Market Overview - The Hang Seng Index is facing resistance at 24,700 points, with a projected P/E ratio of 11 times over the next 12 months [2] - The US-China trade talks have seen limited progress, and there is a lack of willingness from China to implement further economic stimulus measures [2] - The inflow of capital from the north has slowed down, indicating limited improvement in corporate earnings [2] Macro Focus - The US has announced tariffs on Japan and South Korea at 25%, and on Laos and Myanmar at 40%, effective August 1 [4][8] - The US Treasury Secretary anticipates discussions with Chinese officials to advance trade and other issues [4][8] - The US Federal Reserve has maintained interest rates, with expectations of two rate cuts totaling 0.5% this year, reflecting a cautious stance on inflation uncertainties [4][8] - The Chinese central bank increased its gold reserves by 70,000 ounces in June, continuing a trend of accumulation [4][8] Sector Highlights - The biotechnology sector is expected to benefit from new measures supporting the high-quality development of innovative drugs [7] - Macau's gaming revenue in June increased by 19% year-on-year, exceeding expectations [7] - The power sector is seeing increased demand due to high temperatures [7] Company News - Lens Technology (6613) priced its shares at HKD 18.18, a discount of nearly 28% compared to A-shares [10] - Dongfeng Motor (0489) aims to maintain its annual sales target of 3 million vehicles, with a focus on 1 million new energy vehicles [10] - Xiaomi (1810) reported a 20-fold increase in air conditioner sales in Northeast China due to unprecedented high temperatures [10] - NIO (9866) plans to officially launch its third factory in Hefei in September [10] - JD Logistics (1519) reported a 23.5% year-on-year increase in parcel volume for the second quarter [10]

Group 1 - The recent U.S. Inflation Reduction Act has been characterized as a wealth redistribution mechanism, benefiting households with incomes between $200,000 and $500,000 while raising the age for food assistance eligibility from 54 to 64 years [1] - Corporate tax rates have been reduced from 21% to 15%, contributing to record highs in indices such as NASDAQ and S&P 500, while companies like Nvidia, Microsoft, and Meta have also reached new peaks [1] - Tesla has faced significant challenges, with Elon Musk's actions leading to a loss of $200 billion in debt, while the overall U.S. stock market continues to rise despite a 10% decline in the dollar this year [1] Group 2 - Hong Kong's stock exchange has achieved the highest IPO fundraising globally this year, with Alibaba planning to issue approximately HKD 12 billion in zero-coupon convertible bonds [2] - There is liquidity pressure in the Hong Kong market due to a lack of significant foreign capital inflow, contrasting with the A-share market's more volatile nature [2] - The focus is on listing core Chinese assets in Hong Kong to attract more global capital, with a specific mention of the IPO of Lens Technology, which is seen as a core player in the Apple supply chain [2] Group 3 - The recent competition among major players like Alibaba, JD.com, and Meituan has negatively impacted the Hang Seng Tech Index, with Goldman Sachs predicting continued pressure on profitability for these companies [3] - Alibaba's food delivery business is expected to incur a loss of CNY 41 billion over the next 12 months, while JD.com and Meituan are also projected to face significant losses [3] - Pinduoduo is expected to benefit from this competitive landscape as it has not directly participated in the delivery wars [3]

Investment Rating - The report does not explicitly provide an investment rating for Lens Tech (300433.SZ) as it is categorized as "Not Covered" [1]. Core Insights - Management is optimistic about the demand for foldable phones, driven by differentiation, new use cases, and improved technology that enhances user experience [1][4]. - The company is diversifying its end markets beyond smartphones to include vehicle glass, AI glasses, and robotics, which supports long-term growth [1][8]. Summary by Sections Foldable Phones - Foldable phones are expected to drive significant growth, with management highlighting strong market demand and potential for increased shipments [4][7]. - The global shipment penetration rate for foldable phones is projected to rise from 1.5% in 2024 to 4.1% by 2027, excluding iPhones [2]. Vehicle Glass Expansion - Lens Tech is expanding into vehicle glasses, leveraging its experience in smartphone glass to provide high-precision and lighter-weight solutions for leading car OEMs [8]. - The company is collaborating with over 30 electric vehicle manufacturers, indicating a strategic move into the automotive sector [9]. Long-Term Outlook - Revenue growth in 2025 is anticipated to be bolstered by new smartphone model launches and the increasing trend of foldable phones [9]. - Contributions from vehicle glasses and AI/AR glasses are expected to ramp up over the long term, driven by rising popularity and affordability [9].

Investment Rating - The industry rating is "Outperform the Market" (maintained) [5] Core Insights - The upcoming launch of the GB300 server and Oracle's contract are expected to drive investment opportunities in computing power [12] - The listing plans of Lens Technology and Luxshare Precision in Hong Kong, along with the US-Vietnam tariff adjustments, are stimulating the recovery of the consumer electronics supply chain [12][15] - The GB300 AI server chip from NVIDIA is set to be released in the second half of the year, with revenue opportunities expected to increase by 50 times compared to the previous generation [16] - Oracle has signed multiple cloud service contracts, which are anticipated to significantly boost demand for computing power and related infrastructure [20][21] - The demand for PCB (Printed Circuit Board) is expected to rise due to the increasing needs from AI servers and ASIC (Application-Specific Integrated Circuit) developments [23][31] Summary by Sections 1. Consumer Electronics Sector - Lens Technology and Luxshare Precision are planning to list in Hong Kong, enhancing their global presence and benefiting from tariff adjustments between the US and Vietnam [12][15] - The US-Vietnam trade agreement is expected to lower supply chain costs for companies like Apple, positively impacting the consumer electronics sector [15] 2. Computing Power Infrastructure - The GB300 AI server chip is anticipated to drive significant orders and technological upgrades within the industry [16][17] - Oracle's cloud service contracts are projected to contribute over $30 billion annually, indicating strong demand for AI infrastructure [20] 3. PCB Market Dynamics - The demand for PCB is expected to grow due to the increasing requirements from AI servers and ASIC technologies [23][31] - The GB200 NVL72 architecture from NVIDIA is raising the standards for PCB, leading to increased growth in the sector [26] 4. Smartphone Market Insights - Huawei continues to lead the Chinese smartphone market, with a 12% year-on-year growth in the second quarter of 2025 [35] - The release of new models from major brands is expected to drive further innovation and competition in the smartphone market [38][40]

Core Viewpoint - The company, Lens Technology, is proceeding with the issuance of H shares for overseas listing on the Hong Kong Stock Exchange, with a final offering price set at HKD 18.18 per share [1][2]. Group 1: H Share Issuance Details - The H share issuance is limited to qualified overseas investors and certain domestic institutional investors as per relevant Chinese laws and regulations [1]. - The final price for the H shares has been determined at HKD 18.18 per share, excluding various transaction fees [2]. - The H shares are expected to be listed and commence trading on July 9, 2025, on the main board of the Hong Kong Stock Exchange [2].

证券代码：300433 证券简称：蓝思科技 公告编号：临 2025-055 蓝思科技股份有限公司 关于境外上市外资股（H 股）公开发行价格的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 因本次拟发行的 H 股股份的认购对象仅限于符合相应条件的境外投资者及 依据中国相关法律法规有权进行境外证券投资管理的境内证券经营机构和合格 境内机构投资者及其他符合监管规定的投资者。因此，本公告仅为 A 股投资者 及时了解公司本次境外发行上市的相关信息而作出，并不构成亦不得被视为是对 任何境内个人或实体收购、购买或认购公司任何证券的要约或要约邀请。 公司已确定本次 H 股发行的最终价格为每股 18.18 港元（不包括 1%经纪佣 金、0.0027%香港证券及期货事务监察委员会交易征费、0.00565%香港联交所交 易费及 0.00015%香港会计及财务汇报局交易征费）。公司本次发行的 H 股预计 于 2025 年 7 月 9 日在香港联交所主板挂牌并开始上市交易。 特此公告。 蓝思科技股份有限公司董事会 二○二五年七月八日 蓝思科技股份有限公司（以下简称"公司"）正在进 ...

智通财经7月7日电，蓝思科技据悉将港交所IPO发行价定在区间上限。 ...

Core Viewpoint - The "fruit chain" giants, including Luxshare Precision, Lens Technology, and GoerTek, are planning to list in Hong Kong to enhance their global strategy and reduce reliance on major clients like Apple [2][4][9]. Group 1: Company Listings - Luxshare Precision announced its plan to list in Hong Kong, following Lens Technology and GoerTek, which are already ahead in the listing process [2][4]. - As of July 3, the combined market capitalization of the three companies is approximately 462.8 billion yuan [2]. - Lens Technology is set to become the first among the three to list on the Hong Kong Stock Exchange on July 9 [7]. Group 2: Strategic Goals - The primary goals for the three companies include deepening global strategic layouts and enhancing overseas financing capabilities [2][4]. - Each company aims to diversify their operations and reduce dependence on major clients, particularly Apple [11][13]. - Luxshare Precision has been closely tied to Apple, supplying various components and recently entering the iPhone supply chain [5][13]. Group 3: Market Context - The recent trend of companies listing in Hong Kong is supported by favorable policies from the China Securities Regulatory Commission, which encourages leading domestic enterprises to utilize both A-share and H-share markets [9][10]. - The Hong Kong market has shown signs of recovery, with narrowing valuation gaps between H-shares and A-shares [10].

Market Overview - The A-share market experienced a significant rally, with all three major indices rising, and the Shanghai Composite Index reaching a new high for the year at 3461.15 points, up 0.18% [1] - The Shenzhen Component Index closed at 10534.58 points, up 1.17%, while the ChiNext Index rose 1.90% to 2164.09 points [1] - The total market turnover exceeded 1.33 trillion yuan, with over 3200 stocks advancing [1] Consumer Electronics Sector - The consumer electronics sector showed strong performance, with an overall increase of 2.83%, ranking third among industry sectors for the day [2] - Notable individual stock performances included Lens Technology rising over 11%, and Industrial Fulian hitting the daily limit, with a net inflow of 20.23 billion yuan [2] - Analysts predict strong order growth for Industrial Fulian in the next 3 to 5 years, driven by robust demand from cloud service providers [2][3] PCB and Computing Power Industry - The PCB and computing power-related stocks saw a collective rise, with the PCB concept sector increasing by 3.27% [4] - Key players like Dongshan Precision and Shenghong Technology reached new highs, with Dongshan Precision planning to complete the acquisition of Solstice Optoelectronics by Q3 [4] - The overall outlook for the communication sector is improving, particularly for light module leaders, driven by surging AI demand in North America [5] Solid-State Battery Sector - The solid-state battery sector rebounded, with an overall increase of 1.77%, and 173 stocks within the sector rising [7] - Notable performers included Hong Kong Technology rising nearly 16% and Huasen Lithium rising over 15% [7] - The solid-state battery industry is accelerating its industrialization process, with expectations for long-term growth as performance improves [8]

Group 1 - Industrial Fulian's market capitalization reached 462.3 billion, while Lens Technology surged by 11.4%, indicating a collective rise among major consumer electronics stocks [1] - Foxconn Technology Group has requested hundreds of Chinese engineers and technicians to leave its iPhone factory in India, impacting Apple's production expansion efforts in the region [2][3] - Despite Foxconn and Apple expressing optimism about manufacturing in India, challenges such as poor business environment and frequent power outages may hinder further investment in the country [3][4] Group 2 - The PCB, semiconductor components, and consumer electronics sectors experienced significant gains, reflecting market optimism [6][7] - The innovative drug sector is gaining attention, with potential for a major upward trend as new leaders emerge in the market [7] - Trading conditions remain challenging for short-term investors, despite overall market gains, with many facing difficulties in achieving profits [8]