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。 1729 持續關連交易 本公司財務顧問 持續關連交易 立訊精密補充總供應協議 謹此提述本公司日期為二零二五年三月二十四日的公告，內容有關（其中包括）本公司與立訊 精密訂立的立訊精密總供應協議。 根據立訊精密集團及本集團的最新業務發展及規劃，預期立訊精密總供應協議項下的現有年 度上限將不足以滿足立訊精密集團的需求。因此，於二零二五年十一月十二日，本公司與立 訊精密訂立立訊精密補充總供應協議，以提高立訊精密產品供應的現有年度上限，並將合約 期限延長至截至二零二八年十二月三十一日止年度。 立訊總供應協議 謹此提述本公司日期為二零二五年三月七日的公告，內容有關（其中包括）本公司與BCS訂立 的BCS總供應協議。 根據BCS總供應協議，本集團同意按BCS集團不時要求的規格銷售產品。由於BCS為立訊的 附屬公司，但BCS的其他同系附屬公司並非BCS總供應協議的訂約方，故董事會決議於二零 根據上市規則第14A.54條 ...

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating an expected performance exceeding the benchmark index by more than 10% [1][40]. Core Insights - Nvidia's GTC event provided a significant CAPEX guidance of $500 billion for the Blackwell-Rubin series, with North American CSPs showing a clear upward trend in capital expenditures for Q3 2025 [4][16]. - The report highlights a strong growth trend in AI infrastructure investments, with North American CSPs' capital expenditures reaching a total of $113.3 billion in Q3, marking a 75% year-on-year increase [5][17]. - The A-share communication industry is experiencing high growth in AI computing performance, although there is a mismatch between high short-term expectations and actual performance releases [5][17]. Summary by Sections Industry Dynamics - Nvidia's guidance for North American CSPs suggests CAPEX could reach $443 billion, $549 billion, and $632 billion from 2025 to 2027, with GPU shipments expected to total 20 million units [4][16]. - The report emphasizes the stability of capital markets regarding concerns over "AI bubble" investments, with Nvidia's roadmap enhancing investment certainty in areas like 1.6T optical modules and quantum computing [4][16]. A-Share Communication Industry Overview - The report notes that leading companies in optical modules, such as Zhongji Xuchuang and Xinyi Technology, continue to expand production, with stable gross margin trends despite short-term performance fluctuations [5][17]. - The bottleneck effects in core materials like optical chips are becoming more pronounced, with domestic chip manufacturers expected to gain market share as overseas giants slow down production [5][17]. Market Performance - The overall market showed mixed performance during the week of October 27 to October 31, 2025, with the Shenzhen Component Index rising by 0.67% and the communication index declining by 3.59% [11][20]. - The report identifies cloud computing as the leading sector with a weekly increase of 22.48%, followed by IDC and equipment manufacturers [11][20]. Recommended Companies - The report suggests focusing on companies in various segments, including optical devices (e.g., Guangke Technology, Shijia Photon) and AIOT solutions (e.g., Rockchip, Yiyuan Communication) [20].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 致：香港交易及結算所有限公司 公司名稱: 匯聚科技有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01729 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | HKD | | 0.01 | HKD | | 30,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 3,000,000,000 | HKD | | 0.01 | HKD | | 30,000,000 | 本月底法定/註冊股本總額： HKD 30,000,000 F ...

Summary of Conference Call Notes Industry and Company Overview - The conference call discusses the Hong Kong stock market, particularly focusing on the AI computing sector and companies like 鸿腾精密 (Hontai Precision) and 汇聚科技 (HuiJu Technology) [1][3][5]. Key Points and Arguments Hong Kong Stock Market Outlook - The Hong Kong stock market is expected to perform well due to interest rate cuts, improved US-China relations, and favorable liquidity conditions [3][19]. - A significant number of quality IPOs are anticipated before the end of the year, attracting long-term foreign capital [3]. AI Computing Sector - The AI computing sector is highlighted as a key driver of the bull market, with high earnings visibility and optimistic earnings reports from US tech giants [1][3]. - Companies in the AI sector, such as 中芯华虹 (SMIC), ASMPT, and 英诺赛科 (InnoLight), are noted for their strong positions in chip manufacturing and equipment production [1][5]. 鸿腾精密 (Hontai Precision) - Hontai Precision is identified as a strategic asset within the NVIDIA supply chain, with a low valuation and significant upside potential [1][6]. - By 2026, AI business is expected to contribute 30% of revenue and 60% of profits, potentially leading to a net profit of $200 million and a market cap of approximately HKD 577-600 billion, indicating a 30% upside [1][2][6]. - The company’s traditional business is projected to contribute 70% of revenue and 40% of profits, with AI-related revenue expected to reach $360 million by 2026 [6][9]. 汇聚科技 (HuiJu Technology) - HuiJu Technology is a core supplier of optical module components, with strong growth potential in the AI computing context [1][4][11]. - Revenue projections for 2025-2027 are estimated at HKD 10.7 billion, HKD 29 billion, and HKD 32.8 billion, respectively, with net profits of HKD 700 million, HKD 1.3 billion, and HKD 1.8 billion [4][16]. - The company is expected to achieve commercial production of SNMT by the second half of 2026, with no production bottlenecks reported [12]. Market Dynamics and Comparisons - The AI sector is expected to dominate the market, with companies like 中芯国际 (SMIC) and 华虹半导体 (Hua Hong Semiconductor) being key players [19][20]. - The insurance and brokerage sectors are also highlighted, with expectations of strong performance in Q3 and Q4 due to favorable market conditions [21]. Other Important Insights - The acquisition of 德晋昌 (Dejinchang) by HuiJu Technology is seen as strategically significant for expanding into Southeast Asia, although its financial impact may be limited [15]. - The overall sentiment towards the Hong Kong market remains positive, with expectations of a strong recovery and growth in AI-related sectors [19][21]. - The potential for significant upside in valuations for both Hontai Precision and HuiJu Technology is emphasized, with long-term growth prospects being particularly strong [17][18].

Core Viewpoint - The company is positioned for significant growth driven by the increasing demand for AI computing power and the expansion of its MPO product offerings, supported by strategic acquisitions and automation enhancements in production processes [1][2][3][4]. Group 1: AI Computing and MPO Demand - The surge in AI computing power is driving high demand for MPO products, with a trend towards higher core counts and density in product offerings [1]. - The company’s fiber optic products primarily consist of MPO and LC types, with MPO fiber jumpers available in various core counts, and ongoing collaboration with clients to develop high-end specialty fiber products [1]. Group 2: Global Capacity and Production Expansion - The company has a robust global capacity reserve with production bases in key regions including the Yangtze River Delta, Pearl River Delta, and overseas locations in Vietnam and Mexico, bolstered by the acquisition of Leoni Kable [2]. - The company is expanding its production lines in the Huizhou factory to cater to major clients and is enhancing global supply capabilities through production expansions in Mexico and Europe [2]. Group 3: Technological Advancements and Automation - The company leads in MPO manufacturing technology, achieving high precision and yield in core production processes, which has garnered strong customer recognition [2]. - Significant investments in automation, supported by the Lixun Robotics team, have led to the development of various automated fiber optic equipment, which is expected to improve production efficiency and profit margins [2]. Group 4: Strategic Acquisitions and Business Growth - The acquisition of Leoni's cable solutions business is progressing well, with expectations of improved profitability and operational efficiency in the coming years [3]. - The company has signed an acquisition agreement for Dejinchang, which focuses on copper wire products, enhancing supply security and vertical integration [3]. - The server business is anticipated to maintain high growth due to the booming AI server market [3]. Group 5: Investment Rating and Financial Projections - The company maintains a "strong buy" investment rating, benefiting from its strategic positioning in the MPO optical communication and AI server sectors, with expectations of high-quality growth [4]. - Revenue projections for 2025, 2026, and 2027 are set at HKD 10.2 billion, HKD 12.9 billion, and HKD 16.6 billion, respectively, with net profits of HKD 710 million, HKD 1.21 billion, and HKD 1.7 billion, reflecting a positive outlook on profitability [4].

Core Viewpoint - The company Huiju Technology (01729) announced the issuance of new shares or the transfer of treasury shares as part of a share incentive plan, involving the issuance of 80,000 new shares on October 28, 2025 [1] Group 1 - The share incentive plan is aimed at participants excluding the company's directors [1] - The issuance involves a total of 80,000 new shares [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 匯聚科技有限公司 呈交日期： 2025年10月28日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 01729 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | | 已發行股份（不包 ...

Core Viewpoint - The company Huiju Technology (01729) announced the issuance of 235,000 shares under its share scheme on October 27, 2025 [1] Group 1 - The share issuance is part of the company's ongoing strategy to manage its equity structure [1]

Group 1 - The company, 汇聚科技 (01729), announced the issuance of 235,000 shares under its share scheme on October 27, 2025 [1]

Core Points - The company, 汇聚科技 (01729.HK), announced the issuance of 235,000 shares under its share scheme on October 27, 2025, at an issue price of HKD 1.506 per share [1] Summary by Category Company Announcement - 汇聚科技 will issue 235,000 shares as part of its share scheme [1] - The issue price for the shares is set at HKD 1.506 each [1] - The announcement is dated October 27, 2025 [1]