External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Thematic (Sector/Industry)

<ul><li>The power equipment industry is entering a supercycle.</li><li>Driven by surging power demand from data centers, new capacity additions are accelerating across large-scale nuclear power plants, SMRs, and gas turbines.</li><li>The US Department of Energy is pushing for an emergency power auction that could pave the way for the construction of new power plants worth around US$15bn. </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 power equipment industry is entering a supercycle.Driven by surging power demand from data centers, new capacity additions are accelerating across large-scale nuclear power plants, SMRs, and gas turbines.The US Department of Energy is pushing for an emergency power auction that could pave the way for the construction of new power plants worth around US$15bn. 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.

Mirae Asset Minutes [2026: Volume 2]Biweekly Strategy Meeting Recap

<ul><li>Momentum from robotics and autonomous driving remains intact.</li><li>Hyundai Motor Group (HMG) is set to announce its AI robotics strategy on Jan. 6 and is expected to appoint an advanced vehicle platform division head in 1Q26.</li><li>In addition, a software-defined vehicle (SDV) prototype is set to be showcased in 3Q26. </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.

Momentum from robotics and autonomous driving remains intact.Hyundai Motor Group (HMG) is set to announce its AI robotics strategy on Jan. 6 and is expected to appoint an advanced vehicle platform division head in 1Q26.In addition, a software-defined vehicle (SDV) prototype is set to be showcased in 3Q26. 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.

Mirae Asset Minutes [2026: Volume 1]Biweekly strategy meeting recap

<ul><li>We expect AI adoption to drive meaningful price, volume, and cost improvements in 2026, supporting strong momentum in the ad segment.</li><li>E-commerce growth has also been rebounding since 3Q25.</li><li>Our top pick is NAVER due to its attractive valuation. Our target price (W410,000) is based on a P/E of 29x (vs. current 2026F P/E of 18x).</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 expect AI adoption to drive meaningful price, volume, and cost improvements in 2026, supporting strong momentum in the ad segment.E-commerce growth has also been rebounding since 3Q25.Our top pick is NAVER due to its attractive valuation. Our target price (W410,000) is based on a P/E of 29x (vs. current 2026F P/E of 18x).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.

Mirae Asset Minutes [2025: Volume 22]Biweekly strategy meeting recap

<ul><li>Contrary to earlier concerns that the spread of generative AI would reduce both query volumes and user time spent on traditional search engines, the data actually show a meaningful increase in time spent on incumbent platforms.</li><li>Indeed, despite downward pressure on query volume, Google’s aggregate user time has increased sharply, with YoY growth exceeding 10% since June and accelerating past 20% since September (Sensor Tower estimates).</li><li>We believe this trend reflects the growing impact of Google’s AI Overviews (formerly SGE) feature, which provides AI-generated summaries and direct answers within search results. </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.

Contrary to earlier concerns that the spread of generative AI would reduce both query volumes and user time spent on traditional search engines, the data actually show a meaningful increase in time spent on incumbent platforms.Indeed, despite downward pressure on query volume, Google’s aggregate user time has increased sharply, with YoY growth exceeding 10% since June and accelerating past 20% since September (Sensor Tower estimates).We believe this trend reflects the growing impact of Google’s AI Overviews (formerly SGE) feature, which provides AI-generated summaries and direct answers within search results. 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.

Internet (Overweight/Maintain)Momentum set to pick up in 2026

<ul><li>In the US, demand for solar equipment and polysilicon has been pulled forward due to the passage of the OBBB.</li><li>Demand is likely to remain strong through 2027.</li><li>Amid new regulations aimed at excluding China from key supply chains, the preference for non-China products is likely to strengthen. </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.

In the US, demand for solar equipment and polysilicon has been pulled forward due to the passage of the OBBB.Demand is likely to remain strong through 2027.Amid new regulations aimed at excluding China from key supply chains, the preference for non-China products is likely to strengthen. 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.

Mirae Asset Minutes [2025: Volume 16]Biweekly Strategy Meeting Recap

South Korea

Naver Corp. provides Internet site with web portal services, such as search engine, online game and content development.  The Company also offers marketing service through text and banner advertisement.

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Naver Corp (035420 KS)

Mirae Asset Minutes [2026: Volume 2]Biweekly Strategy Meeting Recap

Driven by surging power demand from data centers, new capacity additions are accelerating across large-scale nuclear power plants, SMRs, and gas...

Mirae Asset Securities

Mirae Asset Minutes [2026: Volume 1]Biweekly strategy meeting recap

Hyundai Motor Group (HMG) is set to announce its AI robotics strategy on Jan. 6 and is expected to appoint an advanced vehicle platform division...

Mirae Asset Securities

Mirae Asset Minutes [2025: Volume 22]Biweekly strategy meeting recap

We expect AI adoption to drive meaningful price, volume, and cost improvements in 2026, supporting strong momentum in the ad segment.

Mirae Asset Securities

Internet (Overweight/Maintain)Momentum set to pick up in 2026

Indeed, despite downward pressure on query volume, Google’s aggregate user time has increased sharply, with YoY growth exceeding 10% since June and...

Mirae Asset Securities

Mirae Asset Minutes [2025: Volume 16]Biweekly Strategy Meeting Recap

In the US, demand for solar equipment and polysilicon has been pulled forward due to the passage of the OBBB. Demand is likely to remain strong...

Mirae Asset Securities

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