Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This is the brand spanking new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the <a href="https://www.smartkarma.com/insights/quiddity-a-h-premium-weekly-sep-8-icbc-abc-ccb-boc-vanke-ncl-rails" target="_blank" rel="noopener">A/H Premium Monitor</a> and HK Connect SOUTHBOUND Monitor.</li>
<li>The data on liquid names is presented for 5 days and four weeks and anything seen can be ranked in tables or selected and charted (names, sectors, outperformance, etc).</li>
<li>We like the nifty interactive tables and charts. We welcome feedback on how to make it more useful going forward.</li>
</ul>


This is the brand spanking new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.
The data on liquid names is presented for 5 days and four weeks and anything seen can be ranked in tables or selected and charted (names, sectors, outperformance, etc).
We like the nifty interactive tables and charts. We welcome feedback on how to make it more useful going forward.


Quiddity Mainland Connect NORTHBOUND Flows (Week to 8Sep23) : BYD, ZTE, Zhongji Innolight, Amperex

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 analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of September 8th.</li>
<li>We estimate the weekly outflows to be US$719.1 million, led by health care, information technology, and offset by materials, consumer discretionary, energy.</li>
<li>We highlight flows for BYD, Longi Green, ZTE, Zhongji Innolight.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of September 8th.
We estimate the weekly outflows to be US$719.1 million, led by health care, information technology, and offset by materials, consumer discretionary, energy.
We highlight flows for BYD, Longi Green, ZTE, Zhongji Innolight.


Northbound Flows (Sep 8th): BYD, Longi Green

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 114.4% as of Sep 8th.</li>
<li>The average A-H premium changed by -3.9ppt week on week, led by real estate, consumer staples, communication services and offset by consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for Huadian Power, Huaneng Power, Shanghai Elect, China Longyuan, Aluminum Corp.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 114.4% as of Sep 8th.
The average A-H premium changed by -3.9ppt week on week, led by real estate, consumer staples, communication services and offset by consumer discretionary.
We highlight weekly changes in A-H premium for Huadian Power, Huaneng Power, Shanghai Elect, China Longyuan, Aluminum Corp.


A-H Premium Weekly (Sep 8th): Huadian Power, Huaneng Power, Shanghai Electric, China Longyuan

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of August 25th.</li>
<li>We estimate the weekly outflows to be US$3,207.8 million, led by consumer staples, industrials, and offset by communication services.</li>
<li>We highlight flows for Wuxi Apptec, Iflytek, Foxconn Industrial Internet, Moutai, CMB, Ping An Insurance, Longi Green, Mindray, Wuliangye, ZTE, Inner Mongolia Yili Industrial, Luxshare Precision, Ping An Bank.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of August 25th.
We estimate the weekly outflows to be US$3,207.8 million, led by consumer staples, industrials, and offset by communication services.
We highlight flows for Wuxi Apptec, Iflytek, Foxconn Industrial Internet, Moutai, CMB, Ping An Insurance, Longi Green, Mindray, Wuliangye, ZTE, Inner Mongolia Yili Industrial, Luxshare Precision, Ping An Bank.


Northbound Flows (Aug 25th): Wuxi Apptec, Iflytek, Foxconn Industrial Internet, Moutai, CMB

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 1H23 results, posting revenue/NP (Rmb60.7bn)/NP (Rmb5.4bn), growth of 1.5%/19.9% YoY.</li><li>The top-line growth was muted, mainly due to the slowdown in overseas capex spending and macro pressures. Geographically, domestic sales grew 6.2% YoY, while overseas sales declined by 8.5% YoY.</li><li>The bottom-line growth was strong, driven by improving GPM (6.18ppts higher than 1H22), a result of favourable segment mix and cost optimization. </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>

ZTE released 1H23 results, posting revenue/NP (Rmb60.7bn)/NP (Rmb5.4bn), growth of 1.5%/19.9% YoY.The top-line growth was muted, mainly due to the slowdown in overseas capex spending and macro pressures. Geographically, domestic sales grew 6.2% YoY, while overseas sales declined by 8.5% YoY.The bottom-line growth was strong, driven by improving GPM (6.18ppts higher than 1H22), a result of favourable segment mix and cost optimization. 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 (763 HK) – 1H23 Earnings Lifted by Improved Gross Margin

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)

Quiddity Mainland Connect NORTHBOUND Flows (Week to 8Sep23) : BYD, ZTE, Zhongji Innolight, Amperex

The Brand-Spanking New Quiddity Mainland Connect NORTHBOUND Flows Monitor. Tables and Charts of Top 10-30 names/flows, flows and position by...

Travis Lundy

Northbound Flows (Sep 8th): BYD, Longi Green

We analyzed the Shanghai/Shenzhen Connect Scheme for last week and highlight flows for BYD, Longi Green, ZTE, Zhongji Innolight.

Ke Yan, CFA, FRM

A-H Premium Weekly (Sep 8th): Huadian Power, Huaneng Power, Shanghai Electric, China Longyuan

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Huadian Power, Huaneng Power, Shanghai Electric, China...

Ke Yan, CFA, FRM

Northbound Flows (Aug 25th): Wuxi Apptec, Iflytek, Foxconn Industrial Internet, Moutai, CMB

We analyzed the Shanghai/Shenzhen Connect Scheme for last week and highlight flows for Wuxi Apptec, Iflytek, Foxconn Industrial Internet, Moutai,...

Ke Yan, CFA, FRM

ZTE (763 HK) – 1H23 Earnings Lifted by Improved Gross Margin

The bottom-line growth was strong, driven by improving GPM (6.18ppts higher than 1H22), a result of favourable segment mix and cost optimization.

CMB International

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)