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 Materials / Thematic (Sector/Industry)

<ul><li>Our bottom-up industry analysis suggests that nuclear power demand in 2026- 30 will likely see upside surprise on the back of power plant’s resumption in the US, with structural AI-driven demand growth in the long run (post-2030).</li><li>On the supply side, however, we forecast existing uranium mines’ output to peak in 2027, while new mines contribution will increase from 4% in 2027 to 17% in 2030, making the overall supply vulnerable to potential delay in commencement.</li><li>The analysis implies that uranium pricing will be wellsupported by the tight supply that could last longer-than-expected, which reaffirms our positive stance on the uranium sector. </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>

Our bottom-up industry analysis suggests that nuclear power demand in 2026- 30 will likely see upside surprise on the back of power plant’s resumption in the US, with structural AI-driven demand growth in the long run (post-2030).On the supply side, however, we forecast existing uranium mines’ output to peak in 2027, while new mines contribution will increase from 4% in 2027 to 17% in 2030, making the overall supply vulnerable to potential delay in commencement.The analysis implies that uranium pricing will be wellsupported by the tight supply that could last longer-than-expected, which reaffirms our positive stance on the uranium sector. 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 - Tight uranium supply continues to support a multi-year upcycle; Positive on CGN Mining