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)

Thematic (Sector/Industry)

Hong kong Industrials / Thematic (Sector/Industry)

<ul><li>According to the preliminary data released by Cvworld, heavy-duty truck (HDT) wholesale volume (domestic + export) grew 39% YoY to 100k units in Jan.</li><li>The growth was driven by (1) low-base effect due to early CNY last year (started from 29 Jan); (2) a portion of sales in Dec 2025 was recognized in Jan 2026 as truck manufacturers already reached their sales targets before end-2025.</li><li>We maintain our view that HDT demand in 2026E will likely stay high at &gt;1.1m units, supported by the replacement-driven up-cycle (sales between 2017 and 2021 were a record high) and the extension of government subsidies scheme. </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>

According to the preliminary data released by Cvworld, heavy-duty truck (HDT) wholesale volume (domestic + export) grew 39% YoY to 100k units in Jan.The growth was driven by (1) low-base effect due to early CNY last year (started from 29 Jan); (2) a portion of sales in Dec 2025 was recognized in Jan 2026 as truck manufacturers already reached their sales targets before end-2025.We maintain our view that HDT demand in 2026E will likely stay high at &gt;1.1m units, supported by the replacement-driven up-cycle (sales between 2017 and 2021 were a record high) and the extension of government subsidies scheme. 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.

Capital Goods - HDT Sales +39% YoY in Jan on Low Base