External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

salesforce.com, inc. provides software on demand. The Company supplies a customer relationship management service to businesses worldwide providing a technology platform for customers and developers to build and run business applications. Clients use salesforce.com to manage their customer, sales and operational data.

<ul><li>Salesforce announced 3QFY26 results: total revenue grew by 9% YoY to US$10.3bn, in line with Bloomberg consensus estimate; non-GAAP operating income was up by 17% YoY to US$3.6bn, 4% ahead of consensus estimate mainly due to the timing of expenses and bad debt expense adjustment.</li><li>cRPO increased by 11% YoY to US$29.4bn, c.100bps ahead of the guidance, primarily thanks to the strong bookings on the back of solid Agentforce momentum.</li><li>Agentforce and Data 360 ARR reached c.US$1.4bn in 3QFY26, up 114% YoY. For 4QFY26E, management expected total revenue to increase by 11-12% to US$11.13-11.23bn, including c.3ppts contribution from Informatica consolidation; and cRPO to grow by c.15% YoY, including c.4ppts Informatica contribution. </li></ul>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.

Salesforce announced 3QFY26 results: total revenue grew by 9% YoY to US$10.3bn, in line with Bloomberg consensus estimate; non-GAAP operating income was up by 17% YoY to US$3.6bn, 4% ahead of consensus estimate mainly due to the timing of expenses and bad debt expense adjustment.cRPO increased by 11% YoY to US$29.4bn, c.100bps ahead of the guidance, primarily thanks to the strong bookings on the back of solid Agentforce momentum.Agentforce and Data 360 ARR reached c.US$1.4bn in 3QFY26, up 114% YoY. For 4QFY26E, management expected total revenue to increase by 11-12% to US$11.13-11.23bn, including c.3ppts contribution from Informatica consolidation; and cRPO to grow by c.15% YoY, including c.4ppts Informatica contribution. 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.

Salesforce (CRM US) - Solid 3QFY26 Results; Robust Agentforce and Data 360 Momentum

Macroeconomics

<ul><li>We believe the wide-bandgap semiconductor sector, led by silicon carbide (SiC) and gallium nitride (GaN), is entering a new, multi-year growth phase.</li><li>While automotive electrification remains a key secular driver, a structural new demand frontier is emerging: the power redesign of AI data centers.</li><li>The transition from legacy 54V DC to 800V high-voltage direct current (HVDC) architecture, essential for next-generation, high-power AI racks, is physically and economically enabled by SiC and GaN. T</li></ul>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.

We believe the wide-bandgap semiconductor sector, led by silicon carbide (SiC) and gallium nitride (GaN), is entering a new, multi-year growth phase.While automotive electrification remains a key secular driver, a structural new demand frontier is emerging: the power redesign of AI data centers.The transition from legacy 54V DC to 800V high-voltage direct current (HVDC) architecture, essential for next-generation, high-power AI racks, is physically and economically enabled by SiC and GaN. TContent 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.

Semiconductors - Wide-Bandgap Semiconductors – SiC/GaN: Powering the Next Wave of AI Infrastructure

<ul><li>In European USD AT1 space, we prefer UK and EU G-SIBs in view of their stance of equity should be written down ahead of AT1 in any resolution first.</li><li>We consider the risk of non-call and coupon skips for EU G-SIBs is low under the backdrop of the falling UST and these banks' ability and incentive to maintain access to capital markets at low funding costs.</li><li>We pick banks with good track records in coupon payments as scheduled and calling their AT1s on the first call dates. </li></ul>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.

In European USD AT1 space, we prefer UK and EU G-SIBs in view of their stance of equity should be written down ahead of AT1 in any resolution first.We consider the risk of non-call and coupon skips for EU G-SIBs is low under the backdrop of the falling UST and these banks' ability and incentive to maintain access to capital markets at low funding costs.We pick banks with good track records in coupon payments as scheduled and calling their AT1s on the first call dates. 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.

CMBI Fixed Income - European AT1s: Our Picks Under Basel III Finalization

Baozun Inc. provides e-commerce solutions. The Company's services include website design, development and hosting, information technology infrastructure, customer service, warehousing, and logistics services, as well as digital marketing. Baozun serves customers in China.

<ul><li>Baozun released 3Q25 results: total revenue reached RMB2.2bn, up 5% YoY, 2%/1% better than our estimates/BBG consensus; non-GAAP net loss attributable to ordinary shareholders was RMB40.2mn, narrowed from RMB66.8mn in 3Q24, mainly driven by gross margin expansion and cost optimization.</li><li>Among segments, Baozun E-commerce (BEC) recorded revenue of RMB1.8bn, up 2.4% YoY, with non-GAAP operating profit of RMB28.1mn (turning around from loss of RMB29.8mn in 3Q24); Baozun Brand Management (BBM) achieved revenue of RMB396mn, up 20% YoY, primarily driven by the strong performance of GAP and Hunter's store expansion.</li><li>We expect 2025E non-GAAP operating profit for BEC to grow at 22% YoY driven by operating efficiency improvement. </li></ul>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.

Baozun released 3Q25 results: total revenue reached RMB2.2bn, up 5% YoY, 2%/1% better than our estimates/BBG consensus; non-GAAP net loss attributable to ordinary shareholders was RMB40.2mn, narrowed from RMB66.8mn in 3Q24, mainly driven by gross margin expansion and cost optimization.Among segments, Baozun E-commerce (BEC) recorded revenue of RMB1.8bn, up 2.4% YoY, with non-GAAP operating profit of RMB28.1mn (turning around from loss of RMB29.8mn in 3Q24); Baozun Brand Management (BBM) achieved revenue of RMB396mn, up 20% YoY, primarily driven by the strong performance of GAP and Hunter's store expansion.We expect 2025E non-GAAP operating profit for BEC to grow at 22% YoY driven by operating efficiency improvement. 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.

Baozun (BZUN US) - Profitability Improvement Trend Sustained

Thematic (Sector/Industry)

<ul><li>We believe mining machinery (in particular large-size excavators &amp; trucks) will become a key growth area for Chinese machinery players in 2026E, given (1) the elevated miners’ capex supported by the strong metal prices, declining ore grades and aging machinery fleets; (2) the rising Chinese investment in overseas mines to drive more Chinese machinery demand.</li><li>We believe Zoomlion, SANY Heavy and SANYI are the key beneficiaries. In China, we expect the overall machinery replacement cycle will continue and expect tenders for the Yarlung Zangbo hydropower project will speed up in 2026E, which will serve as a driver for new demand.</li><li>On the power side, we forecast the global backup power engines for data centres to surge 70% between 2025E and 2030E, offering excellent opportunities for Weichai Power to penetrate.</li></ul>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.

We believe mining machinery (in particular large-size excavators &amp; trucks) will become a key growth area for Chinese machinery players in 2026E, given (1) the elevated miners’ capex supported by the strong metal prices, declining ore grades and aging machinery fleets; (2) the rising Chinese investment in overseas mines to drive more Chinese machinery demand.We believe Zoomlion, SANY Heavy and SANYI are the key beneficiaries. In China, we expect the overall machinery replacement cycle will continue and expect tenders for the Yarlung Zangbo hydropower project will speed up in 2026E, which will serve as a driver for new demand.On the power side, we forecast the global backup power engines for data centres to surge 70% between 2025E and 2030E, offering excellent opportunities for Weichai Power to penetrate.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.

Capital Goods - Key Themes in 2026: Focus on Mining Equipment...