Fixed Income Daily Market Update China’s Trade Picture: Half Full, Half Empty Morning Brief 3Q23 earnings beat on better product mix and record-high GPM Big milestone achieved with fruquintinib successfully approved by US FDA Fixed Income Daily Market Update HRINTH: The repurchase focuses changed？ 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