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Market strategyMORE

Date/ Category / Title Category Title Analyst Ticker / Company Click
2025-11-27 / DAILY Navigator KGI Taiwan Daily Navigator – 20251127 Analyst:Taiwan Research /   DAILY Navigator KGI Taiwan Daily Navigator – 20251127 Taiwan Research 3
2025-11-26 / DAILY Navigator KGI Taiwan Daily Navigator – 20251126 Analyst:Taiwan Research /   DAILY Navigator KGI Taiwan Daily Navigator – 20251126 Taiwan Research 2
2025-11-25 / DAILY Navigator KGI Taiwan Daily Navigator – 20251125 Analyst:Taiwan Research /   DAILY Navigator KGI Taiwan Daily Navigator – 20251125 Taiwan Research 2
2025-11-24 / DAILY Navigator KGI Taiwan Daily Navigator – 20251124 Analyst:Taiwan Research /   DAILY Navigator KGI Taiwan Daily Navigator – 20251124 Taiwan Research 3
2025-11-22 / Strategy Taiwan 2026 strategy: Bull run to continue; US midterm elections & Fed rate cuts are swing factors Analyst:Taiwan Research /   Strategy Taiwan 2026 strategy: Bull run to continue; US midterm elections & Fed rate cuts are swing factors Taiwan Research 5

Industry updateMORE

Date/ Industry / Title Industry Title Analyst Ticker / Company Click
2025-11-26 / Construction Construction sector: Housing transactions show signs of bottoming Analyst:Tommy Lai / Hiyes(2348)、DA-LI CO.,LTD.(6177)  Construction Construction sector: Housing transactions show signs of bottoming Tommy Lai Hiyes(2348)、DA-LI CO.,LTD.(6177) 1
2025-11-21 / Electronics IT Hardware: Server demand to strengthen; PC & smartphone demand to weaken in 2026F Analyst:Angela Hsiang、Alex Yu、Hanhsuan Shen、Yvonney Chen、Mike Liu / Hon Hai(2317)、MSI(2377)、ACER(2353)、Wiwynn(6669)、Catcher(2474)  Electronics IT Hardware: Server demand to strengthen; PC & smartphone demand to weaken in 2026F Angela Hsiang、Alex Yu、Hanhsuan Shen、Yvonney Chen、Mike Liu Hon Hai(2317)、MSI(2377)、ACER(2353)、Wiwynn(6669)、Catcher(2474) 9
2025-11-17 / Semiconductor Memory sector: Surge in general server procurement fueling a memory supercycle Analyst:Hanhsuan Shen、Felix Pan / NTC(2408)、WEC(2344)、InnoDisk(5289)  Semiconductor Memory sector: Surge in general server procurement fueling a memory supercycle Hanhsuan Shen、Felix Pan NTC(2408)、WEC(2344)、InnoDisk(5289) 6
2025-11-10 / Financial Financial sector: FHC earnings increased by 7% MoM in October Analyst:Eric Shih / Fubon Financial(2881)、CATHAY FHC(2882)、CTBC Holding(2891)、TS Holdings(2887)、SINOPACHOLDINGS(2890)  Financial Financial sector: FHC earnings increased by 7% MoM in October Eric Shih Fubon Financial(2881)、CATHAY FHC(2882)、CTBC Holding(2891)、TS Holdings(2887)、SINOPACHOLDINGS(2890) 2
2025-11-01 / Electronics IT Hardware: Positive AI demand outlook from US CSPs, power & liquid cooling firms for 2026F Analyst:Angela Hsiang、Alex Yu、Rob Chang、Yvonney Chen、Mike Liu / AVC(3017)、Wistron(3231)、QCI(2382)、EMC(2383)、Hon Hai(2317)、GCE(2368)、DELTA(2308)、Fositek(6805)  Electronics IT Hardware: Positive AI demand outlook from US CSPs, power & liquid cooling firms for 2026F Angela Hsiang、Alex Yu、Rob Chang、Yvonney Chen、Mike Liu AVC(3017)、Wistron(3231)、QCI(2382)、EMC(2383)、Hon Hai(2317)、GCE(2368)、DELTA(2308)、Fositek(6805) 5

Company updateMORE

Date/ Title Title Analyst Ticker / Company Click
2025-11-27 / Industry Asia Vital Components (3017 TT): GPU & ASIC boost 2026-27F liquid cooling sales Analyst:Angela Hsiang、Yvonney Chen / AVC(3017)  Asia Vital Components (3017 TT): GPU & ASIC boost 2026-27F liquid cooling sales Angela Hsiang、Yvonney Chen AVC(3017) 0
2025-11-27 / Industry Hotai Finance (6592 TT): 3Q25 earnings fell by 14% QoQ; asset quality to improve Analyst:Eric Shih / Hotai Finance(6592)  Hotai Finance (6592 TT): 3Q25 earnings fell by 14% QoQ; asset quality to improve Eric Shih Hotai Finance(6592) 0
2025-11-26 / Industry Hiyes International (2348 TT): Operations to bottom out Analyst:Tommy Lai / Hiyes(2348)  Hiyes International (2348 TT): Operations to bottom out Tommy Lai Hiyes(2348) 1
2025-11-26 / Industry Da-Li Development (6177 TT): Entering two-year operational peak Analyst:Tommy Lai / DA-LI CO.,LTD.(6177)  Da-Li Development (6177 TT): Entering two-year operational peak Tommy Lai DA-LI CO.,LTD.(6177) 1
2025-11-25 / Industry Mega FHC (2886 TT): January-October earnings decline eased; 2025F cash dividend may beat market estimates Analyst:Eric Shih / Mega FHC(2886)  Mega FHC (2886 TT): January-October earnings decline eased; 2025F cash dividend may beat market estimates Eric Shih Mega FHC(2886) 1

Overseas market strategyMORE

Date/ Category / Title Country Category Title Analyst Ticker / Company Click
2025-11-05 / Strategy Quantitative perspectives on US equities: We prefer industrials, healthcare, utilities & communication services stocks Analyst:Carl Liu、Karen Yu /   USA Strategy Quantitative perspectives on US equities: We prefer industrials, healthcare, utilities & communication services stocks Carl Liu、Karen Yu 3
2025-10-30 / Economics US economy: October FOMC meeting: Hawkish rate cut triggers concerns about slower cuts Analyst:Steven Chen /   USA Economics US economy: October FOMC meeting: Hawkish rate cut triggers concerns about slower cuts Steven Chen 4
2025-10-21 / Strategy Global asset allocation – US strategy: AI-driven productivity anchors valuations beyond FOMO & TACO, keeping bubbles at bay Analyst:Carl Liu、Karen Yu /   USA Strategy Global asset allocation – US strategy: AI-driven productivity anchors valuations beyond FOMO & TACO, keeping bubbles at bay Carl Liu、Karen Yu 6
2025-10-09 / Strategy Quantitative perspectives on US equities: We prefer financial, industrials, healthcare, technology & utilities stocks Analyst:Carl Liu、Karen Yu /   USA Strategy Quantitative perspectives on US equities: We prefer financial, industrials, healthcare, technology & utilities stocks Carl Liu、Karen Yu 2
2025-10-02 / Strategy Global asset allocation –Europe strategy: Structural shifts boost long-term value in European stocks Analyst:Jessica Hung /   Global Strategy Global asset allocation –Europe strategy: Structural shifts boost long-term value in European stocks Jessica Hung 7

Overseas industry updateMORE

Date/ Industry / Title Country Industry Title Analyst Ticker / Company Click
2024-03-26 / Software Internet & software sector: China-theme stocks — Undergoing moderate recovery; share buybacks to increase Analyst:Andrew Cheng、Freddy Chen / Baidu, Inc.(09888)、(PDD US)、Bilibili Inc.(09626)、Alibaba Group Holding Limited(09988)、Tencent Holdings Limited(00700)、Meituan(03690)  Hong Kong Software Internet & software sector: China-theme stocks — Undergoing moderate recovery; share buybacks to increase Andrew Cheng、Freddy Chen Baidu, Inc.(09888)、(PDD US)、Bilibili Inc.(09626)、Alibaba Group Holding Limited(09988)、Tencent Holdings Limited(00700)、Meituan(03690) 14
2024-03-19 / Technology US technology sector: Nvidia GTC 2024: New GPU platforms, software & robots Analyst:Derek Chang、Angela Hsiang、Alex Yu / AURAS(3324)、AVC(3017)、Hon Hai(2317)、Wiwynn(6669)、Wistron(3231)、QCI(2382)、(NVDA US)  USA Technology US technology sector: Nvidia GTC 2024: New GPU platforms, software & robots Derek Chang、Angela Hsiang、Alex Yu AURAS(3324)、AVC(3017)、Hon Hai(2317)、Wiwynn(6669)、Wistron(3231)、QCI(2382)、(NVDA US) 10
2023-12-13 / Software Internet & software: 2024F outlook for Chinese internet stocks: Seeking growth opportunities through overseas expansion Analyst:Andrew Cheng、Freddy Chen / (PDD US)、Meituan(03690)、Tencent Holdings Limited(00700)、(BABA US)、(BILI US)、(BIDU US)  Hong Kong Software Internet & software: 2024F outlook for Chinese internet stocks: Seeking growth opportunities through overseas expansion Andrew Cheng、Freddy Chen (PDD US)、Meituan(03690)、Tencent Holdings Limited(00700)、(BABA US)、(BILI US)、(BIDU US) 3
2023-09-11 / Semiconductor Semiconductor sector: Huawei return to 5G market a promising event? Analyst:Michael Liu、Derek Chang、Josh Huang、Lucas Liu / (AAPL US)、(QCOM US)、TSMC(2330)、MediaTek(2454)、Semiconductor Manufacturing International Corporation(00981)  Global Semiconductor Semiconductor sector: Huawei return to 5G market a promising event? Michael Liu、Derek Chang、Josh Huang、Lucas Liu (AAPL US)、(QCOM US)、TSMC(2330)、MediaTek(2454)、Semiconductor Manufacturing International Corporation(00981) 2
2023-08-30 / Software Internet & software sector: China-themed stocks – Precision subsidies crucial to future recovery Analyst:Andrew Cheng、Freddy Chen / (PDD US)、Meituan(03690)、Baidu, Inc.(09888)  Hong Kong Software Internet & software sector: China-themed stocks – Precision subsidies crucial to future recovery Andrew Cheng、Freddy Chen (PDD US)、Meituan(03690)、Baidu, Inc.(09888) 3

Overseas company updateMORE

Date/ Title Country Title Analyst Ticker / Company Click
2025-02-26 / Industry Tempus AI (TEM US): Generative AI brings back glory of the genomic era Analyst:Albert Chen、Sean Sun /   USA Tempus AI (TEM US): Generative AI brings back glory of the genomic era Albert Chen、Sean Sun 4
2024-01-25 / Industry Tesla (TSLA US): Technological edge unchanged; earnings tamed in 2024F Analyst:Jennifer Liang / (TSLA US)  USA Tesla (TSLA US): Technological edge unchanged; earnings tamed in 2024F Jennifer Liang (TSLA US) 10
2024-01-25 / Industry Takeaway:Tesla (TSLA US) Analyst:Jennifer Liang / (TSLA US)  USA Takeaway:Tesla (TSLA US) Jennifer Liang (TSLA US) 3
2023-10-19 / Industry Tesla (TSLA.O/TSLA US): Mid- to long-term competitiveness & outlook unchanged Analyst:Jennifer Liang、Terry Lee / (TSLA US)  USA Tesla (TSLA.O/TSLA US): Mid- to long-term competitiveness & outlook unchanged Jennifer Liang、Terry Lee (TSLA US) 6
2023-10-03 / Industry Tesla (TSLA.O/TSLA US): Delivery momentum to resume in 4Q23F Analyst:Jennifer Liang、Terry Lee / (TSLA US)  USA Tesla (TSLA.O/TSLA US): Delivery momentum to resume in 4Q23F Jennifer Liang、Terry Lee (TSLA US) 8