Core Insights - The company reported a net profit attributable to shareholders of HKD 250.4 million, representing a year-on-year increase of 29% [1] - Revenue for the six months ending June 30, 2025, reached HKD 6.355 billion, reflecting a year-on-year growth of 28.5% [1] - Basic earnings per share were HKD 0.645, with an interim dividend proposed at HKD 0.25 per share [1] Revenue Growth Drivers - The increase in revenue was primarily driven by higher sales of graphics display cards, particularly from the company's own brand segment [1]

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]

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]

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]

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]

Market Overview - After six days of gains, the US stock market appears to be in a correction phase due to escalating trade tensions, weak US economic data, and a disappointing earnings forecast from Advanced Micro Devices (AMD) [1][2] - On Monday, US stock index futures fell, while European stocks opened higher, with the euro slightly rising against the dollar [1] Company Performance - Several companies, including General Motors Co. and JetBlue Airways Corp., have withdrawn their earnings guidance amid increasing trade friction, with United Parcel Service Inc. announcing a layoff of 20,000 employees this year [2] - Mercedes-Benz Group AG also retracted its earnings outlook for the year due to uncertainties related to trade barriers [2] - Advanced Micro Devices (AMD) saw its stock drop over 15% following an earnings forecast that significantly missed expectations [5][9] Commodity Prices - WTI crude oil experienced a decline of 2.0%, trading at $59.2 per barrel [4] - Spot silver fell by 2.00%, priced at $32.27 per ounce [2] - Spot gold dropped by 0.9%, briefly falling below $3,290 per ounce [7]

Group 1 - The core viewpoint of the article indicates that Supermicro's stock has dropped over 15% in pre-market trading due to a downward revision of its third-quarter revenue forecast to $4.5 billion to $4.6 billion, which is lower than the previous estimate of $5 billion to $6 billion [1]