Greater Bay Area Insight

The following analyst(s), who is(are) primarily responsible for this document, certifies(y) that the opinion(s), views or forecasts expressed herein accurately reflect their personal view(s) and that no part of their compensation was, is or will be directly or indirectly related to the specific recommendation(s) or views contained in this research report: Jing Liu and Lulu Jiang

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Additional disclosures

1. This report is dated as at 18 November 2025.
2. All market data included in this report are dated as at close 17 November 2025, unless a different date and/or a specific time of day is indicated in the report.
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