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

<ul><li>Shengyi Technology (Shengyi) reported robust 3Q25 results. Revenue reached RMB7.9bn (+55%/+12% YoY/QoQ), with gross margin expanding sharply to 28.1% (vs. 22.9% in 3Q24 and 26.9% in 2Q25).</li><li>Net profit surged 131%/18% YoY/QoQ to RMB1.0bn, lifting net margin to 12.8% (vs. 8.6%/12.2% in 3Q24/2Q25).</li><li>The results underscore Shengyi’s strategic positioning as a core AI infrastructure play. </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.

Shengyi Technology (Shengyi) reported robust 3Q25 results. Revenue reached RMB7.9bn (+55%/+12% YoY/QoQ), with gross margin expanding sharply to 28.1% (vs. 22.9% in 3Q24 and 26.9% in 2Q25).Net profit surged 131%/18% YoY/QoQ to RMB1.0bn, lifting net margin to 12.8% (vs. 8.6%/12.2% in 3Q24/2Q25).The results underscore Shengyi’s strategic positioning as a core AI infrastructure play. 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.

Shengyi Tech (600183 CH) - 3Q25 Results: AI Super-Cycle in Full Swing; Raising TP to RMB90

<ul><li>Shengyi Tech announced its 1H25 preliminary earnings.</li><li>The company projected 1H25 NP to surge by 50%-56% YoY, reaching RMB1.40bnRMB1.45bn.</li><li>2Q NP alone is estimated to be RMB836mn-RMB886mn, implying 55%-64% YoY/48%-57% QoQ growth, and exceeding Bloomberg consensus of RMB611mn by 37%-45%. </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.

Shengyi Tech announced its 1H25 preliminary earnings.The company projected 1H25 NP to surge by 50%-56% YoY, reaching RMB1.40bnRMB1.45bn.2Q NP alone is estimated to be RMB836mn-RMB886mn, implying 55%-64% YoY/48%-57% QoQ growth, and exceeding Bloomberg consensus of RMB611mn by 37%-45%. 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.

Shengyi Tech (600183 CH) - Strong 1H25 Results Underscore AI-Driven Strength

<ul><li>Shengyi Tech released its preliminary FY24 earnings. The company expects its NP to rise by 46.0-54.6% YoY to RMB1.7bn-1.8bn.</li><li>Mid-point NP of RMB1.75bn (+50.3% YoY) is lower than Bloomberg consensus/our estimate by 6.1%/3.3%.</li><li>Our forecast of RMB1.8bn is at the high-end of the range.</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.

Shengyi Tech released its preliminary FY24 earnings. The company expects its NP to rise by 46.0-54.6% YoY to RMB1.7bn-1.8bn.Mid-point NP of RMB1.75bn (+50.3% YoY) is lower than Bloomberg consensus/our estimate by 6.1%/3.3%.Our forecast of RMB1.8bn is at the high-end of the range.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.

Shengyi Tech (600183 CH) - Embracing AI and Moving on to a New Growth Trajectory

Thematic (Sector/Industry)

<ul><li>Nvidia (NVDA US, NR) delivered another beat-and-raise quarter, with revenue surging to US$57bn, up 62%/22% YoY/QoQ, exceeding Bloomberg consensus/ guidance by 3%/6%.</li><li>The US$10bn sequential revenue increase significantly outpaced the typical historical quarterly run-rate of US$4-5bn.</li><li>Non-GAAP gross margin stood at 73.6%, slightly below consensus but above guidance. </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.

Nvidia (NVDA US, NR) delivered another beat-and-raise quarter, with revenue surging to US$57bn, up 62%/22% YoY/QoQ, exceeding Bloomberg consensus/ guidance by 3%/6%.The US$10bn sequential revenue increase significantly outpaced the typical historical quarterly run-rate of US$4-5bn.Non-GAAP gross margin stood at 73.6%, slightly below consensus but above guidance. 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 - Nvidia: Solid 3Q Results; 4Q Guidance Should Alleviate AI Bubble Concerns

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>In our prior Int'l Compass (Oct. 16) we discussed how the pullback was testing the uptrend, and we were buyers; this worked out well with indexes back at all-time highs.</li>
<li>Taiwan, China, Korea, and the U.S. remain our only overweights, but India is becoming more attractive as well -- add selective exposure. Many buy ideas highlighted in these countries.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
In our prior Int'l Compass (Oct. 16) we discussed how the pullback was testing the uptrend, and we were buyers; this worked out well with indexes back at all-time highs.
Taiwan, China, Korea, and the U.S. remain our only overweights, but India is becoming more attractive as well -- add selective exposure. Many buy ideas highlighted in these countries.


India Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.

China

Shengyi Technology Co., Ltd. manufactures and markets electronic components. The Company's products include copper coated panels, printed circuit boards, and other related products.

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Shengyi Technology (600183 CH)

Shengyi Tech (600183 CH) - 3Q25 Results: AI Super-Cycle in Full Swing; Raising TP to RMB90

Shengyi Technology (Shengyi) reported robust 3Q25 results. Revenue reached RMB7.9bn (+55%/+12% YoY/QoQ), with gross margin expanding sharply to 28.1%

CMB International

Shengyi Tech (600183 CH) - Strong 1H25 Results Underscore AI-Driven Strength

Shengyi Tech announced its 1H25 preliminary earnings. The company projected 1H25 NP to surge by 50%-56% YoY, reaching RMB1.40bnRMB1.45

CMB International

Shengyi Tech (600183 CH) - Embracing AI and Moving on to a New Growth Trajectory

Shengyi Tech released its preliminary FY24 earnings. The company expects its NP to rise by 46.0-54.6% YoY to RMB1.7bn-1.8bn.

CMB International

Semiconductors - Nvidia: Solid 3Q Results; 4Q Guidance Should Alleviate AI Bubble Concerns

Nvidia (NVDA US, NR) delivered another beat-and-raise quarter, with revenue surging to US$57bn, up 62%/22% YoY/QoQ, exceeding Bloomberg consensus/...

CMB International

India Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.

India's $SENSEX Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.; Bullish Outlook Intact on $ACWI; Actionable...

Vermilion Research

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