GMT EIGHT - OPPORTUNITIES IN CHINA

Has the AI financing frenzy cooled down? Amazon.com, Inc. (AMZN.US) faces cold reception in $25 billion bond subscription, putting giant debt feast to the test.

"Super large-scale issuance of bonds," which used to only appear in large mergers and acquisitions, has now become a "standard configuration" for tech giants such as Amazon and Alphabet to raise funds for AI investments.

US Stock Market Move | Popular Chinese concept stocks are generally rising, KINGSOFT CLOUD (KC.US) is up 10%.

On Wednesday, the Nasdaq China Golden Dragon Index rose by 2.76%, popular Chinese concept stocks rose across the board, with Alibaba (BABA.US) up more than 10% and Kingsoft Cloud (KC.US) up by 10%.

US Stock Market Move | Storage concept, optical communication stocks started to rise. Credo Technology (CRDO.US) surged over 4%.

The majority of storage concepts and optical communication stocks have initially risen.

Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR(TSM.US) Quarterly Forecast: AI demand continues to be strong, GF Securities predicts upward guidance and additional investment in capital expenditure for 2027.

Global semiconductor foundry leader TSMC will hold its analyst conference for the second quarter of 2026 on July 16. GF Securities released a research report predicting that TSMC is expected to raise its full-year performance guidance at that time, while simultaneously increasing its capital expenditure plan for 2027.

Cloudflare (NET.US) and OpenAI collaborate to launch a research pilot: Injecting 20% of global traffic data to propel AI search into the era of real-time indexing.

Cloudflare partners with OpenAI to launch a pilot project on artificial intelligence search indexing research.

The Dow Jones fell 0.31%, the Nasdaq fell 0.44%, and the S&P 500 fell 0.36% at the opening. Star tech stocks American Supermicro fell 2.19%, Intel fell 1.89%, and Qualcomm fell 1.34%. The Nasdaq China Golden Dragon Index rose 2.28%, Alibaba rose 9.64%, and Baidu rose 5.06%.

Morgan Stanley is bullish about Tesla, Inc. (TSLA.US) with a target price of $415: Robotaxi plan continues to expand, Model YL launched in the U.S. opens up new growth opportunities.

In a recent research report released by Morgan Stanley, they commented on two major hot events: Tesla's launch of Robotaxi (autonomous driving ride-hailing service) in Miami and the introduction of the long-wheelbase three-row six-seat version of Model Y (known as Model YL) in the United States.

A $13.5 billion defense contract secured! Salesforce, Inc. (CRM.US) enters the project to modernize the U.S. Air Force fleet.

The US Air Force's 441st Vehicle Support Chain Operations Squadron (VSCOS) has selected Missionforce, a subsidiary of Safran, to assist in completing a $13.5 billion military vehicle fleet modernization project.

World Gold Council: Global Gold ETFs saw a net inflow of $8 billion in the first half of the year.

According to a report from the World Gold Council, global listed funds continued to see outflows in June, but thanks to strong performance in Asian markets, global gold ETFs still recorded a net inflow of $8 billion in the first half of the year. As of the end of June, the global gold ETF assets under management reached $526 billion, a 6% decrease in the first half of the year mainly due to the lower gold prices; total holdings increased by 18 tons in the first half of the year to 4,047 tons. Trading volume in the gold market decreased in June, but the average daily trading volume in the first half of the year still reached a historic high of $488 billion.

"Prime Minister-elect" Burnham on the eve of taking office, UK election polls reversed: Labour Party expected to win 217 seats, leading the pack, hung parliament may reappear.

The latest opinion poll shows that the ruling party in Britain, the Labour Party, will win the most seats in the general election.

New Stock News | POCO Holding (300811.SZ) Submits Application to Hong Kong Stock Exchange, Ranking First in the Global Alloy Soft Magnetic Powder Core Market.

Boke New Materials is a global leading provider of alloy soft magnetic powder products.

Intel Corporation (INTC.US) server CPUs are in short supply! Wedbush calls out: Continuing to raise prices is not a problem for selling.

Investment bank Wedbush believes that Intel still has the ability to raise prices without affecting market demand.

Trillion-dollar market cap evaporates to uncover a "golden opportunity"? NVIDIA Corporation(NVDA.US) valuation dropped to pre-AI boom levels, with bullish investors quietly increasing their positions.

NVIDIA's market value has plummeted by $1 trillion, falling to a level before the boom of artificial intelligence.

Goldman Sachs warns: AI profit surprises are about to ebb, US stock earnings season may enter a new phase of "expectation validation"

Goldman Sachs' Christian Mueller-Glissmann said that the earnings surprises driven by artificial intelligence (AI) in the previous financial quarter had helped propel the US stock market significantly higher, but this surge is unlikely to be repeated this quarter.

Selected A-share announcement | Shenzhen SDG Information (000070.SZ): Expected net profit for the first half of the year is 55 to 71 million yuan, a year-on-year increase of 881.42% to 1166.93%.

The special announcement states that the expected net profit for the first half of the year is 55-71 million yuan, an increase of 881.42%-1166.93% year-on-year.

New stock news | POCO Holding (300811.SZ) submits listing application to Hong Kong Stock Exchange

According to the prospectus, Boc New Materials is a leading global provider of alloy soft magnetic powder products.

The Hong Kong Monetary Authority lends out 2.7 billion Hong Kong dollars to banks through discount window.

On July 8th, the Hong Kong Monetary Authority lent out 2.7 billion Hong Kong dollars to banks through the discount window.

Preview of US Stock Market | Three major stock index futures fell together, tensions between the US and Iran escalated again, oil prices surged, and technology stocks continued to decline.

On July 8th (Wednesday) before the U.S. stock market opens, futures for the three major U.S. stock indexes all fell.

Morgan Stanley interprets Vertex Pharmaceuticals Incorporated's (VRTX.US) billion-dollar acquisition of Crinetics: Filling gaps in endocrine pipeline layout, two core drugs open growth opportunities.

Morgan Stanley released a research report interpreting the $100 billion acquisition of Crinetics by Vertex Pharmaceuticals.

The chip agreement between Apple and Broadcom is expected to exceed $30 billion.

Apple Inc. stated that its expanded partnership agreement with Broadcom is expected to exceed $30 billion, aiming to fulfill its commitment to increase purchasing of American-made components. In a statement on Wednesday, Apple said the agreement will involve the production of over 15 billion chips in the U.S. and support hundreds of jobs. Apple will also help upgrade Broadcom's production facilities in Colorado. This statement revealed more details of the cooperation arrangement between the two companies. Broadcom announced on Monday that the agreement will last until 2031, but did not provide financial details at that time. Apple stated that this expenditure is part of its previously disclosed $600 billion commitment to invest in the United States. CEO Tim Cook promoted this plan alongside President Donald Trump in the Oval Office last year. Apple said that the cooperation with Broadcom will include a $1.5 billion investment in its production factory in Collins, Colorado, where advanced RF components for wireless chips will be produced.

US$28 billion issuances were oversubscribed! SK Hynix's ADR was closed early, showing the continued strong appeal of AI assets.

The filing and documentation work for the issuance of SK Hynix's American Depositary Receipt (ADR) with a scale of up to $28 billion will close on Wednesday (US time) as the subscription orders have far exceeded the issuance size, leading underwriters to decide to close the books ahead of schedule.

South Korean AI chip startup Rebellions is aiming to IPO in the first half of next year in South Korea, with a possibility of subsequently listing in the United States.

South Korean artificial intelligence (AI) chip startup Rebellions announced that the company plans to go public on the South Korean capital market in the first half of next year, and will subsequently seek to be listed in the US market.

Apple Inc. (AAPL.US) and Broadcom Inc. (AVGO.US) reveal details of a major custom ASIC agreement: worth over 30 billion US dollars, with "Made in America" 15 billion chips.

The chip cooperation agreement between Apple and Broadcom is expected to be worth over $30 billion.

According to reports, TSMC is significantly expanding its PIC production capacity, with an expected monthly capacity of 25,000 pieces by 2028.

On July 8th, according to forecasts by institutions, TSMC's capacity for photonic integrated circuits will experience rapid growth. TSMC's capacity will increase from the current level of about 500 wafers per month to 10,000 wafers per month in the second quarter of 2026, further increasing to 15,000 wafers per month in the fourth quarter, and is expected to increase to at least 25,000 wafers per month by 2028. Institutions estimate that if each wafer contains 648 bare die, TSMC's monthly PIC production capacity will increase from 500 wafers to 10,000 wafers, resulting in an annual production output increase from about 4 million dies to 78 million dies. If the capacity further reaches 25,000 wafers per month, the annual PIC production output is expected to reach 194 million dies.

The US-Iran conflict escalates again! Bitcoin falls below 62,000 US dollars, oil prices surge by 6%, and global stock markets weaken.

After the United States and Iran once again attacked each other, and following the latest statement from U.S. President Trump reigniting concerns about the geopolitical situation, risk appetite has been hit. Bitcoin has plummeted significantly, and global stock markets have continued to decline.

Apple Inc. (AAPL.US) lost the EU regulatory lawsuit, and the App Store and iOS system face comprehensive constraints from the Digital Markets Act.

The General Court of the European Union recently ruled to reject the challenge by Apple Inc. (AAPL.US) against the scope of application of the Digital Markets Act (DMA).

Northbound funds | "Northbound trading volume was net bought for 14.194 billion. According to reports, KNOWLEDGE ATLAS (02513) is considering developing its own AI chip. Northbound investors bought over 4.3 billion Hong Kong dollars throughout the day."

On July 8, the Hong Kong stock market saw a net inflow of 14.194 billion Hong Kong dollars from northbound trading. Of this, the net inflow from Shanghai-Hong Kong Stock Connect was 7.03 billion Hong Kong dollars, and the net inflow from Shenzhen-Hong Kong Stock Connect was 7.164 billion Hong Kong dollars.

Southbound funds bought a net of HKD 14.194 billion today.

Regarding the Shanghai-Hong Kong Stock Connect, Zhifu and Tencent Holdings respectively received a net purchase of 24.42 billion Hong Kong dollars and 19.20 billion Hong Kong dollars; Xiaomi Group-W topped the net selling list with an amount of 7.46 billion Hong Kong dollars. As for the Shenzhen-Hong Kong Stock Connect, Alibaba-W and Zhifu received a net purchase of 30.31 billion Hong Kong dollars and 18.88 billion Hong Kong dollars respectively; Jiantao Integrated Layer Board topped the net selling list with an amount of 6.26 billion Hong Kong dollars.

After a sharp decline, Samsung welcomes a "reverse pickup" moment? JP Morgan remains bullish: the "cheapest storage stock" in the world, the profit explosion cycle will continue.

J.P. Morgan reiterated its "overweight" rating on Samsung in a report and raised the target price for December 2026 to 480,000 Korean won.

The US-Iran conflict resurges, Trump believes that the nuclear deal "is terminated"

The Iranian government stated on the 8th that the US attack seriously violated the Iran-US Islamic Cooperation Memorandum.

The renewed conflict between the U.S. and Iran has boosted oil prices and inflation expectations, causing German government bonds to fall in response.

With the resurgence of conflict in the Middle East, pushing up oil prices and inflation expectations, German bond prices fell in response.

CICC: It is expected that the net profit in the first half of 2026 will increase by 78% to 90% compared to the same period.

CICC announced that it is expected to achieve a net profit attributable to shareholders of the parent company of RMB 7.708 billion to RMB 8.227 billion in the first half of 2026, compared with the same period last year, an increase of RMB 3.378 billion to RMB 3.897 billion, a year-on-year increase of 78% to 90%. Excluding non-recurring items, it is expected that the net profit attributable to shareholders of the parent company in the first half of 2026 will be RMB 7.552 billion to RMB 8.062 billion, compared with the same period last year, an increase of RMB 3.309 billion to RMB 3.819 billion, a year-on-year increase of 78% to 90%.

The Hong Kong government is using various measures to support small and medium-sized enterprises in effectively utilizing AI to enhance their competitiveness.

Qiu Yinghua stated that the Hong Kong government's different policy bureaus/departments have implemented various programs and measures to support businesses (including small and medium enterprises) in applying AI in different business scenarios.

The second quarter financial reporting season is about to begin! UBS's heavyweight projection on US bank stocks: Behind the full bloom of business, these five main themes will determine investment winners and losers.

As the curtain is about to rise on the second quarter earnings season of U.S. bank stocks, UBS has released a research report recently, looking ahead and providing investors with layout suggestions in the atmosphere of "peaking of the banking industry prosperity."

UBS Group AG raises Shell (SHEL.US) Q2 profit forecast by 18% to $9.1 billion, but long-term concerns remain, neutral rating given.

UBS recently released a Shell (SHEL.US) 2Q26 Performance Outlook Trading Update Report, giving Shell a 12-month "Neutral" investment rating and a target price of 3180 pence.

After obtaining clearance from the US government, OpenAI will release its latest AI model GPT-5.6 on Thursday.

OpenAI will publicly release its most powerful model, GPT-5.6, on Thursday.

The Hong Kong Legislative Council has passed amendments to the Stamp Duty Ordinance. The stamp duty for dual counter Renminbi transactions will be uniformly calculated and paid in Renminbi.

The Hong Kong government welcomes the Legislative Council's passage of the "2026 Stamp Duty (Amendment) (No. 2) Bill" to clarify the arrangement for stamp duty on dual-counter securities Renminbi counter transactions to be calculated and paid in Renminbi.

Lithium prices receive policy support? The US Department of Defense initiates the "strategic lithium reserve": plans to purchase 16,200 tons over five years, initiating a reassessment of the long-term value of lithium resources.

The US Department of Defense plans to purchase lithium worth up to $300 million.

Hong Kong Tourism Board: The number of visitors to Hong Kong in the first half of the year was approximately 26.71 million, an increase of 13% compared to the same period last year.

Luo Shupei stated that in the first half of 2026, the number of visitors to Hong Kong was approximately 26.71 million, an increase of 13% compared to the previous year, with mainland visitors and non-mainland visitors increasing by 16% and 5% respectively.

Source: Insiders: SK Hynix will close its $28 billion ADR book building on Wednesday due to oversubscription.

A source familiar with the matter said that SK Hynix (000660.KS) will end the book-building process for its $28 billion American depositary receipt on Wednesday in US time, as subscription orders have been oversubscribed several times over. The source said that this South Korean chip maker's issuance is one of the largest new stock offerings in global history, and its underwriters have informed investors that the book-building will end at 4 p.m. Eastern time on Thursday, pricing guidance will be announced after the close of the South Korean stock market on Thursday, and allocation results will be finalized later on Thursday night in US time. SK Hynix previously stated in its filings that the final price of the American depositary receipt issue will be determined on Thursday, and trading will start on NASDAQ on July 10th. The source said that US investors have submitted large orders with a minimum of around $200 million, and some larger orders even exceed $1 billion.

Hong Kong's Innovation and Technology Bureau: In the past five years, more than ten mainland new energy vehicle industry chain companies have been listed in Hong Kong, raising approximately HK$120 billion.

Professor Sun Dong claimed that in the past five years, more than ten mainland new energy vehicle industry related companies have been listed in Hong Kong, with a total fundraising amount of approximately HK$120 billion.

Ministry of Human Resources and Social Security: Establishing a coordination mechanism for the application of artificial intelligence in the human resources and social security industry, actively expanding funding support channels.

The Ministry of Human Resources and Social Security, the National Development and Reform Commission, the Ministry of Industry and Information Technology, and the National Bureau of Statistics recently jointly issued the "Implementation Opinions on Accelerating the Development of 'Artificial Intelligence + Human Social Security' Applications." The relevant officials of the Ministry of Human Resources and Social Security answered questions from reporters on the "Implementation Opinions," stating that the document clearly calls for strengthening organizational leadership, establishing a coordination mechanism for artificial intelligence application in the human resources and social security industry, and organizing provincial departments of human resources and social security, development and reform, industry and information technology, and data management to make work arrangements. It also emphasizes the need to strengthen funding and talent support, actively expand funding support channels, and cultivate a group of professionals in the field of artificial intelligence in the human resources and social security industry. A sound application promotion mechanism should be established, and innovation should be carried out in accordance with the "open list leading topics" approach. It also underlines the importance of strengthening security, protecting personal and government information, enhancing security protection for artificial intelligence applications, and promoting compliance, transparency, and trustworthiness in artificial intelligence applications.

Xu Zhengyu: Hong Kong has now become the world's largest cross-border wealth management center and will continue to deepen its connectivity with capital markets around the world.

Hong Kong has now become the world's largest cross-border wealth management center, with the managed cross-border wealth expected to grow by an average of 9% per year between 2025 and 2030, maintaining its global number one position.

A-shares closing assessment: Shanghai index fell by 0.49%, the Science and Technology Innovation 50 index rose against the market, and chip stocks staged a deep V rebound.

As of the close, both markets fell, with the Shanghai Composite Index down 0.49% to 3970.88 points and a trading volume of 1192.4 billion yuan; the Shenzhen Component Index fell 1.87% to 14939.73 points with a trading volume of 1358 billion yuan.

Established ICBC International to create a one-stop FICC comprehensive financial service system, providing full-chain support for the development of Hong Kong's financial market.

CICC International (Holdings) Limited and its subsidiaries held the "FICC Market Outlook and Service System Launch Conference" in Hong Kong on July 8.

"High fuel ahead! From the Xeon supply shortage to the outsourcing narrative of "Terafab" HSBC shouts out a $200 target price for Intel Corporation(INTC.US)"

HSBC raises Intel's target price from $100 to $200 and maintains a "buy" rating. The core of this judgment is focused on two core manufacturing trends: the explosive demand for data center server CPUs and the revaluation of chip foundry business.

Blue Owl (OWL.US) to acquire $1.7 billion in assets of British private hospitals.

Insiders revealed that Blue Owl Capital has completed the acquisition of a portfolio of UK private hospital assets from the Malaysian Employees Provident Fund (EPF).

Goldman Sachs Group, Inc. removed Duke Energy Corporation (DUK.US) from its "focus list" but maintained a "buy" rating, with AI data centers' power demand as a core growth engine.

Goldman Sachs will remove Duke Energy from its "U.S. Key Focus List".

Adobe (ADBE.US) falls out of value for money? Bank of America Securities joins the bearish camp: AI continues to erode growth momentum.

Bank of America Securities resumes coverage of Adobe (ADBE.US) with an "underperform" rating and a target price of $190.

Interest rate storm sweeps US stocks photovoltaic sector: Deutsche Bank high opinion on First Solar (FSLR.US) against the trend, can 21 billion net cash build a "safe haven"?

Deutsche Bank has upgraded its rating on First Solar (FSLR.US) from "hold" to "buy" and has raised the target price from $245 to $272.

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