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 noticed SemiAnalysis published an article on Jun 9 discussing potential deployment delays in 1) co-packaged optics (CPO) and 2) Nvidia’s native single-ended 800VDC architecture, which has triggered market debate and put pressure on AI infrastructure-related names, particularly optical, power semiconductor and datacom interconnect suppliers.</li><li>We think the note is better interpreted as a timing reset rather than a demand reset.</li><li>On optics, its conclusion is broadly consistent with our prior view that mass CPO adoption is unlikely before late-2027 at the earliest (see our prev. note), while pluggable optical modules and NPO should remain key deployment paths for the foreseeable future, supporting leading domestic optical module suppliers including Innolight (300308 CH, BUY) and Eoptolink (300502 CH, NR).</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 noticed SemiAnalysis published an article on Jun 9 discussing potential deployment delays in 1) co-packaged optics (CPO) and 2) Nvidia’s native single-ended 800VDC architecture, which has triggered market debate and put pressure on AI infrastructure-related names, particularly optical, power semiconductor and datacom interconnect suppliers.We think the note is better interpreted as a timing reset rather than a demand reset.On optics, its conclusion is broadly consistent with our prior view that mass CPO adoption is unlikely before late-2027 at the earliest (see our prev. note), while pluggable optical modules and NPO should remain key deployment paths for the foreseeable future, supporting leading domestic optical module suppliers including Innolight (300308 CH, BUY) and Eoptolink (300502 CH, NR).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 - A quick read on recently reported CPO and 800VDC deployment delay

<ul><li>On Day 1 of Google Cloud Next 2026, held on April 22 in Las Vegas, delivered three key infrastructure updates: 1) Launched two 8 th gen TPUs (TPU 8t and TPU 8i) with dedicated designs for training and inference, respectively, highlighting a clearer split between compute-intensive training and latency- and memorysensitive inference workloads;</li><li>2) introduced a broader AI Hypercomputer architecture built around Virgo networking, tighter storage integration, and largescale cluster orchestration, reinforcing that AI performance is increasingly defined at the system level rather than by standalone chip capability;</li><li>3) framed agentic AI as the next major demand driver, which raises the importance of memory bandwidth, interconnect scale, utilization, and power efficiency alongside raw silicon performance.</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.

On Day 1 of Google Cloud Next 2026, held on April 22 in Las Vegas, delivered three key infrastructure updates: 1) Launched two 8 th gen TPUs (TPU 8t and TPU 8i) with dedicated designs for training and inference, respectively, highlighting a clearer split between compute-intensive training and latency- and memorysensitive inference workloads;2) introduced a broader AI Hypercomputer architecture built around Virgo networking, tighter storage integration, and largescale cluster orchestration, reinforcing that AI performance is increasingly defined at the system level rather than by standalone chip capability;3) framed agentic AI as the next major demand driver, which raises the importance of memory bandwidth, interconnect scale, utilization, and power efficiency alongside raw silicon performance.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 - Google Cloud Next: TPU v8 and rising of AI Hypercomputer

<ul><li>The Optical Fiber Communication Conference and Exposition (OFC) 2026 reinforced a broader structural shift: AI-driven scaling is forcing a re-architecture of data center interconnects across both optical and electrical domains.</li><li>The conference highlighted continued debate around CPO vs. pluggable optics, emergence of intermediate architectures like LPO/NPO, new form factors like XPO, and increasing attention on optical circuit switch (OCS) as a complementary layer.</li><li>Rather than converging on a single solution, the industry is clearly expanding the interconnect toolkit to address different constraints across scale-up, scale-out, and system-level efficiency. </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 Optical Fiber Communication Conference and Exposition (OFC) 2026 reinforced a broader structural shift: AI-driven scaling is forcing a re-architecture of data center interconnects across both optical and electrical domains.The conference highlighted continued debate around CPO vs. pluggable optics, emergence of intermediate architectures like LPO/NPO, new form factors like XPO, and increasing attention on optical circuit switch (OCS) as a complementary layer.Rather than converging on a single solution, the industry is clearly expanding the interconnect toolkit to address different constraints across scale-up, scale-out, and system-level efficiency. 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 - Key takeaways for OFC 2026

<ul><li>Nvidia (NVDA US, NR) released its 4QFY26 earnings, with revenue up 73% YoY/20% QoQ to US$68bn (beating BBG consensus by 2.6%), and EPS up 82% YoY/25% QoQ to US$1.62 (beating BBG consensus by 5.0%).</li><li>GPM was 75.2%, improving from 73.6% in 3Q and beating BBG consensus of 74.3%. Mgmt. guides 1QFY27 revenue to be US$78bn, implying ~US$10bn step-up (vs. US$11bn last quarter), while GPM is guided to be 75%.</li><li>Overall, Nvidia delivered another strong beat-and-raise 4Q, confirming the robust compute demand from hyperscalers, neo-clouds, sovereign AI, enterprises, etc. </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.

Nvidia (NVDA US, NR) released its 4QFY26 earnings, with revenue up 73% YoY/20% QoQ to US$68bn (beating BBG consensus by 2.6%), and EPS up 82% YoY/25% QoQ to US$1.62 (beating BBG consensus by 5.0%).GPM was 75.2%, improving from 73.6% in 3Q and beating BBG consensus of 74.3%. Mgmt. guides 1QFY27 revenue to be US$78bn, implying ~US$10bn step-up (vs. US$11bn last quarter), while GPM is guided to be 75%.Overall, Nvidia delivered another strong beat-and-raise 4Q, confirming the robust compute demand from hyperscalers, neo-clouds, sovereign AI, enterprises, etc. 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 - Nvidia’s 4Q Earnings: Widening the Moat with Multi-Year Visibility

<ul><li>2025 has proven a standout year for optical transceiver suppliers with high AIexposures, with key suppliers posting stellar revenue growth and material margin expansion.</li><li>We expect this outperformance to persist through 2026 and beyond, underpinned by an unabated AI infrastructure investment cycle and a sustained mix shift to higher-value solutions.</li><li>We reiterate the sector as one of our top picks. Reiterate our BUY rating on Innolight (300308 CH, BUY, TP: RMB591.00), the 2024 global optical transceiver market leader, positioned to benefit from surging overseas AI capex and 1.6T demand.</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.

2025 has proven a standout year for optical transceiver suppliers with high AIexposures, with key suppliers posting stellar revenue growth and material margin expansion.We expect this outperformance to persist through 2026 and beyond, underpinned by an unabated AI infrastructure investment cycle and a sustained mix shift to higher-value solutions.We reiterate the sector as one of our top picks. Reiterate our BUY rating on Innolight (300308 CH, BUY, TP: RMB591.00), the 2024 global optical transceiver market leader, positioned to benefit from surging overseas AI capex and 1.6T demand.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 - Optical transceivers – sustained AI-driven outperformance ahead

China

Zhongji Innolight Co., Ltd. manufactures and distributes industrial machines and machine parts. The Company produces motor stator windings, insulating machines, coil winding equipment, automatic production lines, and more. Zhongji Innolight mainly conducts businesses domestically.

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Zhongji Innolight (300308 CH)

Semiconductors - A quick read on recently reported CPO and 800VDC deployment delay

We noticed SemiAnalysis published an article on Jun 9 discussing potential deployment delays in 1) co-packaged optics (CPO) and 2) Nvidia’s native...

CMB International

Semiconductors - Google Cloud Next: TPU v8 and rising of AI Hypercomputer

On Day 1 of Google Cloud Next 2026, held on April 22 in Las Vegas, delivered three key infrastructure updates: 1) Launched two 8 th gen TPUs (TPU...

CMB International

Semiconductors - Key takeaways for OFC 2026

The conference highlighted continued debate around CPO vs. pluggable optics, emergence of intermediate architectures like LPO/NPO, new form factors...

CMB International

Semiconductors - Nvidia’s 4Q Earnings: Widening the Moat with Multi-Year Visibility

Nvidia (NVDA US, NR) released its 4QFY26 earnings, with revenue up 73% YoY/20% QoQ to US$68bn (beating BBG consensus by 2.6%), and EPS up 82% YoY...

CMB International

Semiconductors - Optical transceivers – sustained AI-driven outperformance ahead

2025 has proven a standout year for optical transceiver suppliers with high AIexposures, with key suppliers posting stellar revenue growth and...

CMB International

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