Investment Rating - The report maintains a positive outlook on domestic computing power opportunities in the context of U.S. restrictions on advanced chip exports to China and the increasing urgency for domestic chip replacement [3]. Core Insights - NVIDIA is set to launch a new custom chip B40 for the Chinese market, priced between $6,500 and $8,000, significantly lower than the previous H20 model priced at $10,000 to $12,000. The new chip's performance is expected to be inferior to both its predecessor and mainstream domestic chips [2][5]. - The urgency for domestic computing power alternatives continues to rise due to geopolitical tensions and export restrictions [3]. Summary by Sections Industry Dynamics - NVIDIA's new chip B40 will not utilize CoWoS technology and will replace HBM with GDDR7 memory, resulting in a bandwidth of 1.7TB/s, down from 4TB/s in the H20 model. The expected shipment volume for 2025 is 1 million units [2][5]. - Xiaomi has launched its self-developed 3nm flagship chip "玄戒 O1," which integrates 19 billion transistors and will debut in the Xiaomi 15S Pro. The company has invested over 13.5 billion yuan in the chip's development [5]. - AMD is selling its ZT Systems server manufacturing business for $3 billion, focusing on chip design and software support while maintaining relationships with key clients [6]. - TSMC has declined offers to build factories in India, opting instead to collaborate with Powerchip for wafer fabrication [6]. - Semiconductor capital expenditure is projected to grow by 27% in Q1 2025, driven by AI-related investments, with memory-related investments increasing by 57% [6]. - GigaDevice plans to issue H shares to enhance its global strategy and brand image [6]. - NVIDIA has introduced NVLink Fusion technology, allowing third-party processors to work with NVIDIA chips, marking a significant shift in its ecosystem [6]. - Qualcomm is re-entering the data center market, expanding its CPU offerings beyond mobile and PC [6]. - TSMC plans to increase wafer prices, with a 10% rise expected for 2nm wafers [6]. - NVIDIA has launched the NVIDIA DGX Cloud Lepton platform, providing GPU resources to AI developers globally [7]. - GlobalWafers America has officially opened a new semiconductor wafer manufacturing facility in Texas, with plans for further investment [7]. - Samsung is developing a new product that combines NAND flash with DRAM memory, targeting commercialization by 2027 [7].

Core Viewpoint - Xiaomi has launched its new electric SUV, the YU7, during its 15th anniversary event, showcasing advanced design and technology features aimed at expanding its automotive market presence [2][53]. Design and Aesthetics - The YU7 features a unique design inspired by luxury cars, with a focus on proportions such as a 3:1 wheelbase ratio and a 1.3:1 head-to-body ratio, contributing to its aesthetic appeal [6][8]. - The vehicle is available in multiple colors, including a gem-inspired green and a futuristic titanium color, achieved through advanced painting techniques [4][10]. - The design has drawn comparisons to the Ferrari Purosangue, highlighting its distinctive proportions and luxury appeal [10][12]. Technological Innovations - The YU7 incorporates a "sky screen" projection technology that enhances the driving experience by displaying information directly in the driver's line of sight, with a peak brightness of 1200 nits [32][36]. - The vehicle features over 40 aerodynamic optimizations, resulting in a reduced drag coefficient of 0.245Cd and an extended range of 836 km for the standard version [20][48]. Performance Specifications - The YU7 is offered in three versions: a standard rear-wheel drive, a dual-motor all-wheel drive Pro version, and a Max version, with power outputs ranging from 235 kW (320 hp) to 508 kW (690 hp) [46][49]. - The vehicle is equipped with a large 96.3 kWh battery, enabling it to achieve significant ranges, making it a leader in the mid-to-large electric SUV segment [48]. Market Positioning and Future Plans - The launch of the YU7 is a strategic move for Xiaomi to solidify its brand presence in the competitive SUV market, following the success of its previous model, the SU7, which sold 28,000 units [53][55]. - Xiaomi plans to expand its product lineup with a range of vehicles, including a potential entry into the budget segment with a range-extended SUV expected by 2026 [55][57].

Core Insights - The report highlights the performance of the Hong Kong stock market, with the Hang Seng Index closing at 23,332.72, down 0.05% after a three-day decline totaling 1.3% [2][3] - The report notes that the industrial value-added data from mainland China exceeded expectations, which helped to mitigate the market's decline [3] - The report emphasizes the strong performance of certain stocks, such as Meituan and Tencent, which rose by 2.3% and 1.2% respectively, while Geely saw a decline of 2.5% [3] Macro & Industry Dynamics - Hong Kong's Chief Executive, John Lee, stated that Hong Kong serves as a financial hub amidst rising unilateralism and protectionism, aiming to strengthen its role as a mediator for international trade [6] - The Financial Secretary, Paul Chan, reported that Hong Kong's stock market has seen significant inflows, with new stock fundraising activities leading the world, accumulating over 60 billion this year, a sixfold increase year-on-year [7] - The Chinese Ministry of Industry and Information Technology has issued guidelines to promote the development of the technology service industry, focusing on creating a unified technology trading service platform [9] Company News - Xiaomi is set to unveil its first SUV model, YU7, and a self-developed chip, "玄戒 O1," at a strategic product launch event [11] - Jianbei Miao Miao expects a profit increase of at least 50% for the fiscal year ending March, driven by effective brand management and strong sales performance in its core product segments [12] - CLP Holdings reported a 2.6% year-on-year decrease in electricity sales in Hong Kong for the first quarter, attributed to warmer weather and a reduction in overall electricity demand [13]