TAIWAN FIRST TO MARKET

研报英文原文证据摘录

TAIWAN FIRST TO MARKET

Asia Pacific Equity Research

Taiwan First to Market 29 June 2026

Top Stories

Greater China (Feng Zhu)

• China: Fiscal deployment remained slow in May; expect a two-stage fiscal path ahead

• Taiwan: May IP continued to expand, albeit at a slower pace; tech resilient while non-tech eased

• Next week: China industrial profits, PMIs; Hong Kong retail sales; Taiwan PMI

Elite Material Co (Jerry Tsai) (2383 TT, OW)

Already dominating, but lead over the rest still widening

Reclaiming the top spot in major GPU customer. We expect EMC to reclaim the top CCL supplier spot in the upcoming GPU

generation, with a decent double-digit lead (+50% share in CCL for the leading AI GPU) over the current Korean supplier which

leads in the current generation (where EMC captures less than a 30% share). In addition to content growth for the existing

mainboards, EMC’s incremental value comes from: 1) higher share for the switch racks (we now believe well over 70% vs no

more than 50% currently) and UBBs, which saw meaningful upgrades to M8+ vs current M7, and 2) dominant share in new

boards such as midplane and LPUs, which have meaningful content for M9 (quartz based). This should reassure the all-around

dominance in AI servers as EMC will also soon claim +70% across the mainboards of the major ASIC platforms.

Sinopac Financial Holdings (Jemmy S Huang) (2890 TT, OW)

Rights issue with limited dilution, good buying opportunity if S-T hiccup in share price

Sinopac on Friday evening announced a rights issue mainly to support organic business expansion in the securities operations.

We believe there could be near-term share price weakness along with the market correction in the near term. However, we