Core Viewpoint - Fourth Paradigm (06682) shares increased by nearly 4%, currently up 3.68% at HKD 54.9, with a trading volume of HKD 140 million [1] Group 1: Product Launch - The Phancy AI smart glasses, developed by Fourth Paradigm, officially went on sale on July 23 and will begin shipping in early August [1] - The smart glasses will be showcased at the VisionX AI Smart Glasses Supply Chain Trends Conference in Hangzhou on August 5 [1] Group 2: Product Features - The Phancy AI smart glasses offer features such as first-person perspective shooting, real-time translation, open sound field, AI voice assistant, and schedule reminders [1] - The glasses are designed with a lightweight body weighing 39 grams and include a high-definition camera for first-person perspective shooting [1] - The open surround sound field design enables smart navigation and real-time translation, demonstrating the company's strong capabilities in generative AI, agent intelligence, and integrated hardware-software solutions [1]

Core Viewpoint - Fourth Paradigm (06682) has seen a nearly 4% increase in stock price, currently trading at 54.9 HKD with a transaction volume of 140 million HKD, following the launch of its Phancy AI smart glasses [1] Group 1: Product Launch - The Phancy AI smart glasses, developed by Fourth Paradigm, officially went on sale on July 23 and are set to be shipped in early August [1] - The smart glasses will be showcased at the VisionX AI Smart Glasses Supply Chain Trend Conference in Hangzhou on August 5 [1] Group 2: Product Features - The Phancy AI smart glasses offer features such as first-person perspective shooting, real-time translation, open sound field, AI voice assistant, and schedule reminders [1] - The glasses are designed with a lightweight body weighing 39 grams and include a high-definition camera for first-person perspective shooting [1] - The open surround sound design enables smart navigation and real-time translation, highlighting the company's strong capabilities in generative AI, agent intelligence, and integrated hardware-software solutions [1]

Investment Rating - The report maintains an investment rating of "Outperform the Market" [5] Core Insights - The U.S. government has released the "AI Action Plan," which includes over 90 policy measures aimed at consolidating AI dominance and strengthening technology restrictions against China [1] - Yangtze Memory Technologies Co. is set to begin trial production of its first fully domestic production line in the second half of 2025, with plans to increase monthly production capacity from 130,000 wafers to 150,000 wafers by 2025 [2] - Alphabet's Q2 revenue increased by 14% year-on-year, with a net profit of $28.196 billion, leading to a $10 billion increase in capital expenditure for 2025 [3] Industry Performance - The electronic sector saw a weekly increase of 2.85%, ranking 13th out of 31 sectors [4][30] - The semiconductor sub-sector had the highest weekly increase of 4.65%, while the components sub-sector experienced a decline of 0.85% [31][33] - As of July 26, 2025, the electronic industry PE ratio is 55.97, with a 10-year PE percentile of 76.84% [38] Investment Recommendations - For the computing power industry chain, companies such as Shenghong Technology, Huadian Co., and others are recommended for investment [9] - In the semiconductor industry chain, companies like North Huachuang, Zhongwei Company, and others are highlighted as potential investment opportunities [9]

Market Performance - The main board led the gains with notable increases in stocks such as COSCO SHIPPING Technology (+10.01%), Zhen Shitong (+10.00%), and Xingsen Technology (+7.30%) [1] - The ChiNext board saw significant rises with stocks like SuperMap Software (+7.27%) and Guangku Technology (+7.05%) [1] - The Sci-Tech Innovation board was led by Qingyun Technology-U (+15.09%) and Tonglian Precision (+12.54%) [1] - Active sub-industries included SW Semiconductor Equipment (+3.74%) and SW Gaming III (+1.00%) [1] Domestic News - Micro LED high-end display manufacturing project by Micro LED Technology signed in Suzhou, aiming to enhance R&D and industrialization levels [1] - Phancy AI smart glasses by Fourth Paradigm available for pre-sale, featuring a lightweight design and long battery life [1] - Powerchip Semiconductor Manufacturing Corporation reported a net loss of 3.33 billion NTD in Q2 2025, focusing on high-value products for operational optimization [1] - Key domestic display panel manufacturer received the first G11 ultra-large size display panel laser graphic equipment developed by Keyuan Laser [1] Company Announcements - Zhongke Software announced a reduction in shareholding from 22.69% to 21.87% by a major shareholder [2] - Nantech Information signed a framework contract for digital construction services worth 58.27 million CNY [2] - GoerTek is planning to acquire 100% equity of Mia Precision Technology and Changhong Industrial for approximately 10.4 billion HKD [2] - Kela Software reported a reduction in shareholding from 8.01% to 7.36% due to a court ruling [2] Overseas News - SEMI report indicates strong growth in the global semiconductor manufacturing equipment market, expected to reach 125.5 billion USD by 2025, a 7.4% year-on-year increase [3] - NVIDIA has notified Chinese customers about limited inventory of H20 HGX AI GPUs, with no plans to resume production [3] - Mitsubishi Motors announced the termination of its joint venture with Shenyang Aerospace Mitsubishi Motors Engine Manufacturing, exiting the Chinese automotive production business [3] - Texas Instruments reported Q2 revenue of 4.45 billion USD, a 16% year-on-year increase, with significant growth in analog and embedded processing segments [3]

Market Overview - The Hang Seng Index is expected to rise towards 26,000 points due to a stable economic outlook in mainland China and active market trading, despite limited corporate profit improvements [2] - The market remains active with a positive risk appetite, as funds rotate across different sectors [2] Macro Focus - Sweden will host a new round of US-China trade negotiations, with the aim of extending the tariff suspension period [4][7] - The US has reached a trade agreement with Japan, reducing tariffs to 15% and involving a $550 billion investment from Japan [7] - China's foreign exchange bureau reported a net increase of $10.1 billion in foreign investment in A-shares and funds in the first half of the year, indicating a stable growth outlook for foreign capital [8] Company News - Chow Tai Fook (1929) reported a 1.9% year-on-year decline in retail value for the first fiscal quarter [4] - TCL Electronics (1070) expects a mid-term adjusted net profit increase of up to 65% year-on-year, driven by quality growth in core business and improved product and channel structure [9] - ASMPT (0522) reported a 32% decrease in mid-term profit, with a dividend of 0.26 HKD per share [9] - WuXi AppTec (2268) anticipates a mid-term net profit growth of over 50% [4] - The Fourth Paradigm (6682) has launched Phancy AI smart glasses, with shipments expected in early August [9] Industry Insights - The Chinese smartphone market saw a 2.4% year-on-year decline in shipments in Q2, influenced by early product launches due to subsidy policies [8] - The gaming industry in China continues to see regulatory stability, with 134 new game licenses issued in July, including notable titles like NetEase's "Diablo IV" [8]