Core Points - The 27th China International High-Tech Achievements Fair (CIHTAF) will be held from November 14-16, 2025, at the Shenzhen International Convention and Exhibition Center [1] - The fair aims to establish itself as a "World Technology Olympic Event" and will continue its market-oriented approach, with an exhibition area planned at 400,000 square meters [1] - Last year, the fair transitioned to a market-driven model, achieving a record transaction amount exceeding 120 billion yuan, including on-site transactions and financing [1] Group 1 - The fair will feature specialized exhibition areas, including sectors such as national key equipment, international technology achievements, biotechnology, artificial intelligence, smart manufacturing, and clean energy [3][4] - The Asian Artificial Intelligence and Robotics Industry Exhibition will focus on the entire industry chain of "Artificial Intelligence+" and "Robotics+" with ten thematic exhibition areas [3] - The Asian Semiconductor and Integrated Circuit Industry Exhibition will cover key aspects of the IC design, manufacturing, packaging, testing, equipment, and materials [3] Group 2 - The low-altitude economy exhibition will concentrate on low-altitude aircraft manufacturing, infrastructure, and supply chain, featuring five major thematic exhibition areas [4] - Over 5,000 companies, including major players like Sinopec, Huawei, and DJI, are expected to participate or show interest in the fair [4]

Market Overview & Economic Factors - Markets anticipate a potentially pivotal week with major tech earnings, a Federal Reserve meeting, jobs report, economic data, and trade deals influencing market direction [2] - Monday's trading day exhibited tepid price action and lower volatility, but expectations are for increased volatility in the coming sessions [5] - The U S housing market is experiencing its worst spring selling season in 13 years, impacting related industries [25] Sector Performance - Industry groups showed more decliners than advancers, with real estate investment trusts, materials, and utilities down over 1%, while energy stocks gained over 1% due to higher oil prices, and tech and consumer discretionary sectors also performed positively [8] - Semiconductor space significantly outperformed the broader market, rising approximately 16% [9] Individual Company Highlights - Figma's IPO is anticipated to be large and is scheduled to price on Wednesday and begin trading on Thursday under the ticker AIG [3][4] - UBS analyst raised their price target on AMD to $210 from $150, maintaining a buy rating, with AMD closing up approximately 43% at $173 [10] - Tesla's stock increased by about 3% following Morgan Stanley's forecast that the self-driving vehicle market will reach $200 billion by 2030 [12] - JP Morgan upgraded Nike from neutral to overweight, raising its price target from $64 to $93, advising clients to buy [12] Earnings & Outlook - Cadence Design reported revenue of $128 billion, slightly above expectations of $125 billion, with adjusted EPS of $165 versus estimates of $156 per share, and raised its 2025 revenue outlook to 13% growth [14][15] - Whirlpool's second-quarter net sales missed estimates at $377 billion versus $385 billion, with ongoing EPS also missing consensus at $134 versus $161, and the company maintained its full-year revenue outlook at $158 billion [22][23] - Whirlpool anticipates full-year cash from operating activities of approximately $850 million and free cash flow of $400 million, revised down from a previous range of $500 million to $600 million [23] Risks & Challenges - Opendoor's stock fell 79% after postponing a shareholder vote on a reverse stock split due to recent stock price volatility [16][17] - Gilead shares declined 27% due to potential risks to its HIV preventative franchise following reports of plans to dismiss an advisory panel [18] - Duolingo's shares decreased by 65% after Citizens expressed caution regarding upcoming results, citing third-party data suggesting slowed engagement since April, and lowered the price target to $450 from $475 [20][21]

Semiconductor and quantum computing stocks have been all the rage lately, but robotics is another tech-adjacent sector savvy traders should consider. Boasting attractive entry points, shares of NXG Cushing Midstream Energy Fund (NYSE:SRV) and Symbotic Inc (NASDAQ:SYM) are worth watching during the coming months.SRV was last seen up 1.7% to trade at $42.23, while sporting a roughly 7% three-month lead. Though the stock is pacing for its third gain in the last four sessions, it has remained below $43 since it ...

Market Overview - A-shares experienced a slight decline with the Shanghai Composite Index down by 0.33%, Shenzhen Component Index down by 0.22%, and ChiNext Index down by 0.23%, with a total trading volume close to 1.8 trillion yuan [1] ETF Performance - The leading ETF in terms of growth was the Science and Technology Innovation Index ETF managed by Harvest, which surged by 20.04% [2] - Other notable gainers included various AI-related ETFs, with increases ranging from 4.20% to 4.81% [2] Sector Analysis - Guosen Securities highlighted that TSMC anticipates strong AI demand and a moderate recovery in non-AI demand, raising its annual revenue growth forecast from approximately 25% to 30% [3] - The semiconductor sector is expected to benefit from a favorable macroeconomic policy cycle, inventory cycle, and AI innovation cycle, leading to valuation expansion [3] - CICC predicts that generative AI technology will deepen its penetration in the second half of 2025, improving the competitive landscape and accelerating domestic substitution in the semiconductor and components industry [3] ETF Declines - Infrastructure and building materials ETFs experienced significant declines, with the leading infrastructure ETF down by 3.06% [5] - The recent announcement of large-scale infrastructure projects, including the Yarlung Tsangpo River hydropower project, is expected to stimulate demand in related sectors such as cement and construction materials [6][4] Trading Activity - The trading volume for money market ETFs saw a rebound, with the top performer being the Yinhua Daily ETF, achieving a transaction volume of 23.16 billion yuan [7] - The turnover rate for the Hong Kong Medical ETF reached 620%, indicating high trading activity [8] Upcoming ETF Launches - Three new ETFs will begin fundraising on July 28, 2025, focusing on Hong Kong consumer and technology sectors [8] - Four ETFs are set to be listed on the same day, including the Aviation ETF and Cash Flow ETF, which track various indices related to aviation and cash flow [9]

Core Insights - Graphjet Technology is set to receive new equipment and machinery in Malaysia, which is expected to significantly enhance production capacity and capabilities [1][2] - The new equipment can produce approximately seven times more than the existing machinery, improving both the quantity and quality of graphite produced [2] - The company aims to meet the growing demand for environmentally friendly graphite, particularly for applications in EV batteries and semiconductors [3] Company Overview - Graphjet Technology, founded in 2019 in Malaysia, specializes in producing graphene and graphite from agricultural waste, specifically palm kernel shells [4] - The company holds a patented technology that recycles palm kernel shells, positioning itself as a sustainable player in the graphite and graphene supply chain [4]

Group 1 - The unexpected announcement of a 50% tariff on copper imports has led to a significant surge in copper prices, marking the sharpest single-session gain since 1989 [2][3] - U.S. consumers could face copper prices around $15,000 per metric ton, while global prices may remain around $10,000, indicating a potential paradigm shift in the copper market [2][3] - Despite the tariff-induced price spike, the mining sector's response has been muted, with Freeport-McMoRan Inc and Southern Copper Corp showing limited gains [3][4] Group 2 - Historical data indicates that large price movements in copper often correlate with negative performance in the S&P 500 Index, with an average six-month loss of 0.4% following significant copper price spikes [4][15] - The average returns for copper prices after large daily moves have underperformed compared to typical price movements since 1980, suggesting potential challenges for copper mining stocks [16][17] - The copper mining sector's importance in various industries, including AI and electric vehicles, underscores its economic significance, yet the stock market's reaction remains inconsistent [4][16]

在这个信息爆炸的时代，每天都有大量的信息涌进来，我们在星球（ Global Semi Research ） 中，每 天也会分享行业的动态和行业的关键数据，但大部分的球友对这些数据并不会做深入的分析，也不会特 意去记这些数据，等到需要用的时候，回头再来找，就发现忘记是哪个资料中有这个数据了。 每天还会推送精选的外资投行/国内券商的优质研报和半导体行业信息/数据，方便我们在星球中进行半 导体、AI行业的交流。 为了避免这种情况，我们最近开始对这些关键的数据进行整理，把每天看到的比较有用的信息和数据都 放到云盘中，即方便大家好回溯这些数据，也可以给大家提供一些更系统的资料。 现在星球中领券后只需要390元，无论是我们自己做投资，还是对行业有更深入的研究，都是非常值得 的。扫描下图中的二维码可进星球。 目前里面的数据还并不是非常多，但这个云盘的数据会持续更新。 图片 | 类别 | 2024 | 2025e | 2026e | 2027e | | --- | --- | --- | --- | --- | | capacity for Local GPU(kwpm) | 2 | 10 | 20 | 26 | | B c ...

Meanwhile, Intel shares 4% lower after Reuters report that the chipmaker is considering a major change to its foundry business. CEO Lift Boutan reportedly exploring a shift away from the company's 18A manufacturing process due to fears that it cannot compete with Taiwan Semi's offering. Intel would instead focus on its 14A process, which it hopes will be more competitive in luring new customers.Stacey Rasen is managing director, senior semiconductor analyst at Bernstein. He's got a market perform rating and ...

Market Outlook - The consensus among brokerage firms indicates that the A-share market is likely to experience a volatile upward trend in July, with the Shanghai Composite Index recently breaking through 3400 points [3] - Domestic policies are supportive, including reforms in the Sci-Tech Innovation Board and IPO pre-review processes, which are expected to inject liquidity into the market [3] - Internationally, rising expectations for interest rate cuts by the Federal Reserve and a calming Middle East situation are driving funds from safe-haven assets into the stock market [3] Investment Opportunities - **Technology Sector**: The technology stocks, particularly in AI, computing power, and semiconductors, are highlighted as strong investment opportunities. The resumption of IPOs for tech companies in Q3 and the ability for unprofitable tech firms to list on the Sci-Tech Innovation Board are seen as catalysts for growth [3][4] - **Financial Sector**: Financial stocks, including brokerages and insurance, are viewed as stable investments. Increased market trading volume is expected to boost brokerage revenues, and upcoming political meetings may provide further support for financial stocks [4] - **Performance Certainty**: Companies with strong earnings are considered reliable investments. Key sectors include military industry due to upcoming events, power equipment benefiting from summer electricity demand, and export-related industries like motorcycles and wind power [5] Risks to Consider - A significant unlocking of shares in July, amounting to 480 billion, may negatively impact market sentiment, particularly for newly listed stocks [7] - Geopolitical risks, particularly related to oil prices and inflation expectations, could create volatility in the A-share market [8] - The outcomes of key policy meetings in July, including the Federal Reserve's and the Political Bureau's, are critical; any disappointment in policy measures could lead to market downturns [9] Operational Strategies - **Flexible Position Management**: It is advised to maintain a flexible cash position, keeping around 30% in cash for potential market corrections [10] - **Diversified Portfolio**: Investors are encouraged to diversify across sectors such as technology, finance, consumer goods, and military, to mitigate risks associated with any single sector [12] - **Data Monitoring**: Continuous tracking of central bank operations and foreign capital flows is recommended to gauge market liquidity and potential investment opportunities [12]

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies covered Core Insights - The recent US-China trade agreement is viewed as a tactical pause rather than a comprehensive resolution, indicating ongoing tensions between the two nations [2][4] - The agreement addresses critical dependencies in technology and resources, with China relying on semiconductor imports and the US dependent on rare earth minerals [4] - Economic forecasts suggest US GDP growth of 1.0% in 2025 and 2026, while China's real GDP growth is expected to slow to 4.5% in 2025 [2][5] Summary by Sections US-China Trade Relations - The trade agreement is limited and does not resolve fundamental disagreements, with US tariffs on China imports remaining significantly higher than at the start of the year [4] - Both countries are attempting to reduce dependencies, but progress is slow, with China investing in its semiconductor industry and the US seeking alternative rare earth supplies [4] Economic Outlook - The report anticipates that tariffs will lead to a rise in goods prices, affecting inflation rates, with headline PCE expected to rise to 2.9% and core PCE to 3.3% in 2025 [2] - The US faces a weaker growth outlook due to higher tariffs, which may pressure the dollar and Treasury yields lower, while creating uncertainty about future inflation [6] Market Positioning - Investors are advised to position for slower growth and uncertainty in US-China relations, with potential opportunities in currency and Treasury markets [6] - The report suggests that the current economic environment may lead to a steeper yield curve as longer-maturity yields reflect inflation uncertainty [6]