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)

United states It / Thematic (Sector/Industry)

<ul><li>We remain structurally bullish on AI infrastructure investment supported by sustained momentum in compute-intensive investments.</li><li>Major hyperscalers’ capex continue to grow, at 43% YoY for overseas Big Four (MSFT/AMZN/GOOG/META) and 44% YoY for domestic Big Three (Alibaba/Tencent/Baidu) in 2025, per Bloomberg consensus estimates.</li><li>Recent earnings results across the supply chain confirms AI-related spend. TSMC’s (TSMC US, NR) 1H25 revenue was NT$ 1,773bn, up 40% YoY. </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 remain structurally bullish on AI infrastructure investment supported by sustained momentum in compute-intensive investments.Major hyperscalers’ capex continue to grow, at 43% YoY for overseas Big Four (MSFT/AMZN/GOOG/META) and 44% YoY for domestic Big Three (Alibaba/Tencent/Baidu) in 2025, per Bloomberg consensus estimates.Recent earnings results across the supply chain confirms AI-related spend. TSMC’s (TSMC US, NR) 1H25 revenue was NT$ 1,773bn, up 40% YoY. 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 - Thematic Investing and Megatrends: 1H25 AI Demand Check