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Junwei Electronics: The company has not yet supplied products to New Kailai Semiconductor Technology Co., Ltd., and the companys products have not yet been used in lithography machines.According to news on April 2, in March, Chery Group sold 214,800 vehicles, a year-on-year increase of 18.3%. Among them, Chery Automobile Co., Ltd. sold 197,600 vehicles, a year-on-year increase of 10.9%; the group sold 62,200 new energy vehicles, a year-on-year increase of 125.4%; and exported 86,400 vehicles, a year-on-year increase of 2.7%.On April 2, DBS published a research report indicating that the recent share price of GCL Technology (03800.HK) is expected to largely follow the cyclical changes in polysilicon prices. In addition, the government may introduce policies to control production or even eliminate backward production capacity, which will become a catalyst for the share price. It is currently expected that GCL Technologys production will drop by 30% this year, and the average selling price of products is expected to increase by more than 10%, offsetting the impact of the decline in production. DBS maintains a buy rating on GCL Technology. Considering that the profit recovery is slower than expected, it lowered its profit forecast for this year from RMB 1 billion to RMB 61 million. It believes that the average selling price will rise and costs will fall, and the profit will rebound to RMB 1.7 billion next year. The target price is lowered from HK$1.35 to HK$1.3.On April 2, market research firm Omdia reported that the annual revenue of the semiconductor market surged by about 25% to $683 billion in 2024. This sharp growth was attributed to strong demand for AI-related chips, especially high-bandwidth memory (HBM) used in AI GPUs, which led to an annual growth rate of 74% in the memory field. After a challenging 2023, the rebound in memory helped boost the overall market. However, this record year masked an uneven performance across the industry. The data processing sector grew strongly, while other key sectors such as automotive, consumer and industrial semiconductors saw revenue declines in 2024. These struggles highlight the weak links in the originally booming market.On April 2, DBS published a research report indicating that the restructuring of Agile (03383.HK) is ongoing, and as a valuable overseas asset in which it holds 45% of the shares, A-Life (03319.HK) may be included in the overseas restructuring plan, and part of the outstanding overseas debts may be offset through credit enhancement or debt-to-equity swaps. Therefore, the restructuring of Agile will put pressure on the share price of A-Life in the near future. In addition, there is still uncertainty as to whether the uncollected receivables from third parties and related parties can be recovered. Considering the limited profit prospects, based on the downward revision of revenue and profit margin forecasts, DBS further lowered the profit forecast of A-Life for this year and next year by 21% to 25%, maintaining the hold rating, and the target price was raised from HK$2.6 to HK$3.

Forecast for Gold Price: XAUUSD advances to the backside of the bull micro trend

Alina Haynes

Nov 15, 2022 16:49

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Despite a stronger US Dollar, the Gold price reached a new three-month high on Monday as US yields rose in response to Friday's disappointing US Consumer Price Index report. Friday's inflation figures prompted speculators to anticipate that the Federal Reserve would hold off on large interest rate hikes. As a result, demand for gold remains strong.

 

In spite of a hawkish Federal Reserve meeting, in which Fed Chair Jerome Powell pushed back against the market's reaction to a dovish announcement by suggesting that the terminal rate could be higher than initially anticipated, commodities prices have been staging a rebound from their year-to-date lows. A number of factors contribute to the shift in opinion, including rumors that China will relax its zero-Covid restrictions. Due to a recent string of less inflationary US data outcomes, it had been speculated that a Fed policy shift was imminent.

 

US consumer prices grew 0.4% for the month of October and 7.7% year-over-year, as reported on Friday. This was down from 8.2% year-over-year in September and 0.2 percentage points below the consensus, with the ex-food and energy estimate coming in at 6.3%. This was a positive report, and the market's response included a 5.5% increase in the S&P 500 and a 26 basis point drop in the 2-year Treasury rate, which sent gold soaring and the dollar plummeting. Gold traders were already focused on the increase in money managers' short positions over the past few months, which led to significant short covering above the $1,720 resistance level.