公司 / 行业动态 2018 年 7 月 25 日 TMT 非硬件行业更新维持强势分析员 : 布家杰, CFA; 电话 : (852) ; 蒋骥昊电话 :(852) ;

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1 公司 / 行业动态 TMT 非硬件行业更新维持强势 2018 年 7 月 25 日分析员 : 布家杰, CFA; 电话 : (852) ; markpo@chinastock.com.hk; 蒋骥昊电话 :(852) ; markjiang@chinastock.com.hk TMT 非硬件股龙头值得重新关注在国务院提出采取更积极的财政政策后, 市场正在寻找股价反弹的股票我们认为领先的 TMT 非硬件股 ( 特别是 IT 服务股 ) 值得重新审视, 即使这些股份并不是超跌股, 但它们将从市场情绪趋稳中受益在年初至今, 香港上市的 TMT 非硬件股的股价表现分化 TMT 非硬件股之中,IT 服务股的股价明显跑赢, 金蝶国际 [0268.HK] 中国软件国际 [0354.HK] 中国擎天软件 [1297.HK] 浪潮 [0596.HK] 和畅捷通 [1588.HK] 等在年初至今的表现明显优于行业平均和指数腾讯 [0700.HK] 的股价落后于指数, 但仍优于香港 TMT 非硬件股的平均表现 IGG [0799.HK] 方面, 尽管市场担心网络游戏行业整体放缓, 但由于 IGG 游戏组合稳健增长, 其表现也优于大盘和同业中国有赞 [8083.HK] 在转型为在线 BtoB 股份后也录得良好表现我们认为 TMT 非硬件股仍将是市场的焦点, 因为行业发展趋势仍然不变 ( 包括技术和应用的采用企业和政府 IT 支出的增加持续的云迁移和政府的利好政策 ) 鉴于企业持续作出 IT 投资, 中国软件 / IT 服务市场特别是企业和政府 IT 市场 (tob 细分市场 ) 仍处于长远增长的周期云迁移和市场采用大数据分析是一个持续的过程, 预计未来几年云计算 / 大数据分析市场将继续增长市场正在等待腾讯 [0700.HK] 公布 2018 年第二季业绩和管理层的指引, 以了解其在线游戏业务放缓的影响然而我们认为, 腾讯疲弱的股价表现已某程度反映了市场忧虑, 其第二季业绩将成为公司自身和行业的股价催化剂内地投资者对非硬件股仍有信心与 A 股市场的其他热门行业相比,TMT 非硬件股是非超买板块基于 WIND 数据 ( 图 1), 中国共同基金在信息传输软件和信息技术服务板块的投资 ( 我们同意 A 股市场主要由散户投资者推动, 但我们展示的数据仍可反映市场情绪 ), 仅占这些股份截至 2018 年第二季末总股本投资的 5.34%, 较第一季的 5.52% 略降, 但仍高于 2017 年第四季末的 3.29% 和 2017 年平均的 4.23%, 但远低于 2013 年第一季平均的 7.79% 2015 年平均的 11.98% 和 2016 年平均的 8.35% 尽管创业板在第二季出现环比调整( 我们将创业板视作新经济股包括 TMT 非硬件股的一个指标 ), 但中国共同基金在信息传输软件和信息技术服务板块的投资没有明显下降, 这反映尽管市场情绪疲弱, 市场对 TMT 股份仍有信心正如我们在 2018 年 5 月中旬的更新报告中指出, 创业板表现优于上海和深圳指数, 我们认为这可能反映相对旧经济股, 市场更看好新经济股由于市场关注信贷流动性紧张的影响, 大盘自 6 月以来出现调整, 但尽管如此, 创业板 ( 早于其他指数反弹 ) 在年初至今仍跑赢其他指数, 反映尽管市场环境艰难, 但市场对新经济股仍十分感兴趣 ( 包括 TMT 非硬件股 ) 我们认为, 创业板的强劲表现 ( 尤其是非硬件股 ) 是由于 :a) 市场对增长前景的忧虑缓解 ;b) 其对宏观消息的敏感度较低 ( 如贸易战和信贷紧缩 );c) 相对 A 股其他热门行业, 其是非超买板块图 1: 共同基金于 IT 板块的持股 vs 创业板表现图 2: 创业板 Vs 上海及深圳股市的相对表现 % Information 信息传输软件和信息技术服务 transmission, software and information technology services Index ChiNext 创业板 (Index ( 指数 level) ) , Shanghai 上海 Shenzhen 深圳 ChiNext 创业板 Hang 恒生指数 Seng Index Q Q Q Q Q Q Q 来源 : WIND, 中国银河国际证券研究部 2, , , , /1/2018 1/2/2018 1/3/2018 1/4/2018 1/5/2018 1/6/2018 1/7/2018 来源 : WIND, 中国银河国际证券研究部 1

2 公司 / 行业动态 2018 年 7 月 25 日 TMT 非硬件行业更新维持强势分析员 : 布家杰, CFA; 电话 : (852) ; markpo@chinastock.com.hk; 蒋骥昊电话 :(852) ; markjiang@chinastock.com.hk 行业将受益于鼓励研发的减税措施中国政府推动积极的财政政策, 而减税是关键措施之一国务院建议增加 650 亿元人民币的减税额并涵盖所有公司的研发支出 ( 不仅仅是上一次提案所指的科技公司 ) 我们想强调的是, 中国 TMT 非硬件行业的 IT 服务股是所有公司对研发支出减税的潜在受益者我们相信研发支出上升将推动 IT 投资 ( 硬件和非硬件 ) 在年, 研发费用占 A 股上市公司营业额的比例持续增加研发费用占 A 股上市公司营业额的百分比从 2011 年的 3.62% 上升至 2017 年的 4.65% 鼓励研发支出仍然是中国政府通过创新推动增长的首要措施, 我们相信研发支出的税收减免有助达到以下三个目的 :a) 鼓励研发 ;b) 推动 IT 的持续投资 ;c) 促进经济增长我们想指出, 先进制造业和现代服务业也需要 IT 行业的支持 ; 一个典型的例子是工业互联网工信部于 2018 年 6 月初正式发布了工业互联网发展行动计划 ( 年 ) 和工业互联网专项工作组 2018 年工作计划根据我们的定义 ( 较中国政府的定义略为详细 ), 工业互联网由五大细分市场组成 :a) 高精度设备 ;b) 传感器技术 ;c) 平台 ( 包括 IaaS PaaS 和 SaaS);d) 安全, 涵盖工业互联网的所有部分 ;e) 大数据分析根据我们的定义, 我们认为以下细分市场 / 公司 ( 香港上市公司名称 ) 将受益于中国工业互联网的发展 :a) 机器制造商 ;b) 解决方案提供商 ;c)it 解决方案和云计算提供商, 如金蝶国际 [0268.HK] 金山软件[3888.HK] 神州控股 [0861.HK] 和中国擎天软件 [1297.HK];d) 通信设备提供商金融科技行业 : 仍受政府密切关注对于互联网金融 / 金融科技领域, 中国政府仍在加强规管 2017 年, 人行发布了有关互联网现金贷款和移动支付的政策 ( 第 281 号和第 217 号政策 ) 我们认为市场可能会对互联网金融股采取观望态度, 特别是考虑到近期有一些关于中国 P2P 贷款平台的负面消息我们认为, 领先的公司将取得市场份额, 但其他垂直行业的表现或会优于互联网金融行业在线娱乐 : 仍是市场焦点中国娱乐行业近年来呈现爆发性增长, 预计 2016 年至 2020 年的复合年增长率将达到 14.3% 网络游戏业务的增长最快, 2013 年至 2016 年的复合年增长率为 16.7%, 预计 2016 年到 2020 年的复合年增长率将放缓至 12.15% 我们预计, 主要的行业增长动力将从在线游戏转向其他细分市场, 如在线文学在线音乐串流媒体和视频领先的在线视频平台, 如虎牙爱奇艺和哔哩哔哩, 自上市以来一直备受市场关注, 我们相信它们仍将是市场的焦点图 3: A 股上市公司的研发开支占收入比率 5.00% A 股研发开支比率 Share R&D % 4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 0% 0.50% 0.00% 来源 : WIND, 中国银河国际证券研究部 2

3 COMPANY / INDUSTRY NEWS TMT NON-HARDWARE INDUSTRY UPDATE From strength to strength Analyst: Mark Po, CFA; Tel: (852) ; markpo@chinastock.com.hk; Mark JiangTel:(852) ; markjiang@chinastock.com.hk July 25, 2018 Leading TMT non-hardware names worth revisiting. The market is looking for rebounding stocks after State Council released the statement regarding a more proactive fiscal policy. Even though they are not really fallen angels, we believe that the leading TMT non-hardware names, especially IT services names, are worth revisiting, as they will benefit from the stabilization of market sentiment. We have seen divergence in the share price performance of HK-listed TMT non-hardware names on a YTD basis. In the TMT non-hardware segment, the IT services segment is a clear outperformer, and names such as Kingdee [0268.HK], ChinaSoft [0354.HK], Sinosoft [1297.HK], Inspur [0596.HK] and Changjet [1588.HK] have significantly outperformed the sector and indices on a YTD basis. Tencent [0700.HK] has underperformed the index, but it is still an outperformer in the HKlisted TMT non-hardware segment. Despite concerns about an overall slowdown in the online game sector, IGG [0799.HK] also outperformed the market and the industry due to solid growth in its game portfolio. China Innovationpay [8083.HK] also performed well after its transformation into an online BtoB name. We maintain the view that TMT non-hardware names will remain the focus of the market, as industry development, including the adoption of technologies and applications, higher IT spending by corporates and government, continuing cloud migration and supportive government policies, remains intact. The China software/it services market, especially the enterprise and government IT market (tob segment), is in a secular growth cycle, given continuous IT investment. Cloud migration and the adoption of big data analysis is a continuing process, and the cloud computing/big data analysis segment is expected to continue to grow in the coming years. The market is waiting for Tencent s [0700.HK] Q results and management guidance to see the impact of the slowdown in its online game segment. However, we believe that Tencent s share price underperformance has already factored in some of the concerns and that its Q results will be a catalyst for shares of the Company and the sector. Mainland investors still have confidence in non-hardware names. The TMT non-hardware sector is not really a crowded trade in the A-share market vs. other hot sectors. Based on data compiled by WIND (Figure 1), investment in the information transmission, software and information technology services sectors by mutual funds in China (we agree that the A-share market is driven more by retail investors, but the data we show can be used as an indicator of sentiment), accounted for only 5.34% of their total equity investment at the end of Q2 2018, a slight drop from 5.52% from Q1 2018, but still higher than 3.29% at the end of Q and the average of 4.23% in 2017, but substantially lower than the mean of 7.79% since Q1 2013, the average of 11.98% in 2015, and the average of 8.35% in Despite the QoQ correction in the ChiNext (we used as a proxy for new economy names, including TMT non-hardware) in Q2 2018, the investment in information transmission, software and information technology services sectors by mutual funds in China didn t drop that much, which shows that the market still has confidence in TMT names despite weak market sentiment. As we pointed out in our previous update in mid-may 2018, the ChiNext outperforming the Shanghai and Shenzhen indices, which in our view, may indicate that the market prefers new economy names vs. old economy names. Even after the correction since Jun 2018 due to concerns about tight credit liquidity, the ChiNext (which rebounded earlier than other indices) has still outperformed other indices YTD, which shows market interest in new economy names, including the TMT non-hardware names, remains strong despite the difficult market environment. We believe that the ChiNext s outperformance (especially non-hardware names) was due to: a) less concern about the growth outlook, b) less sensitivity to macro news flow, such as the trade war and credit tightening, and c) less-crowded trade in the A-share market than in other hot sectors. Figure 1: Mutual funds holdings in IT sector vs ChiNext Figure 2:Relative performance ChiNext Vs Shanghai & Shenzhen % Information transmission, software and information technology services Index ChiNext (Index level) , Shanghai Shenzhen ChiNext Hang Seng Index Q Q Q Q Q Q Q Source: WIND, CGIS Research 2, , , , /1/2018 1/2/2018 1/3/2018 1/4/2018 1/5/2018 1/6/2018 1/7/2018 Source: Bloomberg, CGIS Research 3

4 COMPANY / INDUSTRY NEWS TMT INDUSTRY UPDATE From strength to strength Analyst: Mark Po, CFA; Tel: (852) ; markpo@chinastock.com.hk; Mark JiangTel:(852) ; markjiang@chinastock.com.hk July 25,2018 Potential beneficiaries of tax cut which encourages R&D. Regarding the proactive fiscal policy by the Chinese government, tax cuts are one of the key measures. Recall that the State Council proposed giving an additional tax cut of RMB65bn to cover all companies (not just technology companies as in the previous proposal) for R&D expenditure. We would like to highlight that IT services names in the China TMT non-hardware segment are potential beneficiaries of the tax cut for all companies for R&D expenditure. We believe that higher R&D spending will drive IT investment (both hardware and non-hardware). R&D expenses as a percentage of turnover of A-share listed companies continued to increase in R&D expenses as a percentage of turnover of A-share listed companies increased from 3.62% in 2011 to 4.65% in Encouraging R&D spending is always at the top of the agenda of the Chinese government for creating growth through innovation, and we believe that the tax cut for R&D expenditure fits the purpose in three areas: a) encouraging R&D, b) pushing continuous investment in IT; and c) boosting economic growth. We would like to point out that the advanced manufacturing sector and modern services sector also require support from the IT segment; a typical example is the industrial internet. Recall that the MIIT formally released the Industrial Internet Development Plan and Industrial Internet Special Working Group 2018 Work Plan in early Jun Under our definition (a bit more detailed than the Chinese government s definition), the Industrial Internet consists of five major segments: a) high-precision equipment; b) sensor technology; c) platforms (include IaaS, PaaS, and SaaS); d) security, which covers all parts of the Industrial Internet; and e) big data analysis. Based on our definition, we believe the following segments/companies (HK-listed names) will benefit from the development of the Industrial Internet in China: a) machine makers, b) solutions providers; c) IT solutions and cloud computing providers, such as Kingdee [0268.HK], Kingsoft [3888.HK], DC Holdings [0861.HK] and Sinosoft [1297.HK]; and d) communications equipment providers. Fintech sector: Still closely monitored by the authorities. The Chinese government is still in a tightening mode regarding the internet financial/ FinTech sector. In 2017, the PBOC released its policies regulating internet-based cash loans and mobile payments (policies No. 281 and 217). We believe that the market is likely to take a wait-and-see attitude on internet finance names, especially given the recent negative news flow on P2P loan platforms in China. We believe the leading players will gain market share, but other verticals may outperform the internet finance segment. Online entertainment: Still focus of the market. The entertainment industry in China has seen explosive growth in recent years and is expected to grow at a CAGR of 14.3% from 2016 to The online game segment experienced the fastest growth rate, with a CAGR of 16.7% from 2013 to 2016, and is expected to slow down to a CAGR of 12.15% from 2016 to We expect the major industry growth driver to shift from online games to other segments, such as online literature, online music streaming and videos. The leading online video platforms, such as Huya, iqiyi and BiliBili, have gained market attention since their listings, and we believe that they will remain the focus of the market. Figure 3: the percentage of R&D expense of A share listed names 5.00% A Share R&D % 4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 0% 0.50% 0.00% Source: WIND, CGIS Research 4

5 COMPANY / INDUSTRY NEWS July 25,2018 TMT INDUSTRY UPDATE From strength to strength Analyst: Mark Po, CFA; Tel: (852) ; markpo@chinastock.com.hk; Mark JiangTel:(852) ; markjiang@chinastock.com.hk Figure 3: Peer comparison TMT non-hardware Ticker Company PE EV/EBITDA P/B ROE ROA Div yield Share Price Performance F 6M 12M Price Market Cap 2018F 2019F 2020F 2018F 2019F 2020F F F F 1M 3M YTD 1D Lcy US$m x x x x x x x x % % % % % % % % % % % % HK Listed IT Services & Internet Names IT Sservices 268 HK Kingdee International Sftwr , HK Sinosoft Technology Group Lt HK Chinasoft International Ltd , HK Inspur International Ltd n.a. n.a. n.a. n.a. 1.3 n.a n.a. n.a HK Digital China Holdings Ltd HK Vstecs Holdings Ltd HK Chanjet Information Tech-H n.a HK Zte Corp-H ,822 n.a Game Developer & Social Networking 434 HK Boyaa Interactive Internatio n.a. n.a. n.a n.a HK Kingsoft Corp Ltd , n.a HK Ourgame International Holdin n.a n.a HK Linekong Interactive Group C n.a. n.a. n.a. n.a. n.a. n.a. 0.4 n.a n.a n.a. 0.0 n.a HK Baioo Family Interactive Ltd n.a. n.a. n.a. n.a. 2.3 n.a n.a HK Igg Inc , HK Forgame Holdings Ltd n.a. n.a. n.a. n.a. n.a. n.a. n.a n.a. 5.5 n.a. 0.0 n.a HK Tian Ge Interactive Holdings n.a. n.a. n.a. n.a. n.a. n.a. 2.5 n.a. 9.6 n.a. 1 n.a. 1.2 n.a HK Pacific Online n.a. n.a. n.a. n.a. n.a. n.a. 1.2 n.a n.a. 7.6 n.a n.a HK Tencent Holdings Ltd , HK Meitu Inc , n.a HK Netdragon Websoft Holdings L , HK Dx.Com Holdings Ltd n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a n.a. n.a. n.a. 0.0 n.a HK Digital Hollywood Interactiv n.a. n.a. n.a. n.a. n.a. n.a. 5.9 n.a n.a. 3.8 n.a. 0.0 n.a n.a HK 7Road Holdings Ltd n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a n.a n.a. 0.0 n.a. n.a. n.a. n.a. n.a. n.a HK Fingertango Inc n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a n.a n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a HK Wise Talent Information Tech ,021 n.a. n.a. n.a. n.a. n.a. n.a n.a. n.a. n.a. n.a. 0.0 n.a. n.a. n.a. n.a. n.a. n.a Online-entertainment 751 HK Skyworth Digital Hldgs Ltd , HK Tcl Multimedia Technology , HK Huiyin Smart Community Co Lt n.a. n.a. n.a. n.a. n.a. n.a. 1.6 n.a n.a. -2 n.a. 0.0 n.a HK V1 Group Ltd n.a. n.a. n.a. n.a. n.a. n.a. n.a n.a n.a. 0.0 n.a HK China Literature Ltd 70 8, n.a n.a HK Inke Ltd n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a E-commerce 493 HK Gome Retail Holdings Ltd , HK Cogobuy Group n.a. n.a. n.a. n.a. n.a. n.a. 1.2 n.a n.a. 4.3 n.a. 1.4 n.a HK Hc International Inc n.a HK China Innovationpay Group 5 1, n.a n.a. n.a. 0.0 n.a Media 1060 HK Alibaba Pictures Group Ltd 4 3,054 n.a. n.a. n.a. n.a. n.a. n.a. 1.4 n.a n.a n.a. 0.0 n.a HK Digital Domain Holdings Ltd n.a. n.a. n.a. n.a. n.a. n.a. 2.2 n.a n.a n.a. 0.0 n.a Average CH Winning Health Technology-A , n.a CH Beijing Orient National-A , n.a CH Yonyou Network Technology-A , n.a CH Beijing Thunisoft Corp Ltd-A , n.a CH Beijing Teamsun Technology-A , n.a. n.a. n.a. n.a. n.a. 2.0 n.a. n.a. 2.4 n.a. n.a. n.a CH Neusoft Corp-A , n.a CH Inspur Electronic Informat-A , n.a CH Bringspring Science And Te-A n.a. n.a. n.a. n.a. n.a. n.a. 3.4 n.a. 3.7 n.a. 2.0 n.a. n.a. n.a CH Ygsoft Inc -A n.a. n.a. n.a. 2.7 n.a n.a. n.a CH Digital China Information -A , n.a. n.a. n.a n.a CH Songcheng Performance Deve-A , n.a CH Baofeng Group Co Ltd-A n.a. n.a CH Zhejiang Sunriver Culture-A n.a. n.a. n.a. n.a. n.a. n.a. 1.9 n.a. 6.1 n.a. 4.2 n.a. n.a. n.a CH Alpha Group-A , n.a CH Nanji E-Commerce Co Ltd-A , n.a CH Shanghai U9 Game Co Ltd-A n.a. n.a. n.a. n.a. n.a. n.a. 2.3 n.a. 5.5 n.a n.a. n.a. n.a CH Zhejiang Daily Digital Cultu , n.a CH Bus Online Co Ltd n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 4.6 n.a n.a. n.a. n.a CH Beijing Kunlun Tech Co Ltd-A , n.a CH Wangsu Science & Technolog-A 13 3, n.a CH Perfect World Co Ltd-A , n.a CH Wuhu Shunrong Sanqi Intera-A , n.a CH Youzu Interactive Co Ltd-A , n.a. n.a CH Chinese Universe Publishin-A , n.a CH Wuxi Boton Technology Co - A n.a CH Rastar Group -A n.a. n.a CH Sichuan Xun You Network Te-A , n.a. n.a. n.a n.a CH Zhejiang Dilong Culture De-A n.a. n.a. n.a n.a. n.a CH Ireader Technology Co Ltd-A 37 1, n.a. n.a. n.a n.a n.a CH Chineseall Digital Publish-A n.a. n.a. n.a. 1.9 n.a. 2.3 n.a. 1.9 n.a. n.a. n.a CH Hangzhou Anysoft Informati-A , n.a. n.a. n.a n.a Average SAP GY Sap Se , n.a CRM US Salesforce.Com Inc , IBM US Intl Business Machines Corp , ORCL US Oracle Corp , MSFT US Microsoft Corp , N US Netsuite Inc n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. AMZN US Amazon.Com Inc , FB US Facebook Inc-A , GOOG US Alphabet Inc-Cl C , n.a n.a TWTR US Twitter Inc , SNAP US Snap Inc - A ,847 n.a. n.a. n.a. n.a. n.a. n.a NFLX US Netflix Inc , HPE US Hewlett Packard Enterprise , SHOP US Shopify Inc - Class A , n.a n.a WIX US Wix.Com Ltd , n.a ZNGA US Zynga Inc - Cl A , n.a Average RENN US Renren Inc-Adr n.a. n.a. n.a. n.a. n.a. n.a. 0.2 n.a n.a n.a. 0.0 n.a CYOU US Changyou.Com Ltd-Adr n.a. n.a. n.a. n.a KZ US Kongzhong Corp-Adr n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. NTES US Netease Inc-Adr , SINA US Sina Corp , SOHU US Sohu.Com Inc ,231 n.a. n.a. n.a BABA US Alibaba Group Holding-Sp Adr , BIDU US Baidu Inc - Spon Adr , FENG US Phoenix New Media Ltd -Adr VIPS US Vipshop Holdings Ltd - Adr , CTRP US Ctrip.Com International-Adr , JD US Jd.Com Inc-Adr , ATHM US Autohome Inc-Adr , BITA US Bitauto Holdings Ltd-Adr , JMEI US Jumei International-Adr n.a. n.a. n.a. n.a. n.a. n.a. 0.6 n.a. 3.7 n.a. 2.5 n.a. 0.0 n.a MOMO US Momo Inc-Spon Adr , WB US Weibo Corp-Spon Adr , TOUR US Tuniu Corp-Spon Adr n.a. n.a. n.a. 1.8 n.a n.a n.a. 0.0 n.a CMCM US Cheetah Mobile Inc - Adr , YY US Yy Inc-Adr , QD US Qudian Inc-Spon Adr , n.a. 1.5 n.a n.a n.a JT US Jianpu Technology Inc- Adr n.a n.a n.a. 5.6 n.a n.a n.a n.a HX US Hexindai Inc-Adr n.a. n.a. n.a. n.a n.a. n.a n.a n.a XRF US China Rapid Finance Ltd-Adr n.a n.a n.a n.a PPDF US Ppdai Group Inc-Adr , n.a. n.a. n.a n.a n.a. n.a n.a SOGO US Sogou Inc-Adr , n.a n.a n.a n.a XNET US Xunlei Ltd-Adr n.a. n.a. n.a. n.a. n.a. n.a. 2.0 n.a n.a n.a. 0.0 n.a LX US Lexinfintech Holdings L-Adr , n.a n.a. 6.9 n.a n.a IQ US Iqiyi Inc-Adr ,271 n.a. n.a. n.a n.a. n.a. n.a n.a n.a. n.a. n.a BILI US Bilibili Inc-Sponsored Adr ,949 n.a n.a n.a n.a. n.a. n.a HUYA US Huya Inc-Adr , n.a n.a n.a. n.a. n.a n.a. n.a. n.a. n.a Average HSI Index Hang Seng Index HSCEI Index Hang Seng China Ent Indx SHCOMP Index Shanghai Se Composite MXCN Index Msci China Sources: Bloomberg, Company data, CGIS Research 5

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Equity Research Information Technology Tech Monthly (Apr 16) Value stocks outperformed in March Value stocks outperformed in March The Hang Seng Index

Equity Research Information Technology Tech Monthly (Apr 16) Value stocks outperformed in March Value stocks outperformed in March The Hang Seng Index 股票研究信息技术 16 年 4 月日科技行业月报 (16 年 4 月 ) 价值股三月份表现领先价值股三月份表现领先恒生指数三月份上升 8.7%, 上证指数反弹 11.8% 价值股持续吸引资金买入巨腾国际 (6 HK, 买入 ) 按销量计算是全球最大的笔记

公司 / 行业动态 2018 年 7 月 25 日 TMT 非硬件行业更新 维持强势分析员 : 布家杰, CFA; 电话 : (852) ; 蒋骥昊电话 :(852) ;

公司 / 行业动态 2018 年 7 月 25 日 TMT 非硬件行业更新维持强势分析员 : 布家杰, CFA; 电话 : (852) ; 蒋骥昊电话 :(852) ;