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 It / Thematic (Sector/Industry)

<ul><li>We noticed SemiAnalysis published an article on Jun 9 discussing potential deployment delays in 1) co-packaged optics (CPO) and 2) Nvidia’s native single-ended 800VDC architecture, which has triggered market debate and put pressure on AI infrastructure-related names, particularly optical, power semiconductor and datacom interconnect suppliers.</li><li>We think the note is better interpreted as a timing reset rather than a demand reset.</li><li>On optics, its conclusion is broadly consistent with our prior view that mass CPO adoption is unlikely before late-2027 at the earliest (see our prev. note), while pluggable optical modules and NPO should remain key deployment paths for the foreseeable future, supporting leading domestic optical module suppliers including Innolight (300308 CH, BUY) and Eoptolink (300502 CH, NR).</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 noticed SemiAnalysis published an article on Jun 9 discussing potential deployment delays in 1) co-packaged optics (CPO) and 2) Nvidia’s native single-ended 800VDC architecture, which has triggered market debate and put pressure on AI infrastructure-related names, particularly optical, power semiconductor and datacom interconnect suppliers.We think the note is better interpreted as a timing reset rather than a demand reset.On optics, its conclusion is broadly consistent with our prior view that mass CPO adoption is unlikely before late-2027 at the earliest (see our prev. note), while pluggable optical modules and NPO should remain key deployment paths for the foreseeable future, supporting leading domestic optical module suppliers including Innolight (300308 CH, BUY) and Eoptolink (300502 CH, NR).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.

Semiconductors - A quick read on recently reported CPO and 800VDC deployment delay