Smart Hong Kong Stocks Morning Brief | AMD and Meta reach AI chip procurement agreement Zhizhi Jia-W(02590) expects revenue to increase by 30% to 32% year-on-year in 2025

【Today’s Headlines】

AMD and Meta Reach $60 Billion AI Chip Procurement Agreement

On Tuesday, AMD.US surged over 10% in pre-market trading, reaching $216.43. According to official disclosures, global social media giant Meta announced a groundbreaking strategic partnership with semiconductor leader AMD. Meta commits to purchasing up to $60 billion worth of AI chips and related data center hardware from AMD over the next five years, aiming to build a solid computing foundation for its rapidly expanding AI empire.

This move marks Meta’s shift from a pure hardware buyer to a strategic partner deeply involved in the supply chain. It not only secures AMD’s largest-ever single order but also signals the beginning of a market transition from “monopoly” to a duopoly in AI chips.

AMD’s AI chips (such as the MI300 series) heavily rely on advanced packaging technologies like CoWoS, integrating GPUs with high-bandwidth memory (HBM). Meta’s large order indicates a huge demand for advanced packaging capacity. The provider of high-quality packaging will capture a larger share of the market. According to Zhitong Finance APP, TSMC is currently the main provider of CoWoS capacity.

Related to Hong Kong stocks, ASMPT (00522): ASMPT is a leading global supplier of semiconductor packaging equipment. Its hot-press bonding (TCB) and other equipment are critical for advanced packaging and benefit directly from AMD and industry expansion.

【Market Outlook】

Most Popular Chinese Concept Stocks Rise; NASDAQ China Golden Dragon Index Up 1.37%

U.S. stocks closed overnight with the Dow Jones Industrial Average up 370.44 points at 49,174.5, a 0.76% increase; the S&P 500 rose 52.32 points to 6,890.07, up 0.77%; the Nasdaq Composite gained 236.41 points to 22,863.68, up 1.04%.

Most large tech stocks rose, with AMD up over 8%, Intel up over 5%, Tesla, Netflix, and Apple up over 2%. Most popular Chinese concept stocks also increased, with the NASDAQ China Golden Dragon Index up 1.37%. TSMC rose 4.25%, Alibaba gained 0.22%, Pinduoduo increased 1.06%. Hang Seng Index ADRs rose, with an equivalent closing at 26,682.49 points, up 92.17 points or 0.35%.

COMEX gold futures for the current month fell $65.10, or 1.25%, to $5,160.50 per ounce. COMEX silver futures rose $0.50, or 0.57%, to $87.07 per ounce. Spot gold dropped $83.75, or 1.60%, to $5,144.00 per ounce. Spot silver declined $1.02, or 1.16%, to $87.18 per ounce.

【Hot Topics】

Panasonic Responds to Moving Western TV Sales to Skyworth

Recently, Japanese electronics giant Panasonic announced it will transfer its North American and European TV sales operations to Skyworth Group in April this year. Panasonic will focus on sales and high-end models in Japan to reduce costs related to personnel and logistics. In response to reporters, Panasonic stated: “We build the most suitable operational models for TV businesses in different regions.” Notably, alongside the announcement of transferring Western sales, Panasonic also revealed it will launch new TV models for the European and American markets in 2026. Related to Hong Kong stock Skyworth Group (00751).

Federation Pharmaceutical (03933): UBT251 Injection Completes Phase II Clinical Trials in Overweight/Obese Patients in China

Zhitong Finance APP reports that Federation Pharmaceutical (03933) announced its wholly owned subsidiary, Federation Biotech (Zhuhai Hengqin), has completed Phase II clinical trials of its innovative Class 1 drug UBT251 injection in Chinese overweight and obese patients.

Haitian Technology Group (02706) and Zhipu (02513) Sign Strategic Cooperation Framework Agreement

Zhitong Finance APP reports that Haitian Technology Group (02706) announced it recently signed a strategic cooperation framework agreement with Beijing Zhipu Huazhang Technology Co., Ltd. (Zhipu). The agreement covers collaboration in model training, application scenarios, and other areas.

Sannuo Health: 2025 Net Profit Expected to Reach 2.939 Billion Yuan, Up 317.09% Year-over-Year

Sannuo Health released its earnings forecast, projecting 2025 revenue of 4.199 billion yuan, up 251.81%; net profit of 2.939 billion yuan, up 317.09%. During the period, the company partnered with Pfizer, receiving an initial licensing payment for 707 projects, recognized as approximately 2.89 billion yuan in revenue. Related to Hong Kong stock Sannuo Pharmaceutical (01530).

Fuhong Hanlin (02696): Revises Licensing Agreements with Abbott and KGBio for Hansol®

Zhitong Finance APP reports that Fuhong Hanlin (02696) announced that on February 24, 2026, after friendly negotiations, the company and KGBio signed a revision and partial termination agreement to end the exclusive licensing rights outside Indonesia under the original KGBio license agreement. On the same day, the company also amended the licensing agreement with Abbott, expanding the licensed regions and adjusting milestone payments, further broadening the scope of licensed products under the original Abbott agreement, including KGBio’s terminated regions and other specified countries.

Geek+ W (02590): Expected 2025 Revenue of About RMB 3.14 Billion to RMB 3.18 Billion, Up 30%–32% Year-over-Year

Geek+ W announced that its 2025 revenue is expected to be approximately RMB 3.14 billion to RMB 3.18 billion, an increase of about 30%–32% YoY. The company also expects a net loss attributable to shareholders of about RMB 30 million to RMB 10 million, significantly narrowed from about RMB 92 million in 2024, a reduction of approximately 96%–99%. Adjusted net profit is forecasted to be between RMB 25 million and RMB 45 million, compared to an adjusted net loss of about RMB 92 million in 2024.

DigiTelecom (00315) Announces Interim Results: Shareholders’ Profit of HKD 278 Million, Up 8%

Zhitong Finance APP reports that DigiTelecom (00315) announced its interim results for 2025/2026, with revenue of HKD 3.561 billion, up 2%; attributable profit of HKD 278 million, up 8%; earnings per share of 25.3 HK cents; and an interim dividend of 14.5 HK cents per share.

Ferrari (09638): 2025 Net Profit of €90.1 Million, Up About 2.2%

Ferrari announced that its order intake in 2025 was €1.1366 billion, a slight decrease of about 0.2%, remaining stable. The net revenue from new yachts reached €1.2317 billion, up about 5.0%, mainly due to contributions from custom yachts and superyachts. Adjusted EBITDA for 2025 was approximately €203 million, up about 6.7%, with a profit margin of 16.5%, up 30 basis points from 16.2% in 2024. Net profit for 2025 was €90.1 million, an increase of about 2.2%.

【Stock Highlights】

Harbin Electric (01133): Maintains High Industry and Company Growth in Energy Equipment

Recently, Harbin Electric issued a profit forecast for 2025, with Guoyuan International estimating the company will achieve a net profit attributable to shareholders of RMB 2.65 billion, up about 57.2%, exceeding previous expectations of RMB 2.5 billion. The significant profit growth is mainly due to increased revenue and improved product profitability. This aligns with the previous assessment that high-value orders will be gradually realized, with gross margins still having room to rise; additionally, the company’s expanded production scale and enhanced intelligent manufacturing capabilities have significantly improved operational efficiency and scale effects.

Guotai Securities pointed out that as of mid-October 2025, the US data center reserve project capacity has reached 245 GW since January 2023. As data centers continue to operate, peak loads will increase, making stable power supply insufficient to meet demand. The firm believes that the US power shortage issues will boost the need for reliable power systems, benefiting sectors like gas turbines, power equipment, and energy storage. With high market activity, leading overseas gas turbine companies face capacity bottlenecks, and Chinese companies are expected to continue increasing their market share.