香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 除另有界定外，本公告所用詞彙與該等公告所界定者具有相同涵義。 背景 於二零二四年七月二日，應本公司要求，本公司股份於聯交所暫停買賣，以待刊發 本公司截至二零二四年三月三十一日止十五個月（「二零二四年十五個月」）之經 審核全年業績公告（「二零二四年十五個月業績」）。 （於開曼群島註冊成立並於百慕達存續之有限公司） CHINA UNITED VENTURE INVESTMENT LIMITED （股份代號：8159） 達成復牌指引 及 恢復買賣 本公告乃由新華聯合投資有限公司（「本公司」，連同其附屬公司，統稱「本集團」） 董事（「董事」）會（「董事會」）根據香港聯合交易所有限公司（「聯交所」）GEM證 券上市規則（「GEM上市規則」）第17.10條及香港法例第571章證券及期貨條例第 XIVA部項下之內幕消息條文作出。 茲提述本公司日期為二零二四年六月二十八日、二零二四年七月三十一日（「二零 二四年七月更新公 ...

Core Viewpoint - The article discusses how the U.S.-China trade tensions, particularly the tariffs imposed by former President Trump, have created opportunities for Vietnam to establish itself in the global semiconductor industry, with a focus on local production and reducing reliance on China [3][6]. Group 1: Market Dynamics - The demand for semiconductor components in Vietnam has surged due to preemptive orders from clients before tariffs took effect, with companies like Fab-9 reporting a 20% increase in orders following Trump's tariff threats [3]. - Vietnam's semiconductor strategy aims to establish a domestic manufacturing plant, 100 chip design companies, and 10 packaging factories by 2030 [3]. Group 2: Investment and Infrastructure - VSAP Lab is investing $72 million to build an advanced semiconductor packaging laboratory in Da Nang, with a designed annual output of 10 million units [4]. - The Vietnamese government is promoting high-tech manufacturing, with state-owned Viettel pursuing similar technological advancements [5]. Group 3: Challenges and Comparisons - Despite the growth potential, Vietnam faces challenges similar to Malaysia, which has not developed a globally influential semiconductor company despite having a robust ecosystem for over 50 years [9]. - The article highlights the need for Vietnam to reform its incentive mechanisms to support local startups and attract technical talent to compete globally [9]. Group 4: Regional Developments - Other provinces in Vietnam are becoming key nodes in the semiconductor manufacturing ambitions, with companies like Vietnam Wafer Company expanding facilities to produce ultra-pure quartz for wafers [10]. - FPT and CT Semiconductor are constructing Vietnam's first wholly-owned assembly, testing, and packaging factory [10].

Core Viewpoint - ASML's CEO Christophe Fouquet has withdrawn the company's growth forecast for next year due to escalating uncertainties from macroeconomic and geopolitical developments, leading to a significant drop in the company's stock price [1] Group 1: Stock Performance and Market Reaction - ASML's stock price fell by 8.5% to €646.30, marking the largest single-day decline since April 7, with a total drop of 34% over the past year [1] - The decline in ASML's stock also triggered a collective drop in the semiconductor equipment sector, with peers like Applied Materials and Lam Research seeing declines of over 2% [1] Group 2: Financial Projections - ASML expects third-quarter net sales to be between €7.4 billion and €7.9 billion (approximately $8.6 billion), which is below analysts' average estimate of €8.2 billion [2] - The company maintains its full-year revenue growth forecast of 15% [2] Group 3: Customer Behavior and Market Dynamics - Customers are delaying equipment purchases due to uncertainties surrounding tariffs and export control policies, impacting major clients like TSMC and Intel [5] - Intel's new CEO is pushing for a restructuring plan involving over 20% layoffs, while Samsung reported its first profit decline since 2023, primarily due to shrinking AI market share [5] Group 4: Future Growth Potential - Despite the lowered growth expectations, Fouquet emphasized that the fundamentals for AI customers remain strong, with significant investments flowing into AI data center construction [6] - ASML received new orders worth €5.5 billion in the second quarter, exceeding market expectations, although the company will stop disclosing quarterly order data starting next year [6] Group 5: Trade Relations and Policy Impact - Signs of easing trade tensions between the U.S. and China could benefit ASML, as NVIDIA and AMD have been allowed to resume sales of certain AI chips to China, which is ASML's second-largest market [8] - The Dutch government continues to prohibit the export of EUV equipment to China due to U.S. pressure, and any relaxation of U.S. export restrictions on AI processors could boost chip demand [8] - CFO Dassen outlined four potential pathways through which tariff policies could impact business, emphasizing the need for a defensive strategy to minimize ASML's exposure [8][9]

Core Insights - The hedge fund market experienced a significant increase in May 2024, with a 2.3% rise, marking the largest gain since March 2024, driven by the Bloomberg Stock Hedge Fund Index [5] - Hedge funds have shown a year-to-date increase of 1.7%, with equity funds leading the gains at 3.3%, while macro funds recorded a maximum decline of 1.2% [5] Private Equity Market Review - The report highlights the ongoing trends in private equity fundraising and investment activities, emphasizing the dynamics of the market [3][8] Hedge Fund Market Overview - In the first quarter of 2024, hedge funds reduced their holdings in the "seven major tech giants" while increasing exposure to Chinese companies listed in the U.S. [8] - Despite escalating U.S.-China trade tensions, hedge funds have favored Chinese stocks, particularly Alibaba, Pinduoduo, and Baidu [8] - A Chinese hedge fund capitalized on a significant drop in the Chinese stock market in April due to new U.S. tariffs, achieving a 20% return since then and a cumulative return of 1,485% since its inception ten years ago [8] Market Dynamics - The report notes that Hong Kong is intensifying tax scrutiny on private equity and venture capital funds, indicating a shift in regulatory focus [9] - PAG is leading the acquisition of 48 shopping centers owned by Dalian Wanda, showcasing active investment strategies in the private equity space [9] - Stonepeak has agreed to acquire the container leasing company Seaco, reflecting ongoing consolidation in the industry [9]

Group 1 - The core point of the article revolves around the recent phone call between the Chinese and U.S. leaders, which aimed to ease trade tensions while also addressing the Taiwan issue, highlighting the delicate balance in U.S.-China relations [1][11]. - The call has raised concerns among Taiwanese political figures about Taiwan's potential marginalization in both economic and geopolitical contexts, particularly in light of U.S. trade policies [1][5]. - Trump's imposition of a 32% export tariff on Taiwan as part of his "reciprocal tariffs" policy is projected to have a direct impact on Taiwan's GDP, estimated between 15% to 20%, indicating significant economic repercussions for the region [3][4]. Group 2 - A recent poll indicated that 66.2% of Taiwanese respondents believe Trump would sacrifice Taiwan's interests for U.S. benefits, reflecting growing skepticism towards U.S. intentions [4]. - The phone call has intensified anxieties in Taiwan regarding its trade negotiations with the U.S., as local officials express concerns about being left behind in regional economic discussions [5][6]. - The conversation between the leaders is seen as a warning from Beijing to the Taiwanese authorities about the risks of escalating tensions, emphasizing that Taiwan is a core interest for China [9][12].

Core Insights - A recent survey conducted by the American Chamber of Commerce in China indicates that despite the operational pressures from the Sino-U.S. trade tensions, the majority of American companies do not plan to exit the Chinese market [1] - No companies reported intentions to relocate production back to the United States [1] Group 1 - The survey highlights the resilience of American businesses in China amid ongoing trade disputes [1] - The findings suggest a commitment to the Chinese market despite external pressures [1]

Core Viewpoint - General Motors (GM) has halted exports of certain vehicles manufactured in the U.S. to China due to ongoing trade tensions between the U.S. and China [1] Group 1: Trade Relations and Tariffs - Despite positive trade consensus reached during high-level economic talks in Geneva, the U.S. has imposed new tariffs on Chinese goods, with an effective rate of 30% this year [1] - The actual tariff rate on U.S. goods exported to China may range between 40% to 50% when considering tariffs imposed during Trump's first term [1] - The average tariff rate in the U.S. remains at its highest level since 1934, nearing 20% [1] Group 2: GM's Financial Performance and Strategy - GM has reported ongoing losses from its joint ventures in China, significantly impacted by tariffs on auto parts and vehicles [1] - The company announced a restructuring of its "Durant Guild," a platform aimed at introducing high-end vehicles to the Chinese market, in response to changing global economic conditions [2] - GM's stock price has seen a decline of over 6% this year under the pressure of Trump's tariff policies, with a slight increase of 0.3% in early trading [2]

Group 1 - China has announced export restrictions on seven key rare earth elements, including dysprosium, terbium, samarium, and gadolinium, requiring exporters to obtain permits from the Ministry of Commerce, with approval processes taking from six weeks to several months [1] - China dominates the rare earth production sector, accounting for approximately 90% of global supply, raising concerns in advanced manufacturing sectors, including shipbuilding [3] - Delays in procurement of rare earth materials are hindering equipment suppliers' delivery schedules to shipyards, potentially affecting the outfitting progress of vessels and leading to delayed deliveries [3] Group 2 - Rare earth elements are critical in various technological fields, including electric and hybrid vehicle batteries, wind turbines, advanced ceramics, displays, lighting, fiber optics, superconductors, and glass polishing [4] - The U.S. is particularly vulnerable to supply chain disruptions due to its heavy reliance on China for rare earth compounds and metals, with 70% of imports from China between 2020 and 2023 [4]

1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core Views of the Report - Gold prices are expected to be volatile and weak in the short - term, oscillate at high levels in the medium - term, and rise step - by - step in the long - term. The core logic includes the phased realization of Trump's trade - war risks leading to a decline in safe - haven demand, and an increase in the risk of U.S. economic stagflation causing the expected decline of the real yield of U.S. Treasury bonds [1]. - The price trend of gold is the anchor for the price of silver. In terms of funds, the net long position of CFTC silver has recently increased again, while the iShare silver ETF has reduced its position at a high level. In terms of inventory, the visible inventory of silver has decreased slightly recently [4]. 3. Summary by Related Catalogs 3.1 Gold - **Market Performance**: Today, precious metals oscillated downward. The main contract of Shanghai Gold closed down 1.44%, and the main contract of Shanghai Silver closed down 1.52% [1]. - **Core Logic**: Short - term Trump trade - war risks are phased realized, safe - haven demand declines; the risk of U.S. economic stagflation increases, and the expected real yield of U.S. Treasury bonds decreases [1]. - **Attributes Analysis** - **Safe - haven Attribute**: Trump's reciprocal tariffs are realized, and U.S. Treasury Secretary Besent hints at the easing of Sino - U.S. trade tensions. Trump recently stated that he has no intention to remove Federal Reserve Chairman Powell [1]. - **Monetary Attribute**: U.S. consumer confidence in April remains weak, and tariff concerns persist. The one - year inflation expectation of consumers is 6.5%, the highest since 1981, with a continuous increase of 0.5 percentage points or more for four consecutive months. The long - term inflation expectation is 4.4%. The market currently expects the Fed to cut interest rates next time in June, and the expected total interest - rate cut space in 2025 has returned to around 100 basis points. The U.S. dollar index encounters resistance in its downward movement, and the yield of U.S. Treasury bonds oscillates strongly [1]. - **Commodity Attribute**: The CRB commodity index oscillates downward, and the depreciation of the RMB benefits domestic prices [1]. - **Strategy**: Conservative investors should wait and see, while aggressive investors can buy low and sell high. It is recommended to manage positions well and set strict stop - losses and take - profits [1][2][4]. 3.2 Silver - **Price Anchor**: The price trend of gold is the anchor for the price of silver [4]. - **Fund and Inventory Situation**: In terms of funds, the net long position of CFTC silver has recently increased again, while the iShare silver ETF has reduced its position at a high level. In terms of inventory, the visible inventory of silver has decreased slightly recently [4]. - **Strategy**: Similar to gold, conservative investors should wait and see, and aggressive investors can buy low and sell high. Position management and strict stop - losses and take - profits are recommended [4]. 3.3 Fundamental Key Data - **U.S. Federal Reserve Data**: The upper limit of the federal funds target rate is 4.50%, the discount rate is 4.50%, the reserve balance interest rate (IORB) is 4.40%, the total assets of the Federal Reserve are 67780.29 billion U.S. dollars, M2 (year - on - year) is 4.12%, the real yield of 10 - year U.S. Treasury bonds is 2.48, and the U.S. dollar index is 99.57 [6]. - **Other Key Indicators**: Various indicators such as U.S. bond spreads, inflation data, economic growth data, labor market data, real estate market data, consumption data, and industrial data are presented, showing different trends of increase and decrease [8]. - **Safe - haven and Commodity Attributes**: The geopolitical risk index is 170.08, the VIX index is 25.89, the CRB commodity index is 298.46, and the offshore RMB is 7.2966 [9]. - **Fed Interest - Rate Expectation**: The probability distribution of the Fed's interest - rate levels in different meetings from 2025 to 2026 is provided according to the CME FedWatch tool [10].

Core Viewpoint - The upcoming launch of Nintendo's new gaming console, Nintendo Switch 2, is overshadowed by concerns over tariffs and potential price increases for both the console and its accessories [1][3][4]. Group 1: Product Launch and Pricing - Nintendo plans to globally launch the Nintendo Switch 2 on June 5, with a Japanese price of 49,980 yen (approximately $350) and a U.S. price of $449.99 [3][4]. - The company has already shipped a significant portion of the new console's inventory to the U.S. ahead of the launch, despite initially pausing pre-orders due to tariff concerns [3][4]. - The U.S. market accounts for one-third of Nintendo's revenue, making it a critical area for the company's sales strategy [4]. Group 2: Tariff Impact - The ongoing U.S.-China trade tensions have led to increased tariffs, with Chinese-manufactured electronics facing a 20% basic tariff and certain products facing up to 45% [3][4]. - Analysts have downgraded the annual sales forecast for the Switch 2 from 17 million units to 15 million units, attributing this to the additional costs imposed by tariffs that may be passed on to consumers [4][10]. Group 3: Market Context and Future Implications - The success of the Switch 2 is seen as pivotal for Nintendo's future, especially following the failure of the Wii U, which sold less than 14 million units [9]. - The gaming industry is currently experiencing significant fragmentation in console choices, with various options like high-end consoles (e.g., PS5 Pro), handheld devices, cloud gaming, and PC gaming competing for market share [7][9]. - Despite the challenges, the Switch 2 is still expected to become one of the fastest-selling gaming consoles [10].