Investment Focus - The A-share market is expected to attempt another upward move, with Hong Kong equities likely to follow, but further upside in A-shares will face resistance near annual highs without a significant increase in trading volume [1][8] - The Shanghai Composite Index rose by 0.1%, while the ChiNext Index declined by 1.3%. The Hang Seng Index increased by 2% and the Hang Seng Tech Index rose by 4.3% [1][8] Semiconductor Industry - The semiconductor industry is emerging as a core theme, with capital rotating towards this sector due to rising prices and demand, particularly for H200 chips in China [2][9] - Domestic capital market activities around self-sufficiency in semiconductors have accelerated, with notable IPO applications and stock price increases, enhancing risk appetite for Hong Kong equities as a financing venue for hard technology [2][9] Economic Indicators - China's official manufacturing PMI for December was reported at 50.1, exceeding expectations of 49.2, while the non-manufacturing PMI rose to 50.2, indicating synchronized improvement in manufacturing production and demand [3][12] - The National Development and Reform Commission (NDRC) has initiated significant infrastructure projects with total investments exceeding RMB400 billion, reinforcing the stabilizing role of infrastructure spending [3][12] Policy Developments - The NDRC released the 2026 "Two New" policy framework with an initial allocation of RMB62.5 billion, indicating a slight decrease in overall scale compared to last year but an earlier rollout [3][12] - Recent articles emphasize the need for decisive policy measures to stabilize the real estate market, focusing on a transition to an integrated development model and unlocking demand potential [3][12] Market Dynamics - Speculative activity remains active in A-shares, with significant capital concentration in the commercial aerospace sector, although the profit-making effect has not sustainably lifted the broader index [4][11] - In Hong Kong, southbound funds recorded a net outflow of HKD3.8 billion, with a slowdown in buying momentum for internet stocks and increased allocation to financials [4][16] Investment Strategy - The report suggests continuing to accumulate positions in domestic computing power themes, which are central to the investment strategy and are expected to transition into a primary uptrend [5][14] - With rising policy expectations for consumption and property sectors, these segments are seen as having catch-up potential and warrant attention for tactical allocation opportunities [5][14]

Core Viewpoint - Wuxi Haoda Electronics Co., Ltd. has submitted a listing guidance report to the China Securities Regulatory Commission, indicating a renewed attempt to go public after a previous failed IPO [1][2] Company Overview - Founded in 1999, Haoda Electronics is one of the early players in the surface acoustic wave (SAW) filter market in China [2] - The company successfully developed SAW filters and resonators for walkie-talkies and remote controls in 2001, establishing a technological foundation in the RF front-end chip sector [2] - Over 20 years, Haoda Electronics has become a leading domestic producer of SAW filters, with product performance nearing international standards [2] Market Position and Clientele - Major clients include well-known companies such as Xiaomi, ZTE, Samsung, Lenovo, and Foxconn [2] - The demand for domestic RF chip replacements is strong due to the rapid development of 5G communications and the Internet of Things [2] IPO Attempts and Regulatory Environment - This is not the first attempt by Haoda Electronics to go public; the company previously submitted an application to the Shanghai Stock Exchange and received an acceptance notice in June 2021 [1] - The IPO application was approved in November 2021 but was later withdrawn in December 2022, with the CSRC terminating the registration process in February 2023 [1][2] - The reasons for the withdrawal remain unclear, but industry speculation suggests factors such as market environment changes, valuation adjustments, or regulatory inquiries [2] Future Outlook - With the trend of domestic semiconductor self-sufficiency, the RF front-end chip market presents significant opportunities [2] - The change of guidance institutions and the renewed effort to enter the capital market warrant ongoing attention regarding the company's listing progress and valuation performance [2]

Industry Overview - As of June 6, 2025, the National Semiconductor Chip Index (980017) increased by 0.08%, with notable gains from stocks such as Zhaoyi Innovation (603986) up 4.70% and Jingjia Micro (300474) up 4.50% [1] - The Semiconductor ETF (159813) has achieved four consecutive days of gains, indicating strong market interest [1][2] Strategic Developments - On May 26, Haiguang Information and Zhongke Shuguang announced a strategic merger, with Haiguang Information planning to absorb Zhongke Shuguang through a share swap and raise additional funds via A-share issuance [1] - The combined market capitalization of the two companies is expected to exceed 400 billion yuan, creating a unique entity in the A-share market that spans CPU design and computing services [1] Market Dynamics - The Semiconductor ETF (159813) saw active buying, with a net subscription of 268 million units by the end of the trading day [2] - The domestic EDA (Electronic Design Automation) market in China is projected to reach 18.49 billion yuan by 2025, capturing 18.1% of the global market, with an annual growth rate of 15.64% from 2021 to 2025 [4] Industry Challenges and Opportunities - The U.S. government has effectively cut off certain American companies from selling semiconductor design software to China, prompting a strong performance in the domestic EDA sector [3][4] - The semiconductor industry is expected to experience long-term growth, driven by the need for self-developed SoC chips and advancements in technology such as 3nm processes and AI-driven computing demands [4] ETF Composition - As of May 30, 2025, the top ten weighted stocks in the National Semiconductor Chip Index (980017) accounted for 66.85% of the index, including major players like SMIC (688981) and Cambrian (688256) [5]