Market Performance - The main board led the gains with notable increases in stocks such as Guoan Co. (+10.07%), Tongfu Microelectronics (+10.01%), and Jianghai Co. (+10.01%) [1] - The ChiNext board saw significant growth with Tongda Sea (+20.01%) and Jiebang Technology (+20.00%) leading the way [1] - The Sci-Tech Innovation board was led by Aerospace Hongtu (+17.94%) and Kaipu Cloud (+16.52%) [1] - Active sub-industries included SW Printed Circuit Boards (+3.54%) and SW Integrated Circuit Packaging and Testing (+1.73%) [1] Domestic News - A research team from Peking University and Hong Kong City University proposed a concept for a "Universal Photonic Fusion Wireless Transceiver Engine," successfully developing a chip for high-speed wireless communication with a coverage range exceeding 110 GHz [1] - TSMC is set to begin construction of a new 1.4nm advanced process wafer plant in Taiwan, with an estimated total investment of NT$1.2 trillion to NT$1.5 trillion (approximately $39.2 billion to $49 billion) [1] - GalaxyCore launched a high-performance 5MP image sensor GC5605 designed for AI PC applications, enhancing video quality for scenarios like video conferencing [1] - Tailin Micro announced plans to acquire 100% of Shanghai Panqi Microelectronics to expand its low-power IoT wireless connection platform [1] Company Announcements - Howey Group reported a total revenue of 13.956 billion yuan for H1 2025, a year-on-year increase of 15.42%, with a net profit of 2.028 billion yuan, up 48.34% [2] - Dingjie Smart reported total revenue of 1.045 billion yuan for H1 2025, a 4.08% increase, with a net profit of 45 million yuan, up 6.09% [2] - Lingyi Technology reported total revenue of 23.625 billion yuan for H1 2025, a 23.35% increase, with a net profit of 930 million yuan, up 35.94% [2] - Kaisheng Technology reported total revenue of 2.765 billion yuan for H1 2025, a 24.7% increase, with a net profit of 52 million yuan, up 23.7% [2] Overseas News - Dell Technologies reported $5.6 billion in AI server orders for Q2, a significant drop from $12.1 billion in the previous quarter, with AI server shipments totaling $8.2 billion [2] - The U.S. Department of Commerce announced the revocation of export exemptions for Intel Semiconductor (Dalian), Samsung China Semiconductor, and SK Hynix Semiconductor (China) [2] - Research from Stanford University indicated a 13% decline in employment rates for workers aged 22 to 25 in AI-affected occupations since 2022, with software development and customer service being the most impacted [2] - Intel announced modifications to its funding agreement with the U.S. Department of Commerce, allowing it to access approximately $5.7 billion in cash earlier than planned [2]

Core Viewpoint - The company reported that its revenue for the six months ending June 30, 2025, is entirely derived from trading activities, amounting to approximately RMB 78.0 million, a significant increase from RMB 23.3 million in 2024 [1] Group 1 - The company experienced a loss attributable to shareholders of approximately RMB 6.0 million, an improvement from a loss of RMB 16.4 million in 2024 [1] - The decline in gross profit margin from trading activities is cited as the reason for the loss [1]

中国上城(02330)发布2025年中期业绩，收益7801.2万元(人民币，下同)，同比增长234.4%;公司拥有人应 占亏损602.2万元，同比收窄63.3%;每股基本亏损1.60分。 ...

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。 China Uptown Group Company Limited 中國上城集團有限公 司 （於開曼群島註冊成立之有限公司） （股份代號﹕2330） 截至二零二五年六月三十日止六個月之中期業績 中國上城集團有限公司（「本公司」）之董事（「董事」）會（「董事會」）宣佈本公司 及其附屬公司（統稱為「本集團」）截至二零二五年六月三十日止六個月（「本期 間」）之未經審核簡明綜合中期業績，連同二零二四年同期的比較未經審核數 字如下。本期間的未經審核簡明綜合財務資料尚未經審計，惟已經由本公司 審核委員會（「審核委員會」）審閱。 簡明綜合損益表 截至二零二五年六月三十日止六個月 | | | 截至六月三十日止六個月 | | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | 附註 | 人民幣千元 | 人民幣千元 | | | | （未經審核） （未經審核） | | ...

Core Insights - NVIDIA's CEO Jensen Huang visited Taiwan primarily to meet with TSMC executives, highlighting the importance of TSMC in NVIDIA's supply chain amid geopolitical influences and supply chain stability [1] - Huang emphasized the collaboration between NVIDIA and TSMC, discussing the journey they have shared and NVIDIA's transformation in the context of the AI revolution and new industry developments [1] - Huang noted that Taiwan is a significant hub for the electronic manufacturing ecosystem, with many companies poised to benefit from the next generation of AI, particularly in robotics [2] Group 1 - Huang's visit included meetings with TSMC's leadership and a dinner with TSMC's chairman, indicating the strategic importance of these relationships for NVIDIA [1] - Huang's remarks during his speech focused on the future of AI and the necessity for AI factories to drive new infrastructure globally, presenting a significant opportunity for Taiwan [2] - Huang's comments during the interview with TSMC's chairman suggested a positive outlook on stock investments related to their collaboration [1]

Core Viewpoint - The U.S. government is considering acquiring stakes in semiconductor companies that have not committed to increasing investments in the U.S., while companies like TSMC and Micron, which have made significant investment commitments, are not currently targeted for government equity stakes [1][3]. Group 1: U.S. Government's Investment Strategy - The U.S. government has no plans to acquire stakes in companies like TSMC and Micron, which have pledged substantial investments of $200 billion and $100 billion respectively [1]. - Discussions are ongoing regarding the potential acquisition of a 10% stake in Intel, which has been struggling financially [1]. - The Biden administration's approach contrasts with the previous Trump administration's desire to convert subsidies into equity stakes [1]. Group 2: Industry Reactions - TSMC executives are reportedly considering returning subsidies if the U.S. government insists on acquiring equity, indicating potential pushback from companies [3]. - The South Korean government and companies like Samsung and SK Hynix are concerned about the U.S. government's demands for equity stakes, viewing it as an unreasonable request [3]. - Analysts suggest that the U.S. government's actions may disrupt existing market order and could deter foreign investment in the U.S. semiconductor sector, ultimately harming the U.S.'s image as a market economy [3].

格隆汇8月18日丨中国上城(02330.HK)公布，公司将于2025年8月28日召开董事会会议，以（其中包括） 审议及通过集团截至2025年6月30日止六个月的中期业绩及其发布，以及审议派发中期股息的建议（如 有）。 ...

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之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不會就本公告全部 或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 中國上城集團有限公司 執行董事兼行政總裁 劉建輝 China Uptown Group Company Limited 中國上城集團有限公司 （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （ 股 份代號： 2 3 3 0 ） 董事會會議通告 中國上城集團有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈， 將於二零二五年八月二十八日（星期四）舉行董事會會議，以考慮及批准（其中 包括）本公司及其附屬公司截至二零二五年六月三十日止六個月之未經審核中期 業績及宣派中期股息（如有）。 承董事會命 香港，二零二五年八月十八日 於本公告日期，執行董事為劉建輝先生及劉智仁先生；以及獨立非執行董事為邱 思揚先生、蘇志杰先生、李鎮彤先生及 Aika Ouji 女士。 ...

Core Viewpoint - The semiconductor industry is experiencing a recovery in demand, particularly in consumer electronics and AI applications, while inventory levels are improving and capital expenditures are being adjusted upwards by key players like TSMC and major overseas semiconductor manufacturers [1][2][4]. Demand Side - The consumer electronics sector is witnessing a recovery, with AI and automotive applications driving innovation. Global smartphone shipments in Q2 saw a year-on-year growth slowdown to 1%, while domestic shipments declined by 4%. PC shipments increased by 6.5% year-on-year in Q2, but growth is expected to weaken in H2 2025. Wearable devices, particularly AI glasses, are experiencing significant growth, with a 216% year-on-year increase in Q1 shipments [2][3]. - The automotive market in H1 2025 saw a 13.8% year-on-year increase in sales, with new models like Xiaomi's YU7 achieving substantial pre-order numbers [2]. Inventory Side - The Days of Inventory (DOI) for the smartphone supply chain has slightly increased, with terminal customer inventories remaining low. Major chip manufacturers like Intel reported a decrease in inventory levels, indicating a potential for increased shipments as demand rises [3]. Supply Side - TSMC is ramping up its advanced process production lines in the U.S., driven by strong demand from AI data centers. The capacity utilization rates for various foundries, including SMIC and UMC, have shown improvements, with SMIC reaching 92.5% in Q2 2025 [4][12]. - Major memory manufacturers are focusing capital expenditures on high-end memory products like HBM, with companies like Micron and SK Hynix increasing their capital spending forecasts for 2025 [4]. Price Side - Memory prices are showing signs of steady recovery, particularly for DDR4 and NAND Flash products. The analog chip sector is also expected to see potential price increases, which could positively impact the industry [6]. Sales Side - Global semiconductor sales reached $59.9 billion in June 2025, marking a 19.6% year-on-year increase. The Asia-Pacific region, excluding China and Japan, saw a 34.2% year-on-year sales growth, while sales in Japan declined by 2.9% [6]. Industry Chain Tracking - The semiconductor industry is experiencing marginal improvements in various segments, with a focus on companies benefiting from domestic control and recovery in demand. The design and IDM sectors are seeing growth driven by consumer demand and AI applications [6][17]. - The MCU market is recovering, particularly in consumer electronics and automotive sectors, with significant sales increases noted in Q2 2025 [7]. - The storage sector is seeing improved profitability among overseas manufacturers, with domestic companies also expected to recover in H2 2025 [8]. - The analog chip market is experiencing good demand trends, with many domestic companies reporting improved revenue in Q2 2025 [9]. Advanced Manufacturing and Testing - The demand for advanced processes remains strong, with TSMC maintaining a robust growth forecast for AI-related chips. The utilization rates for mature processes are also recovering, although customer inventory demand for Q4 2025 remains uncertain [12][13]. - Major international packaging and testing companies are forecasting significant revenue growth for Q3 2025, with domestic companies increasing investments in advanced packaging capabilities [13]. Equipment, Materials, and Components - Domestic semiconductor equipment manufacturers are showing positive trends in orders and revenue growth, while international firms express caution regarding future guidance due to geopolitical uncertainties [14]. - The push for domestic supply chain independence is accelerating, with ongoing efforts to reduce reliance on foreign components [14]. EDA/IP Sector - Chip design companies like Chipone are reporting record-high order backlogs, indicating strong demand in the EDA sector [15].

Group 1 - The core viewpoint of the article is that under Trump's new semiconductor tariff regime, larger companies that commit to significant investments in the U.S. may receive exemptions from tariffs, while smaller companies may face challenges due to increased costs [3][5][7] - Trump announced a proposed tariff of approximately 100% on semiconductor imports, which would effectively double the costs for importers [3] - Companies like TSMC and Samsung, as well as Apple, which has pledged to invest $600 billion in the U.S., are likely to benefit from tariff exemptions [3][7] Group 2 - The European Union (EU) has stated that its semiconductor exports to the U.S. will still be subject to a 15% tariff cap, despite Trump's announcement [5][6] - The EU's agreement with the U.S. includes a commitment for $600 billion in investments, which influenced the reduction of proposed tariffs from 30% to 15% [6] - Following the announcement of the tariff regime, shares of European semiconductor companies, such as ASML and Infineon Technologies, saw increases, indicating that investors have factored in the 15% tariff cap [7][8] Group 3 - Smaller semiconductor and electronics manufacturers may struggle under the new tariff regime, as many of them supply components and devices that are imported from regions like Taiwan, Malaysia, and China [3][4] - The uncertainty surrounding the implementation of these tariffs has caused volatility in the semiconductor sector, with companies like ASML warning about growth prospects [6] - The stock prices of major semiconductor companies, including TSMC and Foxconn, rose significantly after the announcement of potential tariff exemptions for companies investing in the U.S. [7][8]