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>ZTE released its 3Q23 results. Quarterly revenue of RMB28.7bn (-12.4% YoY and -9.1% QoQ) was below market expectation, largely due to lower-thanexpected telecom revenue.</li><li>3Q net profit was RMB2.4bn, with 5.1% YoY and - 16.3% QoQ. GPM was resilient at 44.6% in 3Q23 (vs. 38.1%/42.0% in 3Q22/ 2Q23), showing Company’s competitiveness in the telecom market.</li><li>We revised down our EPS forecast for 2023-25E by 5%/7%/9%, reflecting a slowdown in growth in 3Q23.</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.

ZTE released its 3Q23 results. Quarterly revenue of RMB28.7bn (-12.4% YoY and -9.1% QoQ) was below market expectation, largely due to lower-thanexpected telecom revenue.3Q net profit was RMB2.4bn, with 5.1% YoY and - 16.3% QoQ. GPM was resilient at 44.6% in 3Q23 (vs. 38.1%/42.0% in 3Q22/ 2Q23), showing Company’s competitiveness in the telecom market.We revised down our EPS forecast for 2023-25E by 5%/7%/9%, reflecting a slowdown in growth in 3Q23.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.

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

DZT Research

DZT 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 analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 120.6% as of Oct 20th.</li>
<li>The average A-H premium changed by 2.0ppt week on week, led by consumer staples, financials, industrials and offset by information technology, communication services, consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for Postal Savings, Byd and CICC.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 120.6% as of Oct 20th.
The average A-H premium changed by 2.0ppt week on week, led by consumer staples, financials, industrials and offset by information technology, communication services, consumer discretionary.
We highlight weekly changes in A-H premium for Postal Savings, Byd and CICC.


A-H Premium Weekly (Oct 20th): Postal Savings, Byd, CICC

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of October 13th.</li>
<li>We estimate the weekly outflows to be US$1,898.6 million, led by industrials, information technology, and offset by consumer discretionary, health care.</li>
<li>We highlight flows for Longi Green, China Tourism, Iflytek, Ping An Insurance.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of October 13th.
We estimate the weekly outflows to be US$1,898.6 million, led by industrials, information technology, and offset by consumer discretionary, health care.
We highlight flows for Longi Green, China Tourism, Iflytek, Ping An Insurance.


Northbound Flows (Oct 13th): Longi Green, China Tourism, Iflytek, Ping An Insurance

<ul><li>ZTE’s recent update on AI-related development: At a recent investor relations event, the Company shed light on its progress in AI development for the B2B sector.</li><li>The Company featured a foundational AI model, a R&amp;D model (AI-assisted programming), a telecom model (streamline telecom carriers’ operations), and an industry-specific model (focusing on urban governance) aimed to be rolled out between year-end and early 2024.</li><li>Capitalizing on the AI momentum spurred by ChatGPT in 1H23, the Company is set to debut new computational products and is on track to launch an AI server, specifically engineered for intensive model training. </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.

ZTE’s recent update on AI-related development: At a recent investor relations event, the Company shed light on its progress in AI development for the B2B sector.The Company featured a foundational AI model, a R&amp;D model (AI-assisted programming), a telecom model (streamline telecom carriers’ operations), and an industry-specific model (focusing on urban governance) aimed to be rolled out between year-end and early 2024.Capitalizing on the AI momentum spurred by ChatGPT in 1H23, the Company is set to debut new computational products and is on track to launch an AI server, specifically engineered for intensive model training. 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.

ZTE (000063 CH) – A Defensive Play with Long Runway for Growth

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of September 29th.</li>
<li>We estimate the weekly outflows to be US$2,482.1 million, led by financials, information technology, and offset by health care.</li>
<li>We highlight flows for Wuxi Apptec, Longi Green, Moutai, BYD, Ping An Insurance, Zhongji Innolight, Wuliangye.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of September 29th.
We estimate the weekly outflows to be US$2,482.1 million, led by financials, information technology, and offset by health care.
We highlight flows for Wuxi Apptec, Longi Green, Moutai, BYD, Ping An Insurance, Zhongji Innolight, Wuliangye.


Northbound Flows (Sep 29th): Wuxi Apptec, Longi Green, Moutai, BYD, Ping An Insurance

China

ZTE Corporation is a Chinese technology company specializing in telecommunications equipment, networking solutions, and mobile devices. It offers a wide range of products including wireless and wireline networks, optical transmission systems, data communication gear, and smartphones under brands like Axon and Nubia. ZTE was founded in 1985 and is headquartered in Shenzhen, Guangdong, China.

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ZTE (763 HK)

ZTE (000063 CH) – Mixed 3Q Results

ZTE released its 3Q23 results. Quarterly revenue of RMB28.7bn (-12.4% YoY and -9.1% QoQ) was below market expectation, largely due to lower...

CMB International

A-H Premium Weekly (Oct 20th): Postal Savings, Byd, CICC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Postal Savings, Byd and China International Capital Corp.

Ke Yan, CFA, FRM

Northbound Flows (Oct 13th): Longi Green, China Tourism, Iflytek, Ping An Insurance

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Longi Green, China Tourism, Iflytek, Ping An...

Ke Yan, CFA, FRM

ZTE (000063 CH) – A Defensive Play with Long Runway for Growth

ZTE’s recent update on AI-related development: At a recent investor relations event, the Company shed light on its progress in AI development for...

CMB International

Northbound Flows (Sep 29th): Wuxi Apptec, Longi Green, Moutai, BYD, Ping An Insurance

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Wuxi Apptec, Longi Green, Moutai, BYD, Ping An...

Ke Yan, CFA, FRM

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