Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Thematic (Sector/Industry)

<ul>
<li>Following on from our last HK piece, we take a closer look at the tech sector</li>
<li>While the overall HSTECH index provides a good risk-reward, some</li>
<li>Individual E-commerce &amp; software names offer much more upside than  downside</li>
</ul>


Following on from our last HK piece, we take a closer look at the tech sector
While the overall HSTECH index provides a good risk-reward, some
Individual E-commerce &amp; software names offer much more upside than  downside


HSTECH Index. Identifying Individual Names with Greater Potential Upside

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>After two years of significant investments in AI infrastructure, investors are counting 2025 to be a transformational year for AI.</li><li>As market leaders will continue to deploy a large amount of capital in AI infrastructure buildout to widen their competitive moats, new themes in the downstream are rising, including AI agents, humanoid robots, robotaxi, etc.</li><li>We remain bullish on AI demand. We continue to rank AI theme as our top pick for 2025. Market leaders will continue to enjoy the AI tailwind beyond 2025.</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>

After two years of significant investments in AI infrastructure, investors are counting 2025 to be a transformational year for AI.As market leaders will continue to deploy a large amount of capital in AI infrastructure buildout to widen their competitive moats, new themes in the downstream are rising, including AI agents, humanoid robots, robotaxi, etc.We remain bullish on AI demand. We continue to rank AI theme as our top pick for 2025. Market leaders will continue to enjoy the AI tailwind beyond 2025.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.

Semiconductors -Stargate Poised to Accelerate Global AI Arms Race

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 11th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Smic, Bidu, Hua Hong Semi, Zj Innolight, Xiaomi, Tencent, China Mobile, Innovent Bio, Zijin Mining.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 11th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Smic, Bidu, Hua Hong Semi, Zj Innolight, Xiaomi, Tencent, China Mobile, Innovent Bio, Zijin Mining.


HK Connect Flows Weekly (Sep 11th): Smic, Bidu, Hua Hong Semi, Zj Innolight, Xiaomi, Tencent

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>981 HK/1347 HK/NXPI US/TXN US/ADI US/ON US: China industry associations send warning over sourcing US chips (+/+/-/-/-/-)</li>
<li>ACMR US: Limited impact from the addition of its subsidiaries to entity-list (/)</li>
<li>ZTO US: Parcel volume delivery grew 32% yoy in the prior week (+)</li>
</ul>


981 HK/1347 HK/NXPI US/TXN US/ADI US/ON US: China industry associations send warning over sourcing US chips (+/+/-/-/-/-)
ACMR US: Limited impact from the addition of its subsidiaries to entity-list (/)
ZTO US: Parcel volume delivery grew 32% yoy in the prior week (+)


[Blue Lotus Daily]:981 HK/1347 HK/NXPI US/TXN US/ADI US/ON US/ACMR US/ZTO US/1810 HK/AAPL US

<ul>
<li>LI US/XPEV US/NIO US/1211 HK/TSLA US/ZK US:Electric vehicles delivered in the 48th week of 2024: LI and AITO stagnated, new new forces surged,while BYD and Tesla maintained moderate rise.(///////////)</li>
<li>MNSO US /601933 CH: A brief comment on the recent stock rally(///)</li>
<li>981HK/ACMR US/1347 HK: Impacts of US semiconductor export controls. (-/-/+)</li>
</ul>


LI US/XPEV US/NIO US/1211 HK/TSLA US/ZK US:Electric vehicles delivered in the 48th week of 2024: LI and AITO stagnated, new new forces surged,while BYD and Tesla maintained moderate rise.(///////////)
MNSO US /601933 CH: A brief comment on the recent stock rally(///)
981HK/ACMR US/1347 HK: Impacts of US semiconductor export controls. (-/-/+)


[Blue Lotus Daily]:LI US/XPEV US/NIO US/1211HK/TSLA US/ZK US/MNSO/601933CH/LKNCY/981HK/ACMR/1347HK

China

Semiconductor Manufacturing International Corporation operates as a semiconductor foundry. The Company provides integrated circuit foundry and technology services including the testing, development, design, manufacturing, packaging, and sale of integrated circuits. Semiconductor Manufacturing International offers its products and services around the world.

SMIC (Semiconductor Manufacturing International Corp) (981 HK)

SMIC (Semiconductor Manufacturing International Corp)

Price Gauge
52-week Range	0.00 - 0.00
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SMIC (Semiconductor Manufacturing International Corp) (981 HK)

HSTECH Index. Identifying Individual Names with Greater Potential Upside

The initial market reaction to the Deepseek news is to bid up Chinese tech names, both platform and semiconductor-related. The tariff newsflow will...

Rikki Malik

Semiconductors -Stargate Poised to Accelerate Global AI Arms Race

We remain bullish on AI demand. We continue to rank AI theme as our top pick for 2025. Market leaders will continue to enjoy the AI tailwind beyond...

CMB International

HK Connect Flows Weekly (Sep 11th): Smic, Bidu, Hua Hong Semi, Zj Innolight, Xiaomi, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Smic, Bidu, Hua Hong Semi, Zj Innolight, Xiaomi, Tencent,...

Ke Yan, CFA, FRM

[Blue Lotus Daily]:981 HK/1347 HK/NXPI US/TXN US/ADI US/ON US/ACMR US/ZTO US/1810 HK/AAPL US

China industry associations warn about sourcing US chips, limited impact on ACMR from entity-list, ZTO sees 32% yoy growth in parcel delivery volume.

Blue Lotus Research Institute

[Blue Lotus Daily]:LI US/XPEV US/NIO US/1211HK/TSLA US/ZK US/MNSO/601933CH/LKNCY/981HK/ACMR/1347HK

Electric vehicle deliveries in the 48th week of 2024 show stagnation for some, surge for others. Stock rally commentary and impacts of US...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HSTECH Index. Identifying Individual Names with Greater Potential Upside

The initial market reaction to the Deepseek news is to bid up Chinese tech names, both platform and semiconductor-related. The tariff newsflow will...

Rikki Malik

Semiconductors -Stargate Poised to Accelerate Global AI Arms Race

We remain bullish on AI demand. We continue to rank AI theme as our top pick for 2025. Market leaders will continue to enjoy the AI tailwind beyond...

CMB International

HK Connect Flows Weekly (Sep 11th): Smic, Bidu, Hua Hong Semi, Zj Innolight, Xiaomi, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Smic, Bidu, Hua Hong Semi, Zj Innolight, Xiaomi, Tencent,...

Ke Yan, CFA, FRM

[Blue Lotus Daily]:981 HK/1347 HK/NXPI US/TXN US/ADI US/ON US/ACMR US/ZTO US/1810 HK/AAPL US

​China industry associations warn about sourcing US chips, limited impact on ACMR from entity-list, ZTO sees 32% yoy growth in parcel delivery volume.

Blue Lotus Research Institute

[Blue Lotus Daily]:LI US/XPEV US/NIO US/1211HK/TSLA US/ZK US/MNSO/601933CH/LKNCY/981HK/ACMR/1347HK

​Electric vehicle deliveries in the 48th week of 2024 show stagnation for some, surge for others. Stock rally commentary and impacts of US...

Blue Lotus Research Institute

China industry associations warn about sourcing US chips, limited impact on ACMR from entity-list, ZTO sees 32% yoy growth in parcel delivery volume.

Electric vehicle deliveries in the 48th week of 2024 show stagnation for some, surge for others. Stock rally commentary and impacts of US...