Asia Pacific Reports/Notes

研报英文原文证据摘录

Asia Pacific Reports/Notes

Asia Pacific Equity Research

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Asia Technology Tracker 21 July 2026

Victory Giant Technology - H (Overweight), China

Near-term headwinds, but capacity leadership remains the key differentiator; reiterate OW (Cherry

Liu)

Recent investor focus has centered on VGT’s initial share allocation in Vera Rubin and the timeline of the

Kyber project – although we believe investors have placed too much emphasis on such uncertainties while

overlooking the key determinant of market share in the next two to three years. In our view, high-quality

manufacturing capacity, not initial share allocation, will ultimately determine suppliers’ wallet share for AI

PCB projects. While Kyber remains under testing, with higher PCB complexity posing challenges, we

believe stronger demand for NVDA’s current generations and expanding share in Google’s projects should

partly offset the impact to VGT if Kyber is delayed. We lower our Jun-27 PT to HK$500 to reflect these

headwinds but believe the recent correction has more than priced in such risks, leaving an attractive risk-

reward profile.

China AI chip

Key takeaways from WAIC 2026: China's AI infrastructure shifts (Billy Feng)

The baseline of chip performance has reset to Hopper-class.Even though domestic AI chip vendors

remain focused on solving near-term capacity and supply bottlenecks, we believe the next imperative is

delivering effective Hopper-class compute by late this year and into 2027. For instance, Iluvatar CoreX