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)

AI Sustainability: East Profits. West Burns.

Tencent (700 HK): Option Strategies Point to Mixed Sentiment

Tencent (700 HK) Option Insights: Balanced Positioning Ahead of Earnings

Equity Bottom-Up

<ul><li>Tencent reported 1Q26 results: total revenue grew by 9% YoY to RMB196.5bn, 1.5% below Bloomberg consensus estimate, as the later timing of the 2026 Spring Festival led to less revenue recognition for games business in 1Q26; non-IFRS operating income increased by 9% YoY to RMB75.6bn, largely in line with the consensus and our estimate.</li><li>Non-IFRS operating profit excluding new AI product investment grew by 17% YoY to RMB84.4bn, which in our view demonstrates Tencent’s strong operating leverage and capability to maintain steady earnings growth despite stepped-up AI investment.</li><li>The quarterly earnings impact from AI investment (c.RMB9bn) is also in line with management’s previous guidance (&gt;RMB36bn investment in FY26E). </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>

Tencent reported 1Q26 results: total revenue grew by 9% YoY to RMB196.5bn, 1.5% below Bloomberg consensus estimate, as the later timing of the 2026 Spring Festival led to less revenue recognition for games business in 1Q26; non-IFRS operating income increased by 9% YoY to RMB75.6bn, largely in line with the consensus and our estimate.Non-IFRS operating profit excluding new AI product investment grew by 17% YoY to RMB84.4bn, which in our view demonstrates Tencent’s strong operating leverage and capability to maintain steady earnings growth despite stepped-up AI investment.The quarterly earnings impact from AI investment (c.RMB9bn) is also in line with management’s previous guidance (&gt;RMB36bn investment in FY26E). 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.

Tencent (700 HK) - Resilient 1Q26 Earnings Growth Despite AI Investment; Solid AI Progress