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)

Equity Bottom-Up

<ul><li>Apple unveiled four iPhone 14 models (14/14 Plus, 14 Pro/Pro Max), featuring better cameras, new satellite feature, dynamic island and always-on display, and also launched three Apple Watch (8, Ultra SE2) and new AirPods Pro.</li><li>We believe most spec upgrade is in-line with expectations, but no price hike is the major surprise given surging inflation and supply chain challenges.</li><li>For supply chain, given limited spec upgrade and Android demand weakness, we prefer names with high sales exposure to iPhone and share gainers with YoY growth, such as Luxshare for iPhone/Watch/AirPods OEM, Goertek for share gain in Watch/ AirPods, and FIT Hon Teng/Tongda for iPhone shipment upside.</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>

Apple unveiled four iPhone 14 models (14/14 Plus, 14 Pro/Pro Max), featuring better cameras, new satellite feature, dynamic island and always-on display, and also launched three Apple Watch (8, Ultra SE2) and new AirPods Pro.We believe most spec upgrade is in-line with expectations, but no price hike is the major surprise given surging inflation and supply chain challenges.For supply chain, given limited spec upgrade and Android demand weakness, we prefer names with high sales exposure to iPhone and share gainers with YoY growth, such as Luxshare for iPhone/Watch/AirPods OEM, Goertek for share gain in Watch/ AirPods, and FIT Hon Teng/Tongda for iPhone shipment upside.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 Technology Sector - Apple Launch Event