Core Insights - Apple is aggressively pursuing the AI glasses market, with a modular design that allows users to customize components such as batteries and frames, enhancing personalization and usability [1][2] - The anticipated launch of Apple's AI glasses is expected in 2026, with Foxconn and Quanta likely to secure manufacturing contracts, while TSMC is expected to produce key chips [1] - The introduction of AI glasses is expected to spark a new wave of market interest, benefiting various Taiwanese stocks associated with AI glasses [1] Modular Design Features - The patented modular design includes detachable support arms that can alleviate pressure on the nose and cheeks, enhancing comfort for users [2] - Users can replace components to improve fit, extend battery life, or personalize style, making the glasses adaptable for various head shapes and activities [2] - The support arms are embedded with essential electronic components, including processors, speakers, and batteries, allowing for a swappable battery feature [2] Technological Innovations - The AI glasses are expected to include a camera, microphone, and speaker, with built-in Siri support for functionalities like phone calls, music playback, instant translation, and navigation [3] - The design incorporates a "liquid glass" concept that creates a semi-transparent effect, allowing digital information to blend seamlessly into the user's view [3][4] - This innovative design aims to provide a more intuitive and natural interaction experience by merging digital content with the physical world [4]

Core Insights - TSMC and Samsung are set to produce the industry's most advanced 2nm chips in the second half of this year, leading to intensified competition for orders [1] - TSMC has already begun receiving 2nm orders and is expected to produce them at its Hsinchu and Kaohsiung facilities, utilizing GAA architecture for the first time, which is projected to enhance performance by 10% to 15% and reduce power consumption by 25% to 30% [1] - TSMC's 2nm clients include major companies such as Apple, Nvidia, AMD, Qualcomm, and MediaTek, with MediaTek's CEO hinting at a product design completion by September [1] - Samsung aims to start 2nm chip production in the second half of the year, likely for its new Galaxy S26 flagship device, but its yield rate is reportedly lower than TSMC's [1] - TSMC's 2nm yield has surpassed 60%, while Samsung's yield is around 40%, posing a challenge for Samsung in attracting orders from tech giants [1][2] Company Strategies - Samsung, despite being the first to produce 3nm chips using GAA architecture, has faced challenges with low yield rates and is now focusing on improving its 2nm yield based on previous experiences [2] - To enhance its competitive edge in advanced processes, Samsung has recruited Margaret Han, a former TSMC employee, to lead its foundry division [2]

01 国常会：更大力度推动房地产市场止跌回稳 国务院总理李强6月13日主持召开国务院常务会议，部署中国（上海）自由贸易试验区试点措施复制推广工作，听取构建房地产发展新模式和推进好房子建设有关 情况汇报，审议通过《关于进一步完善信用修复制度的实施方案》，研究优化药品和耗材集采有关举措。 会议指出，构建房地产发展新模式，对于促进房地产市场平稳、健康、高质量发展具有重要意义，要着眼长远，坚持稳中求进、先立后破，有序搭建相关基础性制 度。要扎实有力推进"好房子"建设，纳入城市更新机制加强工作统筹，在规划、土地、财政、金融等方面予以政策支持。要对全国房地产已供土地和在建项目进行 摸底，进一步优化现有政策，提升政策实施的系统性有效性，多管齐下稳定预期、激活需求、优化供给、化解风险， 更大力度推动房地产市场止跌回稳。 详情参见： 《国常会：更大力度推动房地产市场止跌回稳》 02 央行明日重要操作 央行将于月内第二次开展买断式逆回购操作。6月13日，中国人民银行发布公开市场买断式逆回购招标公告称，为保持银行体系流动性充裕，2025年6月16日，将以 固定数量、利率招标、多重价位中标方式开展4000亿元买断式逆回购操作，期限为 ...

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Core Viewpoint - The optical components industry is showing signs of recovery after a prolonged period of uncertainty, with a positive outlook on the CPO (Co-Packaged Optics) sector, particularly for leading companies like Coherent and Lumentum [1][12]. Industry Overview - CPO technology is expected to begin mass production in the second half of 2025 and reach a significant turning point in 2027, accelerating growth compared to previous optical communication technology transitions [1]. - The total power consumption of data center hardware is projected to surge from 50 GW in 2023 to 150 GW by 2029, with optical transceiver power consumption expected to increase nearly tenfold [5]. - CPO technology offers substantial performance advantages, including over 30% reduction in power consumption, doubling of port density, and significant performance improvements [8]. Market Dynamics - The market for pluggable transceivers is expected to remain dominant, growing from $11 billion in 2025 to $23 billion by 2030, with a compound annual growth rate (CAGR) of 17% [9]. - CPO is not seen as a disruptor to existing supply chains but rather as a catalyst for creating a new market, allowing current optical suppliers to maintain essential roles [12]. Profitability Insights - CPO business is anticipated to have a gross margin exceeding 50%, significantly higher than the 30% margin for traditional pluggable transceivers [13]. - By 2030, CPO is expected to account for 19% of total revenue for companies like Coherent and Lumentum, contributing 27% of gross profit [13]. Company Projections - Coherent is projected to achieve a 10% revenue growth in fiscal years 2026 and 2027, with earnings per share (EPS) reaching $5.70, surpassing market expectations [16]. - Lumentum's EPS forecasts for 2026 and 2027 have been raised to $4.20 and $5.90, respectively, driven by its leadership in CPO laser technology [16]. Key Players and Developments - Major companies benefiting from the CPO supply chain include Broadcom, Nvidia, TSMC, Corning, and Fabrinet, each playing a critical role in advancing CPO technology [20]. - The CPO market is characterized by ongoing pricing pressures and potential vertical integration by customers like Cisco and Ciena, which could impact upstream suppliers [20].

Market Overview - US stock indices experienced fluctuations but closed higher, with the Dow Jones and Nasdaq both up by 0.24% and the S&P 500 up by 0.38% [1] - The VIX index increased by 4.4% to 18.02, indicating a rise in market volatility [1] - The US dollar index fell by 0.79% to 97.86, while the yield on the 10-year Treasury bond decreased by 1.401% to 4.362% [1] - Spot gold rose by 0.94% to $3,386.57 per ounce, and Brent crude oil increased by 0.5% to $70.26 [1] Industry & Stocks - Most sectors in the S&P 500 saw gains, with utilities up 1.21%, technology up 0.93%, and healthcare up 0.78%, while communication and industrial sectors declined by 0.81% and 0.26% respectively [2] - Chinese concept stocks mostly fell, with notable movements including TSMC up 0.98% and Alibaba down 1.45% [2] - Major tech stocks had mixed results, with Microsoft up 1.32% and Nvidia up 1.52%, while Google and Meta saw declines of 1.02% and 0.11% respectively [2] - Boeing's stock dropped by 4.79% following a plane crash in India that resulted in over 290 fatalities [2] Company Focus - Oracle reported Q4 earnings that exceeded expectations, with revenue up 11% year-over-year to $15.9 billion and cloud infrastructure revenue soaring 52% to $3 billion [3] - Nvidia's CEO announced that the company will exclude the Chinese market from its revenue and profit forecasts [4] - AMD's CEO highlighted that the AI chip market is expected to exceed $500 billion by 2028, with their new MI350 chip series outperforming Nvidia's products [5] - Reports indicate that the US and China reached a preliminary agreement on rare earth export licenses, valid for six months [6] - Micron Technology plans to invest approximately $200 billion in chip manufacturing and R&D in the US, aiming to create 90,000 jobs [9] - South Korea's semiconductor exports grew by 21.2% year-over-year in May, reaching $13.8 billion, driven by strong demand for AI-related chips [10] - The US saw a significant drop in imports at major ports in May, with Long Beach and Los Angeles ports experiencing declines of 20.9% and 8.5% respectively [11] - Airbus raised its 20-year forecast for commercial aircraft demand by 2% to 43,420 units, reflecting a slight adjustment in global economic growth predictions [13] - BioNTech agreed to acquire CureVac for approximately $1.25 billion, ending a long-standing competition between the two companies [14]

Core Viewpoint - The CPO (Co-Packaged Optics) technology is gaining traction in the optical communication sector, with significant stock price increases for companies involved in this field, indicating a growing market interest and potential investment opportunities [1][2]. Group 1: Stock Performance - Tianfu Communication (300394.SZ) saw a price increase of 12.12%, reaching 76.20, with a market capitalization of 591.2 billion [2]. - LianTe Technology (301205.SZ) experienced a 10.66% rise, with a current price of 80.47 and a market cap of 54.7 billion [2]. - Zhongji Xuchuang (300308.SZ) reported a 7.93% increase, with a price of 116.54 and a market cap of 1288.5 billion [2]. - Bochuang Technology (300548.SZ) increased by 6.35%, reaching 56.07, with a market cap of 150.5 billion [2]. - Dekeli (688205.SS) rose by 6.32%, with a price of 67.00 and a market cap of 59.1 billion [2]. - Guangxun Technology (002281.SZ) saw a 5.58% increase, with a price of 45.61 and a market cap of 352.6 billion [2]. Group 2: CPO Technology Developments - Broadcom announced the delivery of the Tomahawk 6 (TH6) switch chip, which supports both conventional and CPO versions [3]. - TSMC is accelerating its co-packaged optical technology, expecting to have production lines ready by June 2025, with small-scale production in the second half of 2025 and mass production starting in 2026 [3]. - NVIDIA introduced co-packaged optical switches at the GTC conference, with InfiniBand CPO expected to launch in the second half of 2025 and Ethernet CPO planned for the second half of 2026 [3]. Group 3: Market Insights - CPO technology enables miniaturization and integration of high-speed optical modules, reducing chip packaging size and improving system integration [4]. - The technology facilitates direct connections from CPUs and GPUs to various devices, enhancing resource pooling and memory disaggregation while minimizing signal transmission loss and power consumption [4]. - The CPO market generated approximately $3.8 million in revenue in 2022, projected to reach $2.6 billion by 2033, with a compound annual growth rate (CAGR) of 46% from 2022 to 2033 and 80% from 2028 to 2033 [5].

Core Viewpoint - The smartphone purchasing intention is weakening, particularly in the U.S. market, with a future 12-month purchasing intention of 36%, showing a month-on-month decline and year-on-year stability [1][12]. Group 1: Market Trends - The ideal replacement cycle for smartphones has extended to 31.1 months, indicating a slowdown in replacement behavior [2][13]. - U.S. purchasing intention has significantly dropped to 37%, down from 50% and 44% in the previous quarters [2][12]. - Despite a 3.2% year-to-date increase in smartphone sales as of April, the overall forecast for global smartphone sales remains conservative, with only a 1% year-on-year growth expected in 2025 and flat growth in 2026 [2][9]. Group 2: Impact of Tariffs - Tariffs are affecting global smartphone buyer sentiment, with 19% of respondents citing concerns over tariffs impacting prices as a reason for not purchasing [3][10]. - Among those likely to purchase a smartphone in the next 12 months, 82% are willing to accept some price increase due to tariffs, but 62% would seek cheaper alternatives if the increase is deemed excessive [3][13]. - The potential for OEMs to raise prices to offset tariff impacts could lead to a broader price increase across the market, affecting demand [3][10]. Group 3: Consumer Interest in AI Features - Interest in generative AI features in smartphones is slowly increasing, but it has not yet translated into significant changes in purchasing behavior [4][14]. - Only 34% of respondents indicated they would purchase a smartphone earlier or pay extra for generative AI features, suggesting that interest has not yet driven substantial demand [4][14]. Group 4: Stock Recommendations - UBS maintains a positive outlook on several smartphone-related stocks, including ASE, Broadcom, Hon Hai, and MediaTek, among others, with buy ratings [5][8]. - Caution is advised for Hua Hong Semiconductor, rated as a sell, and LG Display, rated neutrally [6][7].

Market Performance - On June 10, US stock indices all rose, with the Dow Jones Industrial Average reaching a three-month high during intraday trading [2][3] - The Dow Jones Industrial Average closed up 0.25% at 42,866.87 points, the S&P 500 rose 0.55% to 6,038.81 points, and the Nasdaq Composite increased by 0.63% to 19,714.99 points [2][3] Sector Performance - In the banking sector, major stocks showed mixed results, with JPMorgan rising 0.73%, Bank of America up 0.55%, and Goldman Sachs increasing by 0.25%, while Citigroup fell 0.17% and Morgan Stanley dropped 0.05% [3] - The energy sector saw most major stocks rise, with Schlumberger up over 4%, ConocoPhillips increasing by over 3%, and ExxonMobil and Occidental Petroleum both rising over 2% [4] - Airline stocks had mixed performance, with Southwest Airlines up over 2% and Delta Airlines rising 1%, while United Airlines fell 0.32% [5] Technology Sector - The semiconductor industry saw a broad increase, with the Philadelphia Semiconductor Index rising 2.06% and Intel increasing by over 7% [5] - Tesla's stock rose over 5%, bringing its market capitalization back above $1 trillion, reaching $1.05 trillion [5] Chinese Stocks - Chinese stocks listed in the US showed a slight increase, with the Nasdaq Golden Dragon China Index rising 0.3% [6] - Notable gainers included Yatsen Holding up over 15% and Legend Biotech rising over 8% [6] Commodity Prices - International gold prices and oil prices experienced narrow fluctuations after previous volatility [7] - On June 10, London gold prices slightly decreased but remained above $3,300 per ounce, while NYMEX WTI crude oil futures also saw a minor decline of less than 1% [8][9]

Group 1 - The US stock market opened mixed on June 10, with the Dow Jones down 0.04%, Nasdaq up 0.15%, and S&P 500 up 0.11% [1] - Tencent Music's stock rose over 4% following the announcement of its proposed acquisition of Himalaya Holdings [1][4] - TSMC's stock increased by over 2%, reporting a 39.6% year-on-year revenue growth for May [1] Group 2 - Nvidia and Siemens announced plans to build a new supercomputer named "Blue Lion" in Germany, utilizing Nvidia's next-generation "Vera Rubin" chips, expected to be available to scientists by early 2027 [2] - IBM released a roadmap on June 10, outlining its plan to develop a large-scale fault-tolerant quantum computer by 2029 [3] Group 3 - VinFast reported a significant increase in electric vehicle deliveries, with a total of 36,330 units delivered in Q1, representing a 296% year-on-year growth [5] - The company's total revenue for Q1 reached approximately 6.57 billion USD, a 149.9% increase year-on-year, while it incurred a net loss of about 7.12 billion USD [5]