<p>ASMPT (00522.HK) +6.100 (+3.547%) 空头头寸 $43.94M; 比率 3.942% 今天开盘持平，曾一度触及日内高点 HKD182.4。目前交易价格为 HKD179.2，上涨 4.19%，成交量为 228.99 万股，涉及 HKD406 百万。</p>
<p>早前的报道显示，美国政府已批准将 NVIDIA Corporation (NVDA.US) 的 H200 人工智能芯片出售给 10 家中国公司。然而，美国总统唐纳德·特朗普随后表示 &#34;H200 非常好，中国需要它，&#34; 同时确认中国方面尚未批准该交易，称 &#34;他们选择不这样做，他们想尝试自己开发。&#34; 美国贸易代表格里尔指出，谈判期间并未讨论芯片出口管制问题。</p>
<p>花旗在一份研究报告中表示，美国 reportedly 已批准向 10 家中国公司出口 Nvidia H200 芯片，每家公司限量 75,000 个。总进口量 750,000 个符合行业预期。该券商认为，尽管 H200 的批准可能对国内 AI 加速器供应商、代工厂和晶圆制造设备供应商产生短期负面影响，但 750,000 个远低于中国的 AI 芯片需求。中国仍预计通过国内加速器满足需求，AI 的本地化进程不会受到阻碍。</p>
<p>花旗补充说，H200 的批准对服务器供应商和 MONTAGE TECH (06809.HK) +4.600 (+1.025%) 略有利好，因为预计将推动对内存接口和 PCIe Retimers 的需求。该券商还指出，中国云服务提供商 (CSPs) 的资本支出仍然强劲。BABA-W (09988.HK) -2.200 (-1.663%) 空头头寸 $1.91B; 比率 15.870%，TENCENT (00700.HK) -6.600 (-1.446%) 空头头寸 $1.56B; 比率 12.851% 和字节跳动均已提高资本支出，预计将进一步推动国内供应链的需求。</p>
<p>花旗的首选股票是 ASMPT (00522.HK) +6.100 (+3.547%) 空头头寸 $43.94M; 比率 3.942% (目标价上调至 HKD180) 和 SG (300661.SZ) -1.020 (-0.945%)，理由是行业前景改善和吸引人的风险回报比。在内存方面，花旗表示 Kioxia 的强劲前景可能在短期内支持内存行业的积极情绪，但指出 MONTAGE TECH 最近的股价上涨已降低其风险回报吸引力。</p>

00522

纳斯达克半导体 ETF - First Trust

2 倍做多英伟达 ETF - Direxion

<p>ASMPT 股价上涨了 4.19%，因花旗对 NVIDIA H200 芯片出口中国公司的批准发布了乐观报告。尽管可能对国内 AI 供应商产生短期影响，但中国对 AI 芯片的需求依然强劲。花旗的首选股票包括 ASMPT，目标价上调至 180 港元，理由是行业前景改善。其他公司如 MONTAGE TECH 和主要的中国云服务提供商也预计将受益于资本支出的增加</p>

<p>ASMPT (00522.HK) +6.100 (+3.547%)  Short selling $43.94M; Ratio 3.942%  opened flat today and once hit an intraday high of HKD182.4. It is now trading at HKD179.2, up 4.19%, with 2.2899 million shares traded, involving HKD406 million.</p>
<div class="lb-trans"><p>ASMPT (00522.HK) +6.100 (+3.547%) 空头头寸 $43.94M; 比率 3.942% 今天开盘持平，曾一度触及日内高点 HKD182.4。目前交易价格为 HKD179.2，上涨 4.19%，成交量为 228.99 万股，涉及 HKD406 百万。</p>
</div><p>Earlier reports indicated that the US government had approved the sale of NVIDIA Corporation (NVDA.US) H200 artificial intelligence chips to 10 Chinese companies. However, US President Donald Trump later said &#34;H200 is very good, China needs it,&#34; while confirming that the Chinese side had not approved the transaction, stating that &#34;they chose not to do so, they want to try to develop it themselves.&#34; US Trade Representative Greer noted that chip export controls were not discussed during the talks.</p>
<div class="lb-trans"><p>早前的报道显示，美国政府已批准将 NVIDIA Corporation (NVDA.US) 的 H200 人工智能芯片出售给 10 家中国公司。然而，美国总统唐纳德·特朗普随后表示 &#34;H200 非常好，中国需要它，&#34; 同时确认中国方面尚未批准该交易，称 &#34;他们选择不这样做，他们想尝试自己开发。&#34; 美国贸易代表格里尔指出，谈判期间并未讨论芯片出口管制问题。</p>
</div><p>Citi said in a research report that the US has reportedly approved the export of Nvidia H200 chips to 10 Chinese companies, with a cap of 75,000 units per company. The total import volume of 750,000 units is in line with industry expectations. The broker believes that although the approval of H200 may have a short-term negative impact on domestic AI accelerator vendors, foundries and wafer fabrication equipment suppliers, the 750,000 units are far below Chinas AI chip demand. China is still expected to meet demand through domestic accelerators, and the localization process of AI will not be hindered.</p>
<div class="lb-trans"><p>花旗在一份研究报告中表示，美国 reportedly 已批准向 10 家中国公司出口 Nvidia H200 芯片，每家公司限量 75,000 个。总进口量 750,000 个符合行业预期。该券商认为，尽管 H200 的批准可能对国内 AI 加速器供应商、代工厂和晶圆制造设备供应商产生短期负面影响，但 750,000 个远低于中国的 AI 芯片需求。中国仍预计通过国内加速器满足需求，AI 的本地化进程不会受到阻碍。</p>
</div><p>Citi added that the H200 approval is slightly positive for server suppliers and MONTAGE TECH (06809.HK) +4.600 (+1.025%)  , as it is expected to drive demand for memory interfaces and PCIe Retimers. The broker also noted that capital expenditure by Chinese cloud service providers (CSPs) remains strong. BABA-W (09988.HK) -2.200 (-1.663%)  Short selling $1.91B; Ratio 15.870%  , TENCENT (00700.HK) -6.600 (-1.446%)  Short selling $1.56B; Ratio 12.851%  and ByteDance have all raised their capital expenditure, which is expected to further boost demand across the domestic supply chain.</p>
<div class="lb-trans"><p>花旗补充说，H200 的批准对服务器供应商和 MONTAGE TECH (06809.HK) +4.600 (+1.025%) 略有利好，因为预计将推动对内存接口和 PCIe Retimers 的需求。该券商还指出，中国云服务提供商 (CSPs) 的资本支出仍然强劲。BABA-W (09988.HK) -2.200 (-1.663%) 空头头寸 $1.91B; 比率 15.870%，TENCENT (00700.HK) -6.600 (-1.446%) 空头头寸 $1.56B; 比率 12.851% 和字节跳动均已提高资本支出，预计将进一步推动国内供应链的需求。</p>
</div><p>Citis top picks are ASMPT (00522.HK) +6.100 (+3.547%)  Short selling $43.94M; Ratio 3.942%  (TP raised to HKD180) and SG (300661.SZ) -1.020 (-0.945%)  , citing improving industry prospects and attractive risk-reward profiles. On memory, Citi said Kioxias strong outlook may support positive sentiment in the memory sector in the near term, but noted that MONTAGE TECHs recent share price gains have reduced its risk-reward attractiveness.</p>
<div class="lb-trans"><p>花旗的首选股票是 ASMPT (00522.HK) +6.100 (+3.547%) 空头头寸 $43.94M; 比率 3.942% (目标价上调至 HKD180) 和 SG (300661.SZ) -1.020 (-0.945%)，理由是行业前景改善和吸引人的风险回报比。在内存方面，花旗表示 Kioxia 的强劲前景可能在短期内支持内存行业的积极情绪，但指出 MONTAGE TECH 最近的股价上涨已降低其风险回报吸引力。</p>
</div>

ASMPT 因花旗银行的乐观情绪上涨超过 4%