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>Media stated that Apple will move part of its AirPods/Beats headphone production to India for the first time, as India continued to push for local manufacturing.</li><li>We believe this move is not surprising as Apple’s iPhone supplier, Wistron, started to assemble iPhones in India since 2017.</li><li>In addition, we expect Apple will start to build iPad/Watch in Vietnam as it continues to diversify its production bases. </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>

Media stated that Apple will move part of its AirPods/Beats headphone production to India for the first time, as India continued to push for local manufacturing.We believe this move is not surprising as Apple’s iPhone supplier, Wistron, started to assemble iPhones in India since 2017.In addition, we expect Apple will start to build iPad/Watch in Vietnam as it continues to diversify its production bases. 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 AirPods/Beats Production Base Relocation to India

<div><div><div><div><ul><li>We see emerging opportunities for high-quality companies after recent sector pull-back (30-40% in past three months), as most stocks under our coverage are trading below 1-SD of its 5-year average.</li><li>We believe near-term concerns over weak macro, inflation, geopolitical risks, RMB depreciation are largely priced in.</li><li>We suggest to accumulate quality names with higher exposure to structural growth drivers, including AR/VR, auto-related and Apple share gain. </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>

We see emerging opportunities for high-quality companies after recent sector pull-back (30-40% in past three months), as most stocks under our coverage are trading below 1-SD of its 5-year average.We believe near-term concerns over weak macro, inflation, geopolitical risks, RMB depreciation are largely priced in.We suggest to accumulate quality names with higher exposure to structural growth drivers, including AR/VR, auto-related and Apple share gain. 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 - Emerging Opportunities to Accumulate Quality Names in AR/VR

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 latest HK SFC report for aggregate short position as of Jul 24th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Zijin Mining, Hua Hong Semi, Zijin Gold Intl, Tencent, Knowledge Atlas, Ke, Sinotruk (Hong Kong).</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jul 24th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Zijin Mining, Hua Hong Semi, Zijin Gold Intl, Tencent, Knowledge Atlas, Ke, Sinotruk (Hong Kong).


HK Short Interest Weekly: Zijin Mining, Hua Hong Semi, Zijin Gold Intl, Tencent, Knowledge Atlas, Ke

<div><div><div><div><ul><li>We expect global smartphone market to remain sluggish into 4Q22E, given weak consumer demand, macro uncertainties and lack of major spec upgrade.</li><li>We estimate global/China smartphone market to decline 9%/15% YoY in FY22E. Recent reported data revealed that China smartphone sell-in/sell- through declined 31%/10% YoY in Jul (vs +9%/-8% in Jun), and global smartphone sell-through dropped 16.5% YoY in Jul (vs -16.1% in Jun).</li><li>For 4Q22E, we believe the only bright spot is iPhone supply chain restocking, and we prefer related names such as Luxshare for iPhone/Watch/AirPods OEM, Goertek for share gain in Watch/ AirPods, and FIT Hon Teng/Tongda for iPhone shipment upside. </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>

We expect global smartphone market to remain sluggish into 4Q22E, given weak consumer demand, macro uncertainties and lack of major spec upgrade.We estimate global/China smartphone market to decline 9%/15% YoY in FY22E. Recent reported data revealed that China smartphone sell-in/sell- through declined 31%/10% YoY in Jul (vs +9%/-8% in Jun), and global smartphone sell-through dropped 16.5% YoY in Jul (vs -16.1% in Jun).For 4Q22E, we believe the only bright spot is iPhone supply chain restocking, and we prefer related names such as Luxshare for iPhone/Watch/AirPods OEM, Goertek for share gain in Watch/ AirPods, and FIT Hon Teng/Tongda for iPhone shipment upside. 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 - China Smartphone: No Signs of Recovery in 4Q22E

Index Rebalance

<ul>
<li>We screen the Hong Kong-listed mainland stocks ahead of the HSCEI August 2026 review.</li>
<li>The screen produces one ADD and one DELETE, and the DELETE fires only if the ADD lands.</li>
<li>We note that the committee skipped the same ADD candidate last review but re-iterate our call.</li>
</ul>


We screen the Hong Kong-listed mainland stocks ahead of the HSCEI August 2026 review.
The screen produces one ADD and one DELETE, and the DELETE fires only if the ADD lands.
We note that the committee skipped the same ADD candidate last review but re-iterate our call.


China

Sunny Optical Technology (Group) Co., Ltd. is a leading global manufacturer of integrated optical components and products. The company designs, researches, develops, manufactures, and sells optical and optical-related products, including lenses for handsets, vehicles, and security, as well as camera modules, vehicle modules, microscopes, and intelligent inspection equipment. It is headquartered in Yuyao, Zhejiang, China, and was founded in 1984.

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Sunny Optical Technology (2382 HK)

China Technology - Implications of AirPods/Beats Production Base Relocation to India

Media stated that Apple will move part of its AirPods/Beats headphone production to India for the first time, as India continued to push for local...

CMB International

China Technology - Emerging Opportunities to Accumulate Quality Names in AR/VR

We suggest to accumulate quality names with higher exposure to structural growth drivers, including AR/VR, auto-related and Apple share gain.

CMB International

HK Short Interest Weekly: Zijin Mining, Hua Hong Semi, Zijin Gold Intl, Tencent, Knowledge Atlas, Ke

We analyzed the latest HK SFC report for aggregate short position as of Jul 24th and highlight short interest changes in Zijin Mining (2899 HK),...

Ke Yan, CFA, FRM

China Technology - China Smartphone: No Signs of Recovery in 4Q22E

We expect global smartphone market to remain sluggish into 4Q22E, given weak consumer demand, macro uncertainties and lack of major spec upgrade.

CMB International

HSCEI Sep 2026 Index Rebalance Forecast

We pair a WuXi Bio ADD with a Shenzhou DELETE at mid conviction. The committee skipped WuXi Bio last review, but this time we would not rule the...

Ke Yan, CFA, FRM

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