External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Nvidia announced (link) that 1) it is filing applications to resume H20 chip sales to China, 2) the US government has assured that licenses will be granted and delivery is expected to resume soon, and 3) it announced a new, fully compliant RTX PRO GPU for China.</li><li>Also, media reported (link) that AMD planned to restart MI308 shipment to China once the US completes licensing review.</li><li>We believe this is a major positive for China AI server/component suppliers, after the US’s H20/ MI308 export ban started in April, and it also suggests B30’s potential launch in the near future. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nvidia announced (link) that 1) it is filing applications to resume H20 chip sales to China, 2) the US government has assured that licenses will be granted and delivery is expected to resume soon, and 3) it announced a new, fully compliant RTX PRO GPU for China.Also, media reported (link) that AMD planned to restart MI308 shipment to China once the US completes licensing review.We believe this is a major positive for China AI server/component suppliers, after the US’s H20/ MI308 export ban started in April, and it also suggests B30’s potential launch in the near future. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Technology - Implications of Resumption of H20/MI308 Sales in China

<ul><li>US President Trump announced on 2 July that the US reached a trade deal with Vietnam, one week ahead of the 9 July deadline.</li><li>The US will impose a 20% tariff on Vietnamese exports and a 40% "transhipping" tariff for goods originating from other countries, compared to 46% tariffs previously announced in April.</li><li>In return, Vietnam will give the US total access to its market with zero tariffs. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

US President Trump announced on 2 July that the US reached a trade deal with Vietnam, one week ahead of the 9 July deadline.The US will impose a 20% tariff on Vietnamese exports and a 40% "transhipping" tariff for goods originating from other countries, compared to 46% tariffs previously announced in April.In return, Vietnam will give the US total access to its market with zero tariffs. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Technology - Implications of US-Vietnam Tariff Deal; Apple Supply Chain to Benefit Most

<ul><li>Computex 2025 was held in Taipei during 19-23 May, which mostly focused on AI servers, AI PCs, and thermal/power/connector solutions.</li><li>Below are key updates from keynotes and booths we visited at the event: 1) GB200 accelerating throughout 2Q; 2) GB300 rack sampling into 3Q and target for 4Q ramp; 3) modest spec upgrades but smoother ramp for GB300 components given design change back from Cordelia to Bianca, 4) 800V HVDC power rack by Delta/Vertiv, 5) Hybrid liquid/air solutions for GB300/B300 by Honhai/Wiwynn/Inventec/Gigabyte, 6) GPU/SO-CAMM sockets and mid-plane (vs cable cartridge) by FIT/Amphenol, 7) AI PCs/DGX Spark by Asus/Acer/Gigabyte/MSI, 8) NVIDIA ecosystem evolving with MGX platform (server), NVLink Fusion (network) and GROON N1 (robotics).</li><li>We become more positive on GB200/300 rack shipments into 2H25E, benefiting names including FII (601138 CH, NR), FIT Hon Teng (6088 HK), BYDE (285 HK), Luxshare (002475 CH) and Lenovo (992 HK, NR).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Computex 2025 was held in Taipei during 19-23 May, which mostly focused on AI servers, AI PCs, and thermal/power/connector solutions.Below are key updates from keynotes and booths we visited at the event: 1) GB200 accelerating throughout 2Q; 2) GB300 rack sampling into 3Q and target for 4Q ramp; 3) modest spec upgrades but smoother ramp for GB300 components given design change back from Cordelia to Bianca, 4) 800V HVDC power rack by Delta/Vertiv, 5) Hybrid liquid/air solutions for GB300/B300 by Honhai/Wiwynn/Inventec/Gigabyte, 6) GPU/SO-CAMM sockets and mid-plane (vs cable cartridge) by FIT/Amphenol, 7) AI PCs/DGX Spark by Asus/Acer/Gigabyte/MSI, 8) NVIDIA ecosystem evolving with MGX platform (server), NVLink Fusion (network) and GROON N1 (robotics).We become more positive on GB200/300 rack shipments into 2H25E, benefiting names including FII (601138 CH, NR), FIT Hon Teng (6088 HK), BYDE (285 HK), Luxshare (002475 CH) and Lenovo (992 HK, NR).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Technology: GB300 NVL72, Liquid Cooling, GPU/SOCAMM Socket, AI PCs, DGX Spark

<ul><li>On 12 May, China and the US issued a joint statement that the US and China will lower tariffs for 90 days by 14 May, with the US reducing its tariff from 145% to 30% and China reducing its tariff from 125% to 10%.</li><li>Overall, we believe this is a further relief on China technology supply chain after the US CBP’s exemption from reciprocal tariffs for 20 product categories on 11 Apr (our note).</li><li>Overall, we believe consumer technology (esp. Apple supply chain) with high US revenue exposure will benefit most from the China-US tariff deal. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

On 12 May, China and the US issued a joint statement that the US and China will lower tariffs for 90 days by 14 May, with the US reducing its tariff from 145% to 30% and China reducing its tariff from 125% to 10%.Overall, we believe this is a further relief on China technology supply chain after the US CBP’s exemption from reciprocal tariffs for 20 product categories on 11 Apr (our note).Overall, we believe consumer technology (esp. Apple supply chain) with high US revenue exposure will benefit most from the China-US tariff deal. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Technology - Implications of China-US Tariff Reduction

<ul><li>Apple (AAPL US, NR) reported in-line FY2Q25 (CY1Q25) results and also provided the framework for tariff impact for the next quarter.</li><li>Overall, FY2Q revenue of US$95.4bn (+5% YoY) and EPS of US$1.65 (+8% YoY) were largely in-line with market expectations, thanks to better iPhone/iPad/Mac sales (+2%/15%/7% YoY) and services GPM, offsetting weakness of sales in China (-2% YoY) and wearables (-5% YoY).</li><li>For FY3Q25E, mgmt. guided revenue growth of “low- to mid-single digit” and GPM of 45.5%-46.5%, including impact of US$900mn tariff-related costs (20% on China imports). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Apple (AAPL US, NR) reported in-line FY2Q25 (CY1Q25) results and also provided the framework for tariff impact for the next quarter.Overall, FY2Q revenue of US$95.4bn (+5% YoY) and EPS of US$1.65 (+8% YoY) were largely in-line with market expectations, thanks to better iPhone/iPad/Mac sales (+2%/15%/7% YoY) and services GPM, offsetting weakness of sales in China (-2% YoY) and wearables (-5% YoY).For FY3Q25E, mgmt. guided revenue growth of “low- to mid-single digit” and GPM of 45.5%-46.5%, including impact of US$900mn tariff-related costs (20% on China imports). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Technology - Apple FY2Q25 Read-Through: IPhone/China Weakness and US$900mn Tariff Cost

China

BYD Electronic (International) Co., Ltd. manufactures and sells handset components and modules, and provides assembly services for mobile phones. The company offers one-stop product solutions leveraging electronic information, AI, 5G, and IoT technologies, with its business spanning smartphones, computers, new energy vehicles, smart home solutions, and communication equipment. It was incorporated in 2007 and is headquartered in Shenzhen, China.

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BYD Electronic (285 HK)

Technology - Implications of Resumption of H20/MI308 Sales in China

Nvidia announced (link) that 1) it is filing applications to resume H20 chip sales to China, 2) the US government has assured that licenses will be...

CMB International

Technology - Implications of US-Vietnam Tariff Deal; Apple Supply Chain to Benefit Most

US President Trump announced on 2 July that the US reached a trade deal with Vietnam, one week ahead of the 9 July deadline.

CMB International

Technology: GB300 NVL72, Liquid Cooling, GPU/SOCAMM Socket, AI PCs, DGX Spark

Computex 2025 was held in Taipei during 19-23 May, which mostly focused on AI servers, AI PCs, and thermal/power/connector solutions.

CMB International

Technology - Implications of China-US Tariff Reduction

Overall, we believe this is a further relief on China technology supply chain after the US CBP’s exemption from reciprocal tariffs for 20 product...

CMB International

Technology - Apple FY2Q25 Read-Through: IPhone/China Weakness and US$900mn Tariff Cost

Apple (AAPL US, NR) reported in-line FY2Q25 (CY1Q25) results and also provided the framework for tariff impact for the next quarter.

CMB International

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