Market Overview - A-shares experienced slight fluctuations with the Shanghai Composite Index testing the 3900-point support level, while the Shenzhen Component Index consolidated around 13000 points, and the Sci-Tech Innovation 50 index fluctuated around 1400 points, with stable market turnover [1] Oil and Gas Industry - The oil and petrochemical industry chain saw a strong performance, with oil service engineering leading the gains, and the sector index opened significantly higher, reaching a nearly 3% increase, marking a new high for the year [2] - The successful drilling of the "super project" deep well in Sichuan, which surpassed the 10,000-meter mark, set a new record for deep well exploration in the Sichuan oil and gas field [4] - The Tarim Oilfield's successful drilling of the 502-H3 well at a depth of 8380 meters marks a significant advancement in deep oil and gas extraction, with the completion of 223 ultra-deep wells during the 14th Five-Year Plan period [5] - China Oilfield Services announced a contract with Qatar Energy for a project worth approximately $4 billion (about 28.5 billion RMB), expected to positively impact the company's operating performance [5] - China National Petroleum Corporation's subsidiary signed a contract for a seawater pipeline project in Iraq worth $2.524 billion (approximately 18.03 billion RMB) [5] Real Estate Sector - Real estate stocks rose against the market trend, with the sector index initially surging nearly 2%, and several companies, including Yingxin Development and Zhuhai Mian Group, hitting the daily limit [6] - The real estate market showed signs of stabilization, with a narrowing decline in housing prices reported by the National Bureau of Statistics for September [8] - Yingxin Development announced plans to acquire a controlling stake in Changxing Semiconductor, indicating a strategic shift towards technology and enhancing competitiveness [8] - Zhuhai Mian Group plans to transfer its 100% stake in Zhuhai Gree Real Estate Co., Ltd., accelerating its focus on the duty-free business and consumer sectors [9]

Group 1 - Shanghai Fudan (01385.HK) increased by 5.09% [1] - China Electric Power Technology (00085.HK) rose by 2.56% [1] - InnoCare Pharma (02577.HK) saw a gain of 2.78% [1]

Core Points - The company *ST Gaohong (000851) received a notice from the Shenzhen Stock Exchange on October 8, 2025, indicating the intention to terminate its stock listing due to the stock closing price being below 1 yuan for twenty consecutive trading days from September 1 to September 26, 2025 [2] Group 1 - The company was placed under risk warnings starting from May 2024 due to an internal control audit report that was either unable to express an opinion or issued a negative opinion, and it reported negative net profits for three consecutive fiscal years from 2021 to 2023 [5] - On April 30, 2025, the company received a delisting risk warning due to an audit report for the 2024 fiscal year that was unable to express an opinion [5] - The company was found to have falsified its annual reports and engaged in fraudulent issuance, leading to an administrative penalty notice from the China Securities Regulatory Commission in August 2025 [5][6] Group 2 - The company inflated its reported revenue from 2015 to 2023 by amounts ranging from 6.94 billion yuan to 56.34 billion yuan, which constituted a significant percentage of the disclosed revenue for each year [6] - The inflated profit figures for the same period ranged from 67.36 million yuan to 2.19 billion yuan, representing a substantial portion of the total reported profits [6] - The company’s non-public stock issuance in 2021, which raised a total of 1.25 billion yuan, was identified as fraudulent due to the reliance on the previously inflated revenue and profit figures [6]

Core Points - *ST Gaohong (000851.SZ) received a notice from Shenzhen Stock Exchange regarding the termination of its stock listing due to continuous closing prices below 1 yuan for twenty trading days [1] - The relevant rule cited is Article 9.2.1 of the "Stock Listing Rules (2025 Revision)" which outlines conditions for stock delisting [1] Summary by Category - **Company Announcement** - The company announced it received a "Notice of Delisting" from the Shenzhen Stock Exchange on September 30, 2025 [1] - The notice indicates that from September 1 to September 26, 2025, the company's stock closing prices were consistently below 1 yuan [1] - **Regulatory Context** - The delisting is based on the stipulations of the Shenzhen Stock Exchange's listing rules, specifically the conditions for termination of listing [1] - The company is facing potential delisting due to failing to meet the minimum price requirement over a specified period [1]

致：香港交易及結算所有限公司 公司名稱: 中國電子華大科技有限公司 呈交日期: 2025年10月2日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00085 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 30,000,000,000 | HKD | | 0.01 | HKD | | 300,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 30,000,000,000 | HKD | | 0.01 | HKD | | 300,000,000 | 本月底 ...

Core Viewpoint - The semiconductor stocks in Hong Kong experienced a significant increase, with notable gains from major companies such as SMIC and others in the sector [1]. Group 1: Stock Performance - SMIC (00981) rose by 7.98%, reaching a latest price of 85.900, with a total market capitalization of 687.175 billion and a year-to-date increase of 170.13% [2]. - Meijiaxin Holdings (06939) increased by 5.26%, with a latest price of 0.600 and a market cap of 0.0311 billion, showing a year-to-date rise of 31.87% [2]. - Hongguang Semiconductor (06908) saw a 4.76% increase, with a latest price of 0.660 and a market cap of 0.62 billion, but a year-to-date decline of 1.49% [2]. - Xian Sihang (00595) gained 3.85%, with a latest price of 0.405 and a market cap of 0.368 billion, reflecting a year-to-date decrease of 10.99% [2]. - ASMPT (00522) rose by 2.25%, with a latest price of 83.900 and a market cap of 34.941 billion, showing a year-to-date increase of 12.89% [2]. Group 2: Other Notable Stocks - Horizon Robotics (09660) increased by 1.77%, with a latest price of 9.750 and a market cap of 135.343 billion, reflecting a year-to-date increase of 170.83% [2]. - Jingmen Semiconductor (02878) rose by 1.69%, with a latest price of 0.600 and a market cap of 14.99 billion, showing a year-to-date increase of 21.21% [2]. - Beike Micro (02149) increased by 1.42%, with a latest price of 53.600 and a market cap of 3.377 billion, reflecting a year-to-date increase of 97.06% [2].

Core Points - *ST Gaohong (000851.SZ) has reported that its stock price has been below 1 yuan for twenty consecutive trading days as of September 26, 2025 [1] - According to the Shenzhen Stock Exchange's listing rules, companies with A-shares that have a stock closing price below 1 yuan for twenty consecutive trading days will have their stock trading terminated [1] - The stock will be suspended from trading starting September 29, 2025, following the announcement [1] Summary by Sections - **Stock Performance** - *ST Gaohong's stock price has been below 1 yuan for twenty consecutive trading days [1] - **Regulatory Framework** - The termination of trading is based on Article 9.2.1 and Article 9.1.15 of the Shenzhen Stock Exchange's listing rules [1] - Companies that fall under this category will not enter a delisting preparation period [1] - **Trading Suspension** - The stock will be suspended from trading on September 29, 2025, as per the regulations [1]

Group 1 - Semiconductor stocks in Hong Kong continue to rise, with Huahong Semiconductor up over 6% and Zhongke Huada Technology up nearly 4% [1] - Alibaba Group's CEO announced a plan to invest 380 billion yuan in AI infrastructure, aiming for a tenfold increase in energy consumption at Alibaba Cloud's global data centers by 2032 compared to 2022 [1] - Goldman Sachs highlighted the long-term demand growth prospects for AI chips in China, benefiting leading domestic foundries like SMIC [1] Group 2 - Nvidia's increased investment in AI and Micron Technology's unexpected net outflow strengthen the demand logic for memory chips, catalyzing interest in packaging and testing segments [1] - Recent gains in the semiconductor equipment sector are seen as a market vote for more certain directions, supported by frequent industry benefits [1] - The long-term increase in domestic production rates for semiconductor equipment and materials is expected, with related companies likely to see performance improvements as a trend [1]

Core Viewpoint - The Hong Kong chip stocks continue their recent upward trend, with notable gains in several companies as of September 25. Group 1: Company Performance - Hua Hong Semiconductor (01347.HK) increased by 5.61%, reaching HKD 66.8 [1] - China Electric Power Technology (00085.HK) rose by 2.5%, trading at HKD 1.64 [1] - Jingmen Semiconductor (02878.HK) saw a gain of 1.92%, priced at HKD 0.53 [1] - SMIC (00981.HK) experienced a 1.63% increase, with shares at HKD 78 [1]

Core Viewpoint - The semiconductor stocks continue their recent upward trend, driven by significant investments in AI infrastructure and rising prices in chip manufacturing processes [1] Group 1: Semiconductor Stock Performance - Huahong Semiconductor (01347) increased by 5.61%, reaching HKD 66.8 [1] - China Electronics Huada Technology (00085) rose by 2.5%, reaching HKD 1.64 [1] - Jingmen Semiconductor (02878) gained 1.92%, priced at HKD 0.53 [1] - SMIC (00981) saw a rise of 1.63%, with shares at HKD 78 [1] Group 2: AI Infrastructure Investment - Alibaba Group's CEO announced a proactive investment of CNY 380 billion in AI infrastructure, with plans for even greater investments [1] - By 2032, the energy consumption of Alibaba Cloud's global data centers is expected to increase tenfold compared to 2022 [1] - Goldman Sachs highlighted a clearer long-term demand growth outlook for AI chips in China, benefiting leading domestic foundries like SMIC [1] Group 3: Price Increases in Chip Manufacturing - TSMC plans to raise prices for its 3nm and 2nm process nodes, with a potential increase of at least 50% for the 2nm process compared to the 3nm [1] - Samsung has significantly raised prices for memory and flash products, with DRAM prices increasing by up to 30% and NAND flash prices rising by 5%-10% [1] - Major companies like Micron Technology and SanDisk have also announced similar price increase strategies [1]