Group 1: Hang Seng Index - Investors believe that the Hang Seng Index may not hold above 23,300, with potential declines to 22,000-22,700 [1] - Technical analysis indicates a "sell" signal with 10 sell signals, 7 buy signals, and 7 neutral signals [1] - The current market price is at the middle line of the Bollinger Bands, suggesting a slight bearish bias [1] Group 2: Tencent Holdings (00700) - Bearish investors expect the stock to test support at 495 HKD, with further support at 470-450 HKD [3] - The technical summary shows 11 sell signals and 4 buy signals, indicating a bearish sentiment [3] - The support level is identified at 483 HKD, which is also the lower band of the Bollinger Bands [3] Group 3: Kuaishou-W (01024) - Bullish investors believe that if the stock holds above 54 HKD, it could challenge 60 HKD [6] - The technical summary indicates a "buy" signal with 14 buy signals and 3 sell signals [6] - Resistance levels are noted at 55.7 HKD and 57.5 HKD, with the upper Bollinger Band at 55.5 HKD [6] Group 4: AIA Group (01299) - Some investors are optimistic about the stock challenging the 70-75 HKD range, while bearish investors expect a drop to 55 HKD [8] - Resistance levels are identified at 67.4 HKD and 69.8 HKD, both below 70 HKD [8] - The technical analysis leans towards a "buy" signal based on daily trends [8] Group 5: Hua Hong Semiconductor (01347) - Investors are questioning whether the stock will challenge the 33-36 HKD range, with some bearish investors targeting 31 HKD [12] - The technical summary shows a "buy" signal with 10 buy signals, 8 sell signals, and 6 neutral signals [12] - Resistance levels are at 33.6 HKD and 36.6 HKD, closely aligning with investor expectations [12] Group 6: Zijin Mining (02899) - Investors are optimistic about valuation increases due to movements in gold and copper, despite some bearish sentiment expecting a drop to 14 HKD [15] - The closing price has fallen below the middle line of the Bollinger Bands, raising concerns about further declines [15] - The short-term technical signal is a "sell," with support levels at 17 HKD and 16.3 HKD [15]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 50.00, representing a potential upside of 16.27% from the current price of HKD 43.00 [3][5]. Core Views - The semiconductor industry is experiencing strong demand from consumer electronics and automotive sectors, despite short-term profit expectations being impacted by unforeseen events [3][5]. - The company is positioned as the third-largest wafer foundry globally, with expectations for significant growth driven by advancements in advanced process technologies and domestic semiconductor industry development [5][6]. Financial Summary - For the fiscal year ending December 31, 2023, the company reported total revenue of USD 6.32 billion, a decrease of 13.09% year-on-year, with a projected recovery to USD 8.03 billion in 2024, representing a 27.02% increase [4][6]. - The net profit attributable to shareholders for 2023 was USD 492.75 million, down 50.35% from the previous year, but is expected to rebound to USD 851.73 million in 2025, reflecting a growth of 72.85% [4][6]. - The company’s gross margin for Q1 2025 was reported at 22.5%, with a forecasted decline in revenue for Q2 2025 due to production issues [5][6]. Production and Capacity - The company’s production capacity increased to 974,000 equivalent 8-inch wafers in Q1 2025, with a utilization rate of 89.6%, up 4.1 percentage points from the previous quarter [5]. - The company plans to expand its capacity by an average of 50,000 pieces of 12-inch wafers per month annually, driven by demand from AI, automotive, and IoT products [5][6]. Market Dynamics - The report highlights that the demand for AI-related products is expected to grow by over 10% in 2025, contributing to an increase in wafer shipments despite a slight decline in prices [5]. - The company’s revenue from the U.S. market accounted for 12.6% in Q1 2025, reflecting a 3.7 percentage point increase due to tariff policies driving demand from overseas customers [5].

Group 1 - Semiconductor stocks in Hong Kong, particularly Hua Hong Semiconductor (01347), have shown a rebound after a four-day decline, with a current price increase of 4.18% to HKD 31.15 [1] - Despite the rebound, the stock price remains below the Bollinger Band midline (HKD 34.28) and is testing important support levels on the weekly chart (HKD 31.35) [1] - Technical indicators present mixed signals, with key support levels at HKD 29.4 and HKD 26.4, while resistance levels are at HKD 33.8 and HKD 35.9 [3] Group 2 - The market sentiment is low, with many investors expecting the stock price to drop to the range of HKD 29-20, while a minority believes it could rise to HKD 33 [3] - In the derivatives market, Citigroup's call option (28354) is highlighted as an attractive bullish choice with a strike price of HKD 36.36 and a leverage of 3 times [3] - Other notable call options include Huatai's (16555) with a 3.2 times leverage and a current increase of 9.52%, and JPMorgan's (29035) with a higher strike price of HKD 38.93 and a leverage of 3.47 times [3] Group 3 - Bullish and bearish certificates are available, with JPMorgan's bullish certificate (55757) offering a leverage of 7.3 times and a recovery price of HKD 29, suitable for aggressive investors [6] - Conversely, JPMorgan's bearish certificate (55767) provides a leverage of 5.1 times with a recovery price of HKD 35.5, appealing to investors looking to short while managing risk [6]

Core Viewpoint - The global semiconductor market is expected to rebound significantly in 2024 with a growth rate of 19.7%, followed by a more cautious growth forecast of 12.7% in 2025 due to economic uncertainties [6][7][8]. Trade Policy Environment - Global trade tensions and policy uncertainties are anticipated to impact the global economy in 2025, with trade policies, technology export controls, tariffs, and supply chain restructuring being key factors [4][5]. Semiconductor Market Overview - The semiconductor market is projected to exceed $1 trillion by 2030, driven by ongoing demand in high-performance computing (HPC), AI, next-generation communications, automotive, and IoT applications [8][9]. - In 2024, the semiconductor market is expected to recover from inventory adjustments and see a double-digit growth of 19.7% [7][8]. Taiwan Semiconductor Industry - Taiwan's semiconductor industry is forecasted to grow by 15.4% in 2025, with wafer foundry services being a primary growth driver [10][11]. Capital Expenditure Trends - Global semiconductor capital expenditure is projected to reach $174.5 billion in 2024, with a steady growth of 4% expected in 2025 [27][30]. - Major players like TSMC, Samsung, and Micron are expected to maintain strong capital expenditures, focusing on advanced processes and memory technologies [31][32]. Equipment and Material Market - The global semiconductor equipment market is expected to grow by 10.2% in 2024, reaching $117.1 billion, with a further increase to $125 billion anticipated in 2025 [34][32]. - The semiconductor materials market is projected to grow by 7.4% in 2024, driven by the increasing complexity of chip manufacturing processes [35][38]. Memory Chip Market Dynamics - The memory chip market is expected to rebound significantly in 2024 with a growth rate of 76%, following a period of decline [45]. - DRAM manufacturers are facing intense competition, with advancements in technology and production processes being crucial for maintaining cost competitiveness [37][39][44].

Market Overview - The Hang Seng Index faces initial resistance at 23,000 points due to increased tariffs on Chinese imports announced by the US government, while expectations rise for the Chinese government to implement measures to stimulate economic growth and stabilize capital markets [2][3] - The People's Bank of China is reportedly relaxing restrictions on gold imports to ease the appreciation of the yuan, and there are plans to promote a new sales system for newly built homes to restore buyer confidence [3][8] Company News - Semiconductor company SMIC reported a 1.6 times year-on-year increase in first-quarter profit, with revenue expected to decline by 4% to 6% in the second quarter [10] - Huahong Semiconductor experienced an 88% drop in first-quarter profit, despite a 17.6% increase in sales revenue [10] - Galaxy Entertainment's first-quarter net revenue rose by 6%, driven by a 13.61% increase in total gaming revenue [10] - Unified Enterprises China reported a 32% increase in after-tax profit for the first quarter [10] - BYD aims to achieve 50% of its vehicle sales from overseas markets by 2030, focusing on expansion in Europe and Latin America [10] - Dongfeng Group's vehicle sales fell by 21% in the first four months of the year, while new energy vehicle sales increased by 27.73% [10][11] Economic Indicators - In April, retail sales of new energy vehicles in China increased by 37%, with a penetration rate of 52.3% [8] - The People's Bank of China has lowered the personal housing provident fund loan rates in major cities, aiming to support the housing market [8] - The first batch of securities companies' sci-tech bonds is set to be issued, with a total scale exceeding 16 billion yuan, targeting funding for strategic emerging industries [8] Stock Market Performance - The Hang Seng Index closed at 22,776, up 0.37% year-to-date, while the Hang Seng Tech Index rose by 17.03% [5] - The US stock market saw gains of 0.6% to 1.1% across major indices, influenced by trade agreements between the US and UK [6]

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，概不對因本公告全 部或任何部份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。 ASMPT LIMITED （於開曼群島註冊成立之有限公司） （股份代號：0522） 二零二五年第一季度業績新聞稿 有關 ASMPT Limited 及其附屬公司截至二零二五年三月三十一日止三個月業績 的新聞稿附載於本公告。 承董事會命 董事 黃梓达 香港，二零二五年四月三十日 於本公告日期，本公司董事會成員包括獨立非執行董事： Orasa Livasiri 小姐（主 席）、樂錦壯先生、黃漢儀先生、鄧冠雄先生、張仰學先生及蕭潔雲女士；非 執行董事： Hichem M'Saad 博士及 Paulus Antonius Henricus Verhagen 先生；執行 董事：黃梓达先生及 Guenter Walter Lauber 先生。 集團業績概覽 二零二五年第一季度概要 業績摘要 （本公告之中英文版本如有任何歧義，概以英文版本為準。） [新聞稿] ASMPT 公布二零二五年第一季度業績 二零二五年第二季 ...

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，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 InnoScience (Suzhou) Technology Holding Co., Ltd. 英 諾 賽 科（ 蘇 州 ）科 技 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） （股份代號：2577） 目前，本公司700V高壓氮化鎵產品已成功於美的抽油煙機實現量產，未來將進一 步應用到美的空調、冰箱、洗衣機及淨飲機等產品當中。 1 股東及潛在投資者於買賣本公司證券時，務請審慎行事。 承董事會命 英諾賽科（蘇州）科技股份有限公司 董事長兼執行董事 Weiwei Luo博士 中國，2025年4月29日 於本公告日期，本公司董事會包括執行董事Weiwei Luo博士、Jay Hyung Son先 生、吳金剛博士及鍾山先生；非執行董事汪燦博士、張彥紅女士及崔米子女士； 及獨立非執行董事黃顯榮先生，榮譽勛章，太平紳士、易繼明博士、楊士寧博士 及陳正豪博士。 2 自願公告 與美的廚熱事業部 ...

Core Insights - The report highlights a mixed performance in the US stock market, with only the Nasdaq index declining as the market awaits the announcement of reciprocal tariffs by President Trump [5] - European markets also experienced declines, particularly the French CAC40 index, influenced by the uncertainty surrounding the upcoming tariffs [5] - The Hang Seng Index and the National Index both fell, with the Hang Seng Index showing a larger decline due to the tariff concerns [5] - The Shanghai Composite Index and Shenzhen Component Index also saw declines, with the Shenzhen Component Index experiencing a more significant drop [5] - The report notes that the telecommunications sector led gains in the CSI 300 index, while the industrial sector faced the largest losses [5] Economic Data Summary - China's Manufacturing Purchasing Managers' Index (PMI) for March was reported at 50.5, slightly above the market expectation of 50.4, while the Non-Manufacturing PMI was at 50.8, also above the expected 50.6 [6] - The Composite PMI for China was reported at 51.4, up from the previous value of 51.1 [6] - In Germany, the Consumer Price Index (CPI) for March showed a month-on-month increase of 0.3%, matching market expectations, while the year-on-year CPI was reported at 2.2%, in line with expectations [6] - Japan's industrial production year-on-year growth for March was reported at 0.3%, below the expected 1.2% [6] Major News Summary - President Trump's upcoming announcement regarding reciprocal tariffs is expected to impact market sentiment significantly [9] - The uncertainty surrounding tariffs and tax cuts has led US companies to temporarily postpone spending plans, affecting investment expectations [9] - Germany's inflation rate has slowed more than expected, nearing the European Central Bank's target level, which may influence future monetary policy decisions [9] - The People's Bank of China conducted a 800 billion yuan reverse repurchase operation in March, indicating a cautious approach to liquidity management amid tariff threats [9] - Sales figures for China's top 100 real estate companies in March showed a year-on-year decline of 11%, reflecting weak demand in the market [9]

（股份代號：2577） 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，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 InnoScience (Suzhou) Technology Holding Co., Ltd. 英 諾 賽 科（ 蘇 州 ）科 技 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） 董事會認為，意法半導體與英諾賽科的戰略合作將進一步擴大和加速氮化鎵技術 普及，雙方團隊將共同致力於開發下一代氮化鎵技術。 自願公告 氮化鎵技術聯合開發協議 本公告由英諾賽科（蘇州）科技股份有限公司（「本公司」或「英諾賽科」）自願作出。 本公司董事會（「董事會」）宣佈，英諾賽科與意法半導體（「意法半導體」）（本公司 的獨立第三方）簽署了一項基於氮化鎵（「氮化鎵」）功率技術開發與製造的聯合開 發協議（「聯合開發協議」），旨在未來幾年內共同推動該技術在消費電子、數據中 心、汽車及工業電源系統等領域的應用。根據聯合開發協議，英諾賽科可使用意 法半導體在中國以外地區的製造產能生產其氮化鎵晶 ...

Market Overview - The US stock market indices rose, with the Nasdaq showing the largest increase. The Hang Seng Index and other indices in Hong Kong also experienced gains, particularly in the technology sector [6][8]. - The Shanghai Composite Index and Shenzhen Component Index both increased, with the Shanghai Composite showing a larger rise. The CSI 300 Index saw gains in most sectors except for healthcare [6][8]. Economic Data - Key economic indicators released include the Chicago Fed National Activity Index for February at 0.18, above the market expectation of -0.17, and the S&P Global US Services PMI for March at 54.3, exceeding the expected 51.1 [7]. - The Eurozone's HCOB Services PMI for March was reported at 50.4, slightly below expectations, while Japan's Jibun Bank Composite PMI was at 48.5, indicating contraction [7]. Major News - The US White House announced that the UAE plans to invest $1.4 trillion in the US over the next decade, focusing on sectors such as AI, infrastructure, and semiconductors [9][10]. - China's Ministry of Commerce is pushing for innovation in the pharmaceutical sector, encouraging foreign pharmaceutical companies to increase R&D investments in China [9][10]. - The China Securities Regulatory Commission plans to deepen the implementation of the stock issuance registration system and maintain a zero-tolerance policy against illegal activities in the securities and futures markets [9][10]. Company News - The China Council for the Promotion of International Trade met with Apple CEO Tim Cook to discuss enhancing cooperation and support for foreign enterprises in China [10]. - The first billion-ton shale oil field in mainland China has been confirmed, marking a significant breakthrough in oil and gas exploration [10]. - Hongmeng Zhixing's first vehicle model is expected to be officially launched within the year, with more details to be announced soon [10].