Core Viewpoint - ASMPT is well-positioned to benefit from strong growth in advanced packaging equipment investments and the recovery of mainstream semiconductor solutions [1] Group 1: Company Performance - ASMPT is implementing stricter operational expense management, which is expected to enhance operational leverage in the coming quarters [1] - The company is restructuring its business portfolio to focus more on the rapidly growing advanced packaging equipment sector [1] Group 2: Market Outlook - The overall market size for wafer-level packaging is expected to expand, along with improvements in the mainstream semiconductor market [1] - Earnings growth is anticipated to accelerate in 2026 to 2027 due to these market dynamics [1] Group 3: Analyst Rating - Morgan Stanley maintains an "Overweight" rating on ASMPT, raising the target price from HKD 125 to HKD 130 [1]

Group 1 - The aluminum sector in Hong Kong is experiencing significant activity, with China Hongqiao rising over 3%, China Aluminum increasing by more than 2%, and other companies like Chuangke Industrial and Xingfa Aluminum also seeing gains [1][1][1] - The LME aluminum price reached its highest level since May 2022, rising over 4% after a force majeure event at Alba [1][1][1] - By 2025, the Middle East is projected to have alumina production capacity of approximately 4.5 million tons per year, accounting for 2% of global capacity, and electrolytic aluminum capacity of about 6.92 million tons per year, representing 9% of global capacity [1][1][1] Group 2 - If the Strait of Hormuz remains blocked, oil and gas prices, as well as overseas electricity prices, may continue to rise significantly, leading to a potential secondary energy crisis [1][1][1] - The aluminum industry is particularly sensitive to energy price fluctuations due to its high electricity consumption [1][1][1] - China's energy import dependency is relatively low at 20%, and the country has competitive energy prices, which could enhance the profitability of domestic aluminum companies if an energy crisis occurs [1][1][1]

Core Viewpoint - ASMPT's Q4 2025 performance exceeded expectations, driven by strong demand in AIDC (Artificial Intelligence Data Center) and one-time gains from its subsidiary AAMI, despite some limitations on profit margin expansion due to unfavorable product mix [1] Group 1: Financial Performance - ASMPT's management provided strong guidance for Q1 2026, indicating robust orders, revenue, and SEMI gross margins, suggesting that the demand chain for AI-HBM and CoWoS-TCB (advanced AI chip packaging technology using thermal compression bonding) will continue until 2028 [1] - The company has raised its net profit forecast to reflect ongoing AI demand, applying a 27x price-to-earnings multiple based on the 2027 projected earnings per share [1] Group 2: Market Sentiment - The upgrade in ASMPT's target price from HKD 98 to HKD 133 is based on the market's heightened sentiment towards global AI capital expenditures, particularly in HBM [1] - The firm maintains a "Buy" rating on ASMPT, reflecting confidence in the company's growth prospects driven by AI-related demand [1]

Core Viewpoint - Bank of America Securities has shifted its outlook on Chinese coal to neutral by early 2026 due to government controls on supply and prices offsetting weak demand [1] Group 1: Market Conditions - Recent tensions have heightened supply risks in the coal market, despite previous reductions in import expectations [1] - Uncertainty in policy execution poses potential crises for supply disruptions, which may boost market sentiment and accelerate stockpiling, ultimately driving up coal prices [1] Group 2: Company Forecasts - The earnings forecast for Yanzhou Coal Mining Company has been raised by 29% and 34% for the next two years, with the target price increased from HKD 11.5 to HKD 17, and the rating upgraded from "neutral" to "buy" [1] - China Shenhua Energy's earnings forecast for 2026 to 2027 has been increased by 10% to 12%, with the target price raised from HKD 43 to HKD 50, and the rating upgraded from "neutral" to "buy" [1]

该行上调2026年、2027年及2028年预测盈利6%、6%及3%，以计入由人工智能及先进封装驱动的SEMI 业务强劲收入增长，部分被SMT业务下行周期所抵销。麦格理将ASMPT的目标价上调5%至140港元， 评级"跑赢大市"。 麦格理发表报告指，ASMPT管理层将热压焊接(TCB)的总目标市场(TAM)预测大幅上调至2028年达16亿 美元，意味着从2025年的7.59亿美元起，复合年增长率为30%，高于此前预测的2027年达10亿美元。更 新的总目标市场反映了人工智能逻辑及高频宽记忆体投资的迅速加速。管理层对20H高频宽记忆体表示 乐观，并相信若JEDEC标准持续放宽，热压焊接技术可支援这些堆叠。此外，管理层认为高频宽快闪记 忆体是热压焊接一个未被充分开发的重大机遇。 ...

Group 1 - BlackRock, Inc. increased its stake in Lenovo Group by acquiring 20.3172 million shares at an average price of HKD 9.7193 per share, totaling approximately HKD 197 million [1] - Following this acquisition, BlackRock's total holdings in Lenovo Group rose to 750 million shares, increasing its ownership percentage from 5.88% to 6.04% [1] - This move is seen as a proactive strategy by BlackRock in the public market, indicating a long-term investment approach as the firm is required to disclose ownership changes when exceeding 5% [1] Group 2 - The global AI industry is expanding rapidly, leading to increased demand for computing power, which is drawing international capital attention to companies with hardware manufacturing and computing infrastructure capabilities [1] - Lenovo Group has been significantly investing in the server and computing infrastructure sectors, with capital expenditures in data centers and servers entering an expansion phase due to accelerated AI model applications [1] - There is a structural differentiation in global capital within the technology sector, where high-valuation software and light-asset segments face valuation volatility, while companies with tangible asset support and strong industry positions may become key targets for international capital allocation [1]

Group 1 - The Hang Seng Technology ETF Tianhong (520920) index has seen a decline, with the Hang Seng Technology Index dropping below 4800 points, marking a cumulative decrease of 27% since last October [1] - The Hang Seng Technology ETF Tianhong (159128) has also experienced a decline of 28.99% during the same period [1] - Despite the downturn, there has been a consistent inflow of funds into the Hang Seng Technology ETF Tianhong (520920), with a net inflow of 10.1 billion last year and an additional 6.07 billion this year, marking 40 consecutive days of net subscriptions [1] Group 2 - The upcoming peak of lock-up releases in March, particularly in sectors such as non-ferrous metals, tea beverages, automotive, and pharmaceuticals, may lead to a resolution of current market pressures [2] - The earnings report peak for major components of the Hang Seng Technology Index is expected in mid to late March, which may alleviate negative market sentiment [2] - A potential visit by Trump to China at the end of March or early April could boost market sentiment [2] Group 3 - A report from CITIC Securities forecasts a rebound in the Hong Kong stock market by 2026, driven by a recovery in fundamentals and significant valuation discounts [2] - The report suggests focusing on the technology sector, including AI-related sub-sectors and consumer electronics, as well as the healthcare sector, particularly biotechnology [2]

格隆汇3月5日丨中信资源(01205.HK)发布公告，公司股份将自2026年3月5日(星期四)上午9时正起于联 交所主板暂停买卖，以待根据上市规则第十四章刊发载有有关公司内幕消息及须予披露的交易的公告。 ...

格隆汇3月5日丨中信资源(01205.HK)发布公告，该公司的股份将于今天(5/3/2026)上午九时正起短暂停 止买卖。 ...

Core Viewpoint - The company reported a strong performance in Q4 2025, with net revenue increasing by 22.5% year-on-year and 13.7% quarter-on-quarter, reaching HKD 13.83 billion, driven primarily by "Galaxy Macau" [1] Group 1: Financial Performance - VIP gaming revenue surged by 182.6% year-on-year and 52.1% quarter-on-quarter, recovering to 48.1% of 2019 levels, partly benefiting from a higher net win rate [1] - Mass gaming revenue grew by 15.0% year-on-year and 5.8% quarter-on-quarter, reaching 136.6% of 2019 levels [1] - Adjusted EBITDA increased by 32.7% year-on-year and 28.6% quarter-on-quarter to HKD 4.3 billion, recovering to 99.6% of 2019 levels, with an EBITDA margin of 31.1%, up 2.4% year-on-year and 3.6% quarter-on-quarter [1] - The market share during the period was estimated at 22%, and the overall performance met expectations [1] - The company maintained a strong balance sheet with net cash of HKD 35 billion, the strongest in the industry [1] Group 2: Segment Performance - "Galaxy Macau" and StarWorld Hotel reported net revenues of HKD 11.8 billion and HKD 1.3 billion, respectively, with year-on-year growth of 28.8% and a slight decrease of 1.1%, and quarter-on-quarter growth of 16.7% and 1.0% [2] - Adjusted EBITDA for "Galaxy Macau" and StarWorld Hotel was HKD 4.0 billion and HKD 360 million, respectively, with year-on-year growth of 41% and a decrease of 2%, and quarter-on-quarter growth of 31% and a decrease of 3.5% [2] - The EBITDA margins for "Galaxy Macau" and StarWorld Hotel were 34.1% and 27.9%, respectively [2] - Hotel occupancy rates were 99% for "Galaxy Macau" and 100% for StarWorld Hotel [2] Group 3: Future Developments and Market Outlook - The opening of the new hotel brand, Capella Hotels and Resorts, in February 2026 is expected to drive growth, with ongoing construction of the fourth phase of "Galaxy Macau" projected to be completed by 2027 [2] - The fourth phase will cover approximately 600,000 square meters and introduce several high-end hotel brands, along with various non-gaming facilities [2] - The company has stabilized its promotional expenses and has increased its dividend payout ratio three times over the past three years to 61% [3] - The target price is set at HKD 51.05, equivalent to 13 times the 2026 EV/EBITDA, reflecting confidence in the company's long-term growth prospects [3]