Hung-Jiun Yu

• 多次精准预判美股财报趋势与市场预期，深度覆盖NVDA、AVGO、MRVL、AMD、CRDO、CLS、TTMI、Alchip、Oracle、CSCO、Intel、AAOI、CFLT等AI软硬件标的。 • 多次担任主讲人主导超百家机构参与的大型路演，深度分析行业格局，包括NVDA与AMD竞争动态中给予NVDA在软件及互联上具备碾压性优势（2023/11）、互联网集群技术能力报告中看好以太网在AI集群中的市占率提升并重申NVDA及AVGO的看多观点（2024/6）、AVGO/Marvell ASIC技术差异比较给予看好博通在ASIC设计上的技术优势及潜在客户合作并给出精准财报预期（2024/10），提示关税带来的国产模拟芯片股价已阶段性充分反映并强调模拟芯片环比增长更多是提前拉货, 下半年不确定性依旧存在 (2025/4) ，提供关键决策支持。 • 每周独立组织 3 场以上 AI 软硬件相关热点专家访谈，累计访谈超百位行业专家，收集前沿行业动态信息。 • 定期撰写深度专题研究报告, 包含AI芯片通信互联、AI芯片技术对比、ASIC芯片技术及边际进展等专题, 单份报告销售额均高于40万RMB • Consistently and accurately forecast US stock earnings trends, with in - depth coverage of AI - related stocks like NVDA、AVGO、MRVL、AMD、CRDO、ALAB、CLS、TTMI、Alchip、Oracle、CSCO、Intel、AAOI and CFLT, etc. • Served as the main speaker in large-scale roadshows with over 100 institutions. Analyzed industry landscapes, such as NVDA's software and interconnection edge over AMD in Nov 2023, Ethernet's growth in AI clusters in Jun 2024, and Broadcom's ASIC edge in Oct 2024, Warned tariff-impacted domestic analog chip valuations were fully priced in, citing pull-ahead inventory driving sequential growth and H2 uncertainties in Apr 2025, offering key decision-making support. • Independently organized over 3 AI - related expert interviews weekly, interviewing over 100 experts to gather industry insights. • Regularly wrote in-depth thematic research reports, covering subjects including AI chip communication interconnection, AI chip technology comparison, etc, each with sales over 400,000 RMB.

• 多次成功给出合理投资建议避免损失及创造收益，2022年推荐卓越新能、中材科技、晶盛机电、高测股份及浙江鼎力分别获得超50%、35%、35、20%及30%收益，22年中报前建议降低思摩尔仓位避免损失等相关实际案例。 • 撰写个股深度研究报告及相关行业分析报告 (光伏设备、半导体设备、地产)、目标价测算、日常跟踪并及时给出投资建议，包含捷佳伟创、晶盛机电、高测股份、奥特维、东方雨虹、思摩尔国际、世茂服务、卓越新能、浙江鼎力、中兵红箭、中材科技、伊利股份、分众传媒、歌尔股份、陆家B股、老凤祥B股等。 • 研究中资美元地产债并给出对应投资建议，针对表外负债/明股实债/偿还率/IRR分别进行测算。 • 建构产品策略，由上而下，挑选行业板块，透过回测等方式确认策略有效性。 • Advised investments that generated positive returns, recommended Zhuoyue New Energy, Sinoma Science & Technology , Gaoce Technology, Jingsheng Mechanical & Electrical and Zhejiang Dingli Machinery in 2022 with returns of over 50%, 35%, 35%, 20% and 30%, respectively, and reduced the position in Smoore to avoid any loss before the release of the 2022 semi-annual report. • Wrote in-depth research reports and industry research reports (Photovoltaic Equipment, Semiconductor Equipment, Real Estate), provided investment recommendations on S.C New Energy Technology, Jingsheng Mechanical & Electrical, Gaoce Technology, Autowell Technology, Oriental Yuhong, Smoore, Shimao Services, Zhuoyue New Energy, Zhejiang Dingli, Sinoma Science & Technology, North Industries Group Red Arrow, Inner Mongolia Yili Industrial Group, Focus Media, Goertek, Lujiazui Finance&Trade Zone Development, Lao Feng Xiang, etc. • Analyzed Chinese real estate corporate bonds USD and provided corresponding investment suggestions through calculating potential off-balance sheet liabilities, loss given default, repayment rate, cash flow situation and IRR. • Constructed product strategies, selected industry sectors by the Top-down strategy, and verified the effectiveness of strategies through backtesting.

• 独立完成多个IPO项目投资标的研究 (投资亮点及风险/行业分析/赛道分析/公司业务分析/财务分析/可比公司及DCF估值) 并且向投决会报告；跟踪IPO项目: Novetech/Clover/网易云音乐/Transcenta/Waterdrop/Soul/ Ximalaya/ForU 跟踪Pre-IPO 项目: 网易云音乐/智云健康/华氏医药 • 与管理层、券商及行业专家进行一对一路演交流 • 追踪宏观政策及撰写IPO周报。 • Participated in the IPO projects of ChuangSheng Technology, Clover, Waterdrop, Himalaya, Fuyou, Netease Cloud Music, Asymchem Laboratories, Anneng and Soulgate, provided investment advices to the Investment Committee through research and analysis.

• 对某商业银行IPO股票进行定价定量 ，利用资金充足率测算其核心资金缺口，以PE及PB作为估值工具对其进行股票的定价及发行量测算并分别测算其隐含PE及隐含PB，针对客户IPO方案制作PPT、 IPO工作时间表、IPO尽职调查清单、辅导备案申请报告、辅导计划及辅导首次培训课程PPT ，学习前期IPO公司估值作业及尽调流程的作业模式； • 参与中关村发展集团借壳上市资金及估值测算(拟转让股份/拟注入资金/借壳后股价/借壳后市值) ，在假设拟注入资产为48-53亿为前提计算出借壳后股价(1.44-1.56)，制作借壳上市方案书PPT ，学习到借壳上市的相关流程及资金测算方式； • 参与某银行非公开发行资金缺口测算且制作其方案PPT ，学习到非公开发行相关流程及资金测算方式； • 参与某上市公司的资本运作(非公开发行/配股/可转债/债转股等)方案制作及测算募集资金，提升整体书写规范化方案能力。 1. Participate in the IPO of commercial bank (pricing part), use the capital adequacy ratio to measure the core funding gap, using P/E and P/B as valuation tools to calculate the stock price, and establish excel table to measure the implied P/E and P/B respectively, based on client’s IPO plan, developed PowerPoint to clarify project schedule, due diligence list, application report and tutoring course, realize the process of valuation, pricing and due diligence process; 2. Participate in the backdoor listing of ZGC Group (shares to be transferred / funds to be injected / share price after backdoor / market value after backdoor), and prepare ppt of backdoor listing scheme, realize the process of backdoor listing; 3. Participate in the calculation of the capital gap of a bank's private placement and prepare ppt scheme, realize the process of private placement; 4. Participate in the comprehensive capital operation plan of listed companies and make capital operation calculation table by excel (right offerings/convertible bond/private placement/debt-to-share);

• 完整参与中联数据IPO财务部份 ，核实财务数据合理性及相关财务指标建立excel挡同时与其他6家可比公司对比其财务状况，建立20份底稿说明性文件模版和对其应收账款做期后回款分析，对六个主要机柜收入及成本制作excel表格并按照参股型及租赁型机柜做利润对比，对其前五大客户近三年不同业务收入进行分析与比较，掌握财务尽调的流程，积累招股书规范化的撰写能力； • 参与某医疗器材公司IPO项目的业务技术板块，针对医疗相关政策作做出更新与相关风险提示； • 负责团队每周信息技术产业政策新闻收集整理，收集国家领导人及相关单位对信息产业未来相关政策及发展指引。 1. Fully participate in the IPO financial part of Cnisp Group, verify the rationality of financial data and establish financial index, compared profit between client’s joint-stock cabinet and rental cabinet, and analyzed the revenue of client’s Top 5 customers, realize the process of financial due diligence, and accumulate the ability to write prospectuses in a standardized way; 2. Participate of IPO project in Chunli medical (business part), update related policies to notice business risk; 3. Be responsible for the submission of weekly report of information and technology industry (policy part).

• 参与某有色金属行业上市公司重大资产重组项目前期的调查研究工作，分析铜与钴的市场供需、价格波动、政策相关风险，预测未来价格波动趋势及其对行业经营的影响，提高了数据提取、行业研究及报告撰写能力； • 查阅约20份重大资产重组项目案例，研究可比交易募集配套资金规模及其变动规律和合理性； • 将四份中文报告及两份中文版PPT翻译成英文版本以供国外客户使用，提升商业英文撰写能力。 1. Researched assets restructuring project for a listed non-ferrous metal company, providing supply & demand (copper, cobalt), price fluctuation, industrial risk for client, improve the ability of data extraction, industry research and report writing; 2. Analyzed comparable transaction’s counterpart fund scale and rationality of fluctuation by checking 20 assets restructuring projects; 3. Deliver the report in English version for the convenience of abroad customers, improve business English writing ability.

•該公司主要為樂天、奧利奧、費列羅等知名品牌提供行銷物料供應服務； •獨立開發歐洲費列羅客人並協調完成簽約訂單（訂單金額：USD 173000），與物流代理和外國客戶溝通協調； •每日向首長會報最新物流狀況（按時完成任務）； •負責賬薄登記工作，賬實核對、憑證的裝訂。

•負責賬薄登記工作，賬實核對、憑證的裝訂； •負責報帳單的稽核以及日常資料統計工作，向公司內部相關部門、人員報送統計資料表

Classification：With Merit (10%) Coursework includes Advanced Portfolio Analysis (A+), Modeling and Forecasting Financial Markets, Hedge Fund Risk Management (B+), Financial Derivatives (B+), International Financial Accounting for Multi-National Corporations, Portfolio Analysis and investment (A+).