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>2025 has proven a standout year for optical transceiver suppliers with high AI exposure, with domestic industry leader Innolight delivering stellar 9M25 results: Revenue and net profit soared 44%/90% YoY, while 3Q25 gross margin expanded 9ppt to 43% from a year ago.</li><li>Strong financials fueled a share price rally, with Innolight’s stock surging 380%+ YTD as of Dec 11.</li><li>Looking ahead into 2026, we double down on AI as one of our key themes, underpinned by an unabated AI infrastructure investment cycle and a sustained mix shift to higher value solutions (i.e., 1.6T). </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>

2025 has proven a standout year for optical transceiver suppliers with high AI exposure, with domestic industry leader Innolight delivering stellar 9M25 results: Revenue and net profit soared 44%/90% YoY, while 3Q25 gross margin expanded 9ppt to 43% from a year ago.Strong financials fueled a share price rally, with Innolight’s stock surging 380%+ YTD as of Dec 11.Looking ahead into 2026, we double down on AI as one of our key themes, underpinned by an unabated AI infrastructure investment cycle and a sustained mix shift to higher value solutions (i.e., 1.6T). 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.

Innolight (300308 CH) - A Clear Beneficiary of Global AI Infrastructure Capex

Zhongji Innolight

Innolight (300308 CH) - A Clear Beneficiary of Global AI Infrastructure Capex