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 conducted tracking for delivery lead times for the first two days of iPhone 17 pre-orders (9/12-9/13), and our analysis shows that average delivery lead times for most iPhone 17 models are longer than iPhone 16 last year, implying betterthan-feared consumer demand for iPhone 17.</li><li>In particular, pre-orders for iPhone 17 base model (US$100 cheaper vs iPhone 16) and China market (subsidies, high trade-in value) are tracking much stronger than iPhone 16 last year.</li><li>Despite market concerns on macro/tariffs, muted AI upgrades and earlier pull-in orders, we believe a stronger iPhone 17 pre-order trend will continue to drive re-rating across Apply supply chain in the near term.</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 conducted tracking for delivery lead times for the first two days of iPhone 17 pre-orders (9/12-9/13), and our analysis shows that average delivery lead times for most iPhone 17 models are longer than iPhone 16 last year, implying betterthan-feared consumer demand for iPhone 17.In particular, pre-orders for iPhone 17 base model (US$100 cheaper vs iPhone 16) and China market (subsidies, high trade-in value) are tracking much stronger than iPhone 16 last year.Despite market concerns on macro/tariffs, muted AI upgrades and earlier pull-in orders, we believe a stronger iPhone 17 pre-order trend will continue to drive re-rating across Apply supply chain in the near term.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 - iPhone 17 pre-order takeaways: longer delivery lead times suggest stronger demand YoY