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

NAURA Technology Group / Equity Bottom-Up

<ul><li>Naura reported FY25 revenue of RMB39.4bn, up 31% YoY and broadly in line with our and Bloomberg consensus, while net profit declined 1.8% YoY to RMB5.5bn, below expectations due to heavier R&amp;D investment and opex associated with increased hiring and Kingsemi consolidation.</li><li>While 4Q margin came under pressure, we view this primarily as a result of intensified product validation rather than deterioration in end demand.</li><li>Encouragingly, the Company continued to deliver strong top-line momentum on robust IC equipment growth (50%+ YoY) and ongoing product expansion into higher-value process steps. </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.

Naura reported FY25 revenue of RMB39.4bn, up 31% YoY and broadly in line with our and Bloomberg consensus, while net profit declined 1.8% YoY to RMB5.5bn, below expectations due to heavier R&amp;D investment and opex associated with increased hiring and Kingsemi consolidation.While 4Q margin came under pressure, we view this primarily as a result of intensified product validation rather than deterioration in end demand.Encouragingly, the Company continued to deliver strong top-line momentum on robust IC equipment growth (50%+ YoY) and ongoing product expansion into higher-value process steps. 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.

Naura Technology (002371 CH) - Building for the Next Leg of WFE Growth

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>China &amp; HK positioning is turning. Relative positioning is strengthening, flows have turned positive and more managers are moving overweight.</li>
<li>Buying is highly selective. Managers are rotating towards AI infrastructure, semiconductor equipment and advanced technology, while reducing exposure to recent consumer and platform winners.</li>
<li>The EM Big 4 has been reshaped. China now carries similar weight to Taiwan and South Korea, but offers a far more diversified range of underlying exposures.</li>
</ul>


China &amp; HK positioning is turning. Relative positioning is strengthening, flows have turned positive and more managers are moving overweight.
Buying is highly selective. Managers are rotating towards AI infrastructure, semiconductor equipment and advanced technology, while reducing exposure to recent consumer and platform winners.
The EM Big 4 has been reshaped. China now carries similar weight to Taiwan and South Korea, but offers a far more diversified range of underlying exposures.


CEO / Founder, Crea8

Kim-Hwa Lim

CEO / Founder

Make an Impact

Crea8

Crea8 blends AI-driven precision, big data scalability, and rigorous quantitative frameworks with seasoned human insight. By extracting actionable intelligence from vast global datasets, we eliminate emotional bias and deliver optimal risk-adjusted returns. Our hybrid approach uncovers hidden market efficiencies and ensures your capital is dynamically positioned across markets.

<ul>
<li>The strategy seeks to invest in Shariah compliant companies that provide life’s essential goods and services.</li>
<li>These companies support our societal well-being and are less likely to be subject to hype.</li>
<li>By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.</li>
</ul>


The strategy seeks to invest in Shariah compliant companies that provide life’s essential goods and services.
These companies support our societal well-being and are less likely to be subject to hype.
By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.


Global Life Essential (Shariah) Portfolio (18-Aug-2026)

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
Dominant Domestic Leader Poised for Growth: NAURA is the largest semiconductor equipment manufacturer in China, uniquely positioned to benefit from the country's strategic push for semiconductor self-sufficiency. This policy-driven demand provides a significant and sustained growth catalyst.</li>
 <li>
Exceptional Financial Performance: The company has demonstrated a remarkable growth trajectory, with a 3-year revenue CAGR of 45.5% and a net income CAGR of 73.4%. This robust performance is fueled by strong order intake and expanding market share in key equipment segments like etching and deposition.</li>
 <li>
Geopolitical Risks and Intense Competition Remain Key Concerns: Despite its domestic strength, NAURA faces significant risks from geopolitical tensions, particularly U.S. export controls which could limit access to key technologies and components. Furthermore, it competes against global giants with larger R&amp;D budgets and more advanced technology portfolios.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Dominant Domestic Leader Poised for Growth: NAURA is the largest semiconductor equipment manufacturer in China, uniquely positioned to benefit from the country's strategic push for semiconductor self-sufficiency. This policy-driven demand provides a significant and sustained growth catalyst.
  
Exceptional Financial Performance: The company has demonstrated a remarkable growth trajectory, with a 3-year revenue CAGR of 45.5% and a net income CAGR of 73.4%. This robust performance is fueled by strong order intake and expanding market share in key equipment segments like etching and deposition.
  
Geopolitical Risks and Intense Competition Remain Key Concerns: Despite its domestic strength, NAURA faces significant risks from geopolitical tensions, particularly U.S. export controls which could limit access to key technologies and components. Furthermore, it competes against global giants with larger R&amp;D budgets and more advanced technology portfolios.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: NAURA Technology Group (002371 CH) - Nov 2025

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>CXMT Corp is launching an IPO of 6.69 to 7.69 billion shares to raise up to 66.6 billion yuan to expand its DRAM production.</li>
<li>As the world’s fourth-largest producer of DRAM, CXMT has emerged as Beijing’s primary opportunity to reduce reliance on foreign suppliers.</li>
<li>CXMT is rapidly expanding capacity, with output projected to double by 2030.  Concurrently, the company is striving to control all four stages of chip production: design, manufacturing, testing, and packaging. </li>
</ul>


CXMT Corp is launching an IPO of 6.69 to 7.69 billion shares to raise up to 66.6 billion yuan to expand its DRAM production.
As the world’s fourth-largest producer of DRAM, CXMT has emerged as Beijing’s primary opportunity to reduce reliance on foreign suppliers.
CXMT is rapidly expanding capacity, with output projected to double by 2030.  Concurrently, the company is striving to control all four stages of chip production: design, manufacturing, testing, and packaging. 


IPO WATCH China Semiconductors: CXMT - Gaining in the DRAM Battlefield

China

NAURA Technology Group Co., Ltd. is an integrated high-tech company, which manufactures electronics equipments and components, including IC equipments, hybrid integrated circuits and combines with R&D, sales, and services.

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NAURA Technology Group (002371 CH)

Naura Technology (002371 CH) - Building for the Next Leg of WFE Growth

While 4Q margin came under pressure, we view this primarily as a result of intensified product validation rather than deterioration in end demand.

CMB International

China & HK: The Long Road Back

Active EM managers are selectively rebuilding China exposure, buying into weakness as AI, semiconductors and advanced technology lead a new cycle...

Steven Holden

Global Life Essential (Shariah) Portfolio (18-Aug-2026)

The strategy seeks to invest in Shariah compliant companies that provide life’s essential goods and services. These companies support our societal...

Crea8

Primer: NAURA Technology Group (002371 CH) - Nov 2025

Dominant Domestic Leader Poised for Growth: NAURA is the largest semiconductor equipment manufacturer in China, uniquely positioned to benefit...

αSK Primers

IPO WATCH China Semiconductors: CXMT - Gaining in the DRAM Battlefield

CXMT ignited a rush among retail investors as China’s memory giant opened books for an initial public offering to raise $9.8 billion, the second...

David Mudd

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