Core Viewpoint - InnoLux (02577) saw a significant stock price increase, reaching a new high of 83.4 HKD, driven by its selection as the only domestic chip company in NVIDIA's updated list of partners for the 800V DC power architecture [1] Company Summary - InnoLux's stock rose over 20% in late trading, with a current price of 81 HKD and a trading volume of 1.647 billion HKD [1] - The collaboration with NVIDIA aims to enhance the scalability of AI data centers, increasing computing power density by over 10 times and cabinet power density exceeding 300 kW, marking a shift towards megawatt-level power supply for global AI data centers [1] Industry Summary - According to Yongxing Securities, the high power consumption of AI server clusters necessitates a focus on reducing power usage, which is a common goal across the industry [1] - The partnership between InnoLux and NVIDIA is expected to introduce new power devices into the supply chain, fostering the development of related industries such as GaN and SiC [1] - The industry recognizes NVIDIA's choice of InnoLux as a core partner, highlighting InnoLux's comprehensive capabilities across the entire IDM chain, including substrate, epitaxy, chip design, and packaging testing [1]

Group 1: Overall Industry Performance - The revenue and profit margins of power equipment companies continue to grow, with most companies having a substantial backlog of orders [1] - New order growth is slowing down, with Siemens Energy's new orders increasing by 24% year-on-year, while GEV's new orders declined by 32% due to high base effects and project cancellations [1][3] - Companies like Eaton and Mitsubishi Electric are experiencing a decline in new orders, but their base orders remain strong [1] Group 2: Data Center Demand - Eaton's data center orders in the U.S. have surged by 55%, supported by acquisitions of modular power shell manufacturers and solid-state transformer technology companies [2] - Schneider's data center sales and potential demand have also seen double-digit growth, contributing to overall positive sentiment in the data center sector [2] - GEV anticipates that the accelerating demand for data centers will support the growth of its electrification business throughout the year [2] Group 3: Gas Turbine Orders - GEV's gas turbine new orders have nearly doubled year-on-year, with total backlog capacity reaching 55 GW, expected to hit 60 GW by year-end [3] - Siemens Energy's new orders also grew by 17% year-on-year, with approximately 3 GW of new orders coming from data centers [3] - Both GEV and Siemens Energy are experiencing rising prices for gas turbines, with backlogs amounting to 3-4 times their 2024 revenue [3] Group 4: Long-term Outlook - The overseas electrical equipment market is expected to maintain a high level of prosperity, driven by AI data centers and infrastructure upgrades in Europe and the U.S. [4] - Companies are strategically positioning themselves to capitalize on the growing demand for data centers and the need for equipment upgrades as renewable energy penetration increases [4]

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The report highlights that while new orders have slowed down, demand for data centers and gas turbines remains strong, suggesting a shift in focus within the industry [6][13]. - Companies such as Siemens Energy and Eaton Electric have reported significant revenue growth, with Siemens Energy's revenue increasing by 23% year-on-year and Eaton's by 14% [10][25]. - The report emphasizes the importance of data centers as a strategic growth area, with Eaton's data center orders growing by 55% [25]. - The long-term outlook for overseas electrical equipment remains positive, driven by AI data centers, infrastructure upgrades, and the increasing penetration of renewable energy [6][13]. Summary by Sections 1. Performance of Overseas Power Equipment Companies - Most overseas power equipment companies reported strong performance in Q2, with significant revenue growth and improved profit margins [10]. - Companies like GE Vernova and Eaton Electric achieved double-digit revenue growth, while Siemens Energy also saw a 23% increase in revenue [10][25]. 2. New Order Trends - New order growth has slowed, particularly in high-voltage transmission, but data center-related orders continue to grow robustly [13]. - Siemens Energy's new orders increased by 24%, driven by strong demand in the U.S. market, while GE Vernova experienced a 32% decline in new orders due to high base effects [10][13]. 3. Gas Turbine Orders - Gas turbine orders have seen significant growth, with GE Vernova's new orders nearly doubling year-on-year [10]. - Siemens Energy's new gas turbine orders also grew by 17%, indicating strong demand in this segment [10]. 4. Investment Recommendations - The report suggests focusing on companies that have gained a foothold in overseas markets and are entering localized operations or have integrated into the supply chains of large enterprises [6][10].

Market Overview - The Hang Seng Index decreased by 0.06%, down 16 points, closing at 25,597 points, while the Hang Seng Tech Index fell by 0.45% [1] - The early trading volume in the Hong Kong stock market reached HKD 162.8 billion [1] Biotechnology Sector - The Hang Seng Biotechnology Index continued to strengthen, with notable gains in stocks such as Tigermed (03347) up 5.57% and Innovent Biologics (09969) up 2.9% [1] - Rongchang Biologics (09995) surged over 14% following the successful completion of a Phase III clinical trial for its drug targeting primary Sjögren's syndrome [1] Semiconductor Industry - Chip stocks showed resilience, with major foundries nearing or achieving full production capacity, leading to continued supply shortages [1] - Institutions remain optimistic about two key directions in the semiconductor sector: self-sufficiency and edge AI [1] - Hua Hong Semiconductor (01347) rose over 3%, while SMIC (00981) increased by 1.25% [1] Insurance Sector - The insurance sector maintained its recent upward trend, with China Ping An recently acquiring shares in China Pacific Insurance [1] - Notable stock performances included New China Life (01336) up 4.82%, China Pacific Insurance (02601) up 5.12%, China Life (02628) up 3.95%, and China Ping An (02318) up 2.38% [1] Other Notable Stocks - Crystal International (02228) rose over 10% due to a partnership with DoveTree, resulting in significant revenue growth and the company achieving its first half-year profit [1] - Jiufang Zhitu Holdings (09636) increased by 3% after reporting better-than-expected earnings for the first half of the year, with a new round of placements targeting stablecoins and RWA [1] Gaming Sector - Dreamland (01119) saw an 11% increase in early trading, attributed to the success of its game "Delta Action" and a recent strategic investment from Playrix [2] Data Center Sector - Hongteng Precision (06088) rose by 5.8%, with revenue growth in its data center business, and institutions expect continued benefits from AI data centers [3] Energy Sector - Yanzhou Coal Mining (01171) fell over 3% due to declining coal prices impacting its performance, with a reported net profit decrease of approximately 38% year-on-year for the first half [4]

恒生生物科技指数继续走强，指数成份股中，泰格医药（03347）涨5.57%；诺诚健华（09969）涨 2.9%。 内险股延续近期涨势，时隔六年再有险企举牌险企，中国平安近日举牌中国太保H股。新华保险(01336) 涨4.82%；中国太保(02601)涨5.12%；中国人寿(02628)涨3.95%；中国平安(02318)涨2.38%。 晶泰控股(02228)再涨超10%，与DoveTree合作带动重大收益增长，集团首次实现半年盈利。 荣昌生物（09995）涨超14%。泰它西普治疗原发性干燥综合征Ⅲ期临床研究达到主要研究终点。 芯片股逆市走强，晶圆代工双雄接近或达到"满产"， 后市产能仍将供不应求。机构坚定看好半导体两 大方向：自主可控与端侧AI。华虹半导体(01347)涨超3%，中芯国际(00981)涨1.25%。 智通财经APP获悉，港股恒生指数跌0.06%，跌16点，报25597点；恒生科技指数跌0.45%。港股早盘成 交1628亿港元。 九方智投控股(09636)再涨3%，上半年盈喜超预期，新一轮配售直指稳定币及RWA。 创梦天地(01119)早盘涨11%，《三角洲行动》成为头部常青游戏，公司近期引入P ...

Core Viewpoint - Coherent reported a strong quarterly revenue growth driven by its network business, but the revenue guidance for the next quarter fell short of analyst expectations, leading to investor concerns [2][3][4]. Group 1: Financial Performance - Coherent's Q4 revenue increased by 16% year-over-year to $1.53 billion, setting a record high [2]. - Adjusted earnings per share reached $1.00, exceeding Wall Street's expectation of $0.92 [2]. - The network business revenue surged by 39% year-over-year to $945 million, benefiting from the AI data center investment boom [3][7]. Group 2: Business Segments - The network business was the primary growth driver, with strong demand for high-bandwidth optical network equipment, particularly for 100/400/800Gb/s optical modules [7]. - Other segments, including materials and laser businesses, experienced an 8% decline year-over-year, offsetting the network business's strong performance [8]. Group 3: Future Outlook - Coherent anticipates continued growth in data center and communication businesses, driven by demand for 800Gb/s optical modules, 1.6Tb optical modules, optical circuit switches, and data center interconnects [9]. - Potential collaboration with Nvidia could open new long-term growth opportunities, as Coherent may supply new optical network switches for AI applications [10]. Group 4: Industry Context - The shift to optical networks over traditional copper lines presents advantages, particularly in energy efficiency, which is crucial for large AI data centers [11]. - Nvidia's new switch, announced in March, is expected to be 3.5 times more energy-efficient than traditional optical switches, indicating a significant market opportunity for Coherent [11][12].

消息面上，鸿腾精密日前发布中期业绩，上半年取得营收23.05亿美元，同比增加11.53%；公司拥有人 应占利润3151.1万美元，同比减少3.11%。其中，智能手机业务营收减少12.1%，云端网路设施业务营收 增加35.7%，电脑及消费性电子业务营收增加14.3%，电动汽车业务营收增加102.3%，及系统终端产品 业务营收减少12.4%。光大证券表示，公司数据中心业务收入增长，主要系服务器和新型平台柜连接器 及电缆的需求增加。该行认为，公司有望持续受益于AI数据中心及汽车线缆需求增长，维持"买入"评 级。 鸿腾精密(06088)再涨超10%，本月股价已累涨超七成。截至发稿，涨10.54%，报4.72港元，成交额6.4 亿港元。 ...

智通财经APP获悉，鸿腾精密(06088)再涨超10%，本月股价已累涨超七成。截至发稿，涨10.54%，报 4.72港元，成交额6.4亿港元。 消息面上，鸿腾精密日前发布中期业绩，上半年取得营收23.05亿美元，同比增加11.53%；公司拥有人 应占利润3151.1万美元，同比减少3.11%。其中，智能手机业务营收减少12.1%，云端网路设施业务营收 增加35.7%，电脑及消费性电子业务营收增加14.3%，电动汽车业务营收增加102.3%，及系统终端产品 业务营收减少12.4%。光大证券表示，公司数据中心业务收入增长，主要系服务器和新型平台柜连接器 及电缆的需求增加。该行认为，公司有望持续受益于AI数据中心及汽车线缆需求增长，维持"买入"评 级。 ...

Core Insights - Coherent's Q4 revenue reached a record high of $1.53 billion, a 16% year-over-year increase, with adjusted EPS of $1.00, surpassing Wall Street's expectation of $0.92 [1] - The company's network business saw a significant 39% year-over-year growth, driven by strong demand from AI data centers, generating $945 million in revenue [3][4] - Despite strong performance in the network segment, Coherent's revenue guidance for the next quarter fell short of analyst expectations, leading to a 19% drop in stock price post-earnings [1] Revenue Performance - Coherent's Q4 revenue was $1.53 billion, marking a 16% increase compared to the previous year [1] - The network business revenue reached $945 million, reflecting a 39% increase year-over-year, exceeding the expected $940 million [3] - Other business segments, including materials and lasers, experienced an 8% decline, offsetting the gains from the network business [3] Future Growth Drivers - The growth in the network business is expected to continue, driven by demand for 800Gb/s optical modules, 1.6Tb optical modules, optical circuit switches, and robust growth in data center interconnectivity [4] - Potential collaboration with Nvidia could open new long-term growth opportunities for Coherent, as Nvidia's new optical network switches aim to reduce energy costs in large data centers [5] - Nvidia's new switches are reported to be 3.5 times more energy-efficient than traditional optical switches, which may significantly impact future data center expenditures [5]

Core Viewpoint - InnoLux (02577) has seen a significant stock price increase, attributed to its selection as the only domestic chip company in NVIDIA's updated list of partners for the 800V DC power architecture, which will enhance AI data center capabilities [1][1]. Group 1: Company Developments - InnoLux's stock rose nearly 6%, with a current price of 68.35 HKD and a trading volume of 616 million HKD [1]. - The collaboration with NVIDIA is expected to scale the application of the 800V DC power architecture in AI data centers, increasing computing power density by over 10 times and cabinet power density exceeding 300 kW [1][1]. Group 2: Industry Insights - HVDC technology is set to empower the next generation of data center power supply, leading to higher voltage and current requirements for power semiconductor systems [1]. - The adoption of GaN chips is accelerating due to these requirements, with InnoLux being the first company globally to achieve mass production of 8-inch silicon-based GaN wafers, ranking first among global GaN power semiconductor companies in 2023 [1][1]. - InnoLux has established strategic partnerships with traditional power chip manufacturers in Europe and the U.S. to promote the large-scale application of GaN chips in consumer electronics and automotive electronics [1].