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)

<div><div><div><div><ul><li>Consumption sentiment and offline activities’ recovery pace continued to weigh on internet sector’s 3Q financials performance.</li><li>Looking into 4Q and 2023, business model robustness, operating leverage improvement, and ability to expand into new revenue streams will be the key stock alpha drivers, while the heavily under-owned China Internet sector will remain sensitive to policies and other sentiment related beta drivers.</li><li>We expect leading technology companies will play vital role in building digital infrastructure and empowering enterprise digital transformation. </li></ul></div></div></div></div><p><em>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.</em></p>

Consumption sentiment and offline activities’ recovery pace continued to weigh on internet sector’s 3Q financials performance.Looking into 4Q and 2023, business model robustness, operating leverage improvement, and ability to expand into new revenue streams will be the key stock alpha drivers, while the heavily under-owned China Internet sector will remain sensitive to policies and other sentiment related beta drivers.We expect leading technology companies will play vital role in building digital infrastructure and empowering enterprise digital transformation. 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 Internet Sector – 3Q22 preview: near term bumpy recovery

Equity Bottom-Up

<div><div><div><div><ul><li>NetEase delivered sturdy revenue growth of 13.8% YoY in 1H22, driven by resilient performance of its legacy titles and the launch of several key titles in 2H21.</li><li>We forecast total revenue growth of 7.3/6.3% YoY in 2023/2024E, but the growth could be accelerated by several highly-anticipated titles in the pipeline and enhanced overseas games market expansion strategy.</li><li>Supported by its game business’ steady profit margin and cash flow generation capability, NetEase is well-positioned to invest for long-term quality growth, expanding into international markets, focusing on quality games development, and cultivating tenacious user community.</li></ul><p><em>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.</em></p></div></div></div></div>

NetEase delivered sturdy revenue growth of 13.8% YoY in 1H22, driven by resilient performance of its legacy titles and the launch of several key titles in 2H21.We forecast total revenue growth of 7.3/6.3% YoY in 2023/2024E, but the growth could be accelerated by several highly-anticipated titles in the pipeline and enhanced overseas games market expansion strategy.Supported by its game business’ steady profit margin and cash flow generation capability, NetEase is well-positioned to invest for long-term quality growth, expanding into international markets, focusing on quality games development, and cultivating tenacious user community.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.

NetEase Inc. (NTES US) – Sturdy Game and Content Developing Leader

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>Chinese video game companies led by Tencent and NetEase are turning to global business expansion in search of fresh revenue sources as domestic growth plateaus and regulatory scrutiny tightens. </li><li>They’re joining e-commerce platforms and online tutors as China’s internet businesses look beyond China for differing reasons.</li><li>While weakening consumption at home is driving e-commerce platforms, video game developers are pushing out their business boundaries and creating more jobs abroad chiefly out of concerns over tightening domestic regulations.</li></ul>

Chinese video game companies led by Tencent and NetEase are turning to global business expansion in search of fresh revenue sources as domestic growth plateaus and regulatory scrutiny tightens. They’re joining e-commerce platforms and online tutors as China’s internet businesses look beyond China for differing reasons.While weakening consumption at home is driving e-commerce platforms, video game developers are pushing out their business boundaries and creating more jobs abroad chiefly out of concerns over tightening domestic regulations.

Chinese Video Game Developers Take On the World

Cross Asset Strategy

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<p>Chinese video game developers take on the world</p>
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<p>China’s graft watchdog says 4.6 million investigated for corruption since 2012</p>
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<p>Chinese airlines to add international routes in wake of eased Covid rules</p>
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Chinese video game developers take on the world


China’s graft watchdog says 4.6 million investigated for corruption since 2012


Chinese airlines to add international routes in wake of eased Covid rules



CX Daily: Chinese Video Game Developers Take On the World

<ul><li>Meta hosted the Meta Connect 2022 on 11 Oct, launching its first high-end VR headset Meta Quest Pro.</li><li>The new VR headset will begin shipping on 25 October for US$1,499.99.</li><li>With innovative features like pancake lenses, eye tracking, natural facial expressions and colour passthrough, Meta Quest Pro will meaningfully enhance the social/gaming/work VR experience in our view.</li></ul><p><em>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.</em></p>

Meta hosted the Meta Connect 2022 on 11 Oct, launching its first high-end VR headset Meta Quest Pro.The new VR headset will begin shipping on 25 October for US$1,499.99.With innovative features like pancake lenses, eye tracking, natural facial expressions and colour passthrough, Meta Quest Pro will meaningfully enhance the social/gaming/work VR experience in our view.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 Internet Sector – Meta Connect 2022: bridging the gap towards metaverse

China

NetEase, Inc. is an Internet technology company that develops applications, services and other Internet technologies in China. The Company's core businesses consist of email service, web portal and online entertainment, including online gaming services. NetEase also offers online advertising, search, mobile applications and e-commerce.

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NetEase Inc (NTES US)

China Internet Sector – 3Q22 preview: near term bumpy recovery

We expect leading technology companies will play vital role in building digital infrastructure and empowering enterprise digital transformation.

CMB International