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><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>

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

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 analyzed the changes in margin trading positions of A-share stocks as of Oct 9th. The aggregated net margin trading position is USD341,906m.</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, SHARETRONIC DATA TECHNOLOGY, YUANJIE SEMI, SUZHOU EVERBRIGHT PHOTONICS, GIGADEVICE SEMICONDUCTOR.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Oct 9th. The aggregated net margin trading position is USD341,906m.
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, SHARETRONIC DATA TECHNOLOGY, YUANJIE SEMI, SUZHOU EVERBRIGHT PHOTONICS, GIGADEVICE SEMICONDUCTOR.


A-Share Margin Trading Weekly (Oct 9th): ANHUI JIANGHUAI AUTOMOBILE, SHARETRONIC DATA TECHNOLOGY

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Macroeconomics

<ul><li>The HSI finished the day at 24,340, up 127 pts or 0.52%, rebounding from morning losses as investors digested stronger-than-expected China trade data.</li><li>June exports and imports both exceeded forecasts, pointing to resilient external demand.</li><li>China recorded its second-largest trade surplus on record at USD125.6bn, supported by robust global demand for AI-related hardware and firmer semiconductor prices.</li></ul>

The HSI finished the day at 24,340, up 127 pts or 0.52%, rebounding from morning losses as investors digested stronger-than-expected China trade data.June exports and imports both exceeded forecasts, pointing to resilient external demand.China recorded its second-largest trade surplus on record at USD125.6bn, supported by robust global demand for AI-related hardware and firmer semiconductor prices.

Thematic (Sector/Industry)

<ul><li>The HSI failed to hold the 25,000 level and settled at 24,842, up 124 pts or 0.5%, kicking off the week on a positive note and extending gains from the previous session as investor sentiment improved after the US and Iran reached an interim agreement to reopen the Strait of Hormuz, with a formal signing ceremony expected later this week, easing concerns over disruptions to global energy supplies and reducing geopolitical risks.</li><li>The deal triggered a sharp decline in oil prices, helping alleviate inflation worries and boosting appetite for risk assets across global markets.</li><li>Knowledge Atlas Technology, as known as Zhipu AI, jumped 33% after unveiling an open-source model over the weekend, boosting optimism over China’s AI sector.</li></ul>

The HSI failed to hold the 25,000 level and settled at 24,842, up 124 pts or 0.5%, kicking off the week on a positive note and extending gains from the previous session as investor sentiment improved after the US and Iran reached an interim agreement to reopen the Strait of Hormuz, with a formal signing ceremony expected later this week, easing concerns over disruptions to global energy supplies and reducing geopolitical risks.The deal triggered a sharp decline in oil prices, helping alleviate inflation worries and boosting appetite for risk assets across global markets.Knowledge Atlas Technology, as known as Zhipu AI, jumped 33% after unveiling an open-source model over the weekend, boosting optimism over China’s AI sector.

<ul><li>The HSI finished at 24,565, down 91 pts or 0.37%, extending losses for a fifth straight session and hovering near its lowest level since late March.</li><li>Investors remained cautious over the broader pace of China's economic recovery despite stronger-than-expected Chinese trade data, with both exports and imports exceeding forecasts on solid demand for technology hardware amid rising global AI investment.</li><li>SSEC/SZSE/GEI moved by +1.28%/+3.02%/+3.93% rebounding from the previous session as stronger-than-expected trade data lifted investor sentiment.</li></ul>

The HSI finished at 24,565, down 91 pts or 0.37%, extending losses for a fifth straight session and hovering near its lowest level since late March.Investors remained cautious over the broader pace of China's economic recovery despite stronger-than-expected Chinese trade data, with both exports and imports exceeding forecasts on solid demand for technology hardware amid rising global AI investment.SSEC/SZSE/GEI moved by +1.28%/+3.02%/+3.93% rebounding from the previous session as stronger-than-expected trade data lifted investor sentiment.

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.

Price Gauge
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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

Quam Morning Note

The HSI finished the day at 24,340, up 127 pts or 0.52%, rebounding from morning losses as investors digested stronger-than-expected China trade...

Quam Securities

Quam Morning Note (16 Jun)

The HSI failed to hold the 25,000 level and settled at 24,842, up 124 pts or 0.5%, kicking off the week on a positive note and extending gains...

Quam Securities

Quam Morning Note (10 Jun)

The HSI finished at 24,565, down 91 pts or 0.37%, extending losses for a fifth straight session and hovering near its lowest level since late...

Quam Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

A-Share Margin Trading Weekly (Oct 9th): ANHUI JIANGHUAI AUTOMOBILE, SHARETRONIC DATA TECHNOLOGY

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

Ke Yan, CFA, FRM

Quam Morning Note

The HSI finished the day at 24,340, up 127 pts or 0.52%, rebounding from morning losses as investors digested stronger-than-expected China trade...

Quam Securities

Quam Morning Note (16 Jun)

The HSI failed to hold the 25,000 level and settled at 24,842, up 124 pts or 0.5%, kicking off the week on a positive note and extending gains...

Quam Securities

Quam Morning Note (10 Jun)

The HSI finished at 24,565, down 91 pts or 0.37%, extending losses for a fifth straight session and hovering near its lowest level since late...

Quam Securities