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>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

<ul><li>Nvidia (NVDA, NR) disclosed that the U.S. government informed on April 9 that H20 chips will require a license for export to China and other D:5 countries, and the new requirement will be in place indefinitely.</li><li>Driven by DeepSeek’s lowcost AI models since late Jan, we see accelerated deployments of H20 servers in China, and several server ODM/component suppliers also guided strong order demand from Chinese CSPs for H20-related products.</li><li>In terms of impact, we estimate Nvidia’s inventory writedown of US$5.5bn implies US$14bn sales (GPM 60%), 1.1mn H20 chips (ASP US$12.5k) and 138k H20 AI servers (8 chips/ server). </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, NR) disclosed that the U.S. government informed on April 9 that H20 chips will require a license for export to China and other D:5 countries, and the new requirement will be in place indefinitely.Driven by DeepSeek’s lowcost AI models since late Jan, we see accelerated deployments of H20 servers in China, and several server ODM/component suppliers also guided strong order demand from Chinese CSPs for H20-related products.In terms of impact, we estimate Nvidia’s inventory writedown of US$5.5bn implies US$14bn sales (GPM 60%), 1.1mn H20 chips (ASP US$12.5k) and 138k H20 AI servers (8 chips/ server). 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 Nvidia H20 export restriction for AI server/component supply chain

<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

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 - 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

Technology - Implications of Nvidia H20 export restriction for AI server/component supply chain

In terms of impact, we estimate Nvidia’s inventory writedown of US$5.5bn implies US$14bn sales (GPM 60%), 1.1mn H20 chips (ASP US$12.5k) and 138k...

CMB International

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

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