爱建证券指出，HVDC赋能下一代数据中心供电。随着HVDC电源应用于新一代数据中心，电源系统对 于功率半导体的高压大电流要求进一步提升，这也加快了第三代半导体GaN的芯片的应用步伐。该行指 出，英诺赛科作为全球首家实现8英寸硅基GaN晶圆量产的企业，2023年在全球GaN功率半导体企业中 排名第一。公司目前已与欧美传统功率芯片大厂达成战略合作，推动GaN芯片在消费电子、汽车电子等 领域大规模应用。 本文源自：智通财经网 英诺赛科(02577)再涨近6%，截至发稿，涨4.51%，报68.35港元，成交额6.16亿港元。 消息面上，8月1日，NVIDIA官网对800V直流电源架构合作商名录进行了更新，英诺赛科是本次入选英 伟达合作伙伴中唯一的国产芯片企业。双方合作将推动该架构在AI数据中心规模化应用，使单机房算 力密度提升超10倍、单机柜功率密度突破300kW，助力全球Al数据中心迈入兆瓦级供电时代。 ...

Group 1 - Xiaomi Group-W (01810) leads the southbound trading volume on both Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, with transaction amounts of 62.12 billion and 42.66 billion respectively [1][1][1] - The top three companies by trading volume on Shanghai-Hong Kong Stock Connect are Xiaomi Group-W (01810), Yingfu Fund (02800), and Alibaba-W (09988) [1][1] - On Shenzhen-Hong Kong Stock Connect, the top three companies are Xiaomi Group-W (01810), SMIC (00981), and Alibaba-W (09988) [1][1] Group 2 - The net buying amount for Xiaomi Group-W (01810) on Shanghai-Hong Kong Stock Connect is +17.67 billion, while on Shenzhen-Hong Kong Stock Connect it is -45.59 million [1][1] - Alibaba-W (09988) has a net buying amount of +3.25 billion on Shanghai-Hong Kong Stock Connect and +1.68 billion on Shenzhen-Hong Kong Stock Connect [1][1] - SMIC (00981) shows a significant net buying amount of +5.26 billion on Shenzhen-Hong Kong Stock Connect, while it has a net buying amount of -25.94 million on Shanghai-Hong Kong Stock Connect [1][1]

Group 1 - InnoLux (02577) shares rose nearly 8%, trading at 67.4 HKD with a transaction volume of 717 million HKD as of the report [1] - On August 1, InnoLux officially responded to rumors regarding its collaboration with NVIDIA, announcing a partnership to promote the large-scale implementation of the 800VDC power architecture in AI data centers [1] - The 800VDC power system, designed by NVIDIA for efficient power supply in megawatt-level computing infrastructure, offers 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 - Jefferies released a report highlighting the significance of InnoLux joining NVIDIA's 800VDC power supplier list, particularly for Gallium Nitride (GaN) technology [2] - GaN is identified as a promising power semiconductor in consumer electronics, electric vehicles, and renewable energy sectors, with InnoLux being the largest GaN IDM company globally [2] - As a Chinese company, InnoLux has a substantial advantage in the GaN market, given that China is the largest potential market for GaN, with local OEMs producing about 55% of the world's smartphones, facilitating rapid adoption of GaN-based fast charging technology [2] - InnoLux plans to increase its production capacity sixfold by 2028, which is expected to significantly reduce costs and drive industry adoption [2]

Market Overview - On August 5, the Hang Seng Index rose by 0.68%, with total southbound trading amounting to HKD 129.701 billion, including buy transactions of HKD 76.563 billion and sell transactions of HKD 53.138 billion, resulting in a net buy of HKD 23.426 billion [1] Southbound Trading Details - The southbound trading through Stock Connect (Shenzhen) had a total trading amount of HKD 47.198 billion, with buy transactions of HKD 28.343 billion and sell transactions of HKD 18.854 billion, leading to a net buy of HKD 9.489 billion [1] - The southbound trading through Stock Connect (Shanghai) had a total trading amount of HKD 82.504 billion, with buy transactions of HKD 48.220 billion and sell transactions of HKD 34.284 billion, resulting in a net buy of HKD 13.936 billion [1] Active Stocks - The most actively traded stock by southbound funds was the Tracker Fund of Hong Kong, with a total trading amount of HKD 6.3006 billion and a net buy of HKD 6.2929 billion, closing with a price increase of 0.63% [1] - Tencent Holdings and SMIC followed, with trading amounts of HKD 4.898 billion and HKD 3.569 billion, respectively [1] - A total of 12 stocks experienced net buying, with Tencent Holdings seeing a net buy of HKD 0.832 billion and Southern Hang Seng Technology a net buy of HKD 0.798 billion [1] Continuous Net Buying - Among the stocks, Tencent Holdings, Xiaomi Group-W, and Kuaishou-W were continuously net bought for more than three days, with Tencent Holdings leading with a total net buy of HKD 4.426 billion over nine days [2] - Xiaomi Group-W followed closely with a net buy of HKD 4.411 billion over eight days, and Kuaishou-W with HKD 2.452 billion over four days [2] Summary of Active Stocks on August 5 - The following table summarizes the active stocks and their respective trading amounts, net buying, and daily price changes: | Code | Name | Trading Amount (HKD million) | Net Buy (HKD million) | Daily Change (%) | |--------|--------------------|------------------------------|-----------------------|-------------------| | 02800 | Tracker Fund | 6300.64 | 6292.99 | 0.63 | | 00700 | Tencent Holdings | 4897.79 | 831.72 | 1.64 | | 03033 | Southern Hang Seng Tech | 868.05 | 798.36 | 0.93 | | 01024 | Kuaishou-W | 2408.49 | 646.71 | 2.79 | | 02015 | Li Auto-W | 2927.53 | 586.03 | 1.58 | | 09988 | Alibaba-W | 3391.32 | 511.50 | -0.17 | | 01357 | Meituan | 2976.58 | 386.43 | -6.92 | | 09926 | CanSino Biologics | 877.47 | 290.20 | 7.17 | | 03690 | Meituan-W | 901.74 | 270.26 | -0.08 | | 01810 | Xiaomi Group-W | 2887.14 | 248.22 | -0.46 | | 02577 | InnoCare Pharma | 2303.82 | 232.89 | -6.65 | | 00981 | SMIC | 3568.78 | 121.27 | -0.97 | | 01788 | Guotai Junan International | 2225.67 | -5.07 | -0.94 | [2]

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 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 英諾賽科（蘇州）科技股份有限公司 呈交日期: 2025年8月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02577 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 491,257,187 | RMB | | 1 | RMB | | 491,257,187 | | 增加 / 減少 (-) | | | 13,584,000 | | | | RMB | | 13,584,000 | | 本月底結存 | | | 504,841,187 | RMB | | 1 | RMB | | 504,84 ...

深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 盈富基金(02800) | 50.64 亿元 | -50.58 亿元 | | 腾讯控股(00700) | 22.09 亿元 | -5.65 亿元 | | 恒生中国企业(02828) | 17.90 亿元 | -17.74 亿元 | | 阿里巴巴-W(09988) | 12.93 亿元 | +228.97 万元 | | 英诺赛科(02577) | 12.76 亿元 | +8236.66 万元 | | 小米集团-W(01810) | 10.76 亿元 | +1.11 亿元 | | 快手-W(01024) | 9.23 亿元 | +2.20 亿元 | | 中芯国际(00981) | 9.02 亿元 | +2.02 亿元 | | 理想汽车-W(02015) | 8.99 亿元 | +4081.28 万元 | | 康方生物(09926) | 8.91 亿元 | -3.23 亿元 | | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 盈富基金(02800) | ...

Group 1 - Southbound funds recorded a net sell of HKD 18.092 billion in Hong Kong stocks on August 4, marking the largest single-day net sell since May 12 [1] - Notable net purchases included Alibaba-W at HKD 728 million, InnoCare Pharma at HKD 362 million, Kuaishou-W at HKD 219 million, and SMIC at HKD 217 million [1] - Significant net sells included the Tracker Fund of Hong Kong at HKD 14.53 billion, Hang Seng China Enterprises at HKD 6.326 billion, and Southern Hang Seng Technology at HKD 1.453 billion [1] Group 2 - InnoCare Pharma announced a partnership with NVIDIA to promote the large-scale implementation of the 800 VDC power architecture in AI data centers, which offers significant advantages over traditional systems [3] - SMIC reported that Huaxia Fund recently reduced its holdings in SMIC's domestic stocks by 651,800 shares, representing a change of 0.03% [3] - Alibaba-W was appointed Zhang Yong, former chairman of Alibaba Group, to the China Business Advisory Committee of the Hong Kong Stock Exchange [3] - UBTECH Robotics won a robot procurement project worth over RMB 90.51 million from Miyi Automotive Technology, marking the largest humanoid robot order globally [3] - UBTECH also launched the full-size industrial humanoid robot Walker S2, featuring innovative hardware design and autonomous battery swapping technology for continuous operation [3]

Market Overview - On August 4, the Hang Seng Index rose by 0.92%, closing at 24,733.45 points, while southbound funds through the Stock Connect recorded a net sell of 18.092 billion HKD [1] - The total trading volume for the Stock Connect on August 4 was 130.07 billion HKD, with a net sell of 18.092 billion HKD [1] Trading Activity - In the Shanghai Stock Connect, the trading volume was 83.126 billion HKD with a net sell of 11.124 billion HKD, while in the Shenzhen Stock Connect, the trading volume was 46.944 billion HKD with a net sell of 6.968 billion HKD [1] - The most actively traded stock in the Shanghai Stock Connect was the Tracker Fund of Hong Kong (盈富基金), with a trading volume of 9.485 billion HKD, followed by Hang Seng China Enterprises and InnoCare Pharma, with trading volumes of 4.653 billion HKD and 4.125 billion HKD respectively [1] Net Buy/Sell Analysis - Alibaba-W recorded the highest net buy amount of 726 million HKD, despite a closing price drop of 0.60% [1] - The Tracker Fund of Hong Kong had the highest net sell amount of 9.477 billion HKD, while its closing price increased by 0.88% [1] - In the Shenzhen Stock Connect, the Tracker Fund of Hong Kong also led in trading volume with 5.064 billion HKD, and had a net sell of 5.058 billion HKD, closing up by 0.88% [2] Key Stocks Performance - Kuaishou-W had the highest net buy amount in the Shenzhen Stock Connect, with a net buy of 220 million HKD and a closing price increase of 3.22% [2] - Tencent Holdings and Hang Seng China Enterprises followed in trading volume with 2.709 billion HKD and 1.790 billion HKD respectively [2]

Group 1 - The core viewpoint of the article is that Innoscience (02577) has been added to NVIDIA's (NVDA.US) list of 800V DC power suppliers, which is significant for both GaN technology and Innoscience as it is the only Chinese semiconductor company on the list [1] - Other semiconductor companies included in the list are Analog Devices, Infineon, MPS, Navitas, OnSemi, Renesas, ROHM, STMicroelectronics, and Texas Instruments [1] - NVIDIA's 800V DC power supply is a new architecture designed to support a total power consumption of 570kW per rack, potentially for the next generation AI chip, Ruben [1] Group 2 - Due to high power consumption, NVIDIA has increased the voltage of the power rack to reduce current, thereby alleviating the burden on copper wiring [2] - GaN will play a crucial role in high-voltage AI racks due to its higher transmission efficiency, higher frequency, and smaller, lighter equipment advantages [2] - The firm believes that the power consumption levels of AI data centers will continue to rise, with Meta recently discussing plans for a 1GW data center using 1MW racks [2] Group 3 - The firm estimates the total addressable market (TAM) for GaN in AI servers to be $2.5 billion, indicating that Innoscience's recent stock price surge only capitalized potential profits at a 5x price-to-earnings (PE) ratio [3] - The firm agrees that it is early to quantify potential, as the 800V DC architecture and Ruben chip design have not been finalized, with mass production expected to start in 2027 [3] - Assuming Innoscience captures a 50% market share with a net profit margin of 25%, the firm estimates that the $1.5 billion increase in Innoscience's market value only reflects potential profits from AI servers, suggesting significant long-term upside potential [3]

Core Viewpoint - Semiconductor stocks in Hong Kong have shown strong performance, with several companies experiencing significant gains in their stock prices [1]. Group 1: Stock Performance - Shun Tai Holdings (01335) increased by 7.83%, reaching a price of 0.124 with a market capitalization of 302 million [2]. - InnoCare Pharma (02577) rose by 7.90%, with a latest price of 62.150 and a total market value of 555.87 billion [2]. - Shanghai Fudan (01385) saw a gain of 6.18%, priced at 33.180 and a market cap of 27.255 billion [2]. - Hua Hong Semiconductor (01347) grew by 5.96%, with a price of 41.800 and a market capitalization of 72.192 billion [2]. - Meijiayin Holdings (06939) increased by 4.44%, priced at 0.470 and a market cap of 24.4 million [2]. - SMIC (00981) rose by 2.80%, with a price of 51.450 and a total market value of 410.883 billion [2]. - Brainhole Technology (02203) increased by 2.65%, priced at 0.194 with a market cap of 15.5 million [2]. - Jingmen Semiconductor (02878) saw a rise of 2.25%, priced at 0.455 and a market cap of 113.6 million [2]. - China Electric Huada Technology (00085) increased by 2.11%, with a price of 1.450 and a market capitalization of 29.43 billion [2].