Investment Rating - Maintain BUY rating for Shenzhen MTC with a target price of RMB 6 90 [2] Core Views - Shenzhen MTC reported robust 1H24 revenue and net profit growth with revenue reaching RMB 9 520mn (+23 07% yoy) and net profit at RMB 911mn (+24 04% yoy) [2] - The company's dual growth driver strategy focusing on multimedia and LED businesses is effective with LED industry chain revenue reaching RMB 2 584mn (+29 4% yoy) [2][4] - TV output recovery and increased market share in COB direct-view display business contributed to the strong performance [3][4] Financial Performance - 1H24 revenue from multimedia audio-visual products and operation services was RMB 6 936mn (+21% yoy) with over 5 4mn units of smart display terminals shipped [3] - LED business revenue was driven by product-mix upgrades and increased penetration of Mini LED COB direct-view display products (1H24 revenue: RMB 432mn) [4] - Gross profit margin (GPM) for 2Q24 improved by 0 1pp yoy due to stable TV panel prices and higher contributions from high-margin LED products [5] Future Projections - Revenue is expected to grow to RMB 20 762mn in 2024E (+20 94% yoy) and RMB 25 308mn in 2026E (+9 28% yoy) [6] - Net profit is projected to increase to RMB 2 094mn in 2024E (+31 86% yoy) and RMB 2 678mn in 2026E (+10 64% yoy) [6] - EPS forecasts for 2024E/2025E/2026E are maintained at RMB 0 46/0 53/0 59 [2] Valuation - The stock is valued at 15x 2024E PE above the Wind consensus-based peers' average of 11 7x [2] - Potential upside of 46% based on the target price of RMB 6 90 and closing price of RMB 4 71 as of 7 Aug [8]

Investment Rating - The investment rating for Bank of Hangzhou is maintained at OVERWEIGHT with a target price of RMB14.42, indicating a potential upside of 12% from the closing price of RMB12.93 as of 7 August 2024 [6][28]. Core Insights - In 1H24, Bank of Hangzhou experienced a revenue growth of 5.4% year-on-year and attributable net profits increased by 20.1% year-on-year, reflecting a strong performance with stable asset quality [1][2]. - The bank's total assets, loans, and deposits grew by 13.8%, 16.5%, and 13.7% year-on-year respectively, with significant increases in loan and deposit amounts compared to the previous year [2]. - The non-performing loan (NPL) ratio remained low at 0.76%, with a provision coverage ratio of 545%, indicating strong risk management capabilities [3][4]. Financial Projections - Projected earnings per share (EPS) for 2024, 2025, and 2026 are RMB2.91, RMB3.47, and RMB4.13 respectively, with a book value per share (BVPS) of RMB18.02 for 2024 [1][5]. - Revenue is expected to grow from RMB36.6 billion in 2024 to RMB41.8 billion in 2026, while net profit attributable to the parent is projected to rise from RMB17.3 billion in 2024 to RMB24.5 billion in 2026 [11][12]. Market Position and Strategy - Bank of Hangzhou operates in economically vibrant regions and focuses on corporate loans, particularly to government credits and state-owned enterprises, which supports its growth strategy [2][4]. - The bank has established a diversified shareholder base and has been a pioneer in tech-innovation banking, enhancing its competitive edge [4].

Equity Research Report Horizon Construction Development (9930 HK) Profit Grew Robustly; First-ever Interim Dividend Proposed Huatai Research Interim Results Review Rating (Maintain): BUY Target price (HKD): 2.59 12 August 2024 │ China (Hong Kong) Architectural Design & Services Revenue/attributable NP up 15.9/13.1% yoy in 1H24; maintain BUY In 1H24, Horizon reported revenue/attributable net profit (NP) of RMB4.87/0.27bn (up 15.9/13.1% yoy), sustaining robust growth. We attribute this mainly to continued gro ...

Equity Research Report Economics Potential Fed Cuts Opens Up Room for PBoC to Lower Rates 12 August 2024 │ China (Mainland) Quick Take Comment on PBoC's 2Q24 Monetary Policy Execution Report (MPER) Huatai Research Analyst Eva YI SAC No. S0570520100005 SFC No. AMH263 evayi@htsc.com +(852) 3658 6000 Analyst CHANG Huili, PhD SAC No. S0570520110002 SFC No. BJC906 changhuili@htsc.com +(86) 10 6321 1166 Analyst WANG Mingshuo, PhD SAC No. S0570123070085 SFC No. BUP051 wangmingshuo@htsc.com +(86) 10 6321 1166 Concl ...

Equity Research Report Strategy On TSF: Adapting to 'New Normal', Steadily Progressing Market may have sufficiently priced in soft M1 and credit demand For June, China's total social financing (TSF)/new loans rose by RMB3.3/2.1tn yoy (vs Wind consensus of RMB3.2/1.1tn). Despite the lukewarm financial data due to the constraints on demand in June, there are sufficient market expectations for a 'new normal'. We highlight three points. 1) China's M1 yoy has yet to improve, with lingering impact of 'deposit mig ...

Investment Rating - The report does not explicitly state an investment rating for the LatAm FX and Rates Analytics industry [1]. Core Insights - The report provides a comprehensive analysis of the FX performance across various Latin American countries, highlighting the relative performance of currencies against global drivers and domestic fundamentals [1][3]. - It includes a snapshot of monetary policy across Brazil, Mexico, Chile, Colombia, and Peru, indicating the current interest rates and market expectations for future changes [1][13]. - The report discusses the performance of nominal bonds and local fixed income markets, including issuance trends and foreign positioning in these markets [1][14]. Summary by Sections FX Performance - The report presents a summary of FX performance over different time frames, indicating a mixed performance with YTD changes showing a decline for several currencies [3]. - For instance, the Brazilian Real (BRL) has shown a YTD decline of -6.6%, while the Mexican Peso (MXN) has decreased by -2.9% [3]. Monetary Policy Snapshot - The monetary policy snapshot indicates that Brazil's current interest rate is 10.55%, with expectations for slight adjustments in the coming months [1][13]. - Mexico's interest rate is currently at 5.62%, with a projected path indicating a potential increase [1][13]. Local Market Analytics - The report details the local fixed income market dynamics, including recent and upcoming auctions, and the positioning of foreign investors in local bonds [1][14]. - It highlights that Brazil and Mexico are key players in the local fixed income market, with significant foreign interest [1][14]. FX vs Global Drivers - The analysis includes the beta of various currencies to global commodities such as oil and copper, indicating how these currencies respond to global market movements [1][7]. - For example, the report notes that the MXN has a beta of -0.30 to oil, suggesting a negative correlation with oil price movements [7]. FX vs Domestic Fundamentals - The report examines the relationship between currency performance and domestic economic fundamentals, such as current account balances and fiscal positions [1][9]. - It indicates that the RUB and ZAR have shown significant changes in their FX performance relative to their current account balances [9][11].

Deutsche Bank Research Global Cross-Discipline Thematic Research Date 26 July 2024 Next week...this week All eyes will be on monetary policy decisions from the Fed, the BoJ and the BoE next week. In economic data, key releases include the jobs report in the US, inflation and GDP data in Europe as well as PMIs in China. In corporate earnings, the spotlight is on big tech firms. The week ahead is centered around key central bank decisions from the Fed, the BoJ and the BoE. All eyes will be on the Fed on Wedne ...

8 August 2024 Carry trades and cave dwellers Hong Kong Financial markets have been focused over the past week on the yen carry trade unwind. This is entirely understandable given the roller coaster market action in Tokyo. But the reality is that this has been a correction driven by technical factors, the selling of leveraged positions, rather than anything fundamental. Exhibit 1: Topix and Yen/US$ 2,200 2,300 2,400 2,500 2,600 2,700 2,800 2,900 3,000 140 145 150 155 160 165 Topix Yen/US$ (RHS) Jan-24 Feb-24 ...

Deutsche Bank Research Global Cross-Discipline Thematic Research Date 26 July 2024 Next week...this week All eyes will be on monetary policy decisions from the Fed, the BoJ and the BoE next week. In economic data, key releases include the jobs report in the US, inflation and GDP data in Europe as well as PMIs in China. In corporate earnings, the spotlight is on big tech firms. The week ahead is centered around key central bank decisions from the Fed, the BoJ and the BoE. All eyes will be on the Fed on Wedne ...

| --- | --- | --- | |----------------------------|----------------------|-------------------| | | NSA CPI | MTM | | 1-Feb-24 | 310.33 | | | 1-Mar-24 | 312.33 | 0.65% | | 1-Apr-24 | 313.55 | 0.39% | | 1-May-24 | 314.07 | 0.17% | | 1-Jun-24 | 314.18 | 0.03% | | 1-Jul-24 | 314.62 | 0.14% | | 1-Aug-24 | 314.71 | 0.03% | | 1-Sep-24 | 314.86 | 0.05% | | 1-Oct-24 | 314.70 | -0.05% | | | | | | 1-Nov-24 | 314.32 | -0.12% | | 1-Dec-24 | 314.24 | -0.03% | | 1-Jan-25 | 315.52 | 0.41% | | 1-Feb-25 1-Mar-25 1-Apr-25 | 31 ...