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>The aluminium sector has come under pressure since early Apr due to the ease of conflict in the Middle East, the potential restriction of bauxite export from Guinea and sector rotation.</li><li>We reiterate our view that the resumptions of aluminium production being affected in the Middle East will likely take 12-18 months, due to the expensive and time-consuming process to drain and reline the pots (for details, please refer to our sector note “A prolonged supply deficit even assuming the end of Iran war” published on 12 May).</li><li>Besides, any unexpected restart of conflict over the medium term, which is also likely given the lack of trust between the US and Iran, will add uncertainties to the regional aluminium supply from time to time, in our view. </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 aluminium sector has come under pressure since early Apr due to the ease of conflict in the Middle East, the potential restriction of bauxite export from Guinea and sector rotation.We reiterate our view that the resumptions of aluminium production being affected in the Middle East will likely take 12-18 months, due to the expensive and time-consuming process to drain and reline the pots (for details, please refer to our sector note “A prolonged supply deficit even assuming the end of Iran war” published on 12 May).Besides, any unexpected restart of conflict over the medium term, which is also likely given the lack of trust between the US and Iran, will add uncertainties to the regional aluminium supply from time to time, in our view. 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.

Materials - Concerns Largely Priced In; Attractive Valuation

<ul><li>The Middle East (including the Gulf Cooperation Council and Iran) accounted for roughly ~9% of the world’s aluminium output (73.8mt) in 2025.</li><li>We expect the war in Iran will affect the aluminium output on two fronts. (1) Iran’s aluminium output (~620kt) accounted for ~0.8% of the world’s output in 2025.</li><li>The destruction of power infrastructure and logistics system in the country, if any, will hurt the production.</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 Middle East (including the Gulf Cooperation Council and Iran) accounted for roughly ~9% of the world’s aluminium output (73.8mt) in 2025.We expect the war in Iran will affect the aluminium output on two fronts. (1) Iran’s aluminium output (~620kt) accounted for ~0.8% of the world’s output in 2025.The destruction of power infrastructure and logistics system in the country, if any, will hurt the production.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.

Materials - Potential supply disruption in the Middle East will support the aluminium price

Hong Kong

Yorkey Optical International (Cayman) Ltd. manufactures and sells plastic and metallic parts, components of optical and opto-electronic products, and molds and cases. Its products include components for cameras, video cameras, audio products, office machines, and various electronic devices. The company was founded in 1995 and is headquartered in Dongguan, China.

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Yorkey Optical (2788 HK)

Materials - Concerns Largely Priced In; Attractive Valuation

The aluminium sector has come under pressure since early Apr due to the ease of conflict in the Middle East, the potential restriction of bauxite...

CMB International

Materials - Potential supply disruption in the Middle East will support the aluminium price

The Middle East (including the Gulf Cooperation Council and Iran) accounted for roughly ~9% of the world’s aluminium output (73.8mt) in 2025.

CMB International

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