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 Financials / Thematic (Sector/Industry)

<ul><li>Based on our updated industry model, we estimate global aluminium supply deficit will widen to 2% of global demand in 2026E (versus our previous estimate of 1.1%), even after factoring in softer aluminium demand amid slower global GDP growth resulting from the Iran war.</li><li>The key reason for the deficit is the significant production disruptions at smelters in the Middle East.</li><li>We expect a full resumption in the Middle East could take up to 18 months, even assuming the end of war from now. </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>

Based on our updated industry model, we estimate global aluminium supply deficit will widen to 2% of global demand in 2026E (versus our previous estimate of 1.1%), even after factoring in softer aluminium demand amid slower global GDP growth resulting from the Iran war.The key reason for the deficit is the significant production disruptions at smelters in the Middle East.We expect a full resumption in the Middle East could take up to 18 months, even assuming the end of war from now. 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.

Materials - Aluminium: A prolonged supply deficit even assuming the end of Iran war