Aion’s turning profitable as a positive catalyst Value is distressed but end demand is key China Technology: Implications of UMC 3Q23: inventory correction,UTR/margin under pressure, PC&smartphone rush order Fixed Income Daily Market Update Strong 4Q23 sales mixed with rising competition 3Q rev/np -4.6%/+4.7%; above market expectation Implications of Intel 3Q23: PC recovery, server destocking progress and new platform launches A one-stop auto service ecosystem Profit may continue to beat in next few quarters 3Q NP dragged by investment setbacks; first-in-sector steady agent scale props up 2024 NBV