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>Foxconn Industrial Internet (FII) (601138 CH, NR) reported in-line FY24 prelim. revenue/NP growth of 28/10% YoY driven by strong cloud computing growth on AI server demand from both cloud &amp; brand customers, as well as general server recovery.</li><li>Looking into 1H25E, despite market concerns on slower computing demand due to DeepSeek impact, we remain positive on AI infrastructure investments accelerating globally and new GB200/300 AI server racks ramping up throughout the year, evidenced by global major CSPs’ 2025 capex guidance for computing power and large model upgrade.</li><li>We believe AI server supply chain will continue to benefit including BYDE, FIT Hon Teng and Luxshare.</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>

Foxconn Industrial Internet (FII) (601138 CH, NR) reported in-line FY24 prelim. revenue/NP growth of 28/10% YoY driven by strong cloud computing growth on AI server demand from both cloud &amp; brand customers, as well as general server recovery.Looking into 1H25E, despite market concerns on slower computing demand due to DeepSeek impact, we remain positive on AI infrastructure investments accelerating globally and new GB200/300 AI server racks ramping up throughout the year, evidenced by global major CSPs’ 2025 capex guidance for computing power and large model upgrade.We believe AI server supply chain will continue to benefit including BYDE, FIT Hon Teng and Luxshare.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 - Implications of FII 2024 prelim results: AI server outlook remains robust in 2025