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>Palo Alto Networks (PANW) announced 3QFY26 (year-end Jul) results: revenue rose 31% YoY to US$3.0bn (or 14% YoY excluding the consolidation impact of CyberArk and Chronosphere), 2.0% ahead of Bloomberg consensus; nonGAAP net income reached US$684mn, up 22% YoY and 5% above consensus.</li><li>AI-driven demand is extending PANW's growth runway, in our view, as evidenced by early-stage results: 1) over US$200mn ARR from a leading frontier AI lab that relies on PANW for observability across training and inference; and 2) over 300 Prisma AIRS customers in 3QFY26 (up from ~30/&gt;100 in 1Q/2QFY26).</li><li>Meanwhile, PANW's ~40% YoY growth in SASE (Secure Access Service Edge) ARR in 3QFY26 (accelerated from 36% in 3QFY25)—propelled by customers prioritizing unified protection across hybrid workforces and AI applications—was more than 2x average market growth, demonstrating PANW's strong market positioning. </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>

Palo Alto Networks (PANW) announced 3QFY26 (year-end Jul) results: revenue rose 31% YoY to US$3.0bn (or 14% YoY excluding the consolidation impact of CyberArk and Chronosphere), 2.0% ahead of Bloomberg consensus; nonGAAP net income reached US$684mn, up 22% YoY and 5% above consensus.AI-driven demand is extending PANW's growth runway, in our view, as evidenced by early-stage results: 1) over US$200mn ARR from a leading frontier AI lab that relies on PANW for observability across training and inference; and 2) over 300 Prisma AIRS customers in 3QFY26 (up from ~30/&gt;100 in 1Q/2QFY26).Meanwhile, PANW's ~40% YoY growth in SASE (Secure Access Service Edge) ARR in 3QFY26 (accelerated from 36% in 3QFY25)—propelled by customers prioritizing unified protection across hybrid workforces and AI applications—was more than 2x average market growth, demonstrating PANW's strong market positioning. 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.

Palo Alto Networks (PANW US) - AI-Driven Demand Extends Growth Runway