Core Viewpoint - The article highlights significant movements in the Hong Kong and US stock markets, focusing on various companies' performances and the impact of regulatory changes on specific sectors. Group 1: Hong Kong Stock Market Highlights - Haitian Flavoring (03288) debuted with over a 3% increase, raising HKD 10 billion and holding a 6.2% global market share in soy sauce, leading the Chinese seasoning market with a 4.8% share [1] - Stablecoin concept stocks surged, with Lianlian Digital up 11%, Yika up 9%, and Zhong An Online up 8%, driven by the implementation of Hong Kong's stablecoin regulations [1] - Hezhima Intelligent (02533) rose over 3% as it plans to acquire an AI chip company to expand its automotive and edge AI product lines [1] - Delin Holdings (01709) increased over 3% with an expected annual profit growth of 10%-30% (to HKD 110-130 million) and its subsidiary Synaptic Technology securing tens of millions in A-round financing [1] - Jingtai Technology (02228) saw over a 4% rise, producing its first clinical candidate drug, PRMT5 inhibitor PE-0260, with clinical trials set to start in the second half of 2025 [1] - Gold stocks collectively fell, with Lingbao Gold and Zhu Feng Gold both down 4%, affected by a pullback in spot gold prices [1] - Innovent Biologics (01801) rose over 4% after obtaining global rights for GlycoT's ADC technology, with positive outlooks for IBI363/343's international potential [1] - Longpan Technology (02465) increased over 6% due to policy support accelerating solid-state battery industrialization, with the Ministry of Industry and Information Technology allocating HKD 6 billion for special research [1] Group 2: Other Notable Movements - Simor International (06969) fell over 5% as shareholder Yiwei Lithium Energy announced a third reduction of 3.5% in its stake, dropping to 27% and losing control [2] - Fubo Group (03738) rose over 4% due to favorable policies for data asset REITs, with the company targeting annual AI business revenue in the million-dollar range [2] - Yadea Holdings (01585) increased over 4% with a projected 55% rise in H1 net profit to HKD 1.6 billion, driven by new national standards enhancing industry concentration [2] - Perfect Medical (01830) fell over 6% as medical beauty consumption shifted to Shenzhen and South Korea, with an expected 35% decline in annual profit [2] - Yunbai International (00030) surged over 15% after acquiring global distribution rights from its parent company Yunnan Baiyao, covering a full range of products including medicines and personal care [2] - Luk Fook Holdings (00590) dropped over 4% due to increased gold hedging losses from rising gold prices and high base effects from last year's acquisition of King of Gold [2] Group 3: US Stock Market Highlights - Brain Regen Technologies (RGC.US) fell over 18% after a 400% increase in the previous two days, as profit-taking occurred; the company focuses on liquid formulations for ADHD and autism [3] - Marvell Technology (MRVL.US) rose over 7% after announcing a collaboration to develop AI power solutions and launching a 2nm custom SRAM chip with leading bandwidth and energy efficiency [3] - Circle (CRCL.US) surged over 33% after the US Senate passed a stablecoin bill, boosting the stock's value by 410% since its listing [3] - The rare earth sector continued to rise, with MP Materials up 4.9% and USA Rare Earth up 5.58%, driven by policy support for strategic resource demand [3] - Wolfspeed (WOLF.US) fell over 30% amid reports of a potential bankruptcy agreement, despite the silicon carbide market projected to reach USD 29 billion by 2030 [3] - Odyssey Marine (OMEX.US) rose over 11% after Trump signed an executive order to expedite deep-sea mining permits, with a 93% increase year-to-date [3] - Huya (HUYA.US) increased over 3% as the "HYPER eSports Carnival" is set to open in Chengdu, boosting platform traffic and commercialization expectations [3] Group 4: Additional Notable Movements - AST SpaceMobile (ASTS.US) rose over 10%, with an 85% increase in June, partnering with Vodafone India to provide satellite connectivity to unconnected areas [4] - Arqit Quantum (ARQQ.US) surged over 22% after being selected for Oracle's defense ecosystem, highlighting the strategic value of quantum encryption technology [4] - Aptevo (APVO.US) skyrocketed over 81% due to a new leukemia drug showing an 85% response rate in frontline treatment [4] - Upstart (UPST.US) rose over 10% after Bank of America raised its target price to USD 56, maintaining a "hold" rating as the credit tech platform's valuation recovers [4] - Coinbase (COIN.US) increased over 16% as it plans to apply to the SEC for "tokenized stocks," opening new growth opportunities in traditional equity on-chain [5]

黄黄金金会会突突破破新新高高吗吗？？ 22002255年年66月月99日日--22002255年年66月月1133日日基基金金投投顾顾观观点点 本周A股上涨后回落，债市震荡走强，黄金强势攀升，波动放大主要与中东地区局势骤然升级 有关。具体来看，本周市场有以下几个重要方面： 以色列打击伊朗对全球资产产生震动，周五A股和港股受到影响，均回落，但全周来看市场 整体窄幅震荡。市值风格上，小微盘表现稍逊于大盘风格。行业上，有色金属、石油石化、 农林牧渔行业本周表现较好。成交金额上，沪深两市本周成交金额日均值相比上周明显提 升，小微盘的成交额占比比上周有所回落，但仍处于历史相对高位区间。 02 债市方面，债市方面，本周资金面保持宽松，债市震荡走强，十年国债收益率整体下行。资 金面上，尽管央行小幅回收流动性仍不改资金面延续宽松的格局，对债市较为有利。基本面 上，5月通胀数据同环比仍为负，显示价格改善有待时日，对债市较为有利。消息面上，中 美伦敦会议结束，核心内容为中美原则上达成协议框架，目前债市整体受关税影响边际减 弱，仅受小幅扰动。 海外方面，截至周四美股周度小幅收涨，前半周主要交易中美谈判，随后中东局势冲突升 级，黄金 ...

A股三大指数今日集体回调，截止收盘，沪指跌0.44%，收报3384.82点；深证成指跌0.86%，收报10162.18点；创业板指跌1.17%，收报2037.27点。 板块方面，港口航运股集体大涨；创新药概念股维持强势；美容护理、稀土永磁等板块涨幅居前，华为昇腾、军工、半导体、软件开发等板块跌幅 居前。 沪深两市全天成交额1.42万亿，较上个交易日放量1290亿。 01 中科曙光复牌一字涨停 6月10日，此前因筹划战略重组而停牌的海光信息和中科曙光复牌，中科曙光实现开盘涨停。海光信息也收涨4.4%。 截至收盘，中科曙光涨停板上 仍有50万手封盘排队等买进。 | 中科曙光 | | | ... () | | --- | --- | --- | --- | | 603019 已收盘 06-10 15:00:00 北京 | | | | | 68.09 +6.19 +10.00% | | | 36.32万人加自选 = 2 > CN 融 通 L1 | | 高 68.09 | 开 68.09 | 量 67196.00手 | 总市值 996.30亿 。 | | 低 68.09 额 4.58亿 | 换 0.46% | | 市盈 ...

6月4日A股市场延续近期反弹趋势，三大指数低开高走，市场呈现普涨格局。结构上，继续延续科技 +新消费双轮驱动特征，"结构牛"特征明显。 驱动因素上看，外部科技巨头动态成为重要导火索，隔夜英伟达股价大涨近 3%，市值超越微软，其在 AI 芯片领域的统治力强化了市场对算力产业链的信心，直接催化CPO、铜连接等方向集体反弹，太辰 光、中际旭创等核心标的涨幅居前。与此同时，Meta与星座能源签署 20 年核电购买协议，叠加高盛关 于全球铀矿缺口将达 1.3 亿磅的预判，推动核电板块资金关注度升温，百利电气7 天 5 板的连涨表现， 折射出市场对能源安全与技术革新的双重期待。 政策与事件性催化形成内部支撑。商务部启动 "服务消费季" 培育融合消费场景，叠加端午假期 "苏超" 赛事的现象级热度（前两轮场均观众超8798人次），文旅消费与体育经济的共振效应在资本市场具象化 为足球概念股的活跃，共创草坪、金陵体育等标的的涨停反映出政策导向与市场热点的深度契合。此 外，第二届 "一带一路" 科技交流大会即将召开的消息，激发了市场对跨境技术合作与产业升级的预 期，为科技板块注入长期想象空间。 行业层面，综合（2.32%）、通信（ ...

Group 1 - The "Bingchuanghui" 2025 Innovation Salon was held in the "China Digital Valley" building, focusing on the theme "Intelligent Gathering in Binjiang, Creating the Future" [1] - The event released three major "TOP5" lists: artificial intelligence innovation projects (companies), innovative achievements, and innovative talents [1] - Hangzhou Beifeng Technology Co., Ltd. was recognized in the "TOP5" list for artificial intelligence innovation projects, highlighting its rapid growth and innovation in micro high-performance fans and motors [1] Group 2 - The high-tech zone (Binjiang) aims to create an open and collaborative innovation ecosystem by focusing on technological breakthroughs, talent contributions, and corporate innovation [2] - The salon serves as a platform for showcasing innovative achievements, excellent talents, and quality projects, facilitating interaction and exchange of cutting-edge ideas [2] - The second batch of companies, including Zhongzheng Shufu (Hangzhou) Data Co., Ltd. and Jiliang Digital Technology (Hangzhou) Co., Ltd., signed agreements to settle in the "China Digital Valley" building, enhancing the industrial chain advantages in computing power, data, and application scenarios [2]

Group 1: Agricultural Sector Insights - The agricultural sector's performance saw a decline, with the HuShen 300 index down by 0.18% and the agriculture, forestry, animal husbandry, and fishery sector down by 0.36% during the week of May 19-25, 2025 [4] - Pig prices showed a mixed trend, with the average price of external three yuan pigs in Sichuan, Guangdong, and Henan at 14.05, 15.39, and 14.25 yuan per kilogram respectively, reflecting a week-on-week change of -2.09%, +0.65%, and -3.72% [4] - The report highlights the potential recovery in the feed industry due to declining upstream raw material prices and improving downstream farming conditions, particularly for Hai Da Group, which is expected to see an upward trend in its business fundamentals [4] Group 2: AI Computing Industry Insights - The AI computing industry is experiencing sustained high demand, particularly from the internet and intelligent computing centers, with a rapid push for domestic procurement of AI computing power [6] - Major domestic AI chip manufacturers like Huawei, Haiguang Information, and Cambricon are accelerating their performance and capacity breakthroughs, with Huawei's Ascend 910B chip being comparable to NVIDIA's A100 [6] - The AI server market is projected to grow significantly, with IDC forecasting that the market size will reach 25.3 billion USD by 2028, driven by strong demand from domestic internet companies and intelligent computing centers [6]

以下文章来源于RimeData 来觅数据 ，作者来觅研究院 RimeData 来觅数据 . 全面的一级市场数据平台 ⌜ 投融概况 ⌟ 截至2025年5月16日18:00，本周融资事件共88起（不包括并购、定增），融资金额总计约30.80亿元（谨慎估计）。在所有融资事件中，本周融资金额在 亿元及以上的融资事件有16起。本周公开退出案例33个。另外，本周有100家机构参与了一级市场投资。 请读者留意，由于本周有21起融资事件未公布准确的融资金额，出于谨慎考虑，笔者做了暂取较小值处理，涉及金额至少4.62亿元，约占融资总额的 15.00%。另外，因融资事件的延迟披露，本期周报仅收录了本周五18:00前公开披露的融资事件，可能导致统计分析与实际情况存在细微偏差，感兴趣的 读者可以登录Rime PEVC平台获取全量融资事件、被投项目及深度数据分析。 本周已披露金额的融资事件63起，融资金额区间分布结构与过往相比变化不大，本周500万以下的融资事件4起；500万-1000万（含1000万）融资事件合计 29起；1000万-5000万（含5000万）融资事件为13起；5000万-1亿（含1亿）的融资事件12起；1-5亿（含 ...

SiC衬底市场2024年营收年减9%，但长期需求乐观 根 据 Tr endFor c e 集 邦 咨 询 最 新 研 究 ， 受 2024 年 汽 车 和 工 业 需 求 走 弱 ， SiC 衬 底 出 货 量 成 长 放 缓，与此同时，市场竞争加剧，产品价格大幅下跌，导致 2024年全球N-type（导电型）SiC衬 底产业营收年减9%，为10.4亿美元 。 点击右边 阅读原文 了解更多详情 2024年全球前十大封测厂商营收合计415.6亿美元，年增3% 根据Tr endFor c e集邦咨询最新半导体封测研究报告，2024年全球封测(OSAT)市场面临技术升级 和产业重组的双重挑战。从营收分析，日月光控股、Amkor（安靠）维持领先地位，值得关注 的是，得益于政策支持和本地需求带动，长电科技和天水华天等封测厂营收皆呈双位数成长， 对既有市场格局构成了强大的挑战。 TrendForc e集邦咨询表示，2024年全球前十大封测厂合计营收为415.6亿美元，年增3% 。 | 排名 | | | | | Top10营收占比 | | | --- | --- | --- | --- | --- | --- | --- ...

Investment Rating - The report maintains a "Buy" rating for Qualcomm (QCOM.US) with a target price of $178.3, indicating a potential upside of 17.8% from the current price of $151.34 [1][5]. Core Views - Qualcomm's smartphone shipment forecast remains largely unchanged, with minimal impact from current tariffs and limited pre-purchase behavior from customers [1]. - For FY3Q25, Qualcomm expects smartphone revenue to grow by 10% year-over-year, driven by increased shipments of high-end Android phones and rising average selling prices [1]. - Automotive revenue is projected to increase by 20% year-over-year, benefiting from high adoption rates of smart cockpit technology in new energy vehicles in China [1]. - Internet of Things (IoT) revenue is anticipated to grow by 15%, supported by gains in high-end personal computers, industrial IoT growth, and surging demand for edge AI [1]. - Long-term growth potential in non-mobile business segments is significant, with expectations that non-mobile revenue will reach $22 billion by 2029 [1]. - Qualcomm's forward P/E ratio is currently at 12.7x, down from 15x at the beginning of the year, making it an attractive investment opportunity [1]. Financial Performance and Forecast - In FY2Q25, Qualcomm reported revenue of $10.98 billion, a 17% increase year-over-year, but a 6% decrease quarter-over-quarter, exceeding market expectations [2][10]. - Gross margin for FY2Q25 was 55.0%, slightly down from the previous year and quarter, primarily due to changes in product mix [2][10]. - Operating profit and net profit for FY2Q25 were $3.12 billion (up 33% year-over-year) and $2.81 billion (up 21% year-over-year), respectively, both slightly above market expectations [2][10]. - The guidance for FY3Q25 indicates a median revenue of $10.3 billion, representing a 10% year-over-year growth [2]. - The financial projections for FY2025 and FY2026 have been slightly adjusted based on FY2Q25 performance and FY3Q25 outlook [2][11]. Valuation - The report employs a DCF valuation method, assuming a growth rate of 12% for FY2030-FY2034 and a perpetual growth rate of 3%, with a WACC of 13.8% [3]. - The adjusted target price of $178.3 corresponds to a P/E ratio of 17.4x for FY2025 [3].

Group 1 - The company and its chairman invested a total of 2.5 billion yuan in Shanghai Zhenliang Intelligent Technology, acquiring 11.43% and 2.86% equity respectively, which aligns with the company's strategic plan for emerging industries, particularly in domestic AI chip development [1] - Zhenliang Intelligent, established in 2020, has a net asset of 107 million yuan and a loss of 190 million yuan as of the end of 2024, but has already mass-produced two generations of AI chips, with the latest GPGPU chip expected to be delivered quarterly starting in 2025 [2] - The company reported a 10.5% year-on-year increase in revenue for Q1 2025, with a net profit growth of 49.4%, indicating stabilization in its main business operations [1][3] Group 2 - The company plans to implement a second employee stock ownership plan involving 10 executives and 110 employees, which is expected to align the interests of core employees and stimulate long-term development [4] - Due to anticipated delays in the recovery of product prices and gross margins, the company has revised down its revenue and net profit forecasts for 2025-2026, projecting EPS of 0.33/0.38/0.42 yuan for 2025-2027 [5] - The company is recognized with a target price of 7.59 yuan based on a 23 times PE ratio for 2025, reflecting an increase from the previous target of 3.71 yuan [5]