Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

Semiconductor Manufacturing International Corp (SMIC) / Equity Bottom-Up

Semiconductor Manufacturing International Corp (SMIC)

<ul>
<li>The HSTECH index is trading higher on higher breadth and momentum in January, up 6% so far.  Analysts project an upside of 23% over 12 months.</li>
<li>China's semiconductor sector is advancing this year from AI enthusiasm and accelerated localization in the chip industry.  <a href="https://www.smartkarma.com/entities/semiconductor-manufacturing-international-corp-smic" target="_blank" data-smartkarma-citation="entities:14231:1" rel="noopener">Semiconductor Manufacturing International Corp (SMIC) (981 HK)</a> shares have benefited from this trend.</li>
<li>
<a href="https://www.smartkarma.com/entities/sunny-optical-technology-group" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical Technology Group (2382 HK)</a> benefits from China's announcement that it will subsidize more consumer products, including smartphones and new vehicles.
</li>
</ul>


The HSTECH index is trading higher on higher breadth and momentum in January, up 6% so far.  Analysts project an upside of 23% over 12 months.
China's semiconductor sector is advancing this year from AI enthusiasm and accelerated localization in the chip industry.  Semiconductor Manufacturing International Corp (SMIC) (981 HK) shares have benefited from this trend.

Sunny Optical Technology Group (2382 HK) benefits from China's announcement that it will subsidize more consumer products, including smartphones and new vehicles.



The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (January 25)

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>A new AI platform named DeepSeek threatens today's Large Language Model status quo</li>
<li>Certain chip companies have become over-dependent on AI, including Nvidia, Samsung, SK hynix, and Micron, and their stock has tumbled</li>
<li>It's too early to tell what will occur over the long term</li>
</ul>


A new AI platform named DeepSeek threatens today's Large Language Model status quo
Certain chip companies have become over-dependent on AI, including Nvidia, Samsung, SK hynix, and Micron, and their stock has tumbled
It's too early to tell what will occur over the long term


Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Bharti Airtel, SK Hynix, Adani Green Energy, Wynn Macau, New World Development</li>
</ul>
<ul>
<li>In the US, initial jobless claims for the week ended January 18th rose slightly to 223 k (220 k e / 217 k p). Meanwhile, continuing claims climbed to a three-year high of 1.90 mn (1.87 mn e / 1.85 mn p).</li>
<li>Treasuries ended mixed yesterday. The yield on the 2Y UST declined 1 bp to 4.29%, while the yield on the 10Y UST grew 3 bps to 4.64%.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Bharti Airtel, SK Hynix, Adani Green Energy, Wynn Macau, New World Development


In the US, initial jobless claims for the week ended January 18th rose slightly to 223 k (220 k e / 217 k p). Meanwhile, continuing claims climbed to a three-year high of 1.90 mn (1.87 mn e / 1.85 mn p).
Treasuries ended mixed yesterday. The yield on the 2Y UST declined 1 bp to 4.29%, while the yield on the 10Y UST grew 3 bps to 4.64%.


Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Silicon Motion Technology / Equity Bottom-Up

<ul>
<li>What is PCIe 5.0 and Why SIMO is Poised to Expand Market Share with PCIe 5.0</li>
<li>PCIe 5.0 and Beyond -- Importance for Enterprise HPC and AI Data Centers</li>
<li>Looking Ahead: MaxLinear Arbitration in 2H25E -- We Believe SIMO Likely to Win Its Termination Fee Plus Additional Award for Additional Damages</li>
</ul>


What is PCIe 5.0 and Why SIMO is Poised to Expand Market Share with PCIe 5.0
PCIe 5.0 and Beyond -- Importance for Enterprise HPC and AI Data Centers
Looking Ahead: MaxLinear Arbitration in 2H25E -- We Believe SIMO Likely to Win Its Termination Fee Plus Additional Award for Additional Damages


Silicon Motion: Memory Controllers Emerging as Strategic Pillar for Global HPC and AI Leadership

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul><li>Taiwan startup secures military contract for anti-drone tech, expanding manufacturing in mobile sector</li><li>Dixon sees phone sales spike, eyes display fab with India semiconductor incentive</li><li>Samsung delays DRAM development, CG Power granted subsidy for OSAT facility, Poland faces US sanctions, Taiwan quake impacts semiconductor production, ByteDance dominates AI chatbot market, Broadcom and Marvell compete in ASIC opportunities</li></ul>

Taiwan startup secures military contract for anti-drone tech, expanding manufacturing in mobile sectorDixon sees phone sales spike, eyes display fab with India semiconductor incentiveSamsung delays DRAM development, CG Power granted subsidy for OSAT facility, Poland faces US sanctions, Taiwan quake impacts semiconductor production, ByteDance dominates AI chatbot market, Broadcom and Marvell compete in ASIC opportunities

Tech Supply Chain Tracker (22-Jan-2025): Taiwan startup wins military deal for anti-drone tech.

South Korea

SK Hynix Inc. provides products and services for the electronic components industry. The Company manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

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SK Hynix (000660 KS)

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (January 25)

HSTECH advances with good market breadth in January. SMIC is benefiting from AI advances as well as the localization trend in semi industry. ...

David Mudd

Semiconductor's Over-Dependency on AI

The emergence of DeepSeek AI platform threatens current Large Language Models, causing stock tumbles for chip companies like Nvidia and Samsung....

Jim Handy

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Bharti Airtel, SK Hynix, Adani Green Energy,...

Lucror Analytics

Silicon Motion: Memory Controllers Emerging as Strategic Pillar for Global HPC and AI Leadership

PCIe 5.0 is set to revolutionize data centers, with SIMO positioned to benefit from its expansion in the market. We also analyze a potential...

Vincent Fernando, CFA

Tech Supply Chain Tracker (22-Jan-2025): Taiwan startup wins military deal for anti-drone tech.

Taiwan startup wins military contract, Dixon expands phone sales, Samsung delays DRAM development, CG Power receives subsidy in India, Poland faces...

Tech Supply Chain Tracker

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (January 25)

HSTECH advances with good market breadth in January. SMIC is benefiting from AI advances as well as the localization trend in semi industry. ...

David Mudd

Semiconductor's Over-Dependency on AI

​The emergence of DeepSeek AI platform threatens current Large Language Models, causing stock tumbles for chip companies like Nvidia and Samsung....

Jim Handy

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Bharti Airtel, SK Hynix, Adani Green Energy,...

Lucror Analytics

Silicon Motion: Memory Controllers Emerging as Strategic Pillar for Global HPC and AI Leadership

​PCIe 5.0 is set to revolutionize data centers, with SIMO positioned to benefit from its expansion in the market. We also analyze a potential...

Vincent Fernando, CFA

Tech Supply Chain Tracker (22-Jan-2025): Taiwan startup wins military deal for anti-drone tech.

Taiwan startup wins military contract, Dixon expands phone sales, Samsung delays DRAM development, CG Power receives subsidy in India, Poland faces...

Tech Supply Chain Tracker

The emergence of DeepSeek AI platform threatens current Large Language Models, causing stock tumbles for chip companies like Nvidia and Samsung....

PCIe 5.0 is set to revolutionize data centers, with SIMO positioned to benefit from its expansion in the market. We also analyze a potential...