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's CBP published an updated guidance on 11 Apr to exempt 20 product categories (incl. smartphones, PCs, servers and tablets) from reciprocal tariffs (i.e. 125% China tariff and 10% global tariff).</li><li>However, the US commerce secretary stated on 13 Apr (link) that tariff exemptions for electronic devices were temporary and electronics will come under separate tariffs, along with semiconductors that will be imposed in a month or two.</li><li>Overall, while the upcoming electronics tariff remains an overhang in the near term, we believe 1) the new tariff (vs. 25% for other sectoral tariffs) will be lower than the 125% for China’s previous reciprocal tariff, and 2) recent sector correction has priced in the worst scenario for reciprocal 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.

The US's CBP published an updated guidance on 11 Apr to exempt 20 product categories (incl. smartphones, PCs, servers and tablets) from reciprocal tariffs (i.e. 125% China tariff and 10% global tariff).However, the US commerce secretary stated on 13 Apr (link) that tariff exemptions for electronic devices were temporary and electronics will come under separate tariffs, along with semiconductors that will be imposed in a month or two.Overall, while the upcoming electronics tariff remains an overhang in the near term, we believe 1) the new tariff (vs. 25% for other sectoral tariffs) will be lower than the 125% for China’s previous reciprocal tariff, and 2) recent sector correction has priced in the worst scenario for reciprocal 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 - US Tariff Updates: Reciprocal Tariff Exemptions for Smartphone /PC...

<ul><li>Following our note last week, we received investor questions focused on 1) “20% US content rule” exemptions, 2) impact of China 34% tariff' on the US, 3) Vietnam proposed 0% tariff, 4) de-minimis rule removal, 5) bottom-fishing opportunities, and 6) company feedback/response on the new tariff. Below we offer perspectives on investor FAQs regarding the implications.</li><li>Despite sector valuation still being 15-20% away from the historical trough now, we would start to look for some quality names to accumulate on further weakness, including Xiaomi, AAC, Sunny Optical, BYDE and Q-tech.</li><li>“20% US content rule” exemptions in “Annex III” sub-document? The US White House published a sub-document, Annex II, for the US Reciprocal 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.

Following our note last week, we received investor questions focused on 1) “20% US content rule” exemptions, 2) impact of China 34% tariff' on the US, 3) Vietnam proposed 0% tariff, 4) de-minimis rule removal, 5) bottom-fishing opportunities, and 6) company feedback/response on the new tariff. Below we offer perspectives on investor FAQs regarding the implications.Despite sector valuation still being 15-20% away from the historical trough now, we would start to look for some quality names to accumulate on further weakness, including Xiaomi, AAC, Sunny Optical, BYDE and Q-tech.“20% US content rule” exemptions in “Annex III” sub-document? The US White House published a sub-document, Annex II, for the US Reciprocal 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 - US Tariff Updates: Addressing FAQs After a Volatile Day

<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

Taiwan

FIT Hon Teng Limited designs, develops, produces, and sells interconnect solutions and related products, including electronic and optoelectronic connectors, antennas, acoustic components, cables, and modules. The company serves industries such as communications infrastructure, consumer electronics, mobile devices, automotive, industrial, and medical. It was established in 2013 and is headquartered in New Taipei City, Taiwan.

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FIT Hon Teng (6088 HK)

Technology - US Tariff Updates: Reciprocal Tariff Exemptions for Smartphone /PC...

The US's CBP published an updated guidance on 11 Apr to exempt 20 product categories (incl. smartphones, PCs, servers and tablets) from reciprocal...

CMB International

Technology - US Tariff Updates: Addressing FAQs After a Volatile Day

Following our note last week, we received investor questions focused on 1) “20% US content rule” exemptions, 2) impact of China 34% tariff' on the...

CMB International

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

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