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 reported 4Q25 results: total revenue grew by 18% YoY to US$113.8bn, 2% ahead of Bloomberg consensus estimate thanks to the strong growth of Google Search and Cloud revenue; operating income was up by 16% YoY to US$35.9bn, lower than consensus estimate of US$36.9bn, but mainly reflecting one-off US$2.1bn stock-based compensation charge related to an increase in Waymo's valuation.</li><li>For FY26E, management guided total capex to be US$175-185bn (+91%-102% YoY), significantly ahead of consensus estimate (US$117bn), and also expected meaningful acceleration in depreciation growth due to AI investment.</li><li>That said, we expect AI investment will continue to support the strong performance of Google Search and Cloud business in FY26, driving solid operating income growth in FY26E. </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 reported 4Q25 results: total revenue grew by 18% YoY to US$113.8bn, 2% ahead of Bloomberg consensus estimate thanks to the strong growth of Google Search and Cloud revenue; operating income was up by 16% YoY to US$35.9bn, lower than consensus estimate of US$36.9bn, but mainly reflecting one-off US$2.1bn stock-based compensation charge related to an increase in Waymo's valuation.For FY26E, management guided total capex to be US$175-185bn (+91%-102% YoY), significantly ahead of consensus estimate (US$117bn), and also expected meaningful acceleration in depreciation growth due to AI investment.That said, we expect AI investment will continue to support the strong performance of Google Search and Cloud business in FY26, driving solid operating income growth in FY26E. 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) - AI Continues to Drive Strong Search and Cloud Business Performance