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>On 3 April, the US President announced 10% tariff on all imports, and additional reciprocal tariffs will be applied on 60 countries (34% on China, 46% on Vietnam, 26% on India, and 20% on the EU).</li><li>Overall, we believe the scale and pace of the new tariffs are larger and broader than market expected. Below we access the potential impact for component/ODM&amp;OEM/brand supply chain.</li><li>For component (SP/PC/server), we expect limited direct impact for suppliers since most do not export directly to 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.

On 3 April, the US President announced 10% tariff on all imports, and additional reciprocal tariffs will be applied on 60 countries (34% on China, 46% on Vietnam, 26% on India, and 20% on the EU).Overall, we believe the scale and pace of the new tariffs are larger and broader than market expected. Below we access the potential impact for component/ODM&amp;OEM/brand supply chain.For component (SP/PC/server), we expect limited direct impact for suppliers since most do not export directly to 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 - Implications of US reciprocal tariffs on supply chain

<ul><li>Hon Hai (2317 TW, NR)'s 4Q24 revenue (+15% QoQ, +15% YoY) was in-line, but net profit (-6% QoQ, -13% YoY) missed consensus by -12% mainly due to non-op loss (FX &amp; investment loss).</li><li>For 2025, mgmt. guided 15%+ YoY sales growth, with Cloud/ Networking up 15%+, Components up 15%+, Consumer electronics flattish, and Computing down 5%+.</li><li>For AI server, mgmt. guided 1) 1Q25 sales to grow 100%+ QoQ/YoY, growing QoQ throughout in 2025, 2) GB200 rack yield reaching mass production level, and 3) CSP demand is not slowing down yet and capex will not peak in 2025. </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.

Hon Hai (2317 TW, NR)'s 4Q24 revenue (+15% QoQ, +15% YoY) was in-line, but net profit (-6% QoQ, -13% YoY) missed consensus by -12% mainly due to non-op loss (FX &amp; investment loss).For 2025, mgmt. guided 15%+ YoY sales growth, with Cloud/ Networking up 15%+, Components up 15%+, Consumer electronics flattish, and Computing down 5%+.For AI server, mgmt. guided 1) 1Q25 sales to grow 100%+ QoQ/YoY, growing QoQ throughout in 2025, 2) GB200 rack yield reaching mass production level, and 3) CSP demand is not slowing down yet and capex will not peak in 2025. 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.

Strong AI Server Outlook and Flattish Consumer Electronics in 2025

<ul><li>NVIDIA (NVDA US, NR) will host its annual GTC event in San Jose on 17-21 Mar (US time), and CEO Jensen Huang will give a keynote speech on 18 Mar.</li><li>Overall, we expect the major focus for tech investors will be the latest product/system roadmap (B300/GB300/Robin), interconnect solutions (CPO/switch), and key updates on autonomous cars/physical AI/humanoid robotics.</li><li>In our view, recent pullback of server supply chain reflected concerns on CSP CAPEX in 2026 on DeepSeek’s disruption, GPU vs. ASIC demand and recent order cut. </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 (NVDA US, NR) will host its annual GTC event in San Jose on 17-21 Mar (US time), and CEO Jensen Huang will give a keynote speech on 18 Mar.Overall, we expect the major focus for tech investors will be the latest product/system roadmap (B300/GB300/Robin), interconnect solutions (CPO/switch), and key updates on autonomous cars/physical AI/humanoid robotics.In our view, recent pullback of server supply chain reflected concerns on CSP CAPEX in 2026 on DeepSeek’s disruption, GPU vs. ASIC demand and recent order cut. 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 to tech supply chain from upcoming NVDA GTC 2025

<ul><li>Foxconn Industrial Internet (FII) (601138 CH, NR) reported in-line FY24 prelim. revenue/NP growth of 28/10% YoY driven by strong cloud computing growth on AI server demand from both cloud &amp; brand customers, as well as general server recovery.</li><li>Looking into 1H25E, despite market concerns on slower computing demand due to DeepSeek impact, we remain positive on AI infrastructure investments accelerating globally and new GB200/300 AI server racks ramping up throughout the year, evidenced by global major CSPs’ 2025 capex guidance for computing power and large model upgrade.</li><li>We believe AI server supply chain will continue to benefit including BYDE, FIT Hon Teng and Luxshare.</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.

Foxconn Industrial Internet (FII) (601138 CH, NR) reported in-line FY24 prelim. revenue/NP growth of 28/10% YoY driven by strong cloud computing growth on AI server demand from both cloud &amp; brand customers, as well as general server recovery.Looking into 1H25E, despite market concerns on slower computing demand due to DeepSeek impact, we remain positive on AI infrastructure investments accelerating globally and new GB200/300 AI server racks ramping up throughout the year, evidenced by global major CSPs’ 2025 capex guidance for computing power and large model upgrade.We believe AI server supply chain will continue to benefit including BYDE, FIT Hon Teng and Luxshare.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 FII 2024 prelim results: AI server outlook remains robust in 2025

<ul><li>Apple (AAPL US, NR) reported FY1Q25 (CY4Q24) revenue of US$124.3bn (+4% YoY) and EPS of US$2.4 (+10% YoY), above market consensus, thanks to better iPad/Mac (+15%/16%) and record Services GPM, offsetting iPhone miss (-1%) and China weakness (-11%).</li><li>For FY2Q25E, mgmt. guidance was better-than-feared, with revenue growth of low-to-mid-single digit, service sales growth of double digits and GPM of 46.5%-47.5%.</li><li>With Apple Intelligence rollouts in more markets and China’s smartphone subsidy in 1H25E, we expect new AI features and upcoming 5 new iPhone model will boost higher iPhone shipment in 2025.</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 FY1Q25 (CY4Q24) revenue of US$124.3bn (+4% YoY) and EPS of US$2.4 (+10% YoY), above market consensus, thanks to better iPad/Mac (+15%/16%) and record Services GPM, offsetting iPhone miss (-1%) and China weakness (-11%).For FY2Q25E, mgmt. guidance was better-than-feared, with revenue growth of low-to-mid-single digit, service sales growth of double digits and GPM of 46.5%-47.5%.With Apple Intelligence rollouts in more markets and China’s smartphone subsidy in 1H25E, we expect new AI features and upcoming 5 new iPhone model will boost higher iPhone shipment in 2025.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 FY1Q25: Beat on IPad/Mac Offsetting China/ IPhone Weakness

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 - Implications of US reciprocal tariffs on supply chain

On 3 April, the US President announced 10% tariff on all imports, and additional reciprocal tariffs will be applied on 60 countries (34% on China,...

CMB International

Strong AI Server Outlook and Flattish Consumer Electronics in 2025

Hon Hai (2317 TW, NR)'s 4Q24 revenue (+15% QoQ, +15% YoY) was in-line, but net profit (-6% QoQ, -13% YoY) missed consensus by -12% mainly due to...

CMB International

Technology - Implications to tech supply chain from upcoming NVDA GTC 2025

NVIDIA (NVDA US, NR) will host its annual GTC event in San Jose on 17-21 Mar (US time), and CEO Jensen Huang will give a keynote speech on 18 Mar.

CMB International

Technology - Implications of FII 2024 prelim results: AI server outlook remains robust in 2025

Foxconn Industrial Internet (FII) (601138 CH, NR) reported in-line FY24 prelim. revenue/NP growth of 28/10% YoY driven by strong cloud computing...

CMB International

Technology - Apple FY1Q25: Beat on IPad/Mac Offsetting China/ IPhone Weakness

Apple (AAPL US, NR) reported FY1Q25 (CY4Q24) revenue of US$124.3bn (+4% YoY) and EPS of US$2.4 (+10% YoY), above market consensus, thanks to better...

CMB International

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