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)

<ul><li>Apple (AAPL US, NR) reported upbeat FY1Q26 (CY4Q25) results with revenue growth of 16% YoY, 4% above consensus, driven by strong iPhone sales (+23% YoY) and China recovery (+38% YoY, vs -4% in FY4Q), while GPM further expanded to 48.2% thanks to favourable mix and leverage.</li><li>For FY2Q26E, mgmt. guided revenue growth of 13-16% YoY and resilient GPM of 48-49% despite memory headwinds. Looking into 2026, we expect “strong iPhone cycle, strong price cycle” to continue given iPhone Fold/18 upgrade, high-end market share gains and Google AI partnership.</li><li>We believe Apple is better positioned to navigate memory headwinds than peers given its supply chain leverage and strong pricing power, and we prefer stocks with content/share gains in new product cycles (iPhone Fold/smart home/AI glasses), including Luxshare, AAC, FIT and BYDE.</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>

Apple (AAPL US, NR) reported upbeat FY1Q26 (CY4Q25) results with revenue growth of 16% YoY, 4% above consensus, driven by strong iPhone sales (+23% YoY) and China recovery (+38% YoY, vs -4% in FY4Q), while GPM further expanded to 48.2% thanks to favourable mix and leverage.For FY2Q26E, mgmt. guided revenue growth of 13-16% YoY and resilient GPM of 48-49% despite memory headwinds. Looking into 2026, we expect “strong iPhone cycle, strong price cycle” to continue given iPhone Fold/18 upgrade, high-end market share gains and Google AI partnership.We believe Apple is better positioned to navigate memory headwinds than peers given its supply chain leverage and strong pricing power, and we prefer stocks with content/share gains in new product cycles (iPhone Fold/smart home/AI glasses), including Luxshare, AAC, FIT and BYDE.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.

Technology - Apple FY1Q26 and Guidance Beat; Positive on Strong IPhone Cycle...