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>Looking ahead to 2026, we expect distinct divergence in global technology endmarkets.</li><li>While AI computing supply chain is set to continue strong momentum driven by rapid LLM upgrade and sustained CSP capex, we believe edge AI cycle (AI smartphones/PCs/glasses) is just beginning to accelerate.</li><li>However, we anticipate near-term pressure on low-end consumer electronics demand due to macro uncertainty, fading China subsidies and rising memory costs. </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.

Looking ahead to 2026, we expect distinct divergence in global technology endmarkets.While AI computing supply chain is set to continue strong momentum driven by rapid LLM upgrade and sustained CSP capex, we believe edge AI cycle (AI smartphones/PCs/glasses) is just beginning to accelerate.However, we anticipate near-term pressure on low-end consumer electronics demand due to macro uncertainty, fading China subsidies and rising memory costs. 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 - 2026 Outlook: AI compute momentum expands to edge AI revolution

External broker reports(aggregated public sources), Topline Securities

Topline Securities

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.49mn units during Nov 2025, up 8% YoY compared to 2.31mn units in Nov 2024.</li><li>The modest increase in local production is due to a slight recovery as production has begun to normalise following the earlier slowdown and inventory build up.</li><li>Cumulatively, local manufacturing/assembly reached 27.6mn units in 11M2025, down 3% YoY.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.49mn units during Nov 2025, up 8% YoY compared to 2.31mn units in Nov 2024.The modest increase in local production is due to a slight recovery as production has begun to normalise following the earlier slowdown and inventory build up.Cumulatively, local manufacturing/assembly reached 27.6mn units in 11M2025, down 3% YoY.

Topline Flash Note: Local Manufacturing/Assembly of Mobile Phones Up 7% MoM in Nov-25

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.33mn units during Oct 2025, down 34% YoY compared to 3.53mn units in Oct 2024, due to a production slowdown amid inventory build-up in the industry.</li><li>According to our channel checks, the decline in mobile phone production is primarily driven by elevated inventory levels across the market. With distributors and retailers sitting on excess inventory, manufacturers have reduced production volumes to avoid further stock accumulation.</li><li>Cumulatively, local manufacturing/assembly reached 25.11mn units in 10M2025, down 4% YoY.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.33mn units during Oct 2025, down 34% YoY compared to 3.53mn units in Oct 2024, due to a production slowdown amid inventory build-up in the industry.According to our channel checks, the decline in mobile phone production is primarily driven by elevated inventory levels across the market. With distributors and retailers sitting on excess inventory, manufacturers have reduced production volumes to avoid further stock accumulation.Cumulatively, local manufacturing/assembly reached 25.11mn units in 10M2025, down 4% YoY.

Topline Flash Note: Local Manufacturing/Assembly Of Mobile Phones Down 23% MoM In Oct-25

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.01mn units during Sep 2025, up 40% YoY and 55% MoM.</li><li>The YoY growth largely reflects a low base from Sep 2024, when sales remained subdued due to excessive pre-buying in Jun 2024 ahead of expected changes in the budget.</li><li>The MoM increase, on the other hand, was primarily driven by pent up demand, as consumers delayed purchases in anticipation of new model launches.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.01mn units during Sep 2025, up 40% YoY and 55% MoM.The YoY growth largely reflects a low base from Sep 2024, when sales remained subdued due to excessive pre-buying in Jun 2024 ahead of expected changes in the budget.The MoM increase, on the other hand, was primarily driven by pent up demand, as consumers delayed purchases in anticipation of new model launches.

Topline Flash Note: Pakistan Local Mobile Manufacturing/Assembly Up 55% MoM In Sep-25

<ul><li>Meta Connect 2025 was held on 17 Sep (US Time) and Meta officially launched three new smart glasses including Meta Ray-Ban Display, Ray-Ban Meta (Gen 2) updated version and Oakley Meta Vanguard.</li><li>The key focus was on its first smart glasses with a HUD display and Meta Neural Band to allow gesture interaction.</li><li>Meta has also upgraded Ray-Ban Meta (Gen 2) with longer battery life and improved resolution, and cooperated with Oakley to extend smart glasses in sportswear market. </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 Connect 2025 was held on 17 Sep (US Time) and Meta officially launched three new smart glasses including Meta Ray-Ban Display, Ray-Ban Meta (Gen 2) updated version and Oakley Meta Vanguard.The key focus was on its first smart glasses with a HUD display and Meta Neural Band to allow gesture interaction.Meta has also upgraded Ray-Ban Meta (Gen 2) with longer battery life and improved resolution, and cooperated with Oakley to extend smart glasses in sportswear market. 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 2025: Smart glasses launches continue to fuel supply chain innovation

China

Xiaomi is a Chinese multinational corporation specializing in consumer electronics and technology, primarily known for its smartphones (Mi, Redmi, POCO series) and a wide range of AIoT (Artificial Intelligence of Things) devices, including smart home products, wearables, and laptops. The company also provides internet services, including its MIUI operating system. Xiaomi was founded in 2010 and is headquartered in Beijing, China.

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Xiaomi (1810 HK)

Technology - 2026 Outlook: AI compute momentum expands to edge AI revolution

We believe expansion of AI computing demand and edge AI innovation will become major growth drivers in 2026, and recommend two key structural...

CMB International

Topline Flash Note: Local Manufacturing/Assembly of Mobile Phones Up 7% MoM in Nov-25

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.49mn...

Topline Securities

Topline Flash Note: Local Manufacturing/Assembly Of Mobile Phones Down 23% MoM In Oct-25

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.33mn...

Topline Securities

Topline Flash Note: Pakistan Local Mobile Manufacturing/Assembly Up 55% MoM In Sep-25

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.01mn units...

Topline Securities

Technology - Meta Connect 2025: Smart glasses launches continue to fuel supply chain innovation

Meta Connect 2025 was held on 17 Sep (US Time) and Meta officially launched three new smart glasses including Meta Ray-Ban Display, Ray-Ban Meta...

CMB International

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