Core Viewpoint - InnoLux (02577) has become the only Chinese chip company listed as a partner for NVIDIA's 800V DC power architecture, indicating a significant collaboration aimed at enhancing AI data center efficiency and performance [1] Company Developments - InnoLux's stock opened over 4% higher, reaching HKD 60, with a trading volume of HKD 34.55 million [1] - The company announced a partnership with NVIDIA to promote the large-scale implementation of the 800V DC power architecture in AI data centers, which is designed for high-efficiency power supply in megawatt-level computing infrastructure [1] - The new power system offers significant advantages over traditional 54V systems in terms of efficiency, thermal loss, and reliability, potentially enhancing AI computing power by 100 to 1000 times [1] Market Position - According to Dongfang Securities, InnoLux holds a 31% market share in the global gallium nitride (GaN) power device market, maintaining its position as the market leader [1] - The company has been continuously increasing its production capacity, which is crucial for its competitive position in the market [1] - InnoLux is accelerating the expansion of its 8-inch GaN wafer production capacity, with plans to increase monthly production from 13,000 wafers to 20,000 wafers by the end of 2025, and aims to further expand to 70,000 wafers per month within the next five years [1]

格隆汇8月4日｜国际要闻： 大中华区要闻： 1、本周大事提醒：美国将实施"对等关税"、中芯国际、AMD 、诺和诺德、礼来等财报； 2、上周五美股三大指数集体下挫！纳指跌2.24%，亚马逊跌超8%，中概指数跌1.82%； 3、现货黄金在非农日涨2.2%，上周整体转涨，纽约铜累跌超23%； 4、国际油价非农日收跌约2.8%，上周仍然涨超3%； 5、欧佩克+同意9月增产54.8万桶/日 提前一年退出本轮减产计划； 6、美联储理事库格勒将辞职 特朗普迎来任命先机； 7、特朗普：已指示团队立即解雇劳工局局长 鲍威尔也该"退休"； 8、特朗普：佩洛西是靠内幕信息发家的，她应该受到调查； 9、美国7月非农就业人数7.3万人，低于预期； 10、美国5月和6月非农就业人数合计下修25.8万人； 11、美国7月失业率4.2%，符合预期； 12、美联储9月降息的概率为89.1%； 13、美国将考虑对减肥药物进行保险覆盖； 14、伯克希尔哈撒韦Q2净利润123.7亿美元高于预期，现金储备3440.9亿美元； 15、伯克希尔Q2现金储备三年来首降 股市投资更趋谨慎； 16、传奇投资家Jim Rogers：已清空所有美国股票； 17、韩 ...

Major Events - InnoCare (02577) collaborates with NVIDIA to promote the large-scale implementation of 800 VDC (800-volt direct current) power architecture in AI data centers [1] - Zijin Mining (02899) receives parliamentary approval for the mining lease of Akyem gold mine in Ghana [1] - Codi-B (02487) receives approval from the Hong Kong Department of Health for the market launch of CU-40102 (topical finasteride spray) [1] - China Ruyi (00136) plans to issue a total of 1.3 billion subscription shares at a discount of approximately 4.46%, raising about HKD 38.95 billion [1] - Sinopec Engineering (02386) signs a front-end engineering design (FEED) contract for a large green hydrogen project in Yanbu, Saudi Arabia [1] - China Resources Land (01109) and a joint venture with Shanghai Nanfang acquire the Shanghai Yaohua Road project and Yuqingli project for approximately HKD 24.47 billion [1] - Global Industrial Technology (01026) intends to acquire a shopping mall property in Guangzhou's Yuexiu District for no more than HKD 260 million [1] - Corning Jereh Pharmaceutical-B (09966) has its IND application for JSKN022 officially accepted by CDE [1] - Sea Harvest International (01308) signs a shipbuilding contract with Huanghai Shipbuilding for the construction of four container ships [1] - Yika (09923) successfully completes registration as a "credit card number and contract conclusion business operator" in Japan [1] Operating Performance - Far East Horizon (03360) reports a mid-term profit attributable to shareholders of HKD 2.164 billion, an increase of 3.77% year-on-year [1] - Xinyi Energy (03868) reports a mid-term profit attributable to equity holders of HKD 450 million, an increase of 23.43% year-on-year [1] - Xinyi Solar (00968) reports a mid-term profit attributable to shareholders of HKD 746 million, a decrease of 58.8% year-on-year [1] - Xinyi Glass (00868) reports a mid-term profit attributable to shareholders of HKD 1.013 billion, a decrease of 59.64% year-on-year [1] - Xiehe New Energy (00182) continues to reduce financing costs and improve financing capabilities, with significant growth in green electricity business in the first half of the year [1] - PCCW (00008) reports a mid-term loss attributable to shareholders of HKD 445 million, a year-on-year narrowing of 3.68% [1] - Huishang Bank (03698) issues a profit warning, expecting mid-term net profit of approximately HKD 9.3 billion, a year-on-year increase of about 3.8% [1] - BYD (01211) reports sales of approximately 2.4903 million new energy vehicles in the first seven months, a year-on-year increase of 27.35% [1] - NIO-SW (09866) reports cumulative vehicle deliveries of 806,700 units as of the end of July [1] - XPeng Motors-W (09868) delivers 36,717 smart electric vehicles in July, a year-on-year increase of 229% [1] - Li Auto-W (02015) delivers 30,731 new vehicles in July [1] - Geely Automobile (00175) reports total vehicle sales of 237,700 units in July, a year-on-year increase of approximately 58% [1] - Great Wall Motors (02333) reports total vehicle sales of approximately 674,200 units in the first seven months, a year-on-year increase of 3.57% [1]

Group 1 - The Hong Kong High Court ruled that the assets in the HSBC account under Jianhao Venture Limited are trust properties benefiting the plaintiffs, Zong Qichang, Zong Jieli, and Zong Qisheng, and prohibited Zong Fuli from withdrawing or transferring any assets from the account until a final ruling is made by the Hangzhou Intermediate People's Court and the Zhejiang High People's Court [4] - The court ordered Zong Fuli to explain the whereabouts of the trust property and to pay interest earnings based on a principal of $2.1 billion, along with compensation for unauthorized transfers amounting to $1.085 million [4] Group 2 - Tencent announced a reduction in the minimum withdrawal fee for WeChat Pay to 0.01 yuan, effective from July 25 [4] - WeChat began charging withdrawal fees in March 2016, with a free withdrawal limit of 1,000 yuan, and fees for amounts exceeding this limit based on a bank rate of 0.1% [5] Group 3 - Moderna announced a global workforce reduction of 10%, cutting approximately 1,000 jobs due to declining sales of its COVID-19 vaccine, with its stock price dropping over 8% following the announcement [10] - The company's market value has plummeted from nearly $200 billion during the pandemic peak to approximately $11 billion [10] Group 4 - Dajuecheng Real Estate announced plans for privatization and delisting, proposing to repurchase shares for 2.932 billion Hong Kong dollars, citing market performance fluctuations and liquidity pressures [16] - The transaction aims to optimize the company's governance framework and enhance net profit attributable to the parent company [16] Group 5 - TikTok CEO announced the merger of the core product team and the trust and safety team to form a platform responsibility team, focusing on user experience and minor safety [18] - The restructuring is part of TikTok's strategy to enhance its operational efficiency and address safety concerns [18]

Group 1 - The Hong Kong High Court ruled that the assets in the HSBC account under Jianhao Venture Co., Ltd. are trust properties benefiting the plaintiffs, and the defendant, Zong Fuli, is prohibited from withdrawing or transferring any assets from the account until a final ruling is made by the courts in Hangzhou [1] - Tencent announced a change in the WeChat withdrawal fee structure, with the minimum service fee now set at 0.01 yuan, effective from July 25 [2] Group 2 - Wuhan University is conducting a comprehensive investigation into the disciplinary actions against a student and the thesis of another student following a court ruling related to a harassment case [3] - Dongfeng Liuzhou Automobile responded to a video claiming that its truck could not withstand a collision with a Li Auto vehicle, stating that the video was used without authorization and misrepresented [4] Group 3 - Moderna announced a global workforce reduction of 10%, equating to nearly 1,000 employees, due to declining sales of its COVID-19 vaccine, with its stock price dropping over 8% following the announcement [6] - The three major telecom operators in China have unified their outbound marketing numbers to standardize telemarketing practices [7] Group 4 - Dazhongcheng Real Estate announced plans for privatization and delisting, proposing to repurchase shares at a cost of 29.32 billion Hong Kong dollars, citing market performance fluctuations as a reason [11] - TikTok merged its core product team with its trust and safety team to enhance platform responsibility, focusing on user experience and minor safety [12] Group 5 - Goldman Sachs is preparing to acquire ice cream manufacturer Froneri for an estimated valuation of $17.13 billion, with the deal expected to be signed as early as September [12] - Nintendo reported a first-quarter net sales of 572.36 billion yen, a year-on-year increase of 132.1% [15] Group 6 - Nova Fusion completed a 500 million yuan angel round financing, setting a record for the largest single financing for a private fusion company in China [16] - Manus launched a new feature called Wide Research, allowing the scheduling of over 100 intelligent agents to handle complex research tasks [17] Group 7 - Sony's PlayStation 6 specifications were revealed, indicating a performance increase of up to three times compared to the PlayStation 5, with a planned release around late 2027 [17]

Core Viewpoint - LG Energy Solution has secured a significant contract for lithium iron phosphate (LFP) battery supply worth 5.9442 trillion KRW (approximately 4.3 billion USD), which represents 23.2% of its projected sales for 2024 [2] Group 1: Contract Details - The contract was signed on July 29 and will be effective from August 1, lasting for three years, with the possibility of extension to seven years [2] - The specific client for this contract is reported to be Tesla, supplying LFP batteries for energy storage systems [2] Group 2: Financial Performance - In Q2 2025, LG Energy Solution reported consolidated revenue of 5.6 trillion KRW (approximately 29 billion RMB), a decrease of 11.2% quarter-on-quarter [3] - The company achieved an operating profit of 492.2 billion KRW (approximately 2.5 billion RMB), a 31.4% increase quarter-on-quarter, with an operating profit margin of 8.8% [3] - After accounting for 490.8 billion KRW in tax credits from the Inflation Reduction Act, the company returned to profitability after five consecutive quarters of losses [3] Group 3: Market Conditions - The decline in battery usage by LG Energy Solution is attributed to a 13.3% year-on-year decrease in the first five months of the year, particularly impacted by reduced sales from Tesla [3][4] - The company anticipates growth in the global energy storage market, driven by renewable energy projects and AI data centers [3] Group 4: Production Capacity and Market Share - LG Energy Solution aims to increase its annual production capacity for energy storage batteries to 17 GWh by the end of this year, with a target of over 30 GWh by the end of 2026 in North America [4] - The company is also set to begin mass production of mid-range battery products in Poland later this year and has signed a contract with Chery to supply 8 GWh of batteries for electric vehicles [4] - LG Energy Solution's market share has decreased from 13.5% in 2023 to 10.8% in 2024, with a further decline to 10% in the first five months of this year, a drop of 2.1 percentage points year-on-year [4]

Group 1: Company Earnings - PCCW (00008.HK) reported a revenue of HKD 18.922 billion for the first half, a year-on-year increase of 7%, with a net loss of HKD 0.445 billion, narrowing by 4% [1] - Xinyi Solar (00968.HK) recorded a revenue of HKD 10.932 billion, a decrease of 6.5% year-on-year, with a net profit of HKD 0.746 billion, down 58.8% [2] - Xinyi Glass (00868.HK) had a revenue of HKD 9.821 billion, a year-on-year decrease of 9.7%, with a net profit of HKD 1.013 billion, down 59.6% [3] - Xinyi Energy (03868.HK) reported a revenue of HKD 1.21 billion, an increase of 7.7% year-on-year, with a net profit of HKD 0.45 billion, up 23.4% [4] - DTXS Silk Road Investment (02510.HK) issued a profit warning, expecting a mid-term net profit of approximately USD 180-200 million, a year-on-year increase of about 220% to 255% [5] - Lianhua Supermarket (00980.HK) issued a profit warning, expecting a mid-term net profit of approximately HKD 25-55 million [6] - Tibet Water Resources (01115.HK) issued a profit warning, expecting a mid-term net profit of approximately HKD 36 million, a year-on-year increase of about 300% [7] - Foton Motor (00420.HK) issued a profit warning, expecting a mid-term net profit of HKD 30.7 million, turning from loss to profit [8] - Hong Kong Travel (00308.HK) issued a profit warning, expecting a mid-term net loss exceeding HKD 70 million, turning from profit to loss [9] - Poly Property Group (00119.HK) issued a profit warning, expecting a mid-term net profit to decline by 40%-50% year-on-year [10] - Kefu Shan Group Holdings (08512.HK) issued a profit warning, expecting a mid-term net profit to decrease to approximately HKD 43-47 million [11] - Mobi Development (00947.HK) issued a profit warning, expecting a mid-term net loss of approximately HKD 32 million [12] - Changmao Biochemical Engineering (00954.HK) issued a profit warning, expecting a mid-term net loss of approximately HKD 24-27 million [13] - Yunyou Holdings (00484.HK) issued a profit warning, expecting a mid-term net loss to increase to approximately HKD 21 million [14] - Weiya Li (00854.HK) issued a profit warning, expecting a mid-term net profit of approximately HKD 15-25 million, turning from loss to profit [15] Group 2: Automotive Sales - BYD Company (01211.HK) reported sales of approximately 2.4903 million new energy vehicles in the first seven months, a year-on-year increase of 27.35% [16] - Great Wall Motors (02333.HK) reported total vehicle sales of approximately 674,200 units in the first seven months, a year-on-year increase of 3.57% [17] - Li Auto (02015.HK) delivered 30,731 new vehicles in July [18] - Geely Automobile (00175.HK) reported total vehicle sales of 237,700 units in July, a year-on-year increase of approximately 58% [19] Group 3: Company News - Sinopec Engineering (02386.HK) signed a front-end engineering design (FEED) contract for a large green hydrogen project in Yanbu, Saudi Arabia, with a contract value expected to reach several billion USD [20] - InnoCare Pharma (02577.HK) partnered with NVIDIA to jointly promote the large-scale implementation of 800 VDC power architecture in AI data centers [21] - Zijin Mining (02899.HK) received parliamentary approval for the mining lease of the Akyem gold mine in Ghana, with a total transaction value of USD 1 billion [22] - Codex-B (02487.HK) received approval from the Hong Kong Department of Health for the listing of CU-40102 (topical finasteride spray) for the treatment of androgenetic alopecia [23] - Mixue Group (02097.HK) subscribed to a wealth management product from Pudong Development Bank, involving an investment of HKD 300 million [24] Group 4: Buyback Activities - Hang Seng Bank (00011.HK) repurchased 200,000 shares at a cost of approximately HKD 22.5922 million, with repurchase prices ranging from HKD 112.4 to 114.3 [25] - Vitasoy International (00345.HK) repurchased 1.844 million shares at a cost of approximately HKD 16.89 million, with repurchase prices ranging from HKD 9.14 to 9.17 [26]

Core Insights - In a significant development, the domestic GaN leader, InnoScience, has entered into a partnership with NVIDIA to promote the large-scale implementation of the 800VDC power architecture in AI data centers, leading to a surge in its stock price by over 60% during trading on August 1 [1][3]. Company Summary - InnoScience's stock closed at 57.60 HKD per share, reflecting a 30.91% increase on the day of the announcement [1]. - The collaboration aims to leverage InnoScience's third-generation GaN devices, which offer high frequency, efficiency, and power density, to provide a comprehensive GaN power solution for NVIDIA's 800VDC architecture [3]. Industry Summary - The 800VDC architecture is designed to enhance efficiency, reduce thermal losses, and improve reliability compared to traditional 54V systems, potentially increasing AI computing power by 100 to 1000 times [3]. - The new architecture simplifies the power distribution process in data centers by directly converting 13.8 kV AC power to 800 V HVDC, minimizing energy losses and system complexity [6]. - By 2027, the 800 V HVDC data centers are expected to be fully operational alongside NVIDIA's Kyber rack-level systems, addressing the growing computational demands of AI workloads while reducing total cost of ownership (TCO) by up to 30% [6].

英伟达，引爆了一只港股！ 8月1日，港股英诺赛科股价突然放量拉升，盘中涨幅一度超过60%，市值最高突破640亿港元。截至收 盘，英诺赛科股价涨幅收窄至30.91% 消息面上，近日，英伟达（NVIDIA）官网更新800V直流电源架构合作商名录，中国氮化镓龙头企业 ——英诺赛科成为其芯片供应商。有业内人士指出，这意味着英伟达和英诺赛科正式达成深度合作。8 月1日晚间，英诺赛科证实，公司已于近日与英伟达达成合作，联合推动800 VDC（800伏直流）电源架 构在AI数据中心的规模化落地。 值得关注的是，今年5月份，美国的氮化镓（GaN）功率芯片企业纳微半导体宣布与英伟达就下一代 800V高压直流供电架构展开合作的消息传开后，股价上涨超280%。 放量大涨 8月1日盘中，港股英诺赛科直线拉升，股价最高触及72港元/股，涨幅一度达到63.64%。截至收盘，股 价上涨30.91%报57.6港元/股，总市值为515亿港元。英诺赛科全天成交额超过42亿港元，较前一个交易 日放量超1800%。 近日，英伟达（NVIDIA）官网更新800V直流电源架构合作商名录，英诺赛科入选为芯片供应商，双方 将携手推动800V直流（800 V ...

Core Viewpoint - The article highlights the significant collaboration between InnoScience and NVIDIA, focusing on the implementation of the 800VDC power architecture in AI data centers, which is expected to enhance efficiency and performance in AI computing [3]. Group 1: Collaboration and Market Impact - InnoScience's stock surged by over 60% during trading on August 1, reaching a new high since its listing, closing up 30.91% at HKD 57.60 per share following the announcement of the partnership with NVIDIA [1][3]. - The collaboration aims to promote the large-scale deployment of the 800VDC power architecture, which is designed for high-efficiency power supply in megawatt-level computing infrastructures [3]. Group 2: Technical Advantages of 800VDC Architecture - The 800VDC architecture offers significant advantages over traditional 54V systems, including improved system efficiency, reduced thermal losses, and enhanced reliability, enabling a 100 to 1000 times increase in AI computing power [3][5]. - InnoScience's third-generation GaN devices provide a comprehensive power solution from 800V input to GPU terminals, covering a voltage range from 15V to 1200V, facilitating the integration of GaN technology with NVIDIA's architecture [3]. Group 3: Future Prospects and Cost Efficiency - The 800V HVDC architecture is positioned as a future-proof solution for AI infrastructure, with full-scale production expected by 2027, ensuring scalability for increasingly demanding AI workloads [5]. - The implementation of this architecture could reduce the total cost of ownership (TCO) by up to 30% through improved efficiency and system architecture enhancements [5].