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>Global AI smart glasses shipment jumped 588% YoY to 2.34mn in 2024, thanks to strong sales of Ray Ban Meta in 4Q24 (1.36mn; +183% QoQ).</li><li>Looking into 2025, AI smart glasses market is set to continue strong momentum with 135% YoY growth to 5.5mn units, backed by strong product pipeline from Meta/Xiaomi /Bytedance/Ray Neo/Rokid, based on Wellsenn XR.</li><li>As more players expand into AI smart glass products, we expect BOM cost will decline gradually and more killer apps in AI glasses to become prevalent 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.

Global AI smart glasses shipment jumped 588% YoY to 2.34mn in 2024, thanks to strong sales of Ray Ban Meta in 4Q24 (1.36mn; +183% QoQ).Looking into 2025, AI smart glasses market is set to continue strong momentum with 135% YoY growth to 5.5mn units, backed by strong product pipeline from Meta/Xiaomi /Bytedance/Ray Neo/Rokid, based on Wellsenn XR.As more players expand into AI smart glass products, we expect BOM cost will decline gradually and more killer apps in AI glasses to become prevalent 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 - Global AI Smart Glasses Market Set to Kick off in 2025

<ul><li>4Q24 global smartphone shipments grew 2.4% YoY to 332mn units, driven by China sales promotions, new model launches and aggressive trade-ins.</li><li>By brand, Xiaomi/Vivo outperformed peers with 4.8%/12.7% YoY growth in 4Q24, while Apple/Samsung declined 4.1%/2.7% YoY with share loss.</li><li>Looking ahead to 2025, we estimate global smartphone shipments to grow 3% YoY boosted by iPhone 17 cycle, AI integration and Chinese subsidy programs. </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.

4Q24 global smartphone shipments grew 2.4% YoY to 332mn units, driven by China sales promotions, new model launches and aggressive trade-ins.By brand, Xiaomi/Vivo outperformed peers with 4.8%/12.7% YoY growth in 4Q24, while Apple/Samsung declined 4.1%/2.7% YoY with share loss.Looking ahead to 2025, we estimate global smartphone shipments to grow 3% YoY boosted by iPhone 17 cycle, AI integration and Chinese subsidy programs. 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 - 4Q24 Global Smartphone Shipments Ahead; Xiaomi/Vivo Outperformed Apple/Samsung

<ul><li>Apple reported FY4Q24 (CY3Q23) revenue of US$94.9bn (+6% YoY) and EPS of US$0.97 (-34% YoY, +12% YoY excl. one-off charge), both above market consensus, thanks to better smartphone sales and continued margin expansion.</li><li>We are also encouraged by GPM of 46.2%, close to high-end of guidance range.</li><li>For FY1Q25E, mgmt. guided revenue growth at a lower pace (low-to-mid-singledigits YoY), while service revenue will grow at double digits at a similar rate in 1- 4QFY24 (+11-14% YoY). </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 reported FY4Q24 (CY3Q23) revenue of US$94.9bn (+6% YoY) and EPS of US$0.97 (-34% YoY, +12% YoY excl. one-off charge), both above market consensus, thanks to better smartphone sales and continued margin expansion.We are also encouraged by GPM of 46.2%, close to high-end of guidance range.For FY1Q25E, mgmt. guided revenue growth at a lower pace (low-to-mid-singledigits YoY), while service revenue will grow at double digits at a similar rate in 1- 4QFY24 (+11-14% YoY). 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 FY4Q24 Beat on Better Margin and China Sales

<ul><li>Meta officially unveiled the latest MR Quest 3S, prototype of its first Orion AR glasses, and updates on Meta AI and Ray-Ban smart glasses during the Meta Connect event.</li><li>The new Quest 3S came at US$ 299 as a more affordable version of Quest 3 (US$ 499) launched last year, equipped with reduced specs on display, resolution and optical solution, but featuring the same processor, MR functions, hand tracking and full gaming/social/entertainment experience with Horizon OS.</li><li>Meta also debuted Orion, its most advanced AR glass prototype, featuring wide FoV, holographic displays, see-through MR function, eye/hand tracking, new display architecture and wrist-based neural interface in a light design (100g). </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.

Meta officially unveiled the latest MR Quest 3S, prototype of its first Orion AR glasses, and updates on Meta AI and Ray-Ban smart glasses during the Meta Connect event.The new Quest 3S came at US$ 299 as a more affordable version of Quest 3 (US$ 499) launched last year, equipped with reduced specs on display, resolution and optical solution, but featuring the same processor, MR functions, hand tracking and full gaming/social/entertainment experience with Horizon OS.Meta also debuted Orion, its most advanced AR glass prototype, featuring wide FoV, holographic displays, see-through MR function, eye/hand tracking, new display architecture and wrist-based neural interface in a light design (100g). 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 - Meta Connect 2024: Quest 3S, Orion AR Glasses, AI and Ray-Ban Smart Glasses Updates

<ul><li>Apple unveiled four iPhone 16 models (16/16 Plus, 16 Pro/Pro Max), featuring bigger screens (premium models), better processor, improved battery life, new Camera Control button and Apple Intelligence features.</li><li>Apple also launched two Apple Watch (Series 10/Ultra 2) and three AirPods (4/Pro 2/Max).</li><li>We believe most spec upgrades and Apple Intelligence launch are in-line with expectations, and no price hikes for both iPhone 16/16 Pro models will be positive to unlock pent-up demand and boost replacement cycle, given AI integration and multiple new features. </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 unveiled four iPhone 16 models (16/16 Plus, 16 Pro/Pro Max), featuring bigger screens (premium models), better processor, improved battery life, new Camera Control button and Apple Intelligence features.Apple also launched two Apple Watch (Series 10/Ultra 2) and three AirPods (4/Pro 2/Max).We believe most spec upgrades and Apple Intelligence launch are in-line with expectations, and no price hikes for both iPhone 16/16 Pro models will be positive to unlock pent-up demand and boost replacement cycle, given AI integration and multiple new features. 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 Launch Event: New IPhone 16/Watch/AirPods Unveiled

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 - Global AI Smart Glasses Market Set to Kick off in 2025

Global AI smart glasses shipment jumped 588% YoY to 2.34mn in 2024, thanks to strong sales of Ray Ban Meta in 4Q24 (1.36mn; +183% QoQ).

CMB International

Technology - 4Q24 Global Smartphone Shipments Ahead; Xiaomi/Vivo Outperformed Apple/Samsung

4Q24 global smartphone shipments grew 2.4% YoY to 332mn units, driven by China sales promotions, new model launches and aggressive trade-ins.

CMB International

Technology - Apple FY4Q24 Beat on Better Margin and China Sales

Apple reported FY4Q24 (CY3Q23) revenue of US$94.9bn (+6% YoY) and EPS of US$0.97 (-34% YoY, +12% YoY excl. one-off charge), both above market...

CMB International

Technology - Meta Connect 2024: Quest 3S, Orion AR Glasses, AI and Ray-Ban Smart Glasses Updates

Meta officially unveiled the latest MR Quest 3S, prototype of its first Orion AR glasses, and updates on Meta AI and Ray-Ban smart glasses during...

CMB International

Technology - Apple Launch Event: New IPhone 16/Watch/AirPods Unveiled

Apple unveiled four iPhone 16 models (16/16 Plus, 16 Pro/Pro Max), featuring bigger screens (premium models), better processor, improved battery...

CMB International

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