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>ASML and LAM announced solid 3Q22 revenue/earnings (+6%/21% QoQ, +10%/16% QoQ) last week, and guided conservative 2023 outlook due to US’s new semi export controls to China and customer demand weakness on macro concerns, esp. memory segment.</li><li>Regarding new US export restrictions, LAM expected revenue impact of US$2-2.5bn (12-15% of sales) in 2023, and ASML estimated indirect impact of 5% on its backlog in 2023 as DUV systems for mature nodes can still be shipped to China.</li><li>Regarding business outlook, LAM guided 20% WFE market decline in 2023 due to industry slowdown, while ASML expected limited impact given strong backlog for advanced nodes and capacity expansion.</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>

ASML and LAM announced solid 3Q22 revenue/earnings (+6%/21% QoQ, +10%/16% QoQ) last week, and guided conservative 2023 outlook due to US’s new semi export controls to China and customer demand weakness on macro concerns, esp. memory segment.Regarding new US export restrictions, LAM expected revenue impact of US$2-2.5bn (12-15% of sales) in 2023, and ASML estimated indirect impact of 5% on its backlog in 2023 as DUV systems for mature nodes can still be shipped to China.Regarding business outlook, LAM guided 20% WFE market decline in 2023 due to industry slowdown, while ASML expected limited impact given strong backlog for advanced nodes and capacity expansion.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 - Implications of global SPE leaders 3Q22 results on semi industry outlook

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 monthly Hong Kong Connect flows with our data engine for the month ended Jul 31st.</li>
<li>We estimate that the net southbound flows in July were $8.1bn Inflows.</li>
<li>We tabulate the top stocks by inflows, outflows, stake changes, and holdings, and highlight flows for Knowledge Atlas, Ntes, Kingboard Laminates, Xiaomi, Alibaba.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine for the month ended Jul 31st.
We estimate that the net southbound flows in July were $8.1bn Inflows.
We tabulate the top stocks by inflows, outflows, stake changes, and holdings, and highlight flows for Knowledge Atlas, Ntes, Kingboard Laminates, Xiaomi, Alibaba.


HK Connect Monthly (July): $8.1bn Inflows

<div><div><div><div><ul><li>US Department of Commerce announced new set of export controls on 7 Oct (link) that semiconductors made with US technology for use in advanced computing chips, supercomputers, and advanced semiconductors can only be sold to China with an export licence.</li><li>This first rule targets to 1) tighten existing restrictions on logic IC of 16nm/14nm or below (i.e. FinFET or GAAFET), 2) extends restrictions to memory IC category (DRAM of 18nm or below, and NAND with 128-layer or more), and 3) foreign-owned production facilities located in China will need to apply for approval for related equipment on a case- by-case basis.</li><li>The second rule added China’s memory chipmaker Yangtze Memory and 30 other Chinese entities to “Unverified list”. </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>

US Department of Commerce announced new set of export controls on 7 Oct (link) that semiconductors made with US technology for use in advanced computing chips, supercomputers, and advanced semiconductors can only be sold to China with an export licence.This first rule targets to 1) tighten existing restrictions on logic IC of 16nm/14nm or below (i.e. FinFET or GAAFET), 2) extends restrictions to memory IC category (DRAM of 18nm or below, and NAND with 128-layer or more), and 3) foreign-owned production facilities located in China will need to apply for approval for related equipment on a case- by-case basis.The second rule added China’s memory chipmaker Yangtze Memory and 30 other Chinese entities to “Unverified list”. 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 - Implications of US’s new chip export restrictions to China

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of Jul 31st. The aggregated net margin trading position is USD350,312m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in ANHUI JIANGHUAI AUTOMOBILE, BLUEPARK NEW ENERGY TECHNOLOGY, CHINA MINSHENG BANKING, Mindray, GUOTAI HAITONG SECURITIES.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Jul 31st. The aggregated net margin trading position is USD350,312m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in ANHUI JIANGHUAI AUTOMOBILE, BLUEPARK NEW ENERGY TECHNOLOGY, CHINA MINSHENG BANKING, Mindray, GUOTAI HAITONG SECURITIES.


A-Share Margin Trading Weekly (Jul 31st): ANHUI JIANGHUAI AUTOMOBILE, BLUEPARK NEW ENERGY TECHNOLOGY

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 31st.</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 Alibaba, Smic, Xiaomi, Knowledge Atlas, Yofc, Kingboard Hldg, CCB, J&amp;T Express, China Hongqiao, China Mobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 31st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Smic, Xiaomi, Knowledge Atlas, Yofc, Kingboard Hldg, CCB, J&amp;T Express, China Hongqiao, China Mobile.


HK Connect Flows Weekly (Jul 31st): Alibaba, Smic, Xiaomi, Knowledge Atlas, Yofc, Kingboard Hldg

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)

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SMIC (Semiconductor Manufacturing International Corp) (981 HK)

China Technology - Implications of global SPE leaders 3Q22 results on semi industry outlook

ASML and LAM announced solid 3Q22 revenue/earnings (+6%/21% QoQ, +10%/16% QoQ) last week, and guided conservative 2023 outlook due to US’s new semi...

CMB International

HK Connect Monthly (July): $8.1bn Inflows

We estimate inflows to be $8.1bn from mainland investors to HK stocks in July. We highlight flows for Knowledge Atlas, Ntes, Kingboard Laminates,...

Ke Yan, CFA, FRM

China Technology - Implications of US’s new chip export restrictions to China

Since SMIC was included on Entity List in 2020, we believe most Chinese foundries focus on expansion on 28nm and above processes.

CMB International

HK Connect Flows Weekly (Jul 31st): Alibaba, Smic, Xiaomi, Knowledge Atlas, Yofc, Kingboard Hldg

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Smic, Xiaomi, Knowledge Atlas, Yofc, Kingboard...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Technology - Implications of global SPE leaders 3Q22 results on semi industry outlook

ASML and LAM announced solid 3Q22 revenue/earnings (+6%/21% QoQ, +10%/16% QoQ) last week, and guided conservative 2023 outlook due to US’s new semi...

CMB International

HK Connect Monthly (July): $8.1bn Inflows

We estimate inflows to be $8.1bn from mainland investors to HK stocks in July. We highlight flows for Knowledge Atlas, Ntes, Kingboard Laminates,...

Ke Yan, CFA, FRM

China Technology - Implications of US’s new chip export restrictions to China

Since SMIC was included on Entity List in 2020, we believe most Chinese foundries focus on expansion on 28nm and above processes.

CMB International

A-Share Margin Trading Weekly (Jul 31st): ANHUI JIANGHUAI AUTOMOBILE, BLUEPARK NEW ENERGY TECHNOLOGY

We analyzed A-share margin trading positions report for the past week and highlighted ANHUI JIANGHUAI AUTOMOBILE (600418 CH), BLUEPARK NEW ENERGY...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jul 31st): Alibaba, Smic, Xiaomi, Knowledge Atlas, Yofc, Kingboard Hldg

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Smic, Xiaomi, Knowledge Atlas, Yofc, Kingboard...

Ke Yan, CFA, FRM