Group 1 - The core viewpoint of the article highlights a recovery in Hong Kong's chip stocks, with notable gains in several companies [1] Group 2 - Zhaoyi Innovation (03986.HK) experienced a rise of over 6% [1] - Other companies that saw increases include ASMPT (00522.HK), Huahong Semiconductor (01347.HK), Tianyu Semiconductor (02658.HK), Shanghai Fudan (01385.HK), Innodisk (02577.HK), and Birun Technology (06082.HK) [1]

Core Viewpoint - The stock price of兆易创新 (GigaDevice) increased by 5.59% to 321 HKD, with a trading volume of 29.84 million HKD, amidst a backdrop of fluctuating DRAM prices and tightening overseas liquidity expectations [1] Group 1: Market Impact - Korean memory giants experienced a significant drop in stock prices due to the first decline in DRAM spot prices in several months [1] - Despite the volatility in the spot market, Goldman Sachs reported an upward revision in contract prices for DRAM, indicating a strong bullish outlook [1] Group 2: Price Forecasts - Goldman Sachs analyst Giuni Lee's team has significantly raised the price forecasts for DRAM in major application areas for Q1 2026 [1] - Traditional DRAM pricing is expected to increase by 45%-50% quarter-over-quarter by Q4 2025, followed by a further increase of 90%-95% quarter-over-quarter in Q1 2026, surpassing previous market expectations [1]

Core Insights - The global High Bandwidth Memory (HBM) market is experiencing rapid growth, with shipments expected to increase from 1.5 billion gigabytes (GB) in 2023 to 5.7 billion GB by 2026, and revenues projected to rise from $4.35 billion in 2023 to $50 billion in 2026 [6][7][8]. HBM Industry Definition and Advantages - HBM is a high-performance semiconductor memory based on 3D stacking technology, offering high bandwidth and energy efficiency, primarily used in high-performance computing and networking applications [1][4]. - HBM has four main advantages over traditional DRAM: high bandwidth, high capacity, low power consumption, and small size [2][3]. HBM Industry Development Status - HBM technology is becoming a standard for AI acceleration cards (GPUs, TPUs, etc.), with its value share continuing to increase [4][6]. - The demand for HBM is driven by the needs of AI and high-performance computing, with significant growth expected in the coming years [6][10]. HBM Industry Chain - The HBM industry chain includes upstream materials (electrolytes, precursors, IC substrates) and semiconductor equipment (lithography machines, etching machines), with midstream focusing on HBM production and downstream applications in AI, data centers, and high-performance computing [8][9]. HBM Industry Competitive Landscape - The global HBM market is dominated by foreign manufacturers, with SK Hynix holding a 53% market share, followed by Samsung at 38% and Micron at 9% [14][15]. - Domestic companies in China, such as Changxin Memory, Changdian Technology, and others, are making significant progress in the HBM supply chain, aiming to increase local production capabilities [15][16]. HBM Industry Development Trends - HBM is positioned as a critical hardware component for AI and high-performance computing, with its unique 3D stacked structure providing superior bandwidth compared to traditional memory solutions [16][17]. - The future memory landscape will be heterogeneous, with HBM focusing on training scenarios, while other memory types will cater to specific workloads, creating a diverse memory ecosystem for the AI era [17].

| 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 費出或涉及的股 每股的平均價 | | | | | 持有權益的股份數目 | 佔已發行的 有關事 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | 份數目 | | | (請參閱上述 *註解) 有投票權股 (日/月 | | | | | | | | | | 份百分比 | | | | | | | | ( % ) | | | CS20260130E00556 | BlackRock, Inc. | 1001(L) | | 150,429(L | HKD 321.0000 | 1.496.983(L) | 5.18(L)27/01/ | | 股份代號: | 03986 | | --- | --- | | 上市法國名稱: | 兆易創新科技集團股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 02/01/2026 - 02/02/2026 | 格隆汇2月2日丨根据联交所最新权益披露资料显示，2026年1月27日，兆易创新(03986.HK)获BlackRock, ...

智通财经APP获悉，香港联交所最新数据显示，1月27日，贝莱德增持兆易创新(03986)15.0429万股，每 股作价321港元，总金额约为4828.77万港元。增持后最新持股数目约为149.7万股，最新持股比例为 5.18%。 ...

Group 1 - The Hong Kong chip stocks experienced a collective decline, with notable drops in several companies' stock prices [1] - Hua Hong Semiconductor fell over 12%, while Zhaoyi Innovation dropped 11%, and Wallin Technology decreased by over 7% [1] - Other companies such as Shanghai Fudan and InnoCare also saw declines exceeding 6%, with SMIC, ASMPT, and Tianyu Semiconductor dropping more than 5% [1] Group 2 - Hua Hong Semiconductor's stock price decreased by 12.79%, reaching 101.600, with a total market capitalization of 176.54 billion and a year-to-date increase of 36.74% [2] - Zhaoyi Innovation's stock fell by 11.04% to 298.000, with a market cap of 207.64 billion and a year-to-date increase of 83.95% [2] - Wallin Technology's stock price dropped by 7.47% to 32.200, with a market cap of 78.53 billion and a year-to-date increase of 64.29% [2] - Shanghai Fudan's stock decreased by 6.85% to 48.440, with a market cap of 39.90 billion and a year-to-date increase of 6.88% [2] - InnoCare's stock fell by 6.17% to 54.000, with a market cap of 49.42 billion and a year-to-date decrease of 31.12% [2] - SMIC's stock price declined by 5.31% to 71.400, with a market cap of 571.23 billion and a year-to-date change of -0.07% [2] - ASMPT's stock decreased by 5.20% to 98.500, with a market cap of 411.51 billion and a year-to-date increase of 27.18% [2] - Tianyu Semiconductor's stock fell by 5.03% to 47.580, with a market cap of 18.71 billion and a year-to-date change of -0.88% [2]

Group 1: Semiconductor Sector - Semiconductor stocks in Hong Kong experienced a decline, with notable drops including Huahong Semiconductor down 10.04%, GigaDevice down 8.72%, and SMIC down 4.77%. This follows a significant drop in South Korea's stock index and stricter order audits by major manufacturers like Samsung and SK Hynix to mitigate market volatility caused by excessive orders and stockpiling [1][5]. - Naxin Microelectronics reported an expected revenue of RMB 3.3 billion to 3.4 billion for 2025, reflecting a year-on-year growth of 68.34% to 73.45%, but also projected a net loss of RMB 2.5 billion to 2 billion, indicating a narrowing of losses [3]. Group 2: Automotive Sector - Great Wall Motors saw a decline of over 4.9% after announcing a 10.19% year-on-year increase in total revenue for 2025, but a 21.71% decrease in net profit attributable to shareholders [2]. Group 3: Telecommunications and Technology - Verizon's stock rose 11.83% after reporting the largest increase in mobile users since 2019, with a net addition of 616,000 users in the fourth quarter, exceeding market expectations [6]. - Tesla's stock increased by 3.32% as the company shifts focus from automotive to AI and robotics, planning to convert its Fremont factory for the production of the upcoming Optimus robot [5]. Group 4: Energy and Resources - China Shenhua Energy's stock fell over 5% after announcing an expected profit of RMB 50.8 billion to 55.8 billion for 2025, a decline of 18.6% to 10.6% compared to the previous year [4]. Group 5: Real Estate Sector - Chinese property stocks continued to decline, with companies like R&F Properties and Sunac China experiencing significant drops. Reports suggest that several developers may be exempt from disclosing "three red lines," indicating increased government attention to the struggling real estate sector [4]. Group 6: Financial Performance Highlights - Yihua Tong projected a net loss of RMB 550 million to 720 million for 2025, representing an increase in losses of 20.50% to 57.74% compared to the previous year [2]. - Cloud Voice announced an expected revenue of RMB 600 million to 620 million from its large model-related business in 2025, marking a staggering year-on-year growth of approximately 1057% to 1095% [3].

Group 1 - Semiconductor stocks experienced a decline, with Huahong Semiconductor down 9.53% to HKD 105.4, and other companies like Zhaoyi Innovation, Shanghai Fudan, and SMIC also reporting significant drops [1] - The South Korean stock market saw a sharp decline of 4%, with major players Samsung and SK Hynix facing losses [1] - Samsung, SK Hynix, and Micron have tightened order reviews and are conducting stricter due diligence on customers to mitigate potential market fluctuations caused by over-ordering and stockpiling [1] Group 2 - Jensen Huang recently stated that no orders for the H200 chip have been received from Chinese customers, indicating a wait-and-see approach [1] - First Shanghai noted that the impact of the H200 release on the domestic computing power industry chain is limited, primarily due to the differing application scenarios between H200 and domestic computing power, which focuses on small to medium models and inference applications [1]

Group 1 - Semiconductor stocks experienced a decline, with notable drops including Huahong Semiconductor down 9.53% to HKD 105.4, GigaDevice down 8.06% to HKD 308, Shanghai Fudan down 5.08% to HKD 49.36, and SMIC down 4.18% to HKD 72.25 [1] - The South Korean stock market saw a significant drop of 4%, impacting major companies like Samsung and SK Hynix [1] - Major chip manufacturers, including Samsung, SK Hynix, and Micron, have tightened order reviews and are conducting stricter due diligence on customers to mitigate potential market fluctuations caused by excessive orders or stockpiling [1] Group 2 - Jensen Huang recently stated that no orders for the H200 chip have been received from Chinese customers, indicating a wait-and-see approach [1] - First Shanghai noted that the impact of the H200 chip release on the domestic computing power industry chain is limited, primarily due to the differing application scenarios between H200 and domestic computing power, which focuses on small to medium models and inference applications [1]

Group 1 - The top three companies with the highest AH premium rates are Northeast Electric (00042) at 831.03%, Zhejiang Shibao (01057) at 339.32%, and Sinopec Oilfield Service (01033) at 323.71% [1][2] - The bottom three companies with the lowest AH premium rates are CATL (03750) at -14.62%, China Merchants Bank (03968) at -3.22%, and Hengrui Medicine (01276) at 1.77% [1][2] - Sinopec Oilfield Service (01033), Andeli Juice (02218), and Shandong Molong (00568) have the highest deviation values at 53.41%, 21.68%, and 19.01% respectively [1][2] Group 2 - The companies with the lowest deviation values include Zhejiang Shibao (01057) at -58.91%, Yangtze Optical Fibre and Cable (06869) at -49.00%, and Fudan Zhangjiang (01349) at -24.81% [1][2][4] - The top ten AH stocks by premium rate include companies like Hongye Futures (03678) and Beijing Electromechanical (00187) with premium rates of 258.91% and 257.99% respectively [2] - The bottom ten AH stocks by premium rate include Weichai Power (02338) and Midea Group (00300) with premium rates of 6.84% and 8.51% respectively [2]