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Market strategyMORE

Date/ Category / Title Category Title Analyst Ticker / Company Click
2025-10-23 / DAILY Navigator KGI Taiwan Daily Navigator – 20251023 Analyst:Taiwan Research /   DAILY Navigator KGI Taiwan Daily Navigator – 20251023 Taiwan Research 4
2025-10-22 / DAILY Navigator KGI Taiwan Daily Navigator – 20251022 Analyst:Taiwan Research /   DAILY Navigator KGI Taiwan Daily Navigator – 20251022 Taiwan Research 3
2025-10-21 / Economics Taiwan economy: Export orders to grow by 25% YoY in October; 4Q25F orders to beat on the back of AI demand Analyst:Carl Liu、Karen Yu /   Economics Taiwan economy: Export orders to grow by 25% YoY in October; 4Q25F orders to beat on the back of AI demand Carl Liu、Karen Yu 2
2025-10-21 / DAILY Navigator KGI Taiwan Daily Navigator – 20251021 Analyst:Taiwan Research /   DAILY Navigator KGI Taiwan Daily Navigator – 20251021 Taiwan Research 4
2025-10-20 / DAILY Navigator KGI Taiwan Daily Navigator – 20251020 Analyst:Taiwan Research /   DAILY Navigator KGI Taiwan Daily Navigator – 20251020 Taiwan Research 3

Industry updateMORE

Date/ Industry / Title Industry Title Analyst Ticker / Company Click
2025-10-23 / Electronics PCB sector: PCB spec upgrades for AI servers are major TPCA theme Analyst:Jack Lin / TUC(6274)、N.P.C(8046)、Kinsus(3189)  Electronics PCB sector: PCB spec upgrades for AI servers are major TPCA theme Jack Lin TUC(6274)、N.P.C(8046)、Kinsus(3189) 1
2025-10-17 / Financial Financial sector: FSC announces optional transitional measures to support life insurance industry’s adoption of TW-ICS Analyst:Eric Shih / SINOPACHOLDINGS(2890)、SKFH(2888)、CATHAY FHC(2882)、E.S.F.H(2884)、Fubon Financial(2881)、CTBC Holding(2891)  Financial Financial sector: FSC announces optional transitional measures to support life insurance industry’s adoption of TW-ICS Eric Shih SINOPACHOLDINGS(2890)、SKFH(2888)、CATHAY FHC(2882)、E.S.F.H(2884)、Fubon Financial(2881)、CTBC Holding(2891) 4
2025-10-16 / Electronics Radar Monthly IT Hardware: 4Q25F outlook – GB-series racks to drive sales growth; better-than-expected PC & smartphone demand Analyst:Alex Yu、Angela Hsiang、Rob Chang、Yvonney Chen、Mike Liu / Chenbro(8210)、Fositek(6805)、King Slide(2059)、AURAS(3324)、AVC(3017)、Wistron(3231)、Asustek(2357)、QCI(2382)、DELTA(2308)、BHI (Bizlink)(3665)、Hon Hai(2317)  Electronics Radar Monthly IT Hardware: 4Q25F outlook – GB-series racks to drive sales growth; better-than-expected PC & smartphone demand Alex Yu、Angela Hsiang、Rob Chang、Yvonney Chen、Mike Liu Chenbro(8210)、Fositek(6805)、King Slide(2059)、AURAS(3324)、AVC(3017)、Wistron(3231)、Asustek(2357)、QCI(2382)、DELTA(2308)、BHI (Bizlink)(3665)、Hon Hai(2317) 7
2025-10-16 / Electronics IT Hardware: GB300 shipments growing, but ASIC in transition in 4Q25F Analyst:Angela Hsiang、Alex Yu、Yvonney Chen / Fositek(6805)、BHI (Bizlink)(3665)、Hon Hai(2317)、King Slide(2059)、Wistron(3231)、AVC(3017)、AURAS(3324)、QCI(2382)、DELTA(2308)、Chenbro(8210)  Electronics IT Hardware: GB300 shipments growing, but ASIC in transition in 4Q25F Angela Hsiang、Alex Yu、Yvonney Chen Fositek(6805)、BHI (Bizlink)(3665)、Hon Hai(2317)、King Slide(2059)、Wistron(3231)、AVC(3017)、AURAS(3324)、QCI(2382)、DELTA(2308)、Chenbro(8210) 9
2025-10-14 / Electronics PCB sector: ABF substrate to enter price uptrend early as fiberglass cloth shortage intensifies Analyst:Jack Lin / N.P.C(8046)、Kinsus(3189)  Electronics PCB sector: ABF substrate to enter price uptrend early as fiberglass cloth shortage intensifies Jack Lin N.P.C(8046)、Kinsus(3189) 3

Company updateMORE

Date/ Title Title Analyst Ticker / Company Click
2025-10-23 / Industry MPI (6223 TT): Probe card capacity ramps up; CPO equipment a boost Analyst:Serena Hsu / MPI(6223)  MPI (6223 TT): Probe card capacity ramps up; CPO equipment a boost Serena Hsu MPI(6223) 1
2025-10-23 / Industry Acer E-Enabling Service (6811 TT): 3Q25F earnings to meet expectations Analyst:Fan-Jen Tseng、Hanhsuan Shen / AEB(6811)  Acer E-Enabling Service (6811 TT): 3Q25F earnings to meet expectations Fan-Jen Tseng、Hanhsuan Shen AEB(6811) 1
2025-10-22 / Industry Elite Material (2383 TT): Client’s product transition is short-term hiccup; long-term leadership for M9 materials intact Analyst:Jack Lin / EMC(2383)  Elite Material (2383 TT): Client’s product transition is short-term hiccup; long-term leadership for M9 materials intact Jack Lin EMC(2383) 3
2025-10-22 / Industry Winbond (2344 TT): Transitioning from cyclical to structural growth play Analyst:Hanhsuan Shen / WEC(2344)  Winbond (2344 TT): Transitioning from cyclical to structural growth play Hanhsuan Shen WEC(2344) 3
2025-10-22 / Industry Tong Yang Industry (1319 TT): Short-term headwinds easing; positive long-term outlook Analyst:Benson Cheng、Terry Lee / TYG(1319)  Tong Yang Industry (1319 TT): Short-term headwinds easing; positive long-term outlook Benson Cheng、Terry Lee TYG(1319) 2

Overseas market strategyMORE

Date/ Category / Title Country Category Title Analyst Ticker / Company Click
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 3
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 1
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 5
2025-09-22 / Strategy Global asset allocation - US Strategy: Cost reductions wane as rate cuts disappoint; US equities risk correction in 4Q25F Analyst:Carl Liu、Karen Yu /   USA Strategy Global asset allocation - US Strategy: Cost reductions wane as rate cuts disappoint; US equities risk correction in 4Q25F Carl Liu、Karen Yu 2
2025-09-18 / Economics US economy September FOMC meeting: US Fed paused tightening; stopped short of easing Analyst:Steven Chen /   USA Economics US economy September FOMC meeting: US Fed paused tightening; stopped short of easing Steven Chen 0

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) 12
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

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