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.

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InnoScience Suzhou Technology / Equity Bottom-Up

<ul><li>InnoScience’s 1H26 results missed Bloomberg consensus, with revenue rising 50.6% YoY to RMB834mn.</li><li>GPM improved to 11.6% from 6.8%/7.7% in 1H/2H25, driven by higher utilization, product upgrades and a richer mix, while operating cash flow turned positive.</li><li>Higher-value applications generated revenue of RMB532mn, up 70% YoY, lifting contribution to 64% from c.57% in 1H25. </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.

InnoScience’s 1H26 results missed Bloomberg consensus, with revenue rising 50.6% YoY to RMB834mn.GPM improved to 11.6% from 6.8%/7.7% in 1H/2H25, driven by higher utilization, product upgrades and a richer mix, while operating cash flow turned positive.Higher-value applications generated revenue of RMB532mn, up 70% YoY, lifting contribution to 64% from c.57% in 1H25. 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.

InnoScience (2577 HK) - 1H26 takes a breather as mix and margins improved

Thematic (Sector/Industry)

<ul><li>We noticed SemiAnalysis published an article on Jun 9 discussing potential deployment delays in 1) co-packaged optics (CPO) and 2) Nvidia’s native single-ended 800VDC architecture, which has triggered market debate and put pressure on AI infrastructure-related names, particularly optical, power semiconductor and datacom interconnect suppliers.</li><li>We think the note is better interpreted as a timing reset rather than a demand reset.</li><li>On optics, its conclusion is broadly consistent with our prior view that mass CPO adoption is unlikely before late-2027 at the earliest (see our prev. note), while pluggable optical modules and NPO should remain key deployment paths for the foreseeable future, supporting leading domestic optical module suppliers including Innolight (300308 CH, BUY) and Eoptolink (300502 CH, 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.

We noticed SemiAnalysis published an article on Jun 9 discussing potential deployment delays in 1) co-packaged optics (CPO) and 2) Nvidia’s native single-ended 800VDC architecture, which has triggered market debate and put pressure on AI infrastructure-related names, particularly optical, power semiconductor and datacom interconnect suppliers.We think the note is better interpreted as a timing reset rather than a demand reset.On optics, its conclusion is broadly consistent with our prior view that mass CPO adoption is unlikely before late-2027 at the earliest (see our prev. note), while pluggable optical modules and NPO should remain key deployment paths for the foreseeable future, supporting leading domestic optical module suppliers including Innolight (300308 CH, BUY) and Eoptolink (300502 CH, 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.

Semiconductors - A quick read on recently reported CPO and 800VDC deployment delay

<ul><li>On Day 1 of Google Cloud Next 2026, held on April 22 in Las Vegas, delivered three key infrastructure updates: 1) Launched two 8 th gen TPUs (TPU 8t and TPU 8i) with dedicated designs for training and inference, respectively, highlighting a clearer split between compute-intensive training and latency- and memorysensitive inference workloads;</li><li>2) introduced a broader AI Hypercomputer architecture built around Virgo networking, tighter storage integration, and largescale cluster orchestration, reinforcing that AI performance is increasingly defined at the system level rather than by standalone chip capability;</li><li>3) framed agentic AI as the next major demand driver, which raises the importance of memory bandwidth, interconnect scale, utilization, and power efficiency alongside raw silicon performance.</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 Day 1 of Google Cloud Next 2026, held on April 22 in Las Vegas, delivered three key infrastructure updates: 1) Launched two 8 th gen TPUs (TPU 8t and TPU 8i) with dedicated designs for training and inference, respectively, highlighting a clearer split between compute-intensive training and latency- and memorysensitive inference workloads;2) introduced a broader AI Hypercomputer architecture built around Virgo networking, tighter storage integration, and largescale cluster orchestration, reinforcing that AI performance is increasingly defined at the system level rather than by standalone chip capability;3) framed agentic AI as the next major demand driver, which raises the importance of memory bandwidth, interconnect scale, utilization, and power efficiency alongside raw silicon performance.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.

Semiconductors - Google Cloud Next: TPU v8 and rising of AI Hypercomputer

<ul><li>InnoScience is a leader in the global GaN power semiconductor industry, ranking first with market share of 33.7% in 2023, per Frost &amp; Sullivan (F&amp;S).</li><li>The Company designs, develops and manufactures different types of GaN products, including discrete chips, ICs, wafers and modules.</li><li>Their products are widely used in various end markets, such as consumer electronics, renewable energy, industrial applications, automotive electronics and data centers. </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.

InnoScience is a leader in the global GaN power semiconductor industry, ranking first with market share of 33.7% in 2023, per Frost &amp; Sullivan (F&amp;S).The Company designs, develops and manufactures different types of GaN products, including discrete chips, ICs, wafers and modules.Their products are widely used in various end markets, such as consumer electronics, renewable energy, industrial applications, automotive electronics and data centers. 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.

InnoScience (2577 HK) - Global Integrated GaN Leader with Significant Growth Potential

Hong Kong

Innoscience is the largest 8-inch Integrated Device Manufacture (IDM) fully focused on GaN technology in the world.

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InnoScience Suzhou Technology (2577 HK)

InnoScience (2577 HK) - 1H26 takes a breather as mix and margins improved

GPM improved to 11.6% from 6.8%/7.7% in 1H/2H25, driven by higher utilization, product upgrades and a richer mix, while operating cash flow turned...

CMB International

Semiconductors - A quick read on recently reported CPO and 800VDC deployment delay

We noticed SemiAnalysis published an article on Jun 9 discussing potential deployment delays in 1) co-packaged optics (CPO) and 2) Nvidia’s native...

CMB International

Semiconductors - Google Cloud Next: TPU v8 and rising of AI Hypercomputer

On Day 1 of Google Cloud Next 2026, held on April 22 in Las Vegas, delivered three key infrastructure updates: 1) Launched two 8 th gen TPUs (TPU...

CMB International

InnoScience (2577 HK) - Global Integrated GaN Leader with Significant Growth Potential

InnoScience is a leader in the global GaN power semiconductor industry, ranking first with market share of 33.7% in 2023, per Frost & Sullivan (F&S).

CMB International

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