Market sentiment towards the Trump visit to China was initially lukewarm yesterday, but turned optimistic today. A-shares continued their strong rally, while Hong Kong stocks edged up 0.15%. On the afternoon of May 12th (US Eastern Time), Trump boarded Air Force One to commence his visit. Before landing, he posted on Truth Social: "It is my honor to be traveling to the great nation of China with so many outstanding people." Yesterday's narrative that NVIDIA's Huang Jen-hsun would not attend was reversed today: the CEO of the world's most valuable AI chip company, NVIDIA, boarded Air Force One in Alaska at the last minute to join Trump's delegation. Many speculate his aim is to secure orders for the H200. From this perspective, it might seem negative for domestic substitution, yet chip stocks performed exceptionally well today. The reality is more complex. It is important to note that China's Vice Premier and lead on China-US economic and trade affairs, He Lifeng, and US Treasury Secretary and lead counterpart, Janet Yellen, are currently holding economic and trade consultations in South Korea. It is highly likely Trump seeks to add leverage to these talks. It is well-known that China lacks advanced "chips," while the US lacks "rare earths." A simple exchange is improbable; it's not merely about purchasing H200s. A token order is possible, but China's determined push for self-reliance and controllable supply chains is inevitable. The key is that the US is likely to relax various other layers of restrictions, which is the core issue. This was reflected in the 9.57% surge of the China-South Korea Semiconductor ETF (513310) today, setting the market's main theme. Yesterday's discussion about South Korea "pouring cold water" appears to be an isolated case, unlikely to alter the industry's major trend. A new catalyst emerged today. The globally authoritative evaluation agency Artificial Analysis released a new Coding Agent benchmark, the Artificial Analysis Coding Agent Index. Among the results, Zhipu AI's (02513) GLM-5.1 (running on Claude Code) ranked first among open-source models. The evaluation shows GLM-5.1 represents the SOTA-level capability of domestic large models in practical programming agent scenarios. Zhipu AI (02513) surged nearly 37%, outperforming MINIMAX-W (00100), which rose over 18%. The strong performance of large models directly catalyzes demand for Tokens, leading industry leader Xunce (03317) to jump nearly 24%. With AI gaining strength in both hardware and software, the sectors with higher景气度 exploded. The strongest PCB sector saw leader Kingboard Laminates (01888) rise over 5% again, with momentum surpassing even Yangtze Optical Fibre and Cable (06869). Expansion by major manufacturers illustrates this trend. For instance, Shenghong (02476) and Wus Printed Circuit (002463.SZ) reported Q1 2026 CAPEX year-on-year growth of 390% and 123% respectively. Shennan Circuits (002916.SZ) and Jingwang (603228.SH) are also accelerating expansion, with Q1 2026 CAPEX growth reaching 200% and 129% year-on-year. With such fierce growth, PCB equipment supplier Han's CNC (03200) naturally sees robust订单, surging nearly 31% today. A representative from an international power semiconductor company stated: "Product prices have recently been raised by about 10%, across all product types." Amid this紧张, third-generation semiconductor materials like silicon carbide (SiC) and gallium nitride (GaN) have gained a new demand driver—AI data centers. STMicroelectronics is building a new 8-inch SiC plant in Catania, Italy, with a total investment of 5 billion euros, expected to commence production in 2026. ON Semiconductor is investing $2 billion to build a SiC factory in the Czech Republic. Tianyue Advanced (02631), repeatedly mentioned recently, saw its global market share for SiC substrates jump to first place in 2025, breaking Wolfspeed's long-standing monopoly, with its 8-inch product market share exceeding 50%. It rose nearly 12% again today. Innoscience (02577), highlighted in yesterday's stock picks, is the only domestic Chinese company on NVIDIA's 800V system supplier list. It has recently successfully supplied Google, and its monthly production capacity for 8-inch GaN wafers has increased from 13,000 to 20,000 pieces. It surged over 19% today. CRRC Times Electric (03898) has entered the production phase for its power半导体 business. The Yixing Phase III project is operational, and the Zhuzhou SiC production line was fully operational by the end of December 2025, officially commencing production. It rose over 17% today. A Goldman Sachs research report indicates the market is facing the most severe memory chip supply shortage in 15 years. HBM memory stock GigaDevice (03986) and optical communication stock Cambridge Technology (06166) both rose over 7%. Montage Technology's (06809) memory interface chips, serving as the connection hub between CPUs and memory modules, have seen significantly expanded demand. It surged over 24% today. On May 12th local time, CME Group announced a partnership with GPU computing power index company SiliconData, planning to launch the world's first computing power futures contracts within 2026, pending regulatory approval. This directly stimulated computing power stock Sunevision (01686), which rose over 6%. China may subsequently launch similar futures. Nanhua Futures (02691), whose Singapore subsidiary (holding an MAS license) can connect to CME's computing power futures to serve出海 Chinese and global clients and increase overseas revenue share, is fully licensed and among the first cross-border pilot firms. It would be a primary beneficiary if China launches computing power futures, surging over 14% today. Apple, also part of Trump's delegation, drew significant attention. Apple has raised its overall iPhone production plan for fiscal Q1-Q3 2026 to 163 million units, a year-on-year increase of about 10%, with the main增量来自 iPhone 17 Pro and Pro Max models. Meanwhile, the Q2 single-quarter iPhone production plan reached 63 million units, up 31% year-on-year, suggesting Tim Cook hopes for strong Apple sales in China. The market focused on挖掘 the potential for 3D-printed frames to move from "image projects" to "structural standards." Apple is gradually expanding 3D printing to Apple Watch cases and even iPhone body manufacturing. Tiangong International (00825) holds a core position in Apple's titanium alloy material supply chain. The company has significant barriers among upstream material suppliers and possesses full industry chain advantages: through its joint venture Tiangong Titanium Crystal, it integrates plasma atomization powder production lines, creating a closed-loop from titanium alloy母材 to 3D printing powder, with full-process production capability from "sponge titanium → wire → powder." It rose nearly 11% today. Lens Technology (06613), alongside Biel Crystal, is a dual leader in Apple's glass cover supply and a global leader in consumer electronics精密机构件. The company is also making strides in AI servers, embodied intelligent robotics, and commercial aerospace, achieving good results, rising over 6% today. Other Apple supply chain stocks rallied across the board, with stronger performers having multiple themes. For example, Hon Teng (06088): It is rumored its parent company, Hon Hai Precision Industry (Foxconn), has提前 delivered "all-optical CPO switch cabinets" to major client NVIDIA, with shipment targets大幅上修 from an initial estimate of over 10,000 units in 2026 to a combined total of over 50,000 units for 2026-2027. It rose over 11% today. AAC Technologies (02018): Its subsidiary Yuandi Technology's ATAHORAN series 2.2MW/2.6MW centralized liquid-cooled CDUs have achieved规模化量产 and commenced global批量 delivery simultaneously, with monthly delivery capacity reaching 400 units. It rose over 12% today. Other gainers included Sunny Optical (02382) and Q Technology (01478). The Economic Daily published a commentary titled "Empowering the New Energy System with Computing-Power Coordination," emphasizing the协同发展 of computing power and电力. Datang Power Generation (601991.SH) opened today and hit its daily limit-up in 87 seconds, recording six consecutive limit-up sessions, showing that A-shares, supported by liquidity, experience more猛烈 speculation. Its H-share, Datang Power Generation (09991), rose over 8% again. Yesterday's板块聚焦 mentioned that JD.com's (09618) three listed subsidiaries plan to repurchase shares, sparking a strong market reaction. Among them, JD Industrial (07618) surged over 15% today, JD Health (06618) rose over 12%, while JD Logistics (02618) and JD Group-SW (09618) gained over 7%.
**Sector Focus** On May 13th, it was reported that Jeff Bezos's Blue Origin is considering its first external financing to achieve its ambitious launch goals and capitalize on investment热情 sparked by SpaceX's upcoming IPO. Blue Origin CEO Dave Limp stated the company needs significant capital to substantially increase rocket launch frequency, funding beyond what a single investor can provide. In January 2025, Blue Origin首次成功 launched its 98-meter-tall heavy-lift rocket "New Glenn" into orbit. Since then, the company has set aggressive launch plans. Washington咨询机构 Capstone estimates Blue Origin's expenditure this year will reach approximately $4.8 billion and estimates cumulative investment since its founding at nearly $28 billion. Overseas giants are密集 pursuing IPOs to develop commercial aerospace, and domestic efforts are expected to accelerate. Key Hong Kong stocks to watch: APT SATELLITE (01045), GOLDWIND (02208), Junda Shares (02866).
**Stock Pick** **Sunny Optical (02382): Apple's Inventory Boost Drives Supply Chain Recovery, All Business Segments Contribute Profits Steadily** Apple has raised its overall iPhone production plan for fiscal Q1-Q3 2026 to 163 million units, a year-on-year increase of about 10%, with the main增量来自 iPhone 17 Pro and Pro Max models. Meanwhile, the Q2 single-quarter iPhone production plan reached 63 million units, up 31% year-on-year. The company reported 2025 revenue of approximately RMB 43.229 billion, up 12.9% year-on-year, gross profit of about RMB 8.516 billion, up 21.6%, and net profit of about RMB 4.807 billion, a significant increase of 73.1% year-on-year. **Commentary:** Apple's latest inventory plan上调 is expected to drive supply chain recovery. Sunny Optical is a global optical龙头 with leading market share across multiple categories. Its mobile phone lens and camera module shipments have ranked first globally for多年, with significant领先份额 in the Android camp and持续提升 penetration in高端机型. For its North American major client (Apple): Lenses are already in stable量产 supply; modules returned to量产 in H2 2025, with产能爬坡 underway. Core breakthrough: Its self-developed periscope马达模组 integrated drive联调 solution has achieved量产落地, with良率 leading the industry. **Business Segment Performance:** * **Mobile Phone Optics (RMB 27.324 billion, +8.6%):** Shipments faced pressure, but the proportion of高端 products increased, with ASP+20% and毛利率 between 25%–30%. Profit contribution remained stable with slight growth. * **Automotive Optics (RMB 7.330 billion, +20%+):** Shipments +44.6%, with 8MP products accounting for 25%,毛利率 25%+, becoming the first growth curve. * **XR/Other (approx. RMB 8.5 billion, +20%+):** XR revenue RMB 1.2 billion (+21.1%). Robotics, security, and industrial inspection segments saw high growth. Core products achieved量产. **Key Positions:** * Global automotive lens market share ~32.3%, ranking first globally for 13 consecutive years, with cumulative shipments exceeding 40 million units. * 8MP/12MP lenses are in大规模量产; 17MP lenses achieved量产 in 2025 and received定点 from leading automakers. * **XR/AR Optics:** Pancake, optical waveguide, AR light engine, and smart glasses imaging modules have achieved量产 supply for leading clients. * **High-Pixel Automotive Modules:** Globally首发 8MP COB automotive module,单价约 RMB 1,200,配套比亚迪, NIO, Tesla, etc.; has already secured 17MP orders, expected to量产 in 2026. * **AI + Optics Integration:** Lens + algorithm integrated solutions,深度绑定 with NVIDIA/Qualcomm/Mobileye, serving L2+/L3 autonomous driving. **Order Backlog:** * **XR:** Substantial量产 orders for Pancake modules/optical waveguide lenses from Meta, Pico, Huawei, etc. * **AI Glasses Optical Modules:** 2025 shipment target in the tens of millions. * **Robotics Vision:** Over RMB 2 billion in手项目, covering navigation/obstacle avoidance, 3D vision, robotic arms/dexterous hands/hand-eye-brain systems,深度合作 with Sony, UBTECH, etc. **Outlook:** For 2026–2028, the company expects steady手机 growth, doubling车载 revenue, XR爆发, and机器人放量, indicating broad long-term growth空间.
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