Core Viewpoint - The company reported a significant increase in revenue and profit for the first half of the fiscal year 2025, driven primarily by strong sales of its proprietary graphics cards, which offset declines in other business segments [1] Financial Performance - Revenue for the six months ending June 30, 2025, reached HKD 6.355 billion, representing a growth of 28.5% [1] - Profit attributable to the company's owners was HKD 250 million, reflecting a year-on-year increase of 29.0% [1] - The net profit margin stood at 3.9% [1] Business Segments - The growth in revenue was mainly attributed to increased sales of proprietary graphics cards, particularly the NVIDIARTX50 series launched in the first half of fiscal year 2025 [1] - The strong performance of the proprietary graphics card segment fully offset the sales decline in the ODM/OEM graphics card segment [1]

20CM高弹性品种，盘中暴拉。从盘面上来看，进攻型资金占主导，大科技方向强势依旧，通信设备、 软件、互联网、电脑硬件、电子元器件、半导体等赛道大幅上涨。上交所重点指数中，科创成长、科创 2000等指数纷纷涨超3%，科创综指涨2.70%，带动科创板相关ETF表现优异。 截至发稿，科创50ETF富国（588940）、科创综指ETF富国（589600）、双创50ETF（588380）分别上 涨2.85%、2.50%、2.51%。其中，科创50ETF富国实现六连阳，区间累计涨幅达8.25%；双创50ETF汇聚 科创板、创业板科技股，近6日涨近12%。 政策面上，2025陆家嘴论坛上，高层提出在科创板设置科创成长层，重点服务人工智能等前沿科技企 业。中信证券指出，随着科创板"1+6"政策、金融支持科创相关政策的持续推进，自今年4月以来明显滞 涨的科创板有望迎来补涨行情。 （文章来源：每日经济新闻） ...

Group 1 - The A-share market has seen a significant increase in trading volume, with total turnover exceeding 2 trillion yuan for two consecutive days, reaching a new high of 2.31 trillion yuan on August 14, 2023, up 130 billion yuan from the previous day [1] - The decline in deposit interest rates has led to an expansion in bank wealth management and "fixed income+" fund scales, with resident funds indirectly entering the equity market through these channels, becoming a major source of incremental capital for future market trends [1] - The three major A-share indices experienced a collective pullback on August 14, with the Shanghai Composite Index reaching a peak of 3704.77 points before closing at 3666.44 points, down 0.46% [1] Group 2 - The Shanghai Composite Index has surpassed last year's high, indicating three new dimensions of outperformance: historical cost-effectiveness, consistent outperformance against economic growth, and potential outperformance against US stocks [2] - Despite external shocks and internal challenges, various industries in China have maintained steady growth, with GDP increasing by 5.3% year-on-year in the first half of the year, reflecting a resilient macroeconomic foundation [2] - Analysts suggest that while there may be increased volatility in the index due to valuation rises and new capital inflows, the current market trend since last year's "924" remains intact, supported by loose liquidity and improving corporate earnings [2]

Market Overview - The A-share market experienced fluctuations, with the Shanghai Composite Index closing down 0.46% at 3666 points after briefly surpassing 3700 points during the day [1] - The Shenzhen Component Index fell by 0.87%, while the ChiNext Index declined by 1.08% [1] - The total trading volume reached 2.31 trillion yuan, an increase of 131.1 billion yuan compared to the previous trading day, marking the second consecutive day of over 2 trillion yuan in trading volume [1] Sector Performance - The real estate inspection and aerosol detection sectors saw significant declines, with Huajian Group hitting the daily limit down [1] - The aerospace sector also weakened, with Hengyu Xintong dropping nearly 9% [1] - The PCB sector faced losses, with Defu Technology falling over 11% [1] - The 6G concept stocks performed poorly, with Dingyang Technology down over 12% [1] - Other sectors with notable declines included composite flow batteries, fluorine chemicals, instruments, Xinjiang-related stocks, and CPO concepts [1] Active Sectors - The insurance sector was active, with China Pacific Insurance rising nearly 5% [1] - The electronic ID and digital sentinel sectors saw gains, with Hengbao Co. hitting the daily limit up [1] - The brain-computer interface sector experienced growth, with multiple stocks like Nanjing Panda and Innovation Medical hitting the daily limit up [1] - Other sectors with notable gains included glass fiber, cross-border payments, and digital currency [1] Top Gainers and Losers - The top gainers included insurance, computer hardware, and household appliances, with respective 5-day increases of +2.19%, +1.18%, and +0.189% [2] - The banking, liquor, and brokerage sectors showed minimal gains, with increases of +0.04%, +0.14%, and a slight decrease of -0.029% respectively [2]

Group 1 - Supermicro's stock price plummeted over 17% after reporting Q4 revenue of $5.76 billion, a 7.5% year-over-year increase, but below analyst expectations of $6.01 billion [2] - Adjusted earnings per share were $0.41, also below the expected $0.44, and the company revised its FY2026 revenue forecast down from $40 billion to $33 billion [2] - The company anticipates Q1 FY2026 revenue between $6 billion and $7 billion, which is lower than the analyst average expectation of $6.59 billion [2] Group 2 - Apple shares rose by 4% after announcing an additional $100 billion investment in U.S. manufacturing to increase domestic production capacity and avoid punitive tariffs on iPhones [2] - A new manufacturing plan aims to bring more of Apple's supply chain to the U.S. and produce more critical components domestically [3] - Apple's total investment commitment in the U.S. has now reached $600 billion, including plans for a new server manufacturing facility in Houston and a supplier academy in Michigan [3] Group 3 - Snap's stock opened significantly lower, dropping over 20% [4] - iQIYI's shares increased by over 4% as it seeks to raise approximately $300 million through a secondary listing in Hong Kong to enhance liquidity [4] - Li Auto's stock fell over 4% after reporting a 40% year-over-year decline in vehicle deliveries for July 2025, with a total cumulative delivery of 1.3685 million vehicles as of July 31, 2025 [4] Group 4 - Brent crude oil futures rose by 2% to $68.991 per barrel, while WTI crude oil futures also increased by 2% to $66.678 per barrel [4]

Group 1 - The core viewpoint of the article highlights the significant stock price drop of Super Micro Computer, which fell over 17% due to disappointing earnings and lowered future revenue guidance [2] - Super Micro Computer reported Q4 revenue of $5.76 billion, a 7.5% year-over-year increase, but below analyst expectations of $6.01 billion [2] - The company adjusted its revenue forecast for FY2026 from $40 billion to $33 billion, indicating a highly competitive pricing environment, particularly from Dell [2] Group 2 - Apple shares increased by 4% after the company announced a commitment to invest an additional $100 billion in U.S. manufacturing to avoid punitive tariffs on iPhones [3] - This investment is part of a broader plan to bring more of Apple's supply chain to the U.S. and increase domestic production of key components [3] - Apple's total investment commitment in the U.S. now reaches $600 billion, following previous announcements of $500 billion over the next four years [3] Group 3 - Snap's stock opened lower, dropping over 20% [4] - iQIYI's stock rose over 4% as it seeks to raise approximately $300 million through a secondary listing in Hong Kong to enhance liquidity [4] - Li Auto's stock fell over 4% after reporting a 40% year-over-year decline in vehicle deliveries for July 2025 [5] Group 4 - Brent crude oil futures rose by 2%, reaching $68.99 per barrel, while WTI crude oil futures also increased by 2%, reaching $66.68 per barrel [6]

值得一提的是，机械革命与色彩科学和技术的全球领导者潘通PANTONE®深度合作，耀世15 Pro 成为世界上第一台通过彩通(PANTONE®)肤色认证的笔记本电脑。 这代表着对于专业影视级调色师以 及人像摄影师来说，耀世15 Pro无疑是一个非常值得推荐的选择。 机械革命电竞产品负责人李永记(机械革命品牌方供图) 7月11日，在上海盛大开幕的BilibiliWorld 2025展会上，国内知名游戏本品牌机械革命 (MECHREVO)发布了耀世Pro系列AI高静游戏本。该系列以耀世15 Pro为代表，通过屏幕、续航、散热 三大突破性革新，满足了消费者对轻薄型游戏本的性能想象，为追求卓越体验的玩家、设计师及职场先 锋带来全新选择。 英特尔公司客户端计算事业部副总裁兼中国区总经理高嵩(机械革命品牌方供图) 英特尔公司客户端计算事业部副总裁兼中国区总经理高嵩表示："游戏产业的蓬勃发展离不开我们 共同的耕耘。我们推出的AI高静游戏本概念，正是与产业共同探索的新赛道。我们很高兴能与机械革 命通力合作，促成首批AI高静游戏本产品的落地，推动体验新升级。从'卷帧率'到'卷体验'，英特尔始 终与产业站在一起，以技术匠心融合用户 ...

Group 1 - The Taipei International Computer Show will take place on the 20th, focusing on "AI Next" with nearly 1,400 exhibitors, approximately 4,800 booths, and a display area of 80,000 square meters, highlighting themes such as "Smart Computing & Robotics," "Next-Generation Technology," and "Future Mobility" [1] - Notable speakers include NVIDIA founder and CEO Jensen Huang, Qualcomm President and CEO Cristiano Amon, MediaTek CEO Rick Tsai, Foxconn Chairman Liu Yangwei, and NXP Semiconductors Executive Vice President Jens Hinrichsen [1] - Liu Yangwei will discuss AI themes related to Foxconn's smart manufacturing, smart electric vehicles, and smart cities, sharing the vision of transforming from manufacturing services to platform solutions [1] Group 2 - The COMPUTEX 2025 forum will be held on the 21st, focusing on the latest developments in the AI ecosystem and applications, covering topics such as AI robotics and edge computing applications, practical experiences in implementing generative AI, and energy-efficient data center strategies [2] - The InnoVEX exhibition, celebrating its 10th anniversary, will showcase forward-looking technology and innovation, focusing on AI, green technology, smart mobility, semiconductor applications, and next-generation communications, with participation from nearly 450 startups from 24 countries [2] - Countries such as Belgium, Brazil, France, Australia, Japan, Thailand, the Philippines, Israel, Poland, and the Czech Republic will set up national pavilions, with Thailand's pavilion being established for the first time [2]

Group 1 - The U.S. economy showed unexpected contraction with a GDP decline of 0.3% in Q1, marking the first quarterly negative growth since 2022, significantly below the expected growth of 0.4% [3][11] - The market reacted sharply to the GDP data, with the Dow Jones dropping nearly 800 points and the Nasdaq falling close to 3% during early trading [3][5] - Following news of potential trade negotiations and tariff adjustments, the market began to recover, reducing most of the earlier losses [5] Group 2 - Major companies like AMD saw significant stock declines, with Supermicro Computer dropping over 11% due to disappointing earnings forecasts [6] - Among the tech giants, Microsoft and Meta reported better-than-expected earnings, with Meta raising its capital expenditure guidance for the year, leading to stock price increases [8] - In contrast, Tesla and Amazon experienced stock declines, with Tesla down 3.4% and Amazon down 1.6% after initial larger drops [8] Group 3 - The U.S. Commerce Department indicated that the GDP decline was primarily due to a 36% surge in preemptive imports before the implementation of Trump's tariff policies, which expanded the trade deficit [11] - Consumer spending growth was weak at only 1.8%, the lowest since mid-2023, contributing to the economic slowdown [11] - Some economists warned that if current tariff policies remain unchanged, the U.S. economy could face stagnation, with a 90% probability of recession predicted by Apollo Global Management's chief economist [12] Group 4 - Trump quickly attributed the economic downturn to his predecessor, claiming it was "Biden's stock market" and asserting that the economy is merely in a transitional phase [14][15] - Criticism arose regarding Trump's economic policies, with some analysts noting that the stock market and dollar performance during his term has been the worst since 1980 [16] - Retail giants like Walmart and Target have begun to absorb tariff costs, indicating a shift in strategy due to supply chain disruptions caused by the tariff war [19][20]

Company News - Super Micro Computer (SMCI.O) experienced a pre-market drop of nearly 17% after reporting preliminary Q3 revenue of $4.5 to $4.6 billion, significantly below analyst expectations of $5.35 billion [1] - Microsoft (MSFT.O) plans to actively contest any government orders that may suspend or halt its cloud business in Europe, while expanding its data center operations in 16 European countries [2] - Alibaba (BABA.N) is set to announce its Q1 2025 results on May 15, 2025 [2] - Stellantis (STLA.N) reported Q1 revenue of €35.8 billion, a 14% year-over-year decline, falling short of analyst predictions of €35.4 billion, and has suspended its 2025 financial guidance due to tariff-related uncertainties [2] - Visa (V.N) reported Q2 revenue of $9.6 billion for fiscal year 2025, exceeding market expectations of $9.55 billion and up from $8.78 billion in the same period last year [2] - Vale (VALE.N) CEO stated that the company reversed the decline in iron ore production in April and is confident in meeting its annual production guidance [2] Economic Indicators - The initial estimate for the U.S. Q1 real GDP annualized rate recorded at -0.3%, marking the lowest level since Q2 2022 [3] - Kalshi, a financial trading and prediction market platform, currently estimates a 74% probability of a U.S. economic recession this year [3] - The ADP employment report for April showed an increase of 62,000 jobs, the smallest gain since July 2024, and significantly below expectations [3] - Starbucks (SBUX.O) reported Q2 earnings of $384 million, halving compared to the same period last year, with same-store sales declining for the fifth consecutive quarter [3] - Taiwan Semiconductor Manufacturing Company (TSM.N) has begun construction on its third wafer fab in Arizona, increasing its expansion efforts in the U.S. [3] - Western Digital (WDC.O) saw a pre-market increase of 11.5% due to its Q4 revenue and profit guidance exceeding expectations [3]