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>Global equities are likely to remain on an upward trend, supported by favorable liquidity conditions and optimism surrounding AI ecosystem growth</li><li>Global liquidity improved as central banks around the world cut rates last year and earlier this year, and strengthened further when the Fed resumed easing in Sep</li><li>The ongoing US government shutdown further increases the likelihood that Fed easing will continue at least through year-end</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 equities are likely to remain on an upward trend, supported by favorable liquidity conditions and optimism surrounding AI ecosystem growthGlobal liquidity improved as central banks around the world cut rates last year and earlier this year, and strengthened further when the Fed resumed easing in SepThe ongoing US government shutdown further increases the likelihood that Fed easing will continue at least through year-endContent 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 20] Biweekly Strategy Meeting Recap

<ul><li>While AI-related demand from hyperscalers and governments is surging, demand for commodity memory remains uncertain, leading to limited capacity expansions.</li><li>In addition, HBM is continuing to eat into commodity wafer capacity.</li><li>Forecasts for 4Q25 memory contract price growth have recently been raised (by up to +13%p for DRAM applications and +9%p for NAND applications). </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.

While AI-related demand from hyperscalers and governments is surging, demand for commodity memory remains uncertain, leading to limited capacity expansions.In addition, HBM is continuing to eat into commodity wafer capacity.Forecasts for 4Q25 memory contract price growth have recently been raised (by up to +13%p for DRAM applications and +9%p for NAND applications). 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 19]Biweekly strategy meeting recap

<ul><li>While AI-related demand from hyperscalers and governments has surged, demand for commodity (IT-use) memory remains uncertain.</li><li>This has led to limited capacity expansions, with a large share of new investments focused on HBM.</li><li>The resultant supply/demand imbalance is pushing up commodity chip prices. </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.

While AI-related demand from hyperscalers and governments has surged, demand for commodity (IT-use) memory remains uncertain.This has led to limited capacity expansions, with a large share of new investments focused on HBM.The resultant supply/demand imbalance is pushing up commodity chip prices. 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 18]Biweekly Strategy Meeting Recap

<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

External broker reports(aggregated public sources), CMB International

CMB International

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.

<ul><li>The global foundry sales reached US$117bn in 2023, according to Counterpoint.</li><li>The sector showed signs of stabilization in 2H23, helped by surging demand for AI chips and inventory restocking.</li><li>The market growth turned positive to 6.5% and 9.8% QoQ in 3Q/4Q23, per Counterpoint. We hold a positive outlook for semi foundry sector. </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 global foundry sales reached US$117bn in 2023, according to Counterpoint.The sector showed signs of stabilization in 2H23, helped by surging demand for AI chips and inventory restocking.The market growth turned positive to 6.5% and 9.8% QoQ in 3Q/4Q23, per Counterpoint. We hold a positive outlook for semi foundry sector. 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.

Semi - Global Foundry Sector Stabilizing in 2024, Modest Recovery Expected in 2025

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

Samsung Electronics Pref Shares (005935 KS)

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Samsung Electronics Pref Shares (005935 KS)

Mirae Asset Minutes [2025: Volume 20] Biweekly Strategy Meeting Recap

Global equities are likely to remain on an upward trend, supported by favorable liquidity conditions and optimism surrounding AI ecosystem growth

Mirae Asset Securities

Mirae Asset Minutes [2025: Volume 19]Biweekly strategy meeting recap

While AI-related demand from hyperscalers and governments is surging, demand for commodity memory remains uncertain, leading to limited capacity...

Mirae Asset Securities

Mirae Asset Minutes [2025: Volume 18]Biweekly Strategy Meeting Recap

While AI-related demand from hyperscalers and governments has surged, demand for commodity (IT-use) memory remains uncertain.

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

Semi - Global Foundry Sector Stabilizing in 2024, Modest Recovery Expected in 2025

The market growth turned positive to 6.5% and 9.8% QoQ in 3Q/4Q23, per Counterpoint. We hold a positive outlook for semi foundry sector.

CMB International

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