Core Viewpoint - The U.S. stock market is experiencing a significant rally, driven by a series of better-than-expected macroeconomic data, alleviating concerns about an economic slowdown [2][11]. Economic Data Summary - The U.S. non-farm payrolls for June showed an increase of 147,000, significantly above expectations, while the unemployment rate unexpectedly dropped to 4.1% [11]. - The ISM non-manufacturing index for June reported at 50.8, slightly above the expected 50.5, indicating continued growth in the services sector [12]. - Industrial orders in May increased by 8.2%, marking the largest monthly gain since 2014, with non-defense orders rising by 7.5% [13]. Trade Negotiations Summary - U.S. Treasury Secretary Janet Yellen met with EU negotiators, expressing hope for a principle trade agreement before the upcoming deadline [16]. - Yellen warned that if trade negotiations do not progress, tariffs may revert to previous levels [17]. - The market remains focused on the U.S. Congress's deliberations regarding President Trump's comprehensive tax and spending plan, with a procedural vote passing in the House [21][22]. Stock Market Performance Summary - Major U.S. stock indices, including the Nasdaq and S&P 500, reached all-time highs, with the Nasdaq up 0.97% and the S&P 500 up 0.81% [7]. - Solar stocks showed strong performance, with Sunrun rising over 18% and First Solar increasing over 8% [8]. - Notably, the stock of Brain Rejuvenation Technology surged over 170% in a single day, marking a year-to-date increase of 21,300% [10].

1. 美国6月季调后非农就业人口录得14.7万人，好于市场普遍预期，交易员不再押注美联储7月降息。 2. 美国财长警告 关税可能会回升至4月2日水平。 3. 美国商务部已通知全球三大芯片设计软件供应商——新思科技、楷登电子和西门子，此前要求其在华 业务必须申请政府许可的规定现已撤销。 1. 台积电(TSM.N)据称两年内将退出氮化镓业务。 2. 星巴克(SBUX.O)：高管每人600万美元股票奖励，但必须实现扭亏为盈。 3. 阿斯麦(ASML.O)预告，将于欧洲中部时间7月16日07:00公布2025年第二季度业绩。 4. 贝莱德(BLK.N)据称考虑出售沙特阿美天然气管道的股份。 5. Robinhood(HOOD.O)美股盘前一度跌超3%，此前OpenAI否认与Robinhood代币有关。 6. 小鹏汽车(XPEV.N)：全球首款L3级算力AI汽车小鹏G7上市，售价19.58万元起。 7. 甲骨文(ORCL.N)300亿大单浮出水面：传与OpenAI扩大合作建设更多数据中心。 重要新闻： 个股新闻 金十数据整理：每日美股市场要闻速递（7月3日 周四） ...

点击蓝字，关注我们 FedWatch，7月降息预期已提升至21.7%，但大概率维持不变，将导致港股海外资金流出压力上升；9 月降息概率91.1%，9月降息或已成定局。 6月24日，以伊停火，地缘冲突引发的市场短期波动逐渐缓 解。 受美联储政策预期以及市场整体风险偏好影响最大的科技股反弹行情有望延续。 国内来看，6月末六部委联合政策文件的发布，市场重燃政策发力预期；进入7月，政治局会议也是全 年重要的政策观测时点， 为实现年内增长目标，7月宏观政策有望加码。 前次6月策略涨跌情况 我们推荐的所有美股均实现正收益！ | 美股 | | | | | --- | --- | --- | --- | | 证券代码 | 证券同称 | 6月涨跌幅 | 所属 Wind行业 | | AMD.O | 超威半导体 | 28.15% | 信息技术 | | TEM.O | TEMPUS AI | 15.15% | 医疗保健 | | ITYN | 礼来 | 5.67% | 医疗保健 | | UNH.N | 联合健康集团 | 4.07% | 医疗保健 | | OXY.N | 西方石油 | 3.59% | 能源 | | 港股 | | | | ...

Core Viewpoint - Power semiconductor company Powerchip Semiconductor Manufacturing Corporation (力积电) has announced a partnership with Navitas Semiconductor (纳微半导体) to produce gallium nitride (GaN) products in Taiwan, positioning itself as a key player in the supply chain for NVIDIA's AI server technology [1][2]. Group 1: Partnership and Market Position - The collaboration with Navitas allows Powerchip to become a significant partner in NVIDIA's supply chain, particularly for high-voltage power management solutions [1][2]. - Navitas recently secured a major order from NVIDIA for GaN components, leading to a significant increase in its stock price by over 1.8 times [1][2]. - Powerchip aims to produce GaN products ranging from 100V to 650V to meet the growing demand from large AI data centers and electric vehicles [2]. Group 2: Technical Advancements - The production will utilize a 0.18-micron CMOS process, enhancing performance, efficiency, and cost-effectiveness [1]. - GaN technology offers three main advantages in AI servers: lower conduction resistance and higher switching speed, improved power performance, and the ability to design smaller, more compact power modules [3]. Group 3: Future Production Plans - The first batch of GaN products is expected to complete certification in Q4 of this year, with the 100V series planned for production in the first half of 2026 [2]. - The transition of 650V products from TSMC to Powerchip is anticipated over the next one to two years [2].

Core Viewpoint - The article highlights the salary trends of non-managerial full-time employees in Taiwan's listed companies for 2024, particularly focusing on the semiconductor industry, which shows significant salary increases compared to the previous year [2][4]. Salary Overview - MediaTek leads with an average annual salary of NT$4.31 million (approximately RMB 1.054 million), marking a 14.81% increase from 2023, making it the only company with an average salary exceeding NT$4 million [3][5]. - Nine companies have average salaries exceeding NT$3 million, with notable mentions including: - Realtek: NT$3.915 million (approximately RMB 0.957 million) - Dafa Technology: NT$3.571 million (approximately RMB 0.873 million) - Aisland: NT$3.541 million (approximately RMB 0.866 million) - Lianying: NT$3.521 million (approximately RMB 0.861 million) - Ruiding: NT$3.413 million (approximately RMB 0.834 million) - TSMC: NT$3.391 million (approximately RMB 0.831 million) - Creative Electronics: NT$3.16 million (approximately RMB 0.773 million) [4][5]. Industry Insights - The top three companies, MediaTek, Realtek, and Dafa Technology, experienced significant salary growth for non-managerial employees, with increases of 14.81%, 24.33%, and 27.35% respectively [5]. - The majority of the companies listed, except for Aisland, are involved in the semiconductor industry, with seven being chip design firms and TSMC being a wafer foundry [5].

Hong Kong Market Overview - The Hang Seng Index closed at 24,072, down 0.87% for the day but up 20% year-to-date[3] - The Hang Seng China Enterprises Index fell 0.96% to 8,678, with a year-to-date increase of 19.05%[3] - The Hang Seng Tech Index decreased by 0.72% to 5,303, showing an 18.68% rise for the year[3] - In June, the Hang Seng Index, China Enterprises Index, and Tech Index rose by 3.36%, 2.92%, and 2.56% respectively[10] US Market Performance - The Dow Jones Industrial Average increased by 0.91% to 44,495, with a year-to-date gain of 4.59%[3] - The S&P 500 Index fell by 0.11% to 6,198, up 5.38% year-to-date[3] - The Nasdaq Composite dropped 0.82% to 20,203, with a year-to-date increase of 4.62%[3] - Major tech stocks showed mixed results, with Nvidia down 2.97% and Apple up 1.29%[10] Sector Trends - In the US, all sectors except Technology, Communications, and Semiconductors saw gains, with Materials up 2.59% and Healthcare up 1.42%[10] - In Hong Kong, new consumption and stablecoin concepts gained traction, while gold and precious metal stocks faced declines[10] Notable Stock Movements - Xiaomi and NetEase rose over 1%, while Meituan and Alibaba fell over 2%[10] - In the US, Tesla dropped 5.34%, while Amazon and Berkshire Hathaway saw slight increases[10] - Chinese electric vehicle manufacturers showed varied performance, with Li Auto down 1.03% and XPeng up 2.13%[11]

Summary of Key Points from Conference Call Records Company and Industry Overview - **Companies Involved**: SMIC (中芯国际) and Hua Hong Semiconductor (华虹半导体) - **Industry**: Semiconductor industry, focusing on advanced and mature process technologies Core Insights and Arguments SMIC (中芯国际) 1. **Performance Outlook**: SMIC expects Q2 2025 to be the bottom for performance, with Q3 revenue projected to grow over 10% sequentially, driven by the completion of equipment debugging and increased demand for mobile and AI chips [1][9][10] 2. **Order Visibility**: The visibility of orders has improved, covering levels beyond August 2025, alleviating concerns about Q4 performance [1][5] 3. **AI Product Shipments**: SMIC has begun large-scale shipments of AI-related products, with expectations for significant monthly increases in the second half of 2025 [1][6] 4. **Revenue Growth Forecast**: Revenue growth is expected to maintain a range of 15% to 25% over the next three years, with a gross margin forecast of approximately 22% for 2025 [11] 5. **Valuation Methodology**: A price-to-book (PB) ratio is deemed more appropriate for valuation than price-to-earnings (PE) due to the company's growth phase [14] Hua Hong Semiconductor (华虹半导体) 1. **Price Increase Impact**: Hua Hong finalized a price negotiation in May 2025, with expected price increases of 6-8% in Q3, significantly boosting performance [1][17] 2. **Demand Recovery**: Downstream demand is stabilizing, particularly in AI and industrial control sectors, with strong demand for analog and power management products [1][18][19] 3. **Capacity Expansion**: Hua Hong plans to release nearly 40,000 wafers of capacity in 2025, increasing to 83,000 wafers by mid-2026, focusing on 40nm to 55nm process technologies [3][21][22] 4. **Future Revenue Growth**: Revenue growth is projected at 10%, 17%, and 19% over the next three years, with net profit growth potentially exceeding 30% in 2025 [26] Additional Important Insights 1. **Local Production Trends**: The trend towards local production and domestic substitution is expected to enhance market positions for both companies, particularly in the context of geopolitical factors affecting supply chains [7][30] 2. **Market Sentiment**: The semiconductor market is showing signs of recovery, with improved order visibility and reduced uncertainty for the second half of 2025 [8][31] 3. **Catalysts for Stock Price Increase**: Key catalysts for stock price increases include improved fundamentals, the release of new AI models, and potential asset injections that could enhance valuations [16][29] This summary encapsulates the essential insights from the conference call records, highlighting the performance expectations, market dynamics, and strategic initiatives of SMIC and Hua Hong Semiconductor within the semiconductor industry.

Group 1 - The Hong Kong government announced the new members of the Chief Executive's Advisory Group, with the notable exclusion of Li Ka-shing, chairman of CK Hutchison Holdings, indicating a significant political shift [1] - CK Hutchison Holdings attempted to sell global port operations in 23 countries for $22.8 billion to BlackRock, which includes critical ports like Balboa and Cristobal, raising concerns over national security and geopolitical pressures [3] - The deal was perceived as a move to avoid geopolitical risks, but it faced backlash as it was seen to potentially harm national interests, leading to regulatory scrutiny and a halt on a significant cooperation project with Guangdong [5] Group 2 - The transaction could allow BlackRock to control 10.4% of global container throughput, posing risks such as imposing fees on Chinese vessels or restricting their passage during conflicts [5] - The market reaction was severe, with CK Hutchison's stock losing HKD 78.1 billion in market value over 11 days, and Fitch downgraded its credit rating, signaling a loss of political capital for the Li family [5] - The new advisory members are leaders in the tech sector, indicating a shift towards hard technology and emerging industries, marking the end of an era where Hong Kong tycoons relied on national benefits for expansion [5]

Core Insights - The article highlights that MediaTek has once again topped the average salary rankings for non-managerial full-time employees in Taiwan for 2024, with an average salary of 4.31 million TWD, marking a 14.8% increase from the previous year [1][2] Salary Rankings - MediaTek leads the salary rankings among all listed companies, being the only company with an average salary exceeding 4 million TWD [1] - Among all listed companies, there are 9 companies with average salaries over 3 million TWD for non-managerial employees, with 8 of them being in the semiconductor industry [1][2] - The top 10 salary list includes companies from various sectors, but the semiconductor industry dominates, with 7 out of 10 being IC design companies [1] Salary Growth - The highest salary growth in the top ten is seen in Ruiding, with a 33.53% increase, followed by Dafa at 27.35% and Realtek at 24.33% [1][2] - TSMC also reported a significant salary increase of 19.32% [1][2] Median Salary Insights - In terms of median salary, MediaTek again ranks first with a median of 3.438 million TWD, followed by Realtek at 3.246 million TWD and Dafa at 3.049 million TWD [4][5] - Only three companies have a median salary exceeding 3 million TWD, indicating a concentration of high salaries within these firms [4] Notable Trends - The only non-semiconductor company in the median salary top 10 is Evergreen Marine, which ranks tenth with a median salary of 2.415 million TWD [5] - Evergreen Marine also recorded the highest growth in median salary at 71.28%, followed by Dafa at 29.91% and Realtek at 25.18% [5]

台湾地区 证交所 昨日 公告上市公司 2024年非担任主管职务全时员工薪资资讯，包括员工人数、 薪资总额、薪资平均数及中位数。 联发科非主管以平均薪资431万元（约合人民币105.38万元）夺冠，是唯一非主管平均薪资超过 400万元 新台币 （约合人民币 97.8万元）的上市公司。 （注：本文货币单位位新台币） 转自：EETOP 推荐阅读： 第八届中国 IC 独角兽榜单发布 中国半导体行业高质量发展创新成果榜单发布 加入"中国IC独角兽联盟"，请点击进入 根据证交所统计， 2024 年非主管员工 平均薪资 前十名，依序为： 至于 2024 年上市公司非主管员工 平均薪资中位数 前十名，依序为： 联发科 431 万元（约合人民币 105.38 万元） 瑞昱 391.5 万元（约合人民币 95.72 万元） 达发 357.1 万元（约合人民币 87.31 万元） 爱山林 354.1 万元（约合人民币 86.58 万元） 联咏 352.1 万元（约合人民币 85.99 万元） 瑞鼎 341.3 万元（约合人民币 83.45 万元） 台积电 339.1 万元（约合人民币 82.91 万元） 创意 316 万元（约合人 ...