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>Major global SPE (ASML/AMAT/LAM/KLA/TEL) reported sales YoY decline in 2Q (except ASML) on fabs’ spending reduction given slow inventory digestion and weak demand.</li><li>Looking into 3Q23E, most SPE names guided flattish or slight revenue YoY growth driven by trailing-edge, specialty and mild semi recovery, while most expected WFE market to decline 20-30% YoY in 2023.</li><li>Looking into 3Q/4Q, China’s demand from memory, mature and specialty technologies remain the sweet spots driving upside amid export restrictions. </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.

Major global SPE (ASML/AMAT/LAM/KLA/TEL) reported sales YoY decline in 2Q (except ASML) on fabs’ spending reduction given slow inventory digestion and weak demand.Looking into 3Q23E, most SPE names guided flattish or slight revenue YoY growth driven by trailing-edge, specialty and mild semi recovery, while most expected WFE market to decline 20-30% YoY in 2023.Looking into 3Q/4Q, China’s demand from memory, mature and specialty technologies remain the sweet spots driving upside amid export restrictions. 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 Demand Remains Resilient; Awaiting Upcycle After 2023 Slowdown

<ul><li>After a strong rally driven by AI/ChatGPT theme in past three months (note in Feb), we believe most near-term positives have been priced in AI-tech value chain (+65%/146%/45%/62% YTD for chip/optical/PCB/server), and we expect profit-taking pressure ahead of 1Q23 earnings season in late April.</li><li>We suggest to switch into three themes we addressed in Jan (note) which will continue to drive supply chain opportunities into 2Q23E, including demand recovery, MR innovation and localisation.</li><li>We recommend to focus on recovery plays (Sunny Optical, SG Micro and 3Peak), innovation (Cowell, Luxshare, Goertek for MR) and semi localization (Hua Hong Semi, NAURA, AMEC).</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.

After a strong rally driven by AI/ChatGPT theme in past three months (note in Feb), we believe most near-term positives have been priced in AI-tech value chain (+65%/146%/45%/62% YTD for chip/optical/PCB/server), and we expect profit-taking pressure ahead of 1Q23 earnings season in late April.We suggest to switch into three themes we addressed in Jan (note) which will continue to drive supply chain opportunities into 2Q23E, including demand recovery, MR innovation and localisation.We recommend to focus on recovery plays (Sunny Optical, SG Micro and 3Peak), innovation (Cowell, Luxshare, Goertek for MR) and semi localization (Hua Hong Semi, NAURA, AMEC).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 – Switching from AI/ChatGPT to Demand Recovery

<ul><li>We hosted an investor field trip to visit 5 fabless, 2 SPE and 1 semi material companies in Shanghai last week.</li><li>Based on our trip, we reaffirmed our view on a 2H23 recovery for major Chinese fabless names, and an uncertain 2023 for Chinese SPE/materials companies.</li><li>Our check also suggested that foundry capex/production cuts have started and inventory level is improving gradually. </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.

We hosted an investor field trip to visit 5 fabless, 2 SPE and 1 semi material companies in Shanghai last week.Based on our trip, we reaffirmed our view on a 2H23 recovery for major Chinese fabless names, and an uncertain 2023 for Chinese SPE/materials companies.Our check also suggested that foundry capex/production cuts have started and inventory level is improving gradually. 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 – Semi Field Trip Takeaways

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

<ul><li>The U.S government’s escalated chip export restrictions has triggered a sell-off of onshore Chinese semiconductor stocks as they are expected to prevent domestic chip manufacturers and designers from accessing key components.</li><li>The Biden administration issued a series of policies last week aimed at slowing Beijing’s push to develop its own chip industry, adding more companies to a trade blacklist and imposing new restrictions on related technologies.</li><li>The action is expected to dent production at China’s domestic semiconductor foundries, which rely on U.S. companies for some components, industry insiders said.</li></ul>

The U.S government’s escalated chip export restrictions has triggered a sell-off of onshore Chinese semiconductor stocks as they are expected to prevent domestic chip manufacturers and designers from accessing key components.The Biden administration issued a series of policies last week aimed at slowing Beijing’s push to develop its own chip industry, adding more companies to a trade blacklist and imposing new restrictions on related technologies.The action is expected to dent production at China’s domestic semiconductor foundries, which rely on U.S. companies for some components, industry insiders said.

Chinese Semiconductor Stocks Nosedive as U.S. Tightens Chip Export Controls

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>LGES takes over GM battery plant in response to Trump's win, expanding its presence in the US market.</li><li>India establishes a sovereign AI ecosystem, driving ambitions forward for technological advancements in the country.</li><li>Samsung's One UI 7 Beta introduces AI enhancements and improved security features in anticipation of the Galaxy S25 release.</li></ul>

LGES takes over GM battery plant in response to Trump's win, expanding its presence in the US market.India establishes a sovereign AI ecosystem, driving ambitions forward for technological advancements in the country.Samsung's One UI 7 Beta introduces AI enhancements and improved security features in anticipation of the Galaxy S25 release.

Tech Supply Chain Tracker (10-Dec-2024): LGES buys GM's plant post-Trump win.

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)

China Technology: : China Demand Remains Resilient; Awaiting Upcycle After 2023 Slowdown

Major global SPE (ASML/AMAT/LAM/KLA/TEL) reported sales YoY decline in 2Q (except ASML) on fabs’ spending reduction given slow inventory digestion...

CMB International

China Technology – Switching from AI/ChatGPT to Demand Recovery

After a strong rally driven by AI/ChatGPT theme in past three months (note in Feb), we believe most near-term positives have been priced in AI-tech...

CMB International

China Technology – Semi Field Trip Takeaways

Based on our trip, we reaffirmed our view on a 2H23 recovery for major Chinese fabless names, and an uncertain 2023 for Chinese SPE/materials...

CMB International

Chinese Semiconductor Stocks Nosedive as U.S. Tightens Chip Export Controls

The U.S government’s escalated chip export restrictions has triggered a sell-off of onshore Chinese semiconductor stocks

Caixin Global

Tech Supply Chain Tracker (10-Dec-2024): LGES buys GM's plant post-Trump win.

LGES takes over GM battery plant, India advances AI ambitions, Samsung's One UI 7 Beta improves security, LG Electronics files for IPO in India,...

Tech Supply Chain Tracker

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