阅峰 | 光大研究热门研报阅读榜 20250608-20250614

Group 1: Macro Dynamics - The article discusses the impact of tariffs on export products, highlighting that products with technical barriers and differentiation show stronger pricing power during tariff shocks, leading to a positive cycle of "volume and price increase + increased dependency" [4] - In the short term, a general decline in exports is observed, with more resilience reflected through transshipment trade. High-dependency products exhibit weak overseas substitution effects, indicating a focus on related importers' replenishment needs [4] Group 2: Semiconductor Industry - Strong AI demand, rising storage prices, and opportunities for domestic substitution are expected to boost the fundamentals of the Hong Kong semiconductor sector. Recommended stocks include SMIC, benefiting from domestic AI demand, and Hua Hong Semiconductor, which is gaining more domestic customer orders due to the trend of local production [9] Group 3: Company Insights - Yika, a leading commercial empowerment technology platform, is expanding its overseas footprint and is expected to see significant growth in net profit from 101 million to 123 million CNY from 2025 to 2027, with an EPS forecast of 0.22 to 0.27 CNY [14] - Shengyi Technology is projected to experience rapid growth driven by AI-related demand, with net profit estimates for 2025-2027 raised to 2.628 billion, 3.280 billion, and 4.044 billion CNY respectively, maintaining a "buy" rating [38] - Chow Tai Fook's FY2025 revenue is reported at 89.656 billion HKD, a decrease of 17.5% year-on-year, but the company is expected to benefit from its transformation strategy, with profit forecasts for FY2026 and FY2027 adjusted upwards [42]