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 reiterate our positive view on the booming AI glasses cycle, and we believe ongoing strength of Ray-Ban Meta glasses (+200% in 1H25), Xiaomi AI glasses’ bullish shipment target of 500k, strong product pipeline (Meta/Xiaomi/Rokid/ RayNeo/Quark) and improving ecosystem with more AI features/use cases will continue to pave wave for the AI glasses supply chain into 2H25E.</li><li>Looking ahead, global/China smart glasses market is set to continue robust growth of 43%/121% YoY in 2025, based on IDC.</li><li>As more tech players are entering the AI smart glass market, we expect cost optimization and more gen-AI use cases will continue to drive demand 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.

We reiterate our positive view on the booming AI glasses cycle, and we believe ongoing strength of Ray-Ban Meta glasses (+200% in 1H25), Xiaomi AI glasses’ bullish shipment target of 500k, strong product pipeline (Meta/Xiaomi/Rokid/ RayNeo/Quark) and improving ecosystem with more AI features/use cases will continue to pave wave for the AI glasses supply chain into 2H25E.Looking ahead, global/China smart glasses market is set to continue robust growth of 43%/121% YoY in 2025, based on IDC.As more tech players are entering the AI smart glass market, we expect cost optimization and more gen-AI use cases will continue to drive demand 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 -  Ray-Ban Meta Upbeat in 1H25, Xiaomi 500k Target and Quark Glasses Launch

<ul><li>Following our note last week, we received investor questions focused on 1) “20% US content rule” exemptions, 2) impact of China 34% tariff' on the US, 3) Vietnam proposed 0% tariff, 4) de-minimis rule removal, 5) bottom-fishing opportunities, and 6) company feedback/response on the new tariff. Below we offer perspectives on investor FAQs regarding the implications.</li><li>Despite sector valuation still being 15-20% away from the historical trough now, we would start to look for some quality names to accumulate on further weakness, including Xiaomi, AAC, Sunny Optical, BYDE and Q-tech.</li><li>“20% US content rule” exemptions in “Annex III” sub-document? The US White House published a sub-document, Annex II, for the US Reciprocal Tariffs.</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.

Following our note last week, we received investor questions focused on 1) “20% US content rule” exemptions, 2) impact of China 34% tariff' on the US, 3) Vietnam proposed 0% tariff, 4) de-minimis rule removal, 5) bottom-fishing opportunities, and 6) company feedback/response on the new tariff. Below we offer perspectives on investor FAQs regarding the implications.Despite sector valuation still being 15-20% away from the historical trough now, we would start to look for some quality names to accumulate on further weakness, including Xiaomi, AAC, Sunny Optical, BYDE and Q-tech.“20% US content rule” exemptions in “Annex III” sub-document? The US White House published a sub-document, Annex II, for the US Reciprocal Tariffs.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 - US Tariff Updates: Addressing FAQs After a Volatile Day

<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>Meta officially unveiled the Quest 3, Ray-Ban smart glasses and AI Chatbot during Meta Connect event.</li><li>The new Quest 3 marks a pivot from VR to MR for Meta, ahead of Apple’s Vision Pro pushing into market in 2024.</li><li>Quest 3 features major upgrades in display and optics (Mini-LED, pancake), a faster Qualcomm XR2 Gen 2 chips, improved resolution and interactive sensors enabling mixed reality pass-through, which is in-line with preview earlier this year.</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 Quest 3, Ray-Ban smart glasses and AI Chatbot during Meta Connect event.The new Quest 3 marks a pivot from VR to MR for Meta, ahead of Apple’s Vision Pro pushing into market in 2024.Quest 3 features major upgrades in display and optics (Mini-LED, pancake), a faster Qualcomm XR2 Gen 2 chips, improved resolution and interactive sensors enabling mixed reality pass-through, which is in-line with preview earlier this year.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 Technology – Takeaways of Meta Connect 3: Quest 3, Ray-Ban smart glasses and Meta AI Chatbot

<ul><li>Apple reported a FY1Q (CY4Q22) with EPS of US$1.88 (-10% YoY) and revenue of US$117.2bn (-5% YoY), which are 3.1% and 3.3% below consensus, largely due to weak macro and iPhone 14 Pro/Max supply chain constraints on COVID-19 in China.</li><li>Looking into FY2Q23, mgmt. expected revenue to perform similarly to FY1Q23 (-5% YoY) with iPhone to accelerate and Mac/iPad to decline double digit YoY.</li><li>Given the challenging revenue outlook, we expect near-term profit taking on slower iPhone/Mac/iPad, but we remain positive on Apple supply chain over Android camp in 2H23E, given iPhone replacement cycle and share gain from Samsung/Android camp. </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 a FY1Q (CY4Q22) with EPS of US$1.88 (-10% YoY) and revenue of US$117.2bn (-5% YoY), which are 3.1% and 3.3% below consensus, largely due to weak macro and iPhone 14 Pro/Max supply chain constraints on COVID-19 in China.Looking into FY2Q23, mgmt. expected revenue to perform similarly to FY1Q23 (-5% YoY) with iPhone to accelerate and Mac/iPad to decline double digit YoY.Given the challenging revenue outlook, we expect near-term profit taking on slower iPhone/Mac/iPad, but we remain positive on Apple supply chain over Android camp in 2H23E, given iPhone replacement cycle and share gain from Samsung/Android camp. 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 Technology Sector – Apple FY1Q23 Miss on Macro and Supply Chain Issues

China

TK Group specializes in the design and manufacturing of injection molds and plastic components, serving diverse industries such as automotive, medical, consumer electronics, and smart home products. The company provides one-stop injection molding solutions. It was founded in 1983 and is headquartered in Shenzhen, China.

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TK Group (2283 HK)

Technology - Ray-Ban Meta Upbeat in 1H25, Xiaomi 500k Target and Quark Glasses Launch

We reiterate our positive view on the booming AI glasses cycle, and we believe ongoing strength of Ray-Ban Meta glasses (+200% in 1H25), Xiaomi AI...

CMB International

Technology - US Tariff Updates: Addressing FAQs After a Volatile Day

Following our note last week, we received investor questions focused on 1) “20% US content rule” exemptions, 2) impact of China 34% tariff' on the...

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

China Technology – Takeaways of Meta Connect 3: Quest 3, Ray-Ban smart glasses and Meta AI Chatbot

The new Quest 3 marks a pivot from VR to MR for Meta, ahead of Apple’s Vision Pro pushing into market in 2024. Quest 3 features major upgrades in...

CMB International

China Technology Sector – Apple FY1Q23 Miss on Macro and Supply Chain Issues

Apple reported a FY1Q (CY4Q22) with EPS of US$1.88 (-10% YoY) and revenue of US$117.2bn (-5% YoY), which are 3.1% and 3.3% below consensus

CMB International

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