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>2Q25 results were largely in-line with market expectations, but 3Q25E guidance is mixed with strength in premium smartphones and sluggish mainstream demand post order pull-in and China subsidies in 1H25.</li><li>Qualcomm (QCOM US, NR) guided 15% YoY growth in non-Apple QCT revenue in FY25, while MediaTek (2454 TT, NR) expected 40% YoY growth in flagship revenue in FY25.</li><li>New form factors (XR, Trifold, AI glasses) have become emerging growth drivers. </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.

2Q25 results were largely in-line with market expectations, but 3Q25E guidance is mixed with strength in premium smartphones and sluggish mainstream demand post order pull-in and China subsidies in 1H25.Qualcomm (QCOM US, NR) guided 15% YoY growth in non-Apple QCT revenue in FY25, while MediaTek (2454 TT, NR) expected 40% YoY growth in flagship revenue in FY25.New form factors (XR, Trifold, AI glasses) have become emerging growth drivers. 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.

Technology - Smartphone: Samsung/MTK/QCOM Results Takeaways

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight flows of CCB, China Life, SMIC, Meituan, China Mobile.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight flows of CCB, China Life, SMIC, Meituan, China Mobile.


Hong Kong Connect Flows (July): Near $15bn Inflows

<ul>
<li>We analysed the earning revision of component stocks of HS TECH in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Ntes - S, Jd, Bidu, Meituan, Li Auto, Hua Hong Semi, Kingdee Int'L.</li>
</ul>


We analysed the earning revision of component stocks of HS TECH in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Ntes - S, Jd, Bidu, Meituan, Li Auto, Hua Hong Semi, Kingdee Int'L.


HS TECH Index Earning Revision (Jul): Ntes, Jd, Bidu, Meituan, Li Auto, Hua Hong Semi

<ul><li>We reiterate our positive view on the booming AI glasses cycle, and we believe ongoing strength of Ray-Ban Meta glasses (+200% in 1H25), Xiaomi AI glasses’ bullish shipment target of 500k, strong product pipeline (Meta/Xiaomi/Rokid/ RayNeo/Quark) and improving ecosystem with more AI features/use cases will continue to pave wave for the AI glasses supply chain into 2H25E.</li><li>Looking ahead, global/China smart glasses market is set to continue robust growth of 43%/121% YoY in 2025, based on IDC.</li><li>As more tech players are entering the AI smart glass market, we expect cost optimization and more gen-AI use cases will continue to drive demand in the next few years. </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.

We reiterate our positive view on the booming AI glasses cycle, and we believe ongoing strength of Ray-Ban Meta glasses (+200% in 1H25), Xiaomi AI glasses’ bullish shipment target of 500k, strong product pipeline (Meta/Xiaomi/Rokid/ RayNeo/Quark) and improving ecosystem with more AI features/use cases will continue to pave wave for the AI glasses supply chain into 2H25E.Looking ahead, global/China smart glasses market is set to continue robust growth of 43%/121% YoY in 2025, based on IDC.As more tech players are entering the AI smart glass market, we expect cost optimization and more gen-AI use cases will continue to drive demand in the next few years. 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.

Technology -  Ray-Ban Meta Upbeat in 1H25, Xiaomi 500k Target and Quark Glasses Launch

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Equity Bottom-Up

<ul>
<li>Ownership in Alibaba has rebounded to 76.4% of EM funds, nearing its 2020 peak and making it the second most widely held stock among GEM funds, behind only TSMC.</li>
<li>The past six months have seen strong momentum, with 29 new fund positions marking a 7.7% rise in participation— the third highest among all EM stocks.</li>
<li>Alibaba attracts broad cross-style interest, with Value funds leading on allocation size, but Growth and GARP strategies among the top holders, reflecting high and diverse conviction.</li>
</ul>


Ownership in Alibaba has rebounded to 76.4% of EM funds, nearing its 2020 peak and making it the second most widely held stock among GEM funds, behind only TSMC.
The past six months have seen strong momentum, with 29 new fund positions marking a 7.7% rise in participation— the third highest among all EM stocks.
Alibaba attracts broad cross-style interest, with Value funds leading on allocation size, but Growth and GARP strategies among the top holders, reflecting high and diverse conviction.


Alibaba: Sentiment Rebounds Among GEM Funds

China

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

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Xiaomi (1810 HK)

Technology - Smartphone: Samsung/MTK/QCOM Results Takeaways

2Q25 results were largely in-line with market expectations, but 3Q25E guidance is mixed with strength in premium smartphones and sluggish...

CMB International

Hong Kong Connect Flows (July): Near $15bn Inflows

We estimate inflows to the HK shares from mainland investors amount to US$14.5bn in July. We highlight flows for CCB, China Life, SMIC, Meituan,...

Ke Yan, CFA, FRM

HS TECH Index Earning Revision (Jul): Ntes, Jd, Bidu, Meituan, Li Auto, Hua Hong Semi

We analyzed HS TECH's consensus for Jul 2025 and highlighted changes of EPS in Ntes - S, Jd, Bidu, Meituan, Li Auto, Hua Hong Semi, Kingdee Int'L.

Ke Yan, CFA, FRM

Technology - Ray-Ban Meta Upbeat in 1H25, Xiaomi 500k Target and Quark Glasses Launch

We reiterate our positive view on the booming AI glasses cycle, and we believe ongoing strength of Ray-Ban Meta glasses (+200% in 1H25), Xiaomi AI...

CMB International

Alibaba: Sentiment Rebounds Among GEM Funds

Alibaba is back in favour with GEM funds, now the 2nd most widely held stock. Broad style participation and rising conviction point to a renewed...

Steven Holden

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