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)

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<ul><li>Apple officially announced four iPhone 17 models (17/Pro/Pro Max, Air), three Watch updates (SE3/11/Ultra 3) and the AirPods Pro 3.</li><li>While new spec/ features are mostly in-line with market expectations, we have identified several major positives: 1) iPhone 17 Air: its first major redesign since 2017 with price at US$999, featuring ultra-thin design with single 48MP rear cam and A19 Pro chip; 2) AirPods Pro 3: live translation and impressive ANC improvements; 3) Watch Ultra 3: heart rate tracking, satellite connectivity and larger display; 4) Pricing: starting prices stay mostly the same despite tariffs, except a US$100 increase for iPhone Pro.</li><li>Overall, while we expect softer demand due to macro/tariffs, muted AI-driven upgrades and earlier pull-in orders will continue to weigh on 2H25E Apple supply chain outlook, we believe new iPhone form factor changes and no price hikes for most products are incrementally positive to consumer demand, and next year’s product launches (foldable iPhone, upgraded Siri, Vision Pro 2) will drive stronger upgrade cycles in 2026-27. </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 officially announced four iPhone 17 models (17/Pro/Pro Max, Air), three Watch updates (SE3/11/Ultra 3) and the AirPods Pro 3.While new spec/ features are mostly in-line with market expectations, we have identified several major positives: 1) iPhone 17 Air: its first major redesign since 2017 with price at US$999, featuring ultra-thin design with single 48MP rear cam and A19 Pro chip; 2) AirPods Pro 3: live translation and impressive ANC improvements; 3) Watch Ultra 3: heart rate tracking, satellite connectivity and larger display; 4) Pricing: starting prices stay mostly the same despite tariffs, except a US$100 increase for iPhone Pro.Overall, while we expect softer demand due to macro/tariffs, muted AI-driven upgrades and earlier pull-in orders will continue to weigh on 2H25E Apple supply chain outlook, we believe new iPhone form factor changes and no price hikes for most products are incrementally positive to consumer demand, and next year’s product launches (foldable iPhone, upgraded Siri, Vision Pro 2) will drive stronger upgrade cycles in 2026-27. 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 Launch Event: IPhone 17 Air/AirPods Pro 3 as Major Highlights...