Core Viewpoint - InnoCare (02577.HK) has seen a significant increase in stock price due to its collaboration with NVIDIA to promote the large-scale implementation of 800 VDC (800-volt direct current) power architecture in AI data centers [1] Company Performance - InnoCare's stock rose by 7.47% [1] - Huahong Semiconductor (01347.HK) experienced a 7.22% increase in stock price [1] - Shanghai Fudan (01385.HK) saw a 5.41% rise in its stock price [1]

Group 1 - The core point of the article is that InnoPhase (02577) has entered into a partnership with NVIDIA to promote the large-scale implementation of the 800VDC power architecture in AI data centers, marking a significant development for the company [1] - InnoPhase's stock opened over 4% higher, reaching a price of 60 HKD with a trading volume of 34.55 million HKD [1] - The 800VDC power architecture is designed for future high-efficiency power supply for megawatt-level computing infrastructure, offering significant advantages in system efficiency, thermal loss, and reliability compared to traditional 54V systems, enabling a 100-1000 times increase in AI computing power [1] Group 2 - InnoPhase holds a 31% market share in the global gallium nitride power device market in 2023, maintaining its position as the global leader [1] - The company is accelerating the expansion of its 8-inch gallium nitride wafer production capacity, with plans to increase monthly production from 13,000 wafers to 20,000 by the end of 2025, and aims to further expand to 70,000 wafers per month within the next five years [1]

格隆汇8月4日｜继上周五收涨近31%后，英诺赛科(2577.HK)今早再度高开4.17%，报60港元。消息面 上，公司宣布，已于近日与英伟达达成合作，联合推动800 VDC(800伏直流)电源架构在AI数据中心的 规模化落地。该架构是英伟达针对未来高效供电兆瓦级计算基础设施而专门设计的新一代电源系统，相 比传统54V电源，在系统效率、热损耗和可靠性方面具有显著优势，可支持AI算力100-1000倍的提升。 ...

Group 1 - InnoScience (02577) opened higher in the morning, with a stock price increase of 8.42%, reaching HKD 62.45, and a trading volume of HKD 348 million [2] - On August 1, NVIDIA updated its website to include InnoScience as the only Chinese chip company in its 800V DC power architecture partner list [2] - InnoScience announced a partnership with NVIDIA to promote the large-scale implementation of the 800V DC power architecture in AI data centers, which is designed for efficient power supply in megawatt-level computing infrastructure [2] Group 2 - The new power system offers significant advantages in system efficiency, thermal loss, and reliability compared to traditional 54V systems, supporting AI computing power increases of 100 to 1000 times [2] - According to Dongfang Securities, InnoScience holds a 31% market share in the global gallium nitride power device market in 2023, maintaining its position as the global leader [2] - The company is accelerating the expansion of its 8-inch gallium nitride wafer production capacity, planning to increase monthly production from 13,000 wafers to 20,000 by the end of 2025, with a long-term goal of reaching 70,000 wafers per month within five years [2]

Group 1 - The core point of the article is that InnoCare (2577.HK) has entered into a partnership with NVIDIA to promote the large-scale implementation of the 800 VDC (800-volt direct current) power architecture in AI data centers, following a nearly 31% increase in stock price the previous Friday [1] - The 800 VDC power architecture is specifically designed by NVIDIA for future efficient power supply in megawatt-level computing infrastructure, offering significant advantages in system efficiency, thermal loss, and reliability compared to traditional 54V power systems [1] - This new power system can support an increase in AI computing power by 100 to 1000 times, indicating a substantial potential for growth in the AI sector [1]

Core Viewpoint - InnoLux (02577) has entered a partnership with NVIDIA to promote the large-scale implementation of the 800VDC power architecture in AI data centers, marking a significant advancement in power supply technology for high-efficiency computing infrastructure [1][1]. Company Developments - InnoLux's stock opened over 4% higher, reaching a price of 60 HKD with a trading volume of 34.55 million HKD [1]. - The company has become the only Chinese chip enterprise listed in NVIDIA's updated partner directory for the 800VDC power architecture [1]. - InnoLux confirmed its collaboration with NVIDIA, which aims to enhance system efficiency, reduce thermal loss, and improve reliability compared to traditional 54V power systems, potentially increasing AI computing power by 100 to 1000 times [1]. Market Position - InnoLux holds a 31% market share in the global gallium nitride (GaN) power device market, maintaining its position as the leading company in this sector [1]. - The company is actively expanding its production capacity, with plans to increase its monthly output from 13,000 wafers to 20,000 wafers by the end of 2025, and aims to further expand to 70,000 wafers in the next five years [1].

Core Viewpoint - InnoLux (02577) has become the only Chinese chip company listed as a partner for NVIDIA's 800V DC power architecture, indicating a significant collaboration aimed at enhancing AI data center efficiency and performance [1] Company Developments - InnoLux's stock opened over 4% higher, reaching HKD 60, with a trading volume of HKD 34.55 million [1] - The company announced a partnership with NVIDIA to promote the large-scale implementation of the 800V DC power architecture in AI data centers, which is designed for high-efficiency power supply in megawatt-level computing infrastructure [1] - The new power system offers significant advantages over traditional 54V systems in terms of efficiency, thermal loss, and reliability, potentially enhancing AI computing power by 100 to 1000 times [1] Market Position - According to Dongfang Securities, InnoLux holds a 31% market share in the global gallium nitride (GaN) power device market, maintaining its position as the market leader [1] - The company has been continuously increasing its production capacity, which is crucial for its competitive position in the market [1] - InnoLux is accelerating the expansion of its 8-inch GaN wafer production capacity, with plans to increase monthly production from 13,000 wafers to 20,000 wafers by the end of 2025, and aims to further expand to 70,000 wafers per month within the next five years [1]

Major Events - InnoCare (02577) collaborates with NVIDIA to promote the large-scale implementation of 800 VDC (800-volt direct current) power architecture in AI data centers [1] - Zijin Mining (02899) receives parliamentary approval for the mining lease of Akyem gold mine in Ghana [1] - Codi-B (02487) receives approval from the Hong Kong Department of Health for the market launch of CU-40102 (topical finasteride spray) [1] - China Ruyi (00136) plans to issue a total of 1.3 billion subscription shares at a discount of approximately 4.46%, raising about HKD 38.95 billion [1] - Sinopec Engineering (02386) signs a front-end engineering design (FEED) contract for a large green hydrogen project in Yanbu, Saudi Arabia [1] - China Resources Land (01109) and a joint venture with Shanghai Nanfang acquire the Shanghai Yaohua Road project and Yuqingli project for approximately HKD 24.47 billion [1] - Global Industrial Technology (01026) intends to acquire a shopping mall property in Guangzhou's Yuexiu District for no more than HKD 260 million [1] - Corning Jereh Pharmaceutical-B (09966) has its IND application for JSKN022 officially accepted by CDE [1] - Sea Harvest International (01308) signs a shipbuilding contract with Huanghai Shipbuilding for the construction of four container ships [1] - Yika (09923) successfully completes registration as a "credit card number and contract conclusion business operator" in Japan [1] Operating Performance - Far East Horizon (03360) reports a mid-term profit attributable to shareholders of HKD 2.164 billion, an increase of 3.77% year-on-year [1] - Xinyi Energy (03868) reports a mid-term profit attributable to equity holders of HKD 450 million, an increase of 23.43% year-on-year [1] - Xinyi Solar (00968) reports a mid-term profit attributable to shareholders of HKD 746 million, a decrease of 58.8% year-on-year [1] - Xinyi Glass (00868) reports a mid-term profit attributable to shareholders of HKD 1.013 billion, a decrease of 59.64% year-on-year [1] - Xiehe New Energy (00182) continues to reduce financing costs and improve financing capabilities, with significant growth in green electricity business in the first half of the year [1] - PCCW (00008) reports a mid-term loss attributable to shareholders of HKD 445 million, a year-on-year narrowing of 3.68% [1] - Huishang Bank (03698) issues a profit warning, expecting mid-term net profit of approximately HKD 9.3 billion, a year-on-year increase of about 3.8% [1] - BYD (01211) reports sales of approximately 2.4903 million new energy vehicles in the first seven months, a year-on-year increase of 27.35% [1] - NIO-SW (09866) reports cumulative vehicle deliveries of 806,700 units as of the end of July [1] - XPeng Motors-W (09868) delivers 36,717 smart electric vehicles in July, a year-on-year increase of 229% [1] - Li Auto-W (02015) delivers 30,731 new vehicles in July [1] - Geely Automobile (00175) reports total vehicle sales of 237,700 units in July, a year-on-year increase of approximately 58% [1] - Great Wall Motors (02333) reports total vehicle sales of approximately 674,200 units in the first seven months, a year-on-year increase of 3.57% [1]

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry in China [4] Core Viewpoints - The demand for AI computing facilities is expected to drive the growth of SiC/GaN power devices, opening up new growth opportunities in the industry [2][24] - The report emphasizes that the application potential of SiC/GaN in AI computing facility power supply systems has not been fully explored, and future demand is likely to continue increasing [7][24] Summary by Sections Investment Recommendations and Targets - AI server and data center demand is anticipated to create growth opportunities for SiC/GaN power devices. Key companies to watch include: - GaN industry leader Innoscience - Major power device manufacturers such as Wingtech Technology, China Resources Microelectronics, New Clean Energy, Star Semiconductor, and Tianyue Advanced - Wafer foundry company Chipone Integrated Circuits focusing on SiC power devices - Passive component companies like Farah Electronics and Jianghai Co., Ltd. - Companies in the third-generation semiconductor equipment market like Zhongwei Company [2][29] Industry Dynamics - The report highlights that AI computing facilities will increase the demand for SiC/GaN devices, particularly in high-voltage direct current (HVDC) and power module applications [7][8] - The transition from traditional power supply architectures to higher voltage systems (800V DC) is expected to enhance power transmission efficiency, thus driving the adoption of SiC/GaN devices [10][14] - The report notes that the penetration rate of SiC in global power semiconductors is projected to reach 4.9% by 2024, while GaN's penetration is at 0.5% in 2023, indicating room for growth [21][22] Company Insights - Innoscience is recognized as the global leader in the GaN industry, with a revenue of 830 million yuan in 2024, reflecting a year-on-year growth of 39.8% [30][34] - Wingtech Technology is focusing on semiconductor business growth, with a revenue of 58.4 billion yuan in 2024, and is strategically transforming to enhance its position in the power semiconductor industry [40][44] - China Resources Microelectronics is experiencing steady revenue growth, achieving 10.12 billion yuan in 2024, with a focus on enhancing its SiC/GaN product capabilities [50][51]

Group 1 - On August 1, the Hong Kong stock market saw a net inflow of 12.207 billion HKD from northbound trading, with 5.575 billion HKD from the Shanghai Stock Connect and 6.632 billion HKD from the Shenzhen Stock Connect [2] - The most bought stocks included the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and Xiaomi Group-W (01810), while the most sold stocks were Innovent Biologics (01801), Alibaba-W (09988), and SMIC (00981) [2][8] - Xiaomi Group-W reported over 30,000 vehicle deliveries in July, attributed to increased production capacity, with expectations of 400,000 to 500,000 vehicle sales by 2025 [6] Group 2 - In the technology sector, Tencent (00700), Meituan-W (03690), and Kuaishou-W (01024) saw net inflows of 8.36 billion, 7.66 billion, and 2.02 billion HKD respectively, while Alibaba-W faced a net outflow of 2.02 billion HKD [7] - InnoCare Pharma (02577) received a net inflow of 3.63 billion HKD after being listed as a partner by NVIDIA for its 800V DC power architecture, which is designed for AI data centers [7] - The overall sentiment in the Hong Kong market remains positive, with expectations of a structural uptrend driven by improving fundamentals and policy outlook [6][7]