Core Viewpoint - InnoCare (02577) has seen a significant stock price increase following the announcement of a partnership with NVIDIA to promote the 800VDC power architecture in AI data centers, which is expected to enhance efficiency and performance in AI computing [1] Group 1: Stock Performance - InnoCare's stock rose by 30% last Friday and expanded its gains by over 23% in the afternoon session, reaching HKD 70.85 with a trading volume of HKD 2.172 billion [1] Group 2: Partnership with NVIDIA - InnoCare has officially confirmed its collaboration with NVIDIA to implement the 800VDC power architecture, designed for high-efficiency power supply in megawatt-level computing infrastructure [1] - The 800VDC system offers significant advantages over traditional 54V systems in terms of efficiency, thermal loss, and reliability, potentially increasing AI computing power by 100 to 1000 times [1] Group 3: Market Implications - According to a report by Jefferies, InnoCare's inclusion in NVIDIA's 800VDC power supplier list is significant for both GaN technology and InnoCare itself [1] - The total addressable market (TAM) for GaN in AI data centers is estimated at USD 2.5 billion, indicating that InnoCare's recent stock surge reflects only a 5x price-to-earnings (PE) capitalization of potential profits [1] - Jefferies notes that the quantifiable potential is still early, as the 800VDC architecture and Ruben chip design have not been finalized, with mass production expected to begin in 2027 [1]

Core Viewpoint - InnoCare (2577.HK) has experienced significant stock price increases, rising nearly 31% last Friday and further expanding by over 24% today, reaching HKD 71.42, with a trading volume of HKD 2.4 billion [1] Company Summary - InnoCare has recently announced a partnership with NVIDIA to jointly promote the large-scale implementation of the 800 VDC (800-volt direct current) power architecture in AI data centers [1] - The 800 VDC architecture is specifically designed by NVIDIA for future efficient power supply 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 enhancement of AI computing power by 100 to 1000 times [1]

Group 1 - The core point of the article is that InnoTek's stock price surged over 21% in a single day, following a previous increase of over 30% in the prior trading session [1] - The company announced a partnership with NVIDIA to jointly promote the large-scale implementation of 800VDC power architecture in AI data centers [1]

Group 1: Market Performance - Dongyue Group (00189) saw a rise of over 1%, with expectations for increased refrigerant demand as the new cooling season begins, despite a seasonal decline in August [1] - Hong Kong's banking stocks experienced a rally, with Agricultural Bank (01288) up over 2%, and other banks like ICBC (01398) and China Merchants Bank (03968) also gaining over 1%. The overall asset quality of listed banks remains stable, and profit growth is expected to continue [1] - In the gold sector, Lingbao Gold (03330) rose over 3%, with other companies like Chifeng Jilong Gold (06693) and Shandong Gold (01787) also seeing significant gains, driven by lower-than-expected U.S. job growth data which increased interest in gold [3] Group 2: Company Announcements - InnoCare (02577) surged over 8% after being named the only Chinese chip company in NVIDIA's 800VDC power architecture collaboration, indicating a significant partnership in AI data centers [2] - Derun Shipping (02510) announced a profit forecast of approximately $180 million to $200 million for the six months ending June 30, 2025, representing a 220% to 255% increase compared to the previous year [2] - China Eastern Education (00667) reported an expected profit increase of no less than 45% for the first half of the year, driven by a 7% increase in new student registrations and effective cost control [3] Group 3: Financial Results - Amazon (AMZN.US) reported second-quarter earnings that exceeded expectations, with AWS revenue growing 17% year-over-year, but the third-quarter profit guidance fell short of market expectations [5] - Coinbase (COIN.US) saw a 16.7% drop after reporting second-quarter revenue of $1.5 billion, which was below analyst expectations, despite a significant profit increase due to investments [5] - Moderna (MRNA.US) experienced a decline of over 10% due to delays in vaccine shipments, leading to a downward revision of its revenue forecast for 2025 [7]

Market Performance - The Hang Seng Index closed at 24,507, down 1.07% for the day but up 22.17% year-to-date [1] - The Hang Seng Tech Index closed at 5,397, down 1.02% for the day and up 20.80% year-to-date [1] - The Dow Jones Index closed at 43,588, down 1.23% for the day and up 2.45% year-to-date [1] - The S&P 500 Index closed at 6,238, down 1.60% for the day and up 6.06% year-to-date [1] - The Nasdaq Index closed at 20,650, down 2.24% for the day and up 6.94% year-to-date [1] Currency and Commodity Performance - The Renminbi Index is at 96.760, up 1.48% over the last month but down 3.91% over the last six months [2] - Brent crude oil is priced at $71.440 per barrel, up 7.67% over the last month but down 1.33% over the last six months [2] - Gold is priced at $3,295.05 per ounce, down 1.31% over the last month but up 17.05% over the last six months [2] Company News - RWA Group received strategic investment from Meta Strategy, which will support technology development and market expansion [11][12] - InnoTech responded to being selected as a partner for NVIDIA's 800V DC power architecture, indicating that the collaboration has not yet generated substantial orders [13] - BYD reported July sales of 344,296 new energy vehicles, a 10% month-on-month decrease [14] - Apple plans to increase spending on data centers and acquisitions to catch up with competitors in AI [15] Economic Indicators - The US ISM Manufacturing PMI fell to 48 in July, indicating a contraction for the fifth consecutive month [17] - The US has raised tariffs on several Asian countries, with rates reaching up to 40% [16] - Trump's administration announced a 35% tariff on certain imports from Canada, while maintaining exemptions under the USMCA [18]

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。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com (责任编辑：宋政 HN002) ...

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]