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)

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<ul><li>For this year’s Spring Festival Holiday (SFH), we identified several key trends regarding travel and consumption: 1) overall domestic travel demand remains resilient, with solid increases in both the number of tourists and per capita consumption;</li><li>2) outbound travel demand remained strong and inbound travel could become an important long-term growth driver for the travel industry over the long-run; and</li><li>3) although overall consumption sentiment likely still takes time to recover, retail sales GMV growth during the holiday period was strong, and “national subsidy” remains a solid driver for growth in key categories such as home appliances and communication equipment. </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>

For this year’s Spring Festival Holiday (SFH), we identified several key trends regarding travel and consumption: 1) overall domestic travel demand remains resilient, with solid increases in both the number of tourists and per capita consumption;2) outbound travel demand remained strong and inbound travel could become an important long-term growth driver for the travel industry over the long-run; and3) although overall consumption sentiment likely still takes time to recover, retail sales GMV growth during the holiday period was strong, and “national subsidy” remains a solid driver for growth in key categories such as home appliances and communication equipment. 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 - Trends Observed from 2025 Spring Festival