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)

Asian Equities: Southbound Trades Re-Affirm Our China Preferences

China Mobile (941 HK) Poised for Pullback: A Tactical Low-Cost Options Play With High Upside

Equity Bottom-Up

<ul><li>Tencent announced 4Q24 financial results: total revenue grew by 11% YoY to RMB172.4bn, 3/2% ahead of our/Bloomberg consensus estimates, mainly due to better-than-expected growth of games &amp; marketing revenue.</li><li>During the period, non-IFRS net income was up by 30% YoY to RMB55.3bn, in line with our estimate; but net margin is slightly below our estimate, due to the increased R&amp;D expenses including staff costs and depreciation expenses related to AI investment.</li><li>Tencent plans to further step up AI investment in FY25 (RMB80- 100bn capex with more R&amp;D and marketing support to AI), which may drag the pace of margin expansion but unlock long-term growth opportunities of AI cloud, marketing and games businesses in our view. </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>

Tencent announced 4Q24 financial results: total revenue grew by 11% YoY to RMB172.4bn, 3/2% ahead of our/Bloomberg consensus estimates, mainly due to better-than-expected growth of games &amp; marketing revenue.During the period, non-IFRS net income was up by 30% YoY to RMB55.3bn, in line with our estimate; but net margin is slightly below our estimate, due to the increased R&amp;D expenses including staff costs and depreciation expenses related to AI investment.Tencent plans to further step up AI investment in FY25 (RMB80- 100bn capex with more R&amp;D and marketing support to AI), which may drag the pace of margin expansion but unlock long-term growth opportunities of AI cloud, marketing and games businesses in our view. 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.

Tencent (700 HK) - Stepping up AI Investment to Unleash Growth Opportunities