at Stake for the U.S. Executives on Trump’s China Trip</li><li>Korea’s AI-Fueled Stock Boom Sparks Rush by Chinese Investors</li><li>Yield on China’s Largest Money Market Fund Falls Below 0.9%</li><li>Luxshare Pushes Deeper Into Auto Supply Chain With Acquisition</li></ul>

In Depth: What’s at Stake for the U.S. Executives on Trump’s China TripKorea’s AI-Fueled Stock Boom Sparks Rush by Chinese InvestorsYield on China’s Largest Money Market Fund Falls Below 0.9%Luxshare Pushes Deeper Into Auto Supply Chain With Acquisition

CX Daily: What’s at Stake for the U.S. Executives on Trump’s China Trip 

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In Depth: China’s Auto Industry Braces for a Bumpy 2026Chinese Province Tightens Rules on Offshore Bond Issuance by State FirmsChina’s December Exports Beat Forecasts, Annual Trade Surplus Hits Record

CX Daily: China’s Auto Industry Braces for a Bumpy 2026 

<ul><li>Jobs /In Depth: Coding jobs no longer sure thing for U.S.-educated Chinese</li><li>Commodity/: Hong Kong joins LME’s global delivery system with eight certified warehouses</li><li>Delivery /: Couriers hike prices in face of toxic competition crackdown</li></ul>

Jobs /In Depth: Coding jobs no longer sure thing for U.S.-educated ChineseCommodity/: Hong Kong joins LME’s global delivery system with eight certified warehousesDelivery /: Couriers hike prices in face of toxic competition crackdown

CX Daily: Coding Jobs No Longer Sure Thing for U.S.-Educated Chinese 

Thematic (Sector/Industry)

<ul><li>Both SMIC and Hua Hong Semi posted in-line 3Q23 results but GPM pressure continued on lower UTR and ASP.</li><li>Looking ahead, both companies expected stabilizing demand on smartphone/CE recovery, and highlighted concerns on high inventory in automotive market.</li><li>On mature nodes, both expected stable demand into 2024 but lack growth momentum, and SMIC guided 8-inch UTR to remain at 50-70% in 2024. </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.

Both SMIC and Hua Hong Semi posted in-line 3Q23 results but GPM pressure continued on lower UTR and ASP.Looking ahead, both companies expected stabilizing demand on smartphone/CE recovery, and highlighted concerns on high inventory in automotive market.On mature nodes, both expected stable demand into 2024 but lack growth momentum, and SMIC guided 8-inch UTR to remain at 50-70% in 2024. 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 – SMIC/Hua Hong Semi 3Q23: in-line revenue; ASP/GPM pressure to persist into 4Q23E

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)

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

CX Daily: What’s at Stake for the U.S. Executives on Trump’s China Trip

In Depth: What’s at Stake for the U.S. Executives on Trump’s China Trip Korea’s AI-Fueled Stock Boom Sparks Rush by Chinese Investors Yield on...

Caixin Global

CX Daily: China’s Auto Industry Braces for a Bumpy 2026

In Depth: China’s Auto Industry Braces for a Bumpy 2026 Chinese Province Tightens Rules on Offshore Bond Issuance by State Firms China’s December...

Caixin Global

CX Daily: Coding Jobs No Longer Sure Thing for U.S.-Educated Chinese

Jobs /In Depth: Coding jobs no longer sure thing for U.S.-educated Chinese Commodity/: Hong Kong joins LME’s global delivery system with eight...

Caixin Global

China Technology – SMIC/Hua Hong Semi 3Q23: in-line revenue; ASP/GPM pressure to persist into 4Q23E

On mature nodes, both expected stable demand into 2024 but lack growth momentum, and SMIC guided 8-inch UTR to remain at 50-70% in 2024.

CMB International

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