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>The US President Trump announced plans (link) on a 100% tariff on semi imports, but companies that pledged large investments in the US manufacturing will be exempt.</li><li>Trump indicated that Apple would be exempt from proposed tariffs given its commitment to increase US investments to US$600bn over the next 4 years.</li><li>Several tech companies (e.g. Samsung, SK Hynix) also announced their tariff exemptions due to their committed investments in the US. </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.

The US President Trump announced plans (link) on a 100% tariff on semi imports, but companies that pledged large investments in the US manufacturing will be exempt.Trump indicated that Apple would be exempt from proposed tariffs given its commitment to increase US investments to US$600bn over the next 4 years.Several tech companies (e.g. Samsung, SK Hynix) also announced their tariff exemptions due to their committed investments in the US. 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 - US New Sectoral Tariffs Better than Feared...

<ul><li>2Q25 results were largely in-line with market expectations, but 3Q25E guidance is mixed with strength in premium smartphones and sluggish mainstream demand post order pull-in and China subsidies in 1H25.</li><li>Qualcomm (QCOM US, NR) guided 15% YoY growth in non-Apple QCT revenue in FY25, while MediaTek (2454 TT, NR) expected 40% YoY growth in flagship revenue in FY25.</li><li>New form factors (XR, Trifold, AI glasses) have become emerging growth drivers. </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.

2Q25 results were largely in-line with market expectations, but 3Q25E guidance is mixed with strength in premium smartphones and sluggish mainstream demand post order pull-in and China subsidies in 1H25.Qualcomm (QCOM US, NR) guided 15% YoY growth in non-Apple QCT revenue in FY25, while MediaTek (2454 TT, NR) expected 40% YoY growth in flagship revenue in FY25.New form factors (XR, Trifold, AI glasses) have become emerging growth drivers. 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 - Smartphone: Samsung/MTK/QCOM Results Takeaways

<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

China

BYD Electronic International Co., Ltd. researches, develops, manufactures handset components such as handset casings and handset keypads and modules for handset manufacturers.  The Company also provides assembly services comprising assembly service and PCB assembly service to global handset manufacturers.

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BYD Electronics (285 HK)

Technology - US New Sectoral Tariffs Better than Feared...

The US President Trump announced plans (link) on a 100% tariff on semi imports, but companies that pledged large investments in the US...

CMB International

Technology - Smartphone: Samsung/MTK/QCOM Results Takeaways

2Q25 results were largely in-line with market expectations, but 3Q25E guidance is mixed with strength in premium smartphones and sluggish...

CMB International

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

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