20230919-招银国际-China_TMT__Maintain_buy_XIAOMI_30-31s,_XIAOMI_0_27_CB_,_MEITUA_0_27_CB_,_initiate_buy_on_WB_3_3／8_30_9页_713kb

Chinese TMT issuers maintain sound credit stories with strong cash positions and solid liquidity profiles, according to the executive summary. Top picks include shorter-dated Xiaomi bonds due to their net cash position and operating cash inflow, offering yield pick-ups over comparable bonds. Meituan bonds are recommended for their redemption capabilities. Recommendations also include initiating a buy on WB 3 3/8 '30 and turning neutral on PDD CB due to limited upside. Xiaomi's financials show profitability improvement, Meituan benefits from consumption recovery, Weibo has stable active users but declining revenue, and PDD faces US tariff risks affecting its equity story. Overall, the analysis favors bonds with shorter durations under a "higher for longer" UST outlook.