<p>ASMPT (00522.HK) +6.100 (+3.547%) 空頭頭寸 $43.94M; 比率 3.942% 今天開盤持平，曾一度觸及日內高點 HKD182.4。目前交易價格為 HKD179.2，上漲 4.19%，成交量為 228.99 萬股，涉及 HKD406 百萬。</p>
<p>早前的報道顯示，美國政府已批准將 NVIDIA Corporation (NVDA.US) 的 H200 人工智能芯片出售給 10 家中國公司。然而，美國總統唐納德·特朗普隨後表示 &#34;H200 非常好，中國需要它，&#34; 同時確認中國方面尚未批准該交易，稱 &#34;他們選擇不這樣做，他們想嘗試自己開發。&#34; 美國貿易代表格里爾指出，談判期間並未討論芯片出口管制問題。</p>
<p>花旗在一份研究報告中表示，美國 reportedly 已批准向 10 家中國公司出口 Nvidia H200 芯片，每家公司限量 75,000 個。總進口量 750,000 個符合行業預期。該券商認為，儘管 H200 的批准可能對國內 AI 加速器供應商、代工廠和晶圓製造設備供應商產生短期負面影響，但 750,000 個遠低於中國的 AI 芯片需求。中國仍預計通過國內加速器滿足需求，AI 的本地化進程不會受到阻礙。</p>
<p>花旗補充説，H200 的批准對服務器供應商和 MONTAGE TECH (06809.HK) +4.600 (+1.025%) 略有利好，因為預計將推動對內存接口和 PCIe Retimers 的需求。該券商還指出，中國雲服務提供商 (CSPs) 的資本支出仍然強勁。BABA-W (09988.HK) -2.200 (-1.663%) 空頭頭寸 $1.91B; 比率 15.870%，TENCENT (00700.HK) -6.600 (-1.446%) 空頭頭寸 $1.56B; 比率 12.851% 和字節跳動均已提高資本支出，預計將進一步推動國內供應鏈的需求。</p>
<p>花旗的首選股票是 ASMPT (00522.HK) +6.100 (+3.547%) 空頭頭寸 $43.94M; 比率 3.942% (目標價上調至 HKD180) 和 SG (300661.SZ) -1.020 (-0.945%)，理由是行業前景改善和吸引人的風險回報比。在內存方面，花旗表示 Kioxia 的強勁前景可能在短期內支持內存行業的積極情緒，但指出 MONTAGE TECH 最近的股價上漲已降低其風險回報吸引力。</p>

00522

納斯達克半導體 ETF - First Trust

2 倍做多英偉達 ETF - Direxion

<p>ASMPT 股價上漲了 4.19%，因花旗對 NVIDIA H200 芯片出口中國公司的批准發佈了樂觀報告。儘管可能對國內 AI 供應商產生短期影響，但中國對 AI 芯片的需求依然強勁。花旗的首選股票包括 ASMPT，目標價上調至 180 港元，理由是行業前景改善。其他公司如 MONTAGE TECH 和主要的中國雲服務提供商也預計將受益於資本支出的增加</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%) 空頭頭寸 $43.94M; 比率 3.942% 今天開盤持平，曾一度觸及日內高點 HKD182.4。目前交易價格為 HKD179.2，上漲 4.19%，成交量為 228.99 萬股，涉及 HKD406 百萬。</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>早前的報道顯示，美國政府已批准將 NVIDIA Corporation (NVDA.US) 的 H200 人工智能芯片出售給 10 家中國公司。然而，美國總統唐納德·特朗普隨後表示 &#34;H200 非常好，中國需要它，&#34; 同時確認中國方面尚未批准該交易，稱 &#34;他們選擇不這樣做，他們想嘗試自己開發。&#34; 美國貿易代表格里爾指出，談判期間並未討論芯片出口管制問題。</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>花旗在一份研究報告中表示，美國 reportedly 已批准向 10 家中國公司出口 Nvidia H200 芯片，每家公司限量 75,000 個。總進口量 750,000 個符合行業預期。該券商認為，儘管 H200 的批准可能對國內 AI 加速器供應商、代工廠和晶圓製造設備供應商產生短期負面影響，但 750,000 個遠低於中國的 AI 芯片需求。中國仍預計通過國內加速器滿足需求，AI 的本地化進程不會受到阻礙。</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>花旗補充説，H200 的批准對服務器供應商和 MONTAGE TECH (06809.HK) +4.600 (+1.025%) 略有利好，因為預計將推動對內存接口和 PCIe Retimers 的需求。該券商還指出，中國雲服務提供商 (CSPs) 的資本支出仍然強勁。BABA-W (09988.HK) -2.200 (-1.663%) 空頭頭寸 $1.91B; 比率 15.870%，TENCENT (00700.HK) -6.600 (-1.446%) 空頭頭寸 $1.56B; 比率 12.851% 和字節跳動均已提高資本支出，預計將進一步推動國內供應鏈的需求。</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>花旗的首選股票是 ASMPT (00522.HK) +6.100 (+3.547%) 空頭頭寸 $43.94M; 比率 3.942% (目標價上調至 HKD180) 和 SG (300661.SZ) -1.020 (-0.945%)，理由是行業前景改善和吸引人的風險回報比。在內存方面，花旗表示 Kioxia 的強勁前景可能在短期內支持內存行業的積極情緒，但指出 MONTAGE TECH 最近的股價上漲已降低其風險回報吸引力。</p>
</div>

ASMPT 因花旗銀行的樂觀情緒上漲超過 4%