BPHUAHO@EC2611A

CLSA Reiterates Outperform Ratings and Target Prices for Semiconductor Companies

HUA HONG SEMI to Release FY2026 Q1 Earnings on May 14 After-Market (BJT), Forecast Revenue HKD 5.167 B, EPS HKD 0.1386

Morgan Stanley Maintains Huahong Semiconductor 'In-Line' Rating

US Orders Multiple Chip Equipment Companies to Halt Shipments to HuaHong's Factories

CLSA Reports Resurgence in Analog Chip Demand, Upside for SMIC and Hua Hong

HuaHong Semiconductor Reports Revival in Demand for Mature Chip Processes in 2025 Annual Report

Huahong Semiconductor to Hold Annual General Meeting in 2026

Nomura Raises Semiconductor Manufacturing Company Huahong Target Price to HKD 116.00

Huahong Company Announces Pricing Strategy Adjustments to Boost Average Selling Prices

Huahong Company's Collaboration with STMicroelectronics on 40nm MCU Progressing Smoothly

Huahong Semiconductor's Acquisition of Huaile Micro Acquired CSRC's Approval

Huahong Semiconductor Receives Shanghai Stock Exchange Approval for Share Issuance Acquisition Plan

Huahong Semiconductor Announces Annual Profit and Suggests Name Change

HuaHong Announces Revenue Growth and Profit Decline for 2025 Without Dividend Distribution

Hong Kong Chip Stocks Open Lower: Gigadevice Down Over 5%, Huahong Semiconductor Follow Lower

HUA HONG SEMI to Release FY2025 Earnings on March 26 Pre-Market (BJT), Forecast Revenue HKD 18.75 B, EPS HKD 0.3215

Morningstar Maintains Semiconductor Manufacturing International's Fair Value Estimate at HKD 34

HuaHong Group Develops 7 Nanometer Chip Technology Ready for Production

Morgan Stanley Upgrades Semiconductor Company Huahong

Shanghai Huayaoxin Semiconductor Co., Ltd. Established with Registered Capital of 1 Billion Yuan

RONGZUN INT’L H

ASIA PIONEER

WANDA HOTEL DEV

CENTRALCHINA MT

TOMO HOLDINGS

HENGDELI

CH NETCOMTECH

HAIZHI TECH GP

INTELLIMARK W27

TRANSTHERA-B

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The HSI closed up 412 points at 26,626, reflecting a positive trend in Hong Kong equities, driven by gains in major stocks like KUAISHOU-W and HUA HONG SEMI. The market turnover reached HKD312.489 billion. Notable performers included JOHNSON ELEC H, which soared 20%, and TECHTRONIC IND, gaining 10.3% after a target price increase by JPM. Overall, the market showed strong performance across various sectors, including technology and automotive stocks, amidst favorable external market conditions.

AASTOCKS News

HUA HONG SEMI

KUAISHOU-W

HSI Closes Up 412 pts; KUAISHOU-W, HUA HONG SEMI Surge; JOHNSON ELEC H Soars 20%

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06809

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BIREN TECH(06082) rose 14.8%, with a trading turnover 1.0 Billion HKD, and a year-to-date rose 198.7%. MONTAGE TECH(06809) rose 11.19%, with a trading turnover 1.7 Billion HKD, and a year-to-date rose 234.5%. PETROCHINA(00857) fell 8.48%, with a trading turnover 3.4 Billion HKD, and a year-to-date rose 27.6%. YANKUANG ENERGY(01171) fell 6.73%, with a trading turnover 974.1 Million HKD, and a year-to-date rose 52.8%.

Top Gainers&Losers

BIREN TECH

MONTAGE TECH

TECHTRONIC IND

SWIRE PACIFIC B

PETROCHINA

YANKUANG ENERGY

CNOOC

CHINA COAL

CHINA SHENHUA

Top 5 HK Stock Gainers/Losers (>100B) (5.7)

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STECH

00HSI

The HSI rose 410 points to 26,623 at midday, driven by positive US market performance and strong earnings from AMD boosting chip stocks. The HSTECH gained 3.1%, with notable surges in KUAISHOU-W and HUA HONG SEMI, both up over 7%. Major stocks like TENCENT and BABA-W also saw gains, while turnover reached HKD165.774 billion. The overall market sentiment remains optimistic amid potential peace talks between the US and Iran.

Hua Hong

Hang Seng TECH Index

Hang Seng Index

HSI Up 410 pts at Half Day; HSTECH Gains 3%; KUAISHOU-W  and HUA HONG SEMI Surge Over 7%

SOXL

CLSA has reaffirmed its High-Conviction Outperform rating on LQKJand Outperform ratings on GIGADEVICE, SMIC, and HUA HONG SEMI. The report includes target prices for these stocks: LQKJ at RMB209.6, GIGADEVICE at RMB399.5, SMIC at RMB152, and HUA HONG at RMB177.5 for A shares, with respective performances noted. Short selling data indicates significant activity in SMIC and HUA HONG SEMI.

Direxion Semicon Bull 3X

SMIC

CLSA's Ratings and TPs for CN Semis (Table)

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Hong Kong's optical communication stocks surged before midday trading, with Yangtze Optical Fibre and Cableincreasing over 8.5%, Hua Hong Semiconductorrising more than 7%, Cambridge Technologyclimbing nearly 7%, and Huiju Technologyadvancing over 6%.

CoinLive

YOFC

TIME INTERCON

STOCKS | Hong Kong Optical Communication Stocks Surge Before Midday

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The Hang Seng Tech Index rose over 3% intraday, while the Hang Seng Index increased by 1.54%. Kuaishou surged over 7%, Hua Hong Semiconductor climbed more than 6%, and Tencent Music, Kingsoft, and Baidu all gained over 5%.

TME-SW

Tencent Music

KINGSOFT

BIDU-SW

Baidu

KUAISHOU-WR

BIDU-SWR

STOCKS | Hang Seng Tech Index Rises Over 3% Amid Broad Gains in Hong Kong Stocks

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CLSA has reiterated its High-Conviction Outperform rating on MONTAGE TECH, citing strong demand for CPUs as a key driver. The report highlights that AMD's positive results and guidance indicate a shift in AI data center infrastructure, expanding the market for server CPUs. GIGADEVICE, SMIC, and HUA HONG SEMI also received Outperform ratings due to rising demand and favorable market conditions in the semiconductor sector. MONTAGE TECH is expected to benefit significantly from this trend, while GIGADEVICE and SMIC are positioned well in the memory and logic segments, respectively.

- CLSA's report reveals that Advanced Micro Devices, Inc. (AMD) exceeded expectations for 1Q26 and offered positive guidance for 2Q26.  
- The report notes a shift in the CPU to GPU ratio for AI data centers from 1:4 (or 1:8) to 1:1, potentially expanding the server CPU market to over USD 120 billion by 2030.  
- Various companies, including MONTAGE TECH and GIGADEVICE, are expected to benefit from strong demand in CPUs and rising memory prices, with the broker maintaining positive ratings for these stocks.

Montage Technology

GIGADEVICE

Guotai CSI Semiconductor Material Equipment Theme ETF

Guotai CES Semiconductor Chip Industry ETF

Guotai CSI All Share Integrated Circuit ETF

First Trust Nasdaq Food & Semicon

VanEck Semiconductor ETF

SPDR S&P Semicon

GTJA Allianz SSE STAR Chip Design Thematic ETF

ChinaAMC SSE STAR Semiconductor Material & Equipment Thematic ETF

Invesco PHLX Semiconductor ETF

iShares Semiconductor ETF

Invesco Semiconductors ETF

Direxion Daily AMD Bull 2X Shares

ChinaAMC Guozheng Semiconductor Chip ETF

GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF

GraniteShares 2x Long AMD Daily ETF

SMIC HK SDR 5to1

CLSA Reiterates High-Conviction Outperform on MONTAGE TECH ; GIGADEVICE , SMIC , HUA HONG SEMI  Rated Outperform

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Hong Kong stocks rose, with the Hang Seng Index (HSI) closing at 26,213, up 315 points or 1.2%. Market turnover reached HKD304.7 billion, despite a net outflow of HKD8.565 billion from southbound funds. Chip stocks surged, driven by strong global demand, with notable gains from AMD and local firms like SMIC and HUA HONG SEMI. The market breadth improved, with 1,182 stocks rising. Banking stocks also saw gains, while short selling accounted for 17.8% of turnover. Spot gold increased nearly 3.1% to USD4,700 per ounce.

Abrdn Gold ETF Trust

Sprott JR Gold Miners ETF

Us Gbl GLD & Met

Pro Ultr GLD

ChinaAMC CSI SH-SZ-HK Gold Industry Equity ETF

Direxion Daily Gold Miners Bull 2X

Roundhill Gold Miners Weeklypay ETF

YieldMax Gold Miners Opt Inc Strgy ETF

VanEck Junior Gold Miners ETF

iShares MSCI Global Gold Miners

ChinaAMC Gold ETF

SPDR GOLD TRT

VanEck Gold Miners ETF

GLOBAL X Gold Explorers

SPDR Gold Minishares

HK Stocks Rise with Turnover HKD304.7 Billion but Southbound Funds Net Outflow HKD8.565 Billion; Chip Stocks Surge

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MONTAGE TECH(06809) rose 16.78%, with a trading turnover 1.9 Billion HKD, and a year-to-date rose 200.9%. DELTON(01989) rose 14.5%, with a trading turnover 657.1 Million HKD, and a year-to-date rose 198.8%. CHINA COAL(01898) fell 4.54%, with a trading turnover 531.0 Million HKD, and a year-to-date rose 37.3%. YOFC(06869) fell 4.07%, with a trading turnover 5.4 Billion HKD, and a year-to-date rose 319%.

- The Hang Seng Index rose by 1.22%, with a year-to-date increase of 2.3%.  
- Key stocks like Lanki Technology (06809) saw a significant rise of 16.78%, leading to a total annual increase of 200.9%.  
- In contrast, Zhongmei Energy (01898) decreased by 4.54%, while Zhangfei Optical Fiber (06869) fell by 4.07%, despite their year-to-date gains of 37.3% and 319%, respectively.

DELTON

XPENG-W

SANHUA

CTG DUTY-FREE

Top 5 HK Stock Gainers/Losers (>100B) (5.6)

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Hong Kong stocks closed on May 6 with all three major indices in the green, led by the Hang Seng Index which rose 1.22%. Driven by a surge in global AI computing demand and better-than-expected earnings from overseas giants like AMD, the semiconductor sector exploded, with SMIC and Montage Technology delivering standout performances. Additionally, rising risk-off sentiment pushed the gold and non-ferrous resource sectors higher, while the mainland property and financial sectors also saw a collective rebound. However, significant divergence emerged among tech heavyweight stocks: Tencent Holdings attracted over HK$18.7 billion in turnover, topping the market, but its share price retreated

Market Pulse

HSBC HOLDINGS

HK Stocks Close | Three Major Indices Rise Collectively; Semiconductor and Gold Sectors Lead Gains, Tech Weights Show Divergent Trends

Today’s Key News Recap

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0427 | Dolphin Research Focus: 🐬 Macro/Industry1) Last week, DeepSeek surprise-launched its flagship foundation model DeepSeek-V4 and fully open-sourced it, a key market catalyst. With AI advances as a tailwind, semis extended gains today: the Hong Kong Semiconductor Index jumped 5%+, led by SMIC and Hua Hong Semiconductor.The new model is tuned for domestic compute and pursues a non-CUDA stack, expanding edge-AI use cases and sustaining demand for local chips. Flows continue to pile into themes of self-reliant compute and domestic substitution...

POP MART

Kaiser Aluminum

Hesai

TENCENT

TENCENT-R

Tencent Holdings Limited

Tencent

HESAI-W

Destiny Tech100

Oracle

ORACLE CORP DEPOSITARY SH REP 1/2000TH PFD SER D

MediaTek

DeepSeek

Qualcomm

Sungrow Power Supply

POP MART HK SDR 20to1

OpenAI

Coca Cola

Tencent HK SDR 10to1

DeepSeek-V4 open-sourced, igniting the AI compute supply chain; Tencent's QClaw rolls out a major update | Daily News Recap

Today’s CPI coming in below expectations definitely helps the liquidity narrative. Softer inflation reduces pressure on yields and gives the market room to price in a more dovish path. That’s supportive for risk assets, especially long-duration tech. That said, one print doesn’t make a full pivot. Markets usually need a trend of cooling data before calling it a true liquidity turn. It’s a positive start, but confirmation still matters.

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Apple

KNOWLEDGE ATLAS

Cisco

WOER

Nebius

Coinbase

Airbnb

Apple Group

Sirius XM

Market Shocks: AI, Cisco, Rates

AI remains a long term bull but near term earnings uncertainty is fueling and sharper pullbacks rather than a straight line rallyMargins are key now expect short term volatility and selective dipsFocus on profitable AI infra, energy and select financials

We are indeed entering an 'AI volatility phase,' rather than a pure AI bull market. This perspective is the right mindset.

with rate cuts potentially delayed to July, the bank stocks have been granted a reprieve from the net interest margin compression concern.

AI's disruptions are now spreading into more bread and butter, brick and mortar sectors. Hopefully this will strengthen the AI companies, and eventually, the whole US economy, benefiting all.

Fattycat

BABA Return Rate

BABA Diamond Holder

Markets are overvalued and needs a breather so whatever the narrative is, it looks like a pullback is due.

Crypto winter is coming, everyone get ready and follow the trend. Do not fight the market!

Best hedge against everything, be it weak data, volatility, or market movement, is still precious metals!

Volatility is here to stay. Look towards other economies instead, like emerging market!

BPHUAHO@EC2611A(28987.HK)

HSI Closes Up 412 pts; KUAISHOU-W, HUA HONG SEMI Surge; JOHNSON ELEC H Soars 20%

Top 5 HK Stock Gainers/Losers (>100B) (5.7)

HSI Up 410 pts at Half Day; HSTECH Gains 3%; KUAISHOU-W and HUA HONG SEMI Surge Over 7%

CLSA's Ratings and TPs for CN Semis (Table)

STOCKS | Hong Kong Optical Communication Stocks Surge Before Midday