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>We conducted tracking for delivery lead times for the first two days of iPhone 17 pre-orders (9/12-9/13), and our analysis shows that average delivery lead times for most iPhone 17 models are longer than iPhone 16 last year, implying betterthan-feared consumer demand for iPhone 17.</li><li>In particular, pre-orders for iPhone 17 base model (US$100 cheaper vs iPhone 16) and China market (subsidies, high trade-in value) are tracking much stronger than iPhone 16 last year.</li><li>Despite market concerns on macro/tariffs, muted AI upgrades and earlier pull-in orders, we believe a stronger iPhone 17 pre-order trend will continue to drive re-rating across Apply supply chain in the near term.</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 conducted tracking for delivery lead times for the first two days of iPhone 17 pre-orders (9/12-9/13), and our analysis shows that average delivery lead times for most iPhone 17 models are longer than iPhone 16 last year, implying betterthan-feared consumer demand for iPhone 17.In particular, pre-orders for iPhone 17 base model (US$100 cheaper vs iPhone 16) and China market (subsidies, high trade-in value) are tracking much stronger than iPhone 16 last year.Despite market concerns on macro/tariffs, muted AI upgrades and earlier pull-in orders, we believe a stronger iPhone 17 pre-order trend will continue to drive re-rating across Apply supply chain in the near term.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 - iPhone 17 pre-order takeaways: longer delivery lead times suggest stronger demand YoY

<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>We reiterate our positive view on the booming AI glasses cycle, and we believe ongoing strength of Ray-Ban Meta glasses (+200% in 1H25), Xiaomi AI glasses’ bullish shipment target of 500k, strong product pipeline (Meta/Xiaomi/Rokid/ RayNeo/Quark) and improving ecosystem with more AI features/use cases will continue to pave wave for the AI glasses supply chain into 2H25E.</li><li>Looking ahead, global/China smart glasses market is set to continue robust growth of 43%/121% YoY in 2025, based on IDC.</li><li>As more tech players are entering the AI smart glass market, we expect cost optimization and more gen-AI use cases will continue to drive demand in the next few years. </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 reiterate our positive view on the booming AI glasses cycle, and we believe ongoing strength of Ray-Ban Meta glasses (+200% in 1H25), Xiaomi AI glasses’ bullish shipment target of 500k, strong product pipeline (Meta/Xiaomi/Rokid/ RayNeo/Quark) and improving ecosystem with more AI features/use cases will continue to pave wave for the AI glasses supply chain into 2H25E.Looking ahead, global/China smart glasses market is set to continue robust growth of 43%/121% YoY in 2025, based on IDC.As more tech players are entering the AI smart glass market, we expect cost optimization and more gen-AI use cases will continue to drive demand in the next few years. 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 -  Ray-Ban Meta Upbeat in 1H25, Xiaomi 500k Target and Quark Glasses Launch

<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

China

Luxshare Precision Industry Co., Ltd. researches, manufactures and sells connectors. The Company's products are widely used in computers, communication devices, consumer electronics products and automobiles.

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Luxshare Precision Industry (002475 CH)

Technology - iPhone 17 pre-order takeaways: longer delivery lead times suggest stronger demand YoY

In particular, pre-orders for iPhone 17 base model (US$100 cheaper vs iPhone 16) and China market (subsidies, high trade-in value) are tracking...

CMB International

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 - Ray-Ban Meta Upbeat in 1H25, Xiaomi 500k Target and Quark Glasses Launch

We reiterate our positive view on the booming AI glasses cycle, and we believe ongoing strength of Ray-Ban Meta glasses (+200% in 1H25), Xiaomi AI...

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

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