亚洲科技硬件-2025 年的 10 条观点，2026 年仍具参考价值-Asia Tech Hardware_ 10 notes from 2025...that are still relevant for 2026

Alex Wang, CFA +852 2123 2613 alex.wang@bernsteinsg.com Shirley Yang, CFA +852 2123 2660 shirley.yang@bernsteinsg.com Ethan Xu +852 2123 2634 ethan.xu@bernsteinsg.com As 2025 comes to a close, we've highlighted 10 notes from this year that stood out for their depth and perspective - and that we believe remain relevant as we head into 2026. To our readers: Thank you for the support and the many engaging discussions throughout the year. Happy holidays, and see you in 2026! See the Disclosure Appendix of this ...