每经AI快讯，10月23日，港股半导体板块震荡走低，华虹半导体、长飞光纤光缆跌超6%，上海复旦跌 超4%，中芯国际、ASMPT跌超1%。 （文章来源：每日经济新闻） ...

Core Viewpoint - Morgan Stanley predicts ASMPT may incur losses in Q3 due to one-time restructuring costs, but encourages investors to focus on its long-term growth drivers, including CoWoS-L capacity expansion, development of high-frequency memory in China, and advancements in hybrid bonding [1] Financial Performance - ASMPT's Q3 revenue guidance median is set at $475 million, representing an 11% year-over-year growth [1] - Morgan Stanley forecasts that the company's revenue will meet this guidance, but anticipates approximately $360 million in one-time restructuring costs, leading to a net loss of about $69 million for the period [1] Market Trends - Mainstream semiconductor demand is recovering, and the advanced packaging market continues to grow, with the Q3 order-to-shipment ratio expected to remain above 1 [1] Investment Rating - Morgan Stanley maintains an "Overweight" rating on ASMPT, raising the target price from HKD 80 to HKD 100 [1] - The earnings forecast for this year has been reduced by 45%, while the earnings per share forecasts for 2026 and 2027 have been increased by 10% and 23%, respectively [1]

Core Viewpoint - The Hong Kong stock market experienced a significant decline in technology stocks, with the Hang Seng Technology Index dropping over 2% [1] Group 1: Market Performance - BYD Electronics fell by over 5%, while other notable declines included ASMPT, JD Health, SMIC, SenseTime-W, Kingdee International, Baidu, which all dropped over 3% [1] - Other companies such as Sunny Optical, Kingsoft, Huahong Semiconductor, Alibaba Health, Tencent Music, Alibaba, and Meituan saw declines exceeding 2% [1] Group 2: Stock Performance Data - BYD Electronics: -5.50% YTD change, market cap of 87.469 billion [2] - Horizon Robotics-W: -4.57% YTD change, market cap of 122.49 billion [2] - ASMPT: -3.74% YTD change, market cap of 26.6656 billion [2] - JD Health: -3.66% YTD change, market cap of 198.171 billion [2] - SMIC: -3.59% YTD change, market cap of 570.005 billion [2] - SenseTime-W: -3.21% YTD change, market cap of 93.204 billion [2] - Kingdee International: -3.46% YTD change, market cap of 52.461 billion [2] - Sunny Optical: -2.74% YTD change, market cap of 85.559 billion [2] - Kingsoft: -2.71% YTD change, market cap of 45.206 billion [2] - Huahong Semiconductor: -2.27% YTD change, market cap of 138.142 billion [2] - Alibaba Health: -2.27% YTD change, market cap of 97.232 billion [2] - Tencent Music-SW: -2.25% YTD change, market cap of 269.509 billion [2] - Alibaba-W: -2.23% YTD change, market cap of 3,010 billion [2] - Meituan-W: -2.23% YTD change, market cap of 590.049 billion [2]

Core Viewpoint - The article discusses the potential benefits for Chinese assets, particularly in the context of the Federal Reserve's interest rate cuts and the restructuring of the global monetary system, which may lead to a reallocation of global funds towards China [1] Group 1: Market Performance - On October 15, the Hang Seng Index opened up by 1.08%, and the Hang Seng Tech Index rose by 1.31% [1] - Tech stocks showed signs of stabilization, with ASMPT increasing by over 3% [1] - The Hong Kong Stock Connect Tech ETF (159101) and the Hang Seng Internet ETF (513330) both opened with gains exceeding 1% [1] Group 2: Global Monetary Dynamics - The Federal Reserve's interest rate cuts typically lead to a release of global liquidity, which may benefit Chinese assets, especially amid the current backdrop of global monetary system restructuring [1] - The combination of a depreciating dollar and a reversal in innovative narratives reflects a potential core driver for the current market trends [1] - If managed properly, Chinese assets could benefit from the dual dividends of accelerated fragmentation and diversification of the global monetary system [1] Group 3: Investment Focus - The article expresses optimism regarding the "catch-up" rally in Hong Kong stocks, shifting focus from "takeout narratives" to "AI narratives" [1] - Attention is drawn to the Hong Kong tech and internet sectors, which are seen as gathering core AI assets [1] - The Hong Kong Stock Connect Tech ETF (159101) covers the entire tech industry chain, while the Hang Seng Internet ETF (513330) focuses on leading internet companies [1]

Market Overview - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index closing at 25,441 points, down 1.73%, while the Hang Seng Tech Index fell 3.62%, dropping below the 6,000-point mark [1][2] - Major technology stocks led the market downturn, with semiconductor stocks also suffering substantial losses [2][4] Sector Performance - The technology sector saw widespread declines, with notable drops including Hua Hong Semiconductor down over 13% and SMIC down over 8% [4][5] - Gold and precious metals stocks also fell sharply, with Zijin Mining and Chifeng Jilong Gold both dropping over 6% [6] - The gambling sector continued its downward trend, with New World Development down over 8% and Galaxy Entertainment down over 5% [11][12] - Conversely, banking stocks showed resilience, with Chongqing Rural Commercial Bank rising over 6% and China Merchants Bank up over 4% [13][14] - The film and entertainment sector performed well, with Huayi Brothers Media surging nearly 20% [15][16] Capital Flows - Southbound funds recorded a net inflow of 8.603 billion HKD, indicating continued interest in Hong Kong stocks despite the market volatility [17] Future Outlook - Analysts suggest that the recent escalation in US-China trade tensions may increase market uncertainty, but they remain optimistic about the medium-term outlook for Hong Kong stocks, particularly in sectors like AI, innovative pharmaceuticals, and new consumption [19]

每经AI快讯，10月14日，港股芯片股持续走低，截至发稿，华虹半导体(01347.HK)跌9%，报80.35港 元；上海复旦(01385.HK)跌6.2%，报41.06港元；中芯国际(00981.HK)跌5.4%，报75.9港元； ASMPT(00522.HK)跌3.5%，报86.75港元。 ...

Core Viewpoint - ASMPT (00522.HK) announced that its board meeting will be held on October 28, 2025, to consider and approve the release of the unaudited consolidated performance announcement for the nine months ending September 30, 2025 [1] Group 1 - The board meeting is scheduled for October 28, 2025 [1] - The purpose of the meeting includes the consideration and approval of the performance announcement [1] - The performance announcement will cover the period ending September 30, 2025 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全 部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 ASMPT LIMITED （於開曼群島註冊成立之有限公司） （股份代號：0522） ASMPT Limited（「本公司」）謹此宣布，本公司董事會會議將於二零二五年十 月二十八日（星期二）舉行，藉以（其中包括）考慮及批准刊發本公司及其附 屬公司截至二零二五年九月三十日止九個月的未經審核綜合業績公告。上述公 告將於二零二五年十月二十八日收市後公布。 承董事會命 ASMPT Limited 公司秘書 江俊 香港，二零二五年十月十日 於本公告日期，本公司董事會成員包括獨立非執行董事：樂錦壯先生（主席）、 張仰學先生、蕭潔雲女士及許明明女士；非執行董事： Hichem M'Saad 博士及 Paulus Antonius Henricus Verhagen 先生；執行 董事： 黃梓 达先生及 Guenter Walter Lauber 先生。 （本公告之中英文版本如有任何歧義，概以英文版本為準。） 董事會召開 ...

Core Viewpoint - ASMPT's stock has risen over 5% following a report from Nomura, which highlights the company's potential to secure next-generation Chip on Wafer (oW) TCB orders, indicating a positive outlook for future orders and valuation [1] Group 1: Stock Performance - ASMPT's stock increased by 5.05%, reaching 94.75 HKD, with a trading volume of 95.6122 million HKD [1] Group 2: Analyst Insights - Nomura's report states that ASMPT has qualified as a potential second oW TCB supplier for a leading wafer manufacturer, alongside K&S [1] - The firm believes ASMPT has overcome previous obstacles and is likely to officially win next-generation oW TCB orders soon [1] - Nomura has raised ASMPT's target price from 90 HKD to 125 HKD, maintaining a "buy" rating based on the anticipated upward trend in orders [1] Group 3: Future Order Expectations - The report anticipates that ASMPT's order volume will improve further starting from Q4 this year, driven by ASE's expansion of its CoWoS production line and multiple oS TCB orders [1] - Additionally, an increase in traditional packaging orders from China is expected for ASMPT [1]

Summary of ASMPT (0522.HK) Conference Call Company Overview - **Company**: ASMPT (0522.HK) - **Industry**: Semiconductor Equipment Key Points and Arguments Growth Potential - ASMPT's growth potential in TCB (Thermal Compression Bonding) tools is optimistic, driven by increasing adoption in HBM (High Bandwidth Memory) and logic advanced packaging [1][2] - The transition from HBM3E to HBM4 is expected to enhance the application of ASMPT's TCB tools, necessitating higher pitch size and accuracy [1] Market Dynamics - The Book-to-Bill ratio for ASMPT's semiconductor segments remains below 1.0, indicating a cautious outlook [1][7] - Positive indicators include rising capital expenditures (capex) from Chinese OSAT (Outsourced Semiconductor Assembly and Test) customers, with notable increases of 41% YoY for JCET and 54% YoY for Tongfu in 1H25 [2] - Changchuan, a domestic backend equipment firm, reported a record net income of Rmb400m-450m for 3Q25, reflecting strong demand from semiconductor testers [2] Revenue Projections - ASMPT's semiconductor back-end tool revenues are projected to grow by 24% in 3Q25, 25% in 4Q25, and 26% for the full year of 2026, supported by advanced packaging tools and a recovering trend in semiconductor back-end tools [2] Financial Outlook - Earnings for ASMPT have been revised upwards by 1% for 2026 and 2027 due to a better outlook for traditional and advanced packaging tools [9] - Revenue estimates for 2026 and 2027 have been increased by 0.3% each, with operating margins slightly improved [9] Valuation and Price Target - The 12-month price target for ASMPT has been raised by 14.5% to HK$79.00, based on a higher target multiple and improved earnings outlook [12][19] - The target P/E multiple for 2026E has been adjusted to 19.5x, reflecting a re-rating of the semiconductor equipment supply chain [12] Risks - Key risks include the pace of customer adoption of advanced packaging tools, demand fluctuations from automotive customers, and variations in demand for traditional IC packaging and SMT equipment [20] Conclusion - ASMPT maintains a Neutral rating, with the current valuation reflecting near-term positives. A more positive outlook could emerge with stronger adoption of TCB/HB technology and clearer visibility on demand recovery for mainstream semiconductor tools [1][12]