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 remain structurally bullish on AI infrastructure investment supported by sustained momentum in compute-intensive investments.</li><li>Major hyperscalers’ capex continue to grow, at 43% YoY for overseas Big Four (MSFT/AMZN/GOOG/META) and 44% YoY for domestic Big Three (Alibaba/Tencent/Baidu) in 2025, per Bloomberg consensus estimates.</li><li>Recent earnings results across the supply chain confirms AI-related spend. TSMC’s (TSMC US, NR) 1H25 revenue was NT$ 1,773bn, up 40% 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.

We remain structurally bullish on AI infrastructure investment supported by sustained momentum in compute-intensive investments.Major hyperscalers’ capex continue to grow, at 43% YoY for overseas Big Four (MSFT/AMZN/GOOG/META) and 44% YoY for domestic Big Three (Alibaba/Tencent/Baidu) in 2025, per Bloomberg consensus estimates.Recent earnings results across the supply chain confirms AI-related spend. TSMC’s (TSMC US, NR) 1H25 revenue was NT$ 1,773bn, up 40% 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.

Semiconductors - Thematic Investing and Megatrends: 1H25 AI Demand Check

<ul><li>Broadcom (AVGO, NR) delivered another record-setting quarter in 2QFY25, with revenue reaching US$15bn, up 20.2% YoY / flat QoQ and 0.3%/0.7% above Bloomberg consensus and mgmt.’s guidance.</li><li>Gross margin was 79.4% for the quarter (vs. 79.1%/76.2% in 1QFY25/2QFY24), 0.51ppt higher than Bloomberg consensus.</li><li>The company’s revenue continued to be powered by strength in AI semiconductor and infrastructure software segments during the quarter.</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.

Broadcom (AVGO, NR) delivered another record-setting quarter in 2QFY25, with revenue reaching US$15bn, up 20.2% YoY / flat QoQ and 0.3%/0.7% above Bloomberg consensus and mgmt.’s guidance.Gross margin was 79.4% for the quarter (vs. 79.1%/76.2% in 1QFY25/2QFY24), 0.51ppt higher than Bloomberg consensus.The company’s revenue continued to be powered by strength in AI semiconductor and infrastructure software segments during the quarter.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.

Semiconductors - Solid 2Q Results for Broadcom; Eyes on the Development of AI Inference

<ul><li>China’s major hyperscalers (Alibaba, Tencent, and Baidu, all covered by our internet team) are intensifying their investments in AI infrastructure, with capex doubling YoY in 1Q25.</li><li>While their combined spending still trails overseas hyperscalers, the sharp increase indicates a clear strategic focus on scaling compute capacity to support LLM training and inference.</li><li>Despite near-term headwinds from export restrictions from the US on AI GPUs, these domestic players remain committed to long-term AI growth. </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.

China’s major hyperscalers (Alibaba, Tencent, and Baidu, all covered by our internet team) are intensifying their investments in AI infrastructure, with capex doubling YoY in 1Q25.While their combined spending still trails overseas hyperscalers, the sharp increase indicates a clear strategic focus on scaling compute capacity to support LLM training and inference.Despite near-term headwinds from export restrictions from the US on AI GPUs, these domestic players remain committed to long-term AI growth. 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.

Semiconductors - Thematic Investing and Megatrends - 28 May 2025

<ul><li>Alibaba released its 3QFY25 earnings (see our internet team report) with a significant step-up in capex plan for the next three years, the total of which is expected to surpass the company’s cumulative capex of the past decade, per mgmt., reaching as high as ~RMB120bn per year during CY2026-28E, according to our calculation.</li><li>We believe cloud service providers (CSPs) in China are trying to pick up the pace in capex in compute infrastructure to keep up with the relentless investment strides of overseas CSPs (Amazon, Meta, Microsoft, and Google).</li><li>We believe the ripple effects of Alibaba’s increased capex plan will benefit domestic AI infrastructure supply chain names, such as Innolight (300308 CH, BUY, TP: RMB186) and Shengyi Tech (600183 CH, BUY, TP: RMB34.5), which supply critical components (e.g., high-speed optical transceivers, ultra-low-loss CCL) for datacenter buildout.</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.

Alibaba released its 3QFY25 earnings (see our internet team report) with a significant step-up in capex plan for the next three years, the total of which is expected to surpass the company’s cumulative capex of the past decade, per mgmt., reaching as high as ~RMB120bn per year during CY2026-28E, according to our calculation.We believe cloud service providers (CSPs) in China are trying to pick up the pace in capex in compute infrastructure to keep up with the relentless investment strides of overseas CSPs (Amazon, Meta, Microsoft, and Google).We believe the ripple effects of Alibaba’s increased capex plan will benefit domestic AI infrastructure supply chain names, such as Innolight (300308 CH, BUY, TP: RMB186) and Shengyi Tech (600183 CH, BUY, TP: RMB34.5), which supply critical components (e.g., high-speed optical transceivers, ultra-low-loss CCL) for datacenter buildout.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.

Semiconductors - Thematic Investing and Megatrends

<ul><li>After two years of significant investments in AI infrastructure, investors are counting 2025 to be a transformational year for AI.</li><li>As market leaders will continue to deploy a large amount of capital in AI infrastructure buildout to widen their competitive moats, new themes in the downstream are rising, including AI agents, humanoid robots, robotaxi, etc.</li><li>We remain bullish on AI demand. We continue to rank AI theme as our top pick for 2025. Market leaders will continue to enjoy the AI tailwind beyond 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.

After two years of significant investments in AI infrastructure, investors are counting 2025 to be a transformational year for AI.As market leaders will continue to deploy a large amount of capital in AI infrastructure buildout to widen their competitive moats, new themes in the downstream are rising, including AI agents, humanoid robots, robotaxi, etc.We remain bullish on AI demand. We continue to rank AI theme as our top pick for 2025. Market leaders will continue to enjoy the AI tailwind beyond 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.

Semiconductors -Stargate Poised to Accelerate Global AI Arms Race

China

Shengyi Technology Co., Ltd. manufactures and markets electronic components. The Company's products include copper coated panels, printed circuit boards, and other related products.

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Shengyi Technology (600183 CH)

Semiconductors - Thematic Investing and Megatrends: 1H25 AI Demand Check

We remain structurally bullish on AI infrastructure investment supported by sustained momentum in compute-intensive investments.

CMB International

Semiconductors - Solid 2Q Results for Broadcom; Eyes on the Development of AI Inference

Broadcom (AVGO, NR) delivered another record-setting quarter in 2QFY25, with revenue reaching US$15bn, up 20.2% YoY / flat QoQ and 0.3%/0.7% above...

CMB International

Semiconductors - Thematic Investing and Megatrends - 28 May 2025

China’s major hyperscalers (Alibaba, Tencent, and Baidu, all covered by our internet team) are intensifying their investments in AI infrastructure,...

CMB International

Semiconductors - Thematic Investing and Megatrends

We believe cloud service providers (CSPs) in China are trying to pick up the pace in capex in compute infrastructure to keep up with the relentless...

CMB International

Semiconductors -Stargate Poised to Accelerate Global AI Arms Race

We remain bullish on AI demand. We continue to rank AI theme as our top pick for 2025. Market leaders will continue to enjoy the AI tailwind beyond...

CMB International

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