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>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

<ul><li>Foxconn Industrial Internet (FII) (601138 CH, NR) reported in-line FY24 prelim. revenue/NP growth of 28/10% YoY driven by strong cloud computing growth on AI server demand from both cloud &amp; brand customers, as well as general server recovery.</li><li>Looking into 1H25E, despite market concerns on slower computing demand due to DeepSeek impact, we remain positive on AI infrastructure investments accelerating globally and new GB200/300 AI server racks ramping up throughout the year, evidenced by global major CSPs’ 2025 capex guidance for computing power and large model upgrade.</li><li>We believe AI server supply chain will continue to benefit including BYDE, FIT Hon Teng and Luxshare.</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.

Foxconn Industrial Internet (FII) (601138 CH, NR) reported in-line FY24 prelim. revenue/NP growth of 28/10% YoY driven by strong cloud computing growth on AI server demand from both cloud &amp; brand customers, as well as general server recovery.Looking into 1H25E, despite market concerns on slower computing demand due to DeepSeek impact, we remain positive on AI infrastructure investments accelerating globally and new GB200/300 AI server racks ramping up throughout the year, evidenced by global major CSPs’ 2025 capex guidance for computing power and large model upgrade.We believe AI server supply chain will continue to benefit including BYDE, FIT Hon Teng and Luxshare.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 FII 2024 prelim results: AI server outlook remains robust in 2025

<ul><li>BYD announced plans to offer its “God’s Eye” advanced intelligent driving system on all models priced above RMB100k and 3 models priced below 100k, during its “Vehicle Intelligent Strategy” event in Shenzhen on 10 Feb.</li><li>Initial rollout includes 21 models, all equipped with industry-leading specs with endto-end LLM, 5 mm-wave radars, 12 cameras and 12 ultrasonic radars.</li><li>We believe BYD’s acceleration of intelligent driving with strong new model pipeline will boost adoption of intelligent driving in China, and key beneficiaries include BYDE (ADAS/domain controller), Sunny Optical/Q-tech/Cowell (1415 HK, NR)/AAC (camera/LiDAR/radar), BOEVx (display), AAC Tech (acoustics) and Luxshare/FIT (connector).</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.

BYD announced plans to offer its “God’s Eye” advanced intelligent driving system on all models priced above RMB100k and 3 models priced below 100k, during its “Vehicle Intelligent Strategy” event in Shenzhen on 10 Feb.Initial rollout includes 21 models, all equipped with industry-leading specs with endto-end LLM, 5 mm-wave radars, 12 cameras and 12 ultrasonic radars.We believe BYD’s acceleration of intelligent driving with strong new model pipeline will boost adoption of intelligent driving in China, and key beneficiaries include BYDE (ADAS/domain controller), Sunny Optical/Q-tech/Cowell (1415 HK, NR)/AAC (camera/LiDAR/radar), BOEVx (display), AAC Tech (acoustics) and Luxshare/FIT (connector).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 - Intelligence Driving: Implications of BYD’s “vehicle Intelligence Strategy” Event

<ul><li>Apple (AAPL US, NR) reported FY1Q25 (CY4Q24) revenue of US$124.3bn (+4% YoY) and EPS of US$2.4 (+10% YoY), above market consensus, thanks to better iPad/Mac (+15%/16%) and record Services GPM, offsetting iPhone miss (-1%) and China weakness (-11%).</li><li>For FY2Q25E, mgmt. guidance was better-than-feared, with revenue growth of low-to-mid-single digit, service sales growth of double digits and GPM of 46.5%-47.5%.</li><li>With Apple Intelligence rollouts in more markets and China’s smartphone subsidy in 1H25E, we expect new AI features and upcoming 5 new iPhone model will boost higher iPhone shipment 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.

Apple (AAPL US, NR) reported FY1Q25 (CY4Q24) revenue of US$124.3bn (+4% YoY) and EPS of US$2.4 (+10% YoY), above market consensus, thanks to better iPad/Mac (+15%/16%) and record Services GPM, offsetting iPhone miss (-1%) and China weakness (-11%).For FY2Q25E, mgmt. guidance was better-than-feared, with revenue growth of low-to-mid-single digit, service sales growth of double digits and GPM of 46.5%-47.5%.With Apple Intelligence rollouts in more markets and China’s smartphone subsidy in 1H25E, we expect new AI features and upcoming 5 new iPhone model will boost higher iPhone shipment 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.

Technology - Apple FY1Q25: Beat on IPad/Mac Offsetting China/ IPhone Weakness

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

<ul>
<li>Apple 1Q25 Results -- Overall Price-Supportive for Taiwan Supplier Share Prices When the Taiwan Market Re-Opens Monday</li>
<li>Why Zhen Ding Technology Holding (4958 TT) and Kinsus Interconnect Tech (3189 TT) Could Be in a Favorable Position Relative to Apple's AI Trajectory</li>
<li>Increasingly sophisticated Apple products require significantly more complex PCBs &amp; interconnect solutions, especially as advanced packaging has become a key enabler of high-performance computing.</li>
</ul>


Apple 1Q25 Results -- Overall Price-Supportive for Taiwan Supplier Share Prices When the Taiwan Market Re-Opens Monday
Why Zhen Ding Technology Holding (4958 TT) and Kinsus Interconnect Tech (3189 TT) Could Be in a Favorable Position Relative to Apple's AI Trajectory
Increasingly sophisticated Apple products require significantly more complex PCBs &amp; interconnect solutions, especially as advanced packaging has become a key enabler of high-performance computing.


Apple Supply Chain Monitor: Latest AAPL Results -- Taiwan Suppliers Well Placed for Monday Re-Open

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 - 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

Technology - Implications of FII 2024 prelim results: AI server outlook remains robust in 2025

Foxconn Industrial Internet (FII) (601138 CH, NR) reported in-line FY24 prelim. revenue/NP growth of 28/10% YoY driven by strong cloud computing...

CMB International

Technology - Intelligence Driving: Implications of BYD’s “vehicle Intelligence Strategy” Event

BYD announced plans to offer its “God’s Eye” advanced intelligent driving system on all models priced above RMB100k and 3 models priced below 100k

CMB International

Technology - Apple FY1Q25: Beat on IPad/Mac Offsetting China/ IPhone Weakness

Apple (AAPL US, NR) reported FY1Q25 (CY4Q24) revenue of US$124.3bn (+4% YoY) and EPS of US$2.4 (+10% YoY), above market consensus, thanks to better...

CMB International

Apple Supply Chain Monitor: Latest AAPL Results -- Taiwan Suppliers Well Placed for Monday Re-Open

Apple's strong 1Q25 results are expected to boost Taiwan supplier share prices when the market re-opens. Zhen Ding and Kinsus Interconnect could...

Vincent Fernando, CFA

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52-week Range

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P/E

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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

Technology - Implications of FII 2024 prelim results: AI server outlook remains robust in 2025

Foxconn Industrial Internet (FII) (601138 CH, NR) reported in-line FY24 prelim. revenue/NP growth of 28/10% YoY driven by strong cloud computing...

CMB International

Technology - Intelligence Driving: Implications of BYD’s “vehicle Intelligence Strategy” Event

BYD announced plans to offer its “God’s Eye” advanced intelligent driving system on all models priced above RMB100k and 3 models priced below 100k

CMB International

Technology - Apple FY1Q25: Beat on IPad/Mac Offsetting China/ IPhone Weakness

Apple (AAPL US, NR) reported FY1Q25 (CY4Q24) revenue of US$124.3bn (+4% YoY) and EPS of US$2.4 (+10% YoY), above market consensus, thanks to better...

CMB International

Apple Supply Chain Monitor: Latest AAPL Results -- Taiwan Suppliers Well Placed for Monday Re-Open

​Apple's strong 1Q25 results are expected to boost Taiwan supplier share prices when the market re-opens. Zhen Ding and Kinsus Interconnect could...

Vincent Fernando, CFA

Apple's strong 1Q25 results are expected to boost Taiwan supplier share prices when the market re-opens. Zhen Ding and Kinsus Interconnect could...