• Semiconductor ETF rose by 39.9% over the past three months, outperforming the S&P500 (11.4%). Memory companies (+95%) led the sector due to 1Q26 earnings growth of over 900% YoY, driven by a surge in DRAM and NAND prices from the shortage in memory chips.
• Hyperscalers and high-end chipmakers are signing longer-term multi-year supply contracts lasting till 2030e with memory players, committing about 20% in cash deposits to secure supply. Previous long-term agreements (LTAs) before the wave of AI data centre buildouts only lasts about a year, with loose financing terms. Equipment players mentioned that longer-term memory contracts translated to longer supply chain visibility (till about end 2027e).
• We are OVERWEIGHT on the semiconductor sector. The majority of processor and equipment companies (excl. Qualcomm, ASML) guided revenue growth to accelerate in 2Q26e. This is supported by higher capex guidance by hyperscalers, guiding combined 2026e capex to surge 89% YoY to US$710bn (prev. guidance: +72% YoY). Strong services demand across ASML, AMAT, and Lam Research is expected to continue, as its memory customers seek performance upgrades on existing tools due to limited cleanroom space.

Overview BLOKS is a leader in China’s assembly character toys market. The company holds over 500 patents, possesses original IP capabilities, and has non-exclusive licenses for approximately 50 well-known IPs. Its product positioning is “high quality at a reasonable price.” Leveraging its product strength and supply chain advantages, BLOKS maintains cost competitiveness while continuously expanding its product categories. The company has established a multi-channel sales network, and since 2022, has primarily focused on offline channels centered on distributors. According to...
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Company Profile Geely is one of the leading enterprises in China's self-brand passenger vehicles manufacturers. The Company's products include six major brands: Geely, Lynk, Zeekr, covering the A0 to C-class passenger vehicles market. Investment Summary 26Q1 Sales Remained Largely Flat, with Premiumisation Strategy Showing Bright Spots In the first quarter of 2026, Geely Auto delivered a cumulative 709.4 thousand vehicles, up 0.8% yoy, setting a new record high for the same period in history and regaining the top position among...
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