External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Baidu (Bidu.US): AIGC to Bring More Potential and Empower Search Biz

[Baidu (BIDU US) Target Price Change]: Margin Improvement Offsets R&D Increase

[Baidu (BIDU US) Target Price Change]: Better Recovery with Leading Position in AIGC

Equity Bottom-Up

<ul><li>Baidu’s core ads business is on track for recovery in January 2023 and we expect search ads demand will benefit from faster than expected offline activities recovery in 1Q23, evidenced by robust offline travel and commerce traffic since Chinese New Year.</li><li>Search ads demand faced significant pressure due to offline activities disruptions in 2022, the faster than expected normalization would bring search ads demand back to normalized pace.</li><li>Baidu has accumulated strong AI technological capability, and with improving core search ads business outlook in 2023, the progress in large scale monetization of ASD and earlier than expected breakeven of cloud business would serve as solid fundamentals support for its stock price. </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>

Baidu’s core ads business is on track for recovery in January 2023 and we expect search ads demand will benefit from faster than expected offline activities recovery in 1Q23, evidenced by robust offline travel and commerce traffic since Chinese New Year.Search ads demand faced significant pressure due to offline activities disruptions in 2022, the faster than expected normalization would bring search ads demand back to normalized pace.Baidu has accumulated strong AI technological capability, and with improving core search ads business outlook in 2023, the progress in large scale monetization of ASD and earlier than expected breakeven of cloud business would serve as solid fundamentals support for its stock price. 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.

Baidu (BIDU US) – Core Business Recovery on Track with More to Expect on New Initiatives