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)

<ul><li>We believe 2026 will be a pivotal year for competing for user mindshare in the AI era, with key focuses on lowering AI adoption thresholds, improving decision-making efficiency, and creating real value.</li><li>Among traditional internet businesses, companies that possess these three characteristics are expected to have higher long-term investment value: 1) stable cash flow to support AIrelated investment and exploration; 2) rich application scenarios to accumulate data and reach users; and 3) outstanding supply chain capabilities and operational excellence to drive overseas expansion for incremental growth.</li><li>We still recommend adopting a barbell investment strategy, while focusing on both the certainty of profit growth and new increments brought by AI. </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>

We believe 2026 will be a pivotal year for competing for user mindshare in the AI era, with key focuses on lowering AI adoption thresholds, improving decision-making efficiency, and creating real value.Among traditional internet businesses, companies that possess these three characteristics are expected to have higher long-term investment value: 1) stable cash flow to support AIrelated investment and exploration; 2) rich application scenarios to accumulate data and reach users; and 3) outstanding supply chain capabilities and operational excellence to drive overseas expansion for incremental growth.We still recommend adopting a barbell investment strategy, while focusing on both the certainty of profit growth and new increments brought by AI. 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.

Internet - 2026 Outlook- Bridging legacy and future: A pivotal year