Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Views - The electronic industry index decreased by 3.02% during the week of December 15-19, 2025, with semiconductor and consumer electronics sectors experiencing declines of 3.26% and 4.12%, respectively [3] - The storage sector showed resilience, with significant gains in major companies such as Micron and SanDisk, indicating a strong performance amidst overall market fluctuations [3][4] - The report highlights the ongoing updates in AI models and the sustained high demand in the storage sector, suggesting a positive outlook for companies involved in AI computing and storage solutions [4][6] Market Review - The U.S. tech sector rebounded after a significant drop, while the A-share electronic sector faced a general decline [3] - Notable performances included Nvidia rising by 3.41%, Tesla by 4.85%, and Micron by 10.28%, while Apple and Google saw slight declines [3] Industry Updates - Multiple significant AI model updates were released, with companies like Xiaomi and Google launching advanced models that enhance performance and efficiency [4] - Apple is collaborating with Broadcom to develop an AI inference chip, expected to enter mass production in 2026 [5] Storage Sector Insights - Storage prices are continuing to rise, impacting downstream terminal pricing, with Dell planning to increase commercial PC prices by 10% to 30% [6] - Micron's FY26Q1 revenue reached $13.64 billion, a year-over-year increase of 57%, with guidance for FY26Q2 revenue also exceeding market expectations [6] Investment Recommendations - The report suggests focusing on high-growth sectors such as storage and AI computing, as well as the end-side AI sector, which is expected to maintain strong demand [7] - Beneficiary companies include North Huachuang, Tuojing Technology, and others involved in the AI and storage sectors [7]

Market Overview - The Hang Seng Index closed at 24,028, up 0.57% for the day and 19.78% year-to-date[3] - The Hang Seng China Enterprises Index rose 0.83% to 8,668, with a year-to-date increase of 18.91%[3] - The Hang Seng Tech Index fell 0.29% to 5,217, with a year-to-date increase of 16.75%[3] Capital Flows - Southbound capital recorded a net inflow of HKD 2.902 billion[9] Sector Performance - Major tech stocks generally declined, with Xiaomi, Meituan, Tencent, JD.com, and Baidu all falling, while Alibaba saw a slight increase[9] - Real estate stocks performed strongly, with China Oceanwide Holdings surging over 27% and Longfor Group rising nearly 21% due to debt restructuring progress[9] - Financial stocks also rose, with Zhengzhou Bank and Sunshine Insurance both increasing over 6%[9] U.S. Market Performance - The Dow Jones Industrial Average rose 0.43% to 44,651, while the S&P 500 increased by 0.27% to 6,280, both breaking previous highs[9] - The Nasdaq Composite gained 0.09% to 20,631, marking two consecutive days of record highs[9] Cryptocurrency Trends - Bitcoin surpassed USD 117,000, setting a new record, with cryptocurrency-related stocks also performing well[9] Japanese Market Insights - The Nikkei 225 index fell 0.4% to 39,821, ending a two-day rally due to concerns over U.S.-Japan tariff negotiations and upcoming elections[13] - The 20-year Japanese government bond auction saw lower demand, indicating market concerns over rising debt levels[13]

Core Insights - Apple plans to launch new products including the MacBook Pro, iPhone 17E, and iPad in early 2026 [1] Product Launch Plans - The new MacBook Pro is expected to be part of Apple's strategy to refresh its laptop lineup [1] - The iPhone 17E is anticipated to feature advancements in technology and design [1] - The upcoming iPad is likely to enhance Apple's presence in the tablet market [1]

Core Insights - The upcoming iPhone 17 series is generating significant anticipation among fans, with various rumors and leaks surfacing ahead of Apple's WWDC event [1] Release Timeline - Apple is expected to follow its traditional release schedule, launching the iPhone 17 series in early September, while the iPhone 17E may debut in early 2026 [4] - Starting with the iPhone 18, Apple plans to adopt a phased release strategy, introducing lower-priced models in the first half of the year and high-end Pro models in the second half [4] Pricing and Cost Factors - Due to changes in tariff policies by former President Trump, the cost of the iPhone 17 may be affected, although Apple has mitigated some costs by shifting production to India [4] - Reports indicate that Apple plans to increase iPhone prices later this year, attributed to improvements in features and design costs [4] Design and Color Options - The iPhone 17 Pro is rumored to introduce a sky blue color option, aligning with the latest MacBook Air color palette [4] - Previous iPhone 16 series colors included pink, blue-green, and ultramarine, with Pro models featuring a desert titanium color [4] Camera Upgrades - The iPhone 17 Pro is expected to feature several camera enhancements, including a new horizontal camera bar and an upgraded front-facing camera [5] - The Pro and Pro Max models will reportedly include a 48-megapixel telephoto rear camera, while all iPhone 17 models will see an upgrade of the front camera from 12 megapixels to 24 megapixels [5] Display Features - All iPhone 17 models are rumored to come with a 120Hz display (ProMotion), with the base model potentially adding an always-on display feature [5] Memory and Battery Technology - To support new smart and AI functionalities, all iPhone 17 models are expected to upgrade their RAM to 12GB, a significant increase from the 8GB in the iPhone 16 series [6] - The iPhone 17 Air may feature a thinner design and advanced battery technology, although this could lead to reduced battery life; however, it is rumored to utilize silicon anode batteries to extend battery life [6] General Note - All information regarding the iPhone 17 series remains speculative and is based on leaks or internal sources, with actual products potentially differing from the rumors [6]