Morning Brief 3Q23 earnings beat on better product mix and record-high GPM Big milestone achieved with fruquintinib successfully approved by US FDA Deflation spurs call for additional policy loosening Fixed Income Daily Market Update Morning Brief Technology (Hardware/Semi): Thematic investment & megatrend: CSP3 & Meta ramp up spending to stay at the AI front line SMIC/Hua Hong Semi 3Q23: in-line revenue; ASP/GPM pressure to persist into 4Q23E China Internet: Trends observed from this year’s Double 11 shopping festival Thoughts on Nvidia’s customized AI chips for China