香港聯合交易所有限公司及證券及期貨事務監察委員會對本公告的內容概不負責，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依賴該等內容而引致的任何損失承擔任何責 任。 Axera Semiconductor Co., Ltd. 愛芯元智半導體股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 警 告 本公告根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 閣下閱覽本公告，即代表閣下知悉、接納並向本公司、其任何聯席保薦人、整體協調 人、顧問或承銷團成員表示同意： 1 (a) 在聯交所網站登載本公告，並不引起本公司、其聯席保薦人、整體協調人、顧問或 承銷團成員須在香港或任何其他司法管轄區進行發售或配售活動的責任。本公司最 終會否進行發售或配售仍屬未知之數； (b) 本公告所涉上市申請未獲批准，聯交所及證監會或會接納、發回或拒絕有關公開發 售及╱或上市申請； (c) 本公告不得被視為勸誘認購或購買任何證券，亦不擬構成該等勸誘； (d) 本公司或其任何聯屬人士、其顧問或承銷團成員概無於任何司法管轄 ...

Market Performance - The Hang Seng Index (HSI) rose by 44 points or 0.17%, closing at 26,629 points, after initially opening 165 points higher[1] - The Shanghai Composite Index increased by 5 points or 0.1%, closing at 4,122 points, with a total turnover of 1.2 trillion yuan[1] - The S&P 500 Index gained 37 points or 0.6%, closing at 6,913 points, continuing its upward trend[2] Economic Indicators - The annualized GDP growth rate for the US in Q3 was revised to 4.4%, slightly above the initial estimate of 4.3%, marking the strongest growth since Q3 2023[3] - In January, China's narrow passenger car retail market is expected to reach approximately 1.8 million units, a month-on-month decline of 20.4% but a year-on-year increase of 0.3%[3] - The overall consumer price index in Hong Kong rose by 1.4% year-on-year in December, up from 1.2% in November, driven by increased travel and transportation costs[3] Corporate Updates - MicroPort Medical (00853.HK) expects to report a net profit of no less than $20 million for 2025, a turnaround from a net loss of $268 million the previous year, primarily due to revenue growth and cost optimization[4] - Alibaba's subsidiary, Pingtouge, is set to pursue an independent IPO, although Alibaba has not commented on the reports[4]

Market Overview - The Hang Seng Index closed at 26,585.06 points, up 0.37% for the day and 3.72% year-to-date[5] - The Technology Index rose by 1.11%, with a year-to-date increase of 14.18%[5] - The Financial Index decreased by 0.44%, while the Utilities Index increased by 1.15% year-to-date[5] Key Stock Movements - Kuaishou (1024.HK) surged by 3.6%, Baidu (9888.HK) rose by 3.3%, and Alibaba (9988.HK) increased by 2.2%[7] - Semiconductor stocks showed gains, with SMIC (981.HK) up 3.7%, and Hua Hong Semiconductor (1347.HK) up 5.2%[7] Economic Indicators - The U.S. 10-year Treasury yield rose to 4.2448%, reflecting a 7.54 basis point increase over five days[23] - The U.S. dollar index stood at 98.78, with a year-to-date change of 0.47%[23] Corporate Actions - China Shipbuilding Leasing (3877.HK) plans to issue HKD 2.338 billion convertible bonds due in 2031, with net proceeds of approximately HKD 2.322 billion for operational and general corporate purposes[7] - Nanshan Aluminum (2610.HK) announced a placement of 31 million shares at a discount of 6.39% to raise HKD 2 billion[7] Commodity Prices - Gold prices surpassed HKD 4,800, with several gold mining stocks reaching new highs[2] - New York crude oil closed at USD 60.62 per barrel, up 0.46%[7]

Core Insights - The report highlights a significant trade agreement between the U.S. and Taiwan, where Taiwan will invest at least $250 billion in chip production and factories in the U.S., while the U.S. will reduce tariffs on Taiwan to 15% [9][11] - TSMC reported record net income in Q4 2025, exceeding expectations, and forecasts capital expenditures for 2026 to be higher than estimates, indicating strong demand for AI chips [9][11] - Goldman Sachs and Morgan Stanley reported better-than-expected earnings in their trading and wealth management divisions, respectively, indicating a positive trend in financial services [9][11] Market Focus and Strategy - The report suggests avoiding or reducing holdings in credit card issuers and consumer finance stocks until clarity on the Trump credit card interest rate cap proposal is achieved [9] - It emphasizes a strategy of investing in high-quality leaders in technology, particularly those with strong cash flows and advantages in AI infrastructure and applications, such as cloud computing and semiconductors [9] Economic Indicators - The New York manufacturing index rose to 7.7, indicating expansion in manufacturing activity, while initial jobless claims in the U.S. decreased to 198,000, below expectations [11] - The U.S. 30-year mortgage rate fell to 6.06%, the lowest since September 2022, reflecting a favorable borrowing environment [11] Company-Specific Developments - TSMC's ADR surged by 4.4% following its strong earnings report, with its market capitalization surpassing $1.8 trillion [11] - Alibaba launched an AI shopping feature, enhancing its ecosystem with over 400 capabilities, marking a significant step in AI-driven consumer services [13] Stock Performance Overview - The Hang Seng Index closed at 26,923.62, down 0.28%, while the Dow Jones Industrial Average rose by 0.6% to 49,442.44 [15][19] - Notable performers included BYD Electronics and China National Offshore Oil, while Ctrip Group and Alibaba Health underperformed [19] Key Economic Data Releases - The People's Bank of China announced measures to stimulate growth, including lowering the minimum down payment ratio for commercial property loans to 30% and reducing structural monetary policy tool rates [13] - New loans in China for 2025 were reported at 16.27 trillion yuan, a 10% year-on-year decline, indicating a tightening credit environment [13]

Market Analysis - The Hang Seng Index (HSI) experienced a slight decline of nearly 0.3% on January 16, with intraday highs reaching 27,100 points, close to the upper Bollinger Band, before retreating [1] - The market is currently in a consolidation phase, with limited overall volatility and a trading volume that initially shrank before showing slight recovery [1] - There is a notable divergence in market sentiment, with bullish investors expecting a continuation of the upward trend, while bearish investors anticipate a potential drop to around 26,300 points [1] Derivative Investment Insights - Investors holding overnight bull and bear certificates should be cautious of the risk of forced buybacks, especially over the weekend [2] - Technical analysis indicates support levels for the HSI at 26,100 points, with a potential extreme drop to 25,700 points, while resistance levels are at 27,400 and 27,800 points [2] Company-Specific Analysis Li Ning (02331.HK) - On January 16, Li Ning's stock price broke through the 20 yuan mark, reaching a high of 20.62 yuan before closing at 20.4 yuan, with a noticeable increase in trading volume [3] - The Relative Strength Index (RSI) is nearing 80, indicating potential for a pullback, making it challenging to reach the 25 yuan target in the short term [3] - Key resistance levels are identified at 21.4 yuan and 21.8 yuan, with further upward movement requiring time for consolidation and volume accumulation [3] Meituan-W (03690.HK) - Meituan's stock has shown significant volatility, with a high of 108 yuan and a recent low of 99 yuan, stabilizing around the 100 yuan mark [4] - The stock exhibits a pattern of bouncing off the lower Bollinger Band and facing resistance at the upper band, presenting trading opportunities for short-term investors [4] - Key support is at 96.8 yuan, with a potential drop to 93.5 yuan if this level is breached [4] JD.com - JD.com's stock price has been on a downward trend, closing at 113.6 yuan on January 16, slightly below the middle Bollinger Band [6] - The short-term support level is at 109.7 yuan, with a risk of further decline to 105.5 yuan if this support fails [6] SMIC (00981.HK) - SMIC's stock price showed positive movement, reaching a high of 79.7 yuan and closing at 79.2 yuan, approaching the 80 yuan mark [6] - The stock is currently in a state of indecision, with no clear trend direction, and trading within a narrow range of 74.3 yuan to 81.3 yuan [7] BYD Company (01211.HK) - BYD's stock price briefly surpassed the 100 yuan mark, although it retreated by the end of the trading day [8] - The primary resistance level is at 101.7 yuan, with a potential challenge at 105.7 yuan if this level is breached [8] - Current technical signals indicate a predominance of sell signals, suggesting potential pressure on the stock price in the short term [8]

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Group 1: Hang Seng Index (HSI) - The Hang Seng Index (HSI) experienced fluctuations, reaching a high of over 27,000 points but closing at approximately 26,923 points, disappointing some investors [1] - Optimistic investors believe that the HSI will not significantly decline from current levels, maintaining a range around 26,900 points despite volatility [1] - There are mixed opinions in the market, with some expecting a slight increase before a potential downturn, while others see a sideways market that could reverse direction [2] - Technical signals indicate a predominance of "sell" signals, with a support level around 26,200 points, and a potential drop to 25,700 points if the decline continues [2] Group 2: Hua Hong Semiconductor (01347.HK) - Hua Hong Semiconductor's stock price reached a high of 99.95 HKD, close to the 100 HKD mark, maintaining an upward trend since mid-December [6] - The resistance level for Hua Hong Semiconductor is around 105 HKD, and if surpassed, it could rise to 117.7 HKD [7] - Technical analysis currently shows a majority of "sell" signals, indicating caution despite the recent price increase [7] Group 3: Ganfeng Lithium (01772.HK) - Ganfeng Lithium's stock price has shown a strong upward trend since mid-December, reaching a high of 67.55 HKD, with a closing price of 66.8 HKD [14] - The technical signals suggest a majority of "sell" signals, with a support level around 58.4 HKD, and a potential drop to 55.6 HKD if the price declines [15] - Investors are advised to consider their confidence in the stock before making additional purchases, given the recent price increases [15] Group 4: NetEase (09999.HK) - NetEase's stock has been on a downward trend, with a support level around 206 HKD, and a potential drop to 190.7 HKD if it falls below this level [20] - The stock has experienced significant adjustments after reaching a high, indicating a need for caution before making new purchases [20] Group 5: Hong Kong Exchanges and Clearing (00388.HK) - The stock price of Hong Kong Exchanges and Clearing has shown a slight increase, reaching a high of 439.8 HKD, with a closing price of 438.6 HKD [26] - The resistance level is identified at approximately 443 HKD, and if surpassed, the price could rise to 461 HKD [26] - Investors are encouraged to consider products with a redemption price above 460 HKD to mitigate risks [27] Group 6: China Construction Bank (00939.HK) - China Construction Bank's stock price reached 7.85 HKD, having briefly surpassed the upper limit of the Bollinger Bands [33] - The resistance level is around 8 HKD, and if broken, it could rise to 8.25 HKD [33] - A support level is identified at 7.65 HKD, with a potential drop to 7.45 HKD if this level is breached, suggesting investors should choose products with a redemption price below 7.45 HKD [34]

Market Overview - The Hang Seng Index (HSI) faces short-term resistance at 27,188 points, with expectations of two interest rate cuts in 2026 following the Federal Reserve's December decision to lower rates by 0.25 basis points [1] - The market anticipates policy initiatives in the first quarter of 2026 aimed at boosting domestic demand and achieving technological self-reliance, with potential for further monetary easing [1][2] - Recent adjustments in financing margin ratios by the Shanghai and Shenzhen stock exchanges may lead to short-term market corrections, impacting the inflow of foreign capital into Hong Kong stocks [1] Corporate News - Dongpeng Beverage plans a secondary listing in Hong Kong, aiming to raise over 7.8 billion HKD, with subscriptions expected to begin this month [3] - Alibaba has integrated its AI assistant "Qianwen" with Taobao and Alipay, enabling functionalities such as food delivery and flight bookings [3] - CK Hutchison is reportedly seeking a valuation of 30 billion USD for a potential IPO of Watsons Group [3][9] - WuXi Biologics intends to reduce its stake by 3.8%, raising approximately 5.8 billion HKD, and will no longer be a major shareholder [3][9] Macro Focus - The People's Bank of China (PBOC) has lowered the interest rate on structural monetary policy tools by 0.25 percentage points, aiming to enhance credit support for key sectors [7] - In December, new loans in China reached 910 billion CNY, exceeding expectations, while total social financing increased by 2.21 trillion CNY [7] - The National Development and Reform Commission has announced that fixed asset investment by the State Grid will reach 4 trillion CNY during the 14th Five-Year Plan, marking a 40% increase from the previous plan [7] Sector Insights - The biopharmaceutical sector in China has seen a record high in new drug licensing deals, indicating sustained demand in the industry [6] - Defensive sectors are expected to attract capital as market risk appetite decreases [6]

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Market Overview - The Hang Seng Index (HSI) rose by 82 points or 0.3%, closing at 26,231 points, after opening 123 points higher and briefly dipping to 26,114 points[1] - The total market turnover for the day was HKD 245.13 billion[1] - The Shanghai Composite Index increased by 37 points or 0.9%, closing at 4,120 points, with a trading volume of CNY 1.29 trillion[2] - The Shenzhen Component Index rose by 160 points or 1.2%, closing at 14,120 points, with a turnover of CNY 1.83 trillion[2] Currency and Economic Indicators - The RMB/USD central parity rate was adjusted up by 69 points to 7.0128, marking a new high since September 30, 2024[2] - The U.S. non-farm payrolls increased by 50,000, which was below expectations, while the unemployment rate fell to 4.4%[2] - The Federal Reserve is expected to maintain interest rates, contributing to a positive trend in U.S. stock markets[2] International Relations and Trade - Japan's Prime Minister criticized China's export controls on dual-use items, claiming they violate international norms[3] - Iran's protests have reportedly resulted in over 500 deaths, prompting discussions in the U.S. about various response strategies, including military options[4] - China announced adjustments to export tax rebates for photovoltaic products, effective from April, reducing the VAT rebate rate for battery products from 9% to 6%[4]