External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Alphabet announced 1Q26 results: total revenue was up by 22% YoY to US$109.9bn, 3% ahead of Bloomberg consensus due to the robust growth of revenue from Cloud and Search.</li><li>During the period, operating income grew by 30% YoY to US$39.7bn despite the step-up of AI investment, 10% ahead of the consensus thanks to the strong operating leverage and efficiency improvement.</li><li>AI continues to drive solid growth of core search and cloud businesses, and the company plans to further increase AI investment given the attractive ROIC. </li></ul><p><em>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.</em></p>

Alphabet announced 1Q26 results: total revenue was up by 22% YoY to US$109.9bn, 3% ahead of Bloomberg consensus due to the robust growth of revenue from Cloud and Search.During the period, operating income grew by 30% YoY to US$39.7bn despite the step-up of AI investment, 10% ahead of the consensus thanks to the strong operating leverage and efficiency improvement.AI continues to drive solid growth of core search and cloud businesses, and the company plans to further increase AI investment given the attractive ROIC. 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.

Alphabet (GOOG US) - 1Q26 Results Beat on Strong Search and Cloud Businesses; AI as the Key Driver