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)

Google Cloud CEO Thomas Kurian @ Goldman Sachs Technology Conference. Key Takeaways, Full Transcript

Accenture Soars As New Bookings Accelerate. Q426 Earnings Review, Key Takeaways & Full Transcript

Gemini at Work 2026. Impressive Enterprise AI Strategy Is Revealed. Key Takeaways & Full Transcript

Equity Bottom-Up

<ul><li>Alphabet reported 2Q26 results: total revenue grew by 24% YoY to US$119.8bn, 2% ahead of Visible Alpha (VA) consensus due to the strong growth of Google Cloud revenue; operating income was up by 30% YoY to US$40.8bn and in line with VA consensus.</li><li>Strong AI momentum drove acceleration in cloud revenue growth and AI investment.</li><li>Total capex was up by 100% YoY to US$44.9bn and led to negative free cash flow of US$5.9bn in 2Q26. </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 2Q26 results: total revenue grew by 24% YoY to US$119.8bn, 2% ahead of Visible Alpha (VA) consensus due to the strong growth of Google Cloud revenue; operating income was up by 30% YoY to US$40.8bn and in line with VA consensus.Strong AI momentum drove acceleration in cloud revenue growth and AI investment.Total capex was up by 100% YoY to US$44.9bn and led to negative free cash flow of US$5.9bn in 2Q26. 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) - Strong AI Demand Continues to Drive Cloud Acceleration and Solid Core Search