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)

China Utilities / Thematic (Sector/Industry)

<ul><li>Global PCB market: The global PCB market showed minimal growth in 2022, with a modest 1.0% YoY increase, but it is expected to face a substantial decline of 4.1% in 2023.</li><li>In terms of quarterly performance, both 1Q23 and 2Q23 have recorded steep declines of more than 20% YoY, signaling a rather bleak outlook for the global PCB market.</li><li>Moving forward, we expect the global PCB market will persistently encounter macroeconomic challenges due to weakened consumer demand and the ongoing destocking cycle among downstream industries in 2H23. We may see some gradual recovery in 2024.</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>

Global PCB market: The global PCB market showed minimal growth in 2022, with a modest 1.0% YoY increase, but it is expected to face a substantial decline of 4.1% in 2023.In terms of quarterly performance, both 1Q23 and 2Q23 have recorded steep declines of more than 20% YoY, signaling a rather bleak outlook for the global PCB market.Moving forward, we expect the global PCB market will persistently encounter macroeconomic challenges due to weakened consumer demand and the ongoing destocking cycle among downstream industries in 2H23. We may see some gradual recovery in 2024.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.

China PCB Sector- Weak Market in 2023