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 之 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之任何損失承擔任何責任。 Guan Chao Holdings Limited 冠 轈 控 股 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） 根據評價辦法，企業須符合特定標準方能認定為科技型中小企業。此標準包含依 託一定數量的科技人員從事科學技術研究開發活動，取得自主知識產權並將其轉 化為高新技術產品或服務。其主要目標在於促進中小企業的可持續發展。科學技 術 廳 負 責 依 據 評 價 辦 法 所 列 標 準 篩 選 企 業 ， 並 編 製 科 技 型 中 小 企 業 名 單（「 名 單」）。 名 單 的 主 要目 標 是 協 助 企 業 獲 取 有利 政 策 ， 包 括 稅 務 優惠（ 特 別 是 研發 費 用 加 計 扣 除 ）、 財 務 補 貼 、 延 長 虧 損 彌 補 期 限 ， 以 及 提 升 品 牌 形 象 以 增 ...

Market Performance Hong Kong Stock Market - On September 30, 2025, the Hang Seng Index opened 193 points higher and then widened its gains, rising 494 points or 1.9% to close at 26,622 points. The H - share Index rose 151 points or 1.6% to close at 9,454 points, and the Hang Seng Tech Index rose 129 points or 2.1% to close at 6,324 points. The total turnover of the market was HK$309.096 billion [1]. A - share Market - A - share market's three major indices opened higher and closed higher, rising 0.9% - 2.7%. The Shanghai Composite Index rose 34 points or 0.9% to close at 3,862 points, with a turnover of RMB 968.2 billion. The Shenzhen Component Index rose 270 points or 2.1% to close at 13,479 points, with a turnover of RMB 1.19 trillion. The ChiNext Index rose 86 points or 2.7% to close at 3,238 points, with a turnover of RMB 570.7 billion [1]. US Stock Market - On Monday, the US stock market fluctuated and trended higher. The Dow Jones Industrial Average rose 68 points or 0.2% to close at 46,316 points. The S&P 500 Index rose 17 points or 0.3% to close at 6,661 points. The Nasdaq Composite Index rose 107 points or 0.5% to close at 22,591 points [2]. Macroeconomic News - The People's Bank of China conducted a 7 - day reverse repurchase operation of RMB 288.6 billion in the open market on the 29th, with an operating rate of 1.4%. There were RMB 240.5 billion of reverse repurchases due, resulting in a net investment of RMB 48.1 billion. The central parity rate of the RMB against the US dollar was raised by 63 points to 7.1089 [1]. - US President Trump announced that a 10% tariff will be imposed on imported softwood lumber and timber, and a 25% tariff on kitchen cabinets, washbasins, and padded wooden products. The new tariffs will take effect on October 14, and some tariffs will be increased starting January 1, next year [2]. - As the US federal government approaches a shutdown on October 1, key US economic data may be suspended. If the shutdown occurs after September 30, the employment data originally scheduled for release on October 3 will be affected first, followed by inflation data, and retail sales and new housing construction data are also at risk of delayed release [2]. Company - specific News - NVIDIA's CEO, Jensen Huang, said in a podcast interview that China lags behind the US by only a few nanoseconds in chip manufacturing, and the US should stop banning chip sales to China. Allowing companies like NVIDIA to sell chips to China would spread US technology and expand US geopolitical influence, which is in the US interest [3]. - As of September 29, the margin trading balance on the Shanghai Stock Exchange was RMB 1,223.395 billion, an increase of RMB 4.54 billion from the previous trading day. The margin trading balance on the Shenzhen Stock Exchange was RMB 1,181.431 billion, a decrease of RMB 0.112 billion from the previous trading day. The total balance of the two markets was RMB 2,404.826 billion, an increase of RMB 4.428 billion from the previous trading day [3]. - XGIMI Technology announced on the 29th that it submitted an application to the Hong Kong Stock Exchange to issue shares (H - shares) overseas and list on the main board of the Hong Kong Stock Exchange. The sole sponsor is CICC [3].

Market Overview - The US stock market reached new highs, driven by technology stocks, with the Dow Jones increasing by 124 points (0.27%) to close at 46,142 points, and the Nasdaq rising by 209 points (0.94%) to 22,470 points [7][9] - The Russell 2000 index, representing small-cap stocks, hit a new closing high for the first time in nearly four years, increasing by 2.51% to 2,467 points [9] - The Federal Reserve's decision to restart interest rate cuts has boosted market risk appetite, contributing to the positive performance of major indices [9] Key Company Developments - Intel received a $5 billion investment from Nvidia, leading to a significant stock price increase of 22.8% [7][9] - IonQ, Inc. announced the successful acquisition of UK-based quantum computing company Oxford Ionics, enhancing its technology roadmap for quantum computers [21] - Crown Castle Inc. is positioned uniquely in the market as a pure-play US tower REIT after selling its fiber business, which is expected to lead to improved financial performance [22] Investment Strategies - Continued focus on technology and pharmaceuticals as key sectors for investment [7] - Strong inflow of capital into Hong Kong stocks, supported by the Federal Reserve's preventive interest rate cuts [7] Economic Indicators - The number of initial jobless claims in the US fell by 33,000 to 231,000, marking the largest drop in nearly four years [9] - Foreign investors increased their holdings of US Treasury securities to a record high of $9.16 trillion, with a monthly increase of $31.9 billion [9] Hong Kong Market Insights - The Hang Seng Index experienced a significant drop of 363 points (1.4%) to close at 26,544 points, marking the largest single-day decline since late July [11] - China Mobile Hong Kong's acquisition of Hong Kong Broadband resulted in a substantial stock price increase, with shares rising by 68.6% [11] Selected Stock Highlights - 越疆 (2432) reported a 27.1% year-on-year increase in revenue for the first half of 2025, with a gross margin improvement to 47% [19] - 龍源電力 (916) achieved a revenue of 7.517 billion yuan in the first half of 2025, with a net profit of approximately 3.5 billion yuan [19] - 首程控股 (697) saw a 36% increase in revenue to 731 million HKD, with a net profit increase of 30% [19]

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% on the last trading day of August. The market recorded a total turnover of 82.799 billion HKD [1][5] - In August, the Hang Seng Index rose by 1.23%, the Hang Seng China Enterprises Index increased by 0.73%, and the Hang Seng Technology Index saw a monthly gain of 4.06%, marking four consecutive months of increases [1][5] U.S. Market Insights - The core PCE price index in the U.S. rose by 2.9% in July, aligning with expectations. The U.S. stock market saw declines ahead of the Labor Day weekend, with notable drops in stocks like Nvidia (down 3.4%) and Caterpillar (down 3.7%). Conversely, Alibaba's ADR surged by 13% due to strong earnings and AI-driven growth in its cloud computing business [2][3] Industry Performance - The raw materials sector index surged by 24.3% in August, leading among twelve industry indices. China Nonferrous Mining (01258HK), recommended in April, has seen a cumulative increase of 119% [3] - Semiconductor and communication sectors also performed well, with Huahong Semiconductor (1347HK) rising by 32.5% in August. ZTE Corporation (0763HK), recommended earlier, has increased by 43.8% [3] Investment Recommendations - The report suggests continued focus on sectors such as artificial intelligence, robotics, semiconductors, and industrial software, which are seen as new productivity drivers. Additionally, sectors benefiting from policy support, such as infant consumption and sports apparel, are highlighted [3] - The report emphasizes the value of investing in state-owned enterprises with lower valuations and higher dividends, as well as companies benefiting from AI integration [3] Key Company Developments - Huahong Semiconductor (01347HK) announced the acquisition of the remaining 97.5% stake in Shanghai Huahong Microelectronics, which is expected to enhance its operational capabilities in the semiconductor industry [9] - Semiconductor companies are advised to be monitored closely due to favorable market conditions and capital operations that could enhance their resource integration and potential [9]

Group 1 - The article discusses the significant changes in trade policies under President Trump's return to the White House, particularly focusing on new tariffs that may become a long-term fixture in the market [2] - Analysts are closely monitoring the semiconductor and pharmaceutical industries for potential tariffs, especially the "232 clause" which may impact chip manufacturers and related equipment [2] - Bernstein analysts indicate that the White House is considering including semiconductors and manufacturing in the new tariff list, which could significantly affect wafer foundries and packaging testing industries, with TSMC being a key supplier [2] Group 2 - The "reciprocal tariffs" policy will impose a 15% tariff on products from major economies like the EU, Japan, and South Korea, while other countries with trade surpluses with the US will face a 10% tariff [3] - Barclays highlights that Singapore, maintaining a 10% tariff rate, is positioned as the biggest winner in Asia, but still faces risks from semiconductor and pharmaceutical tariffs [3] - According to Barclays, Vietnam has the highest exposure to US tariffs with a 2.3% weighted average tariff rate, followed by Thailand, Malaysia, and South Korea, all within the 1.0-1.4% range [3] Group 3 - The article notes that countries like the Philippines, Indonesia, and India have relatively lower exposure to US tariffs, with risk levels at 3.1%, 2.3%, and 2.0% respectively [4] - The data suggests that a significant portion of the economic value in these countries relies on exports subject to US tariffs, indicating they would be heavily impacted if the US expands its tariff list [4]

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market saw a net inflow of funds through the Stock Connect, amounting to 484 million, with the Shanghai and Shenzhen Stock Connects contributing 283 million and 201 million respectively [1] - The market's trading volume decreased to 82.799 billion [1] US Market Insights - Investors are digesting trade agreements between the US and EU while awaiting the Federal Reserve meeting and economic data [2] - The S&P 500 index closed slightly higher by 1 point, while the Nasdaq rose by 0.3% and the Dow Jones fell by 0.1% [2] - Tesla confirmed a $16.5 billion chip contract with Samsung, leading to a 3% increase in its stock price [2] Market Outlook - The report emphasizes a positive outlook for the Hong Kong stock market, citing low valuations and increasing trading activity under the "profit-making effect" [3] - The report suggests that the recent strong performance of A-shares and Hong Kong stocks will boost global and domestic capital confidence in Chinese equity assets [3] - Key sectors to watch include technology (AI, robotics, semiconductors), innovative pharmaceuticals, and consumer-related sectors benefiting from low-risk interest rates [3] Company Highlights - Hengrui Medicine (1276HK) saw a significant increase of 24% following an announcement of a project worth up to $12.5 billion [1] - Major financial stocks performed well, with Guotai Junan International (1788HK) rising over 9% [1] - The report highlights the performance of various companies, including ZTE Corporation (0763HK), which is focusing on AI and cloud computing solutions [10] Economic Policies - The Chinese government announced a child-rearing subsidy of 3,600 yuan per child per year for families with children under three years old, effective from January 1, 2025 [9] - This policy is expected to stimulate the maternal and infant consumption market and indirectly benefit the assisted reproductive industry [9]

Core Viewpoint - Daiwa's report indicates that Horizon Robotics (09660.HK) is expected to be one of the least affected companies in the automotive supply chain by U.S. tariffs, with a focus on the rising average selling price driving revenue growth in 2023 [1] Group 1: Revenue Growth Drivers - The company is projected to deliver 3.9 million chips in 2025, representing a year-on-year increase of 34% [1] - The average selling price of the chips is expected to reach 391 RMB in 2025, a significant increase of 71% compared to 229 RMB in 2024 [1] - The trend towards advanced driver-assistance systems is anticipated to benefit the company significantly [1] Group 2: Investment Outlook - Daiwa maintains a target price of 6.5 HKD and reiterates a "buy" rating for Horizon Robotics [1] - The end of the company's lock-up period on April 24 is seen as a favorable entry point for investors [1] - The company is expected to find more ways to monetize its software capabilities starting in 2025 [1]

Core Viewpoint - TSMC is expanding its operations in Kaohsiung, Taiwan, with the establishment of five 2nm advanced manufacturing facilities, creating 1,200 job openings primarily for engineers and managers, with starting salaries ranging from NT$40,000 to NT$60,000 [1][2]. Group 1: TSMC's Expansion and Job Creation - TSMC's new facilities are located on the site of a former oil refinery in Kaohsiung, which is expected to become a hub for advanced semiconductor manufacturing, providing quality job opportunities [1]. - The Kaohsiung city government is collaborating with TSMC and its supply chain partners to enhance the semiconductor ecosystem in the region, aiming to make it a resilient and valuable semiconductor industry cluster [1][2]. - TSMC plans to recruit approximately 8,000 employees in Taiwan by 2025, with starting salaries for master's degree engineers averaging NT$2.2 million [3]. Group 2: Job Market Insights - The job fair held by TSMC attracted a diverse group of applicants, including recent graduates and foreign professionals, highlighting the company's appeal as a dream employer due to its benefits and bonuses [2]. - The starting salary for new graduates in engineering roles is reported to be around NT$40,000 to NT$50,000, with potential for significant salary increases in subsequent years [2]. - TSMC's recruitment efforts include participation in campus job fairs across various universities, indicating a proactive approach to attracting talent [3].