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>NVIDIA reported another strong beat against elevated expectations, along with a strong outlook (guided 4Q revenue of US$20bn, vs consensus US$17.9bn), alleviating concerns on supply constraints and impact on China sales. Key highlights include: 1) FY4Q24E guidance beat on stronger topline/margin with strong AI demand and robust product pipeline into 2024</li><li>2) China’s sales to drop significantly in 4Q23, largely offset by strong growth in other regions, and new regulation-compliant solutions will be available for China (20-25% of DC sales) in the next few months</li><li>3) mgmt. guided continued chip capacity expansion to meet growth, and expected data center revenue to grow through 2025</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 reported another strong beat against elevated expectations, along with a strong outlook (guided 4Q revenue of US$20bn, vs consensus US$17.9bn), alleviating concerns on supply constraints and impact on China sales. Key highlights include: 1) FY4Q24E guidance beat on stronger topline/margin with strong AI demand and robust product pipeline into 20242) China’s sales to drop significantly in 4Q23, largely offset by strong growth in other regions, and new regulation-compliant solutions will be available for China (20-25% of DC sales) in the next few months3) mgmt. guided continued chip capacity expansion to meet growth, and expected data center revenue to grow through 2025Content 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 – NVIDIA FY3Q24: Another Stunning Quarter on Robust AI Demand

<ul><li>Intel’s 3Q23 results beat prior guidance and market expectations, and it guided an upbeat 4Q23 with a return to sales growth backed by improving PC market and a more competitive product pipeline.</li><li>3Q revenue declined 8% YoY to US$14.2bn (above high-end of guidance) and EPS increased 11% YoY to US$0.41 (vs. US$0.2 for guidance), mainly driven by CCG/DCAI strength, better operating leverage and expense discipline.</li><li>Looking into 4Q23E, mgmt. expected PC momentum to continue and sequential growth of datacentre and AI businesses in 4Q23E. </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.

Intel’s 3Q23 results beat prior guidance and market expectations, and it guided an upbeat 4Q23 with a return to sales growth backed by improving PC market and a more competitive product pipeline.3Q revenue declined 8% YoY to US$14.2bn (above high-end of guidance) and EPS increased 11% YoY to US$0.41 (vs. US$0.2 for guidance), mainly driven by CCG/DCAI strength, better operating leverage and expense discipline.Looking into 4Q23E, mgmt. expected PC momentum to continue and sequential growth of datacentre and AI businesses in 4Q23E. 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 Intel 3Q23

<ul><li>TSMC recorded in-line 3Q23 results and 4Q revenue guidance implies betterthan-expected FY23E outlook, driven by stabilised demand of smartphone &amp; PC and inventory restocking.</li><li>Auto segment may slow down in 2H23E, but it is set to rebound in 2024 driven by the NEV market.</li><li>Looking ahead, we expect market will react positively to 3Q23 results, demand stabilisation and inventory restocking. </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.

TSMC recorded in-line 3Q23 results and 4Q revenue guidance implies betterthan-expected FY23E outlook, driven by stabilised demand of smartphone &amp; PC and inventory restocking.Auto segment may slow down in 2H23E, but it is set to rebound in 2024 driven by the NEV market.Looking ahead, we expect market will react positively to 3Q23 results, demand stabilisation and inventory restocking. 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 TSMC 3Q23: Cycle Nearing the Bottom

<ul><li>Major global semi foundries (TSMC/UMC/VIS/GF/SMIC/HH) reported in-line 2Q23 but mixed 3Q23 outlook on slower demand recovery and ASP/margin pressure.</li><li>Overall, inventory digestion is below expectation in 2Q23 and demand recovery remains weak in 2H23E.</li><li>That said, we believe the worst is behind with global semi sales of -17% YoY in 2Q23, an improvement vs -21% YoY in 1Q23, and we expect sequential sales recovery will continue into 3Q/4Q23E. </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.

Major global semi foundries (TSMC/UMC/VIS/GF/SMIC/HH) reported in-line 2Q23 but mixed 3Q23 outlook on slower demand recovery and ASP/margin pressure.Overall, inventory digestion is below expectation in 2Q23 and demand recovery remains weak in 2H23E.That said, we believe the worst is behind with global semi sales of -17% YoY in 2Q23, an improvement vs -21% YoY in 1Q23, and we expect sequential sales recovery will continue into 3Q/4Q23E. 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 – Global Foundry 2Q23 Wrap: Prolonged Inventory Correction

<ul><li>Lam Research and KLA reported in-line 2Q23 results but better GPM on improved product mix.</li><li>Looking into 2023, while Lam raised WFE spending on China-related and HBM demand, KLA maintained forecast of 20% YoY decline.</li><li>Both stayed cautious on low UTR in memory market (guidance of 40% to mid-40% YoY decline), but positive on AI demand to boost packaging business in FY23E. </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.

Lam Research and KLA reported in-line 2Q23 results but better GPM on improved product mix.Looking into 2023, while Lam raised WFE spending on China-related and HBM demand, KLA maintained forecast of 20% YoY decline.Both stayed cautious on low UTR in memory market (guidance of 40% to mid-40% YoY decline), but positive on AI demand to boost packaging business in FY23E. 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 Lam Research and KLA 2Q23 results

Taiwan

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

TSMC (Taiwan Semiconductor Manufacturing) - ADR

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TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

China Technology – NVIDIA FY3Q24: Another Stunning Quarter on Robust AI Demand

NVIDIA reported another strong beat against elevated expectations, along with a strong outlook (guided 4Q revenue of US$20bn, vs consensus US$17.9bn)

CMB International

China Technology – Implications of Intel 3Q23

Intel’s 3Q23 results beat prior guidance and market expectations, and it guided an upbeat 4Q23 with a return to sales growth backed by improving PC...

CMB International

China Technology – Implications of TSMC 3Q23: Cycle Nearing the Bottom

TSMC recorded in-line 3Q23 results and 4Q revenue guidance implies betterthan-expected FY23E outlook, driven by stabilised demand of smartphone &...

CMB International

China Technology – Global Foundry 2Q23 Wrap: Prolonged Inventory Correction

Major global semi foundries (TSMC/UMC/VIS/GF/SMIC/HH) reported in-line 2Q23 but mixed 3Q23 outlook on slower demand recovery and ASP/margin pressure.

CMB International

China Technology – Implications of Lam Research and KLA 2Q23 results

Looking into 2023, while Lam raised WFE spending on China-related and HBM demand, KLA maintained forecast of 20% YoY decline.

CMB International

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