Core Viewpoint - The semiconductor industry is experiencing significant demand growth, particularly for AI chips and automotive-grade semiconductors, supported by national policies and continuous investments from the National Fund [3]. Group 1: Performance Metrics - The招商中证半导体产业ETF联接C (020465) has achieved a performance of 49.34% over the past year and a total return of 112.44% since its inception, ranking in the top 3% among peers [9]. - The fund's total assets grew from 359 million to 762 million from Q2 to Q3 this year, indicating strong market recognition [11]. Group 2: Investment Strategy - The fund primarily invests in the招商中证半导体产业ETF (561980), which focuses on leading companies across the semiconductor supply chain, with approximately 75% of its investments in semiconductor equipment and materials [14]. - The top ten holdings include industry leaders such as 中微公司, 北方华创, and 中芯国际, with the largest single stock holding at about 19%, effectively diversifying investments across around 40 core semiconductor companies [14][15]. Group 3: Market Activity - The semiconductor equipment ETF (561980) tracked by the fund is noted as the largest product in terms of market size, reflecting active trading and strong investor interest [13].

Core Insights - On December 22, 2023, CSPC Pharmaceutical Group made its first appearance on the Hong Kong Stock Connect active trading list in nearly a month [2][3] - The total trading volume of active stocks on the Hong Kong Stock Connect reached HKD 315.99 billion, accounting for 35.82% of the day's total trading amount, with a net buying amount of HKD 17.47 billion [2] - Alibaba-W led the trading volume with HKD 63.20 billion, followed by SMIC and Xiaomi Group-W with HKD 56.70 billion and HKD 40.84 billion, respectively [2] Trading Activity Summary - CSPC Pharmaceutical Group had a trading volume of HKD 5.84 billion on December 22, with a net buying amount of HKD 0.16 billion, and the stock closed up by 0.61% [2][3] - The most frequently listed stocks in the past month include Alibaba-W and Tencent Holdings, each appearing 21 times, indicating strong interest from Hong Kong Stock Connect funds [2] - The trading data for other notable stocks includes Tencent Holdings at HKD 38.08 billion, SMIC at HKD 56.70 billion, and Xiaomi Group-W at HKD 40.84 billion, all showing significant trading activity [2]

Group 1 - The Hang Seng Index rose by 0.43% on December 22, closing at 25,801.77 points, with a net inflow of HKD 3.125 billion through the southbound trading channel [1] - The total trading volume for the southbound trading on December 22 was HKD 88.223 billion, with a net buy of HKD 3.125 billion [1] - In the Shanghai-Hong Kong Stock Connect, the trading volume was HKD 54.526 billion with a net sell of HKD 0.824 billion, while the Shenzhen-Hong Kong Stock Connect had a trading volume of HKD 33.697 billion with a net buy of HKD 3.949 billion [1] Group 2 - Among the most actively traded stocks in the Shanghai-Hong Kong Stock Connect, Alibaba-W had the highest trading amount of HKD 4.274 billion, followed by SMIC and Xiaomi Group with HKD 3.472 billion and HKD 2.623 billion respectively [2] - In terms of net buy amounts, Tencent Holdings had the highest net buy of HKD 0.427 billion, while Alibaba-W had the largest net sell of HKD 1.081 billion [2] - In the Shenzhen-Hong Kong Stock Connect, SMIC led with a trading amount of HKD 2.198 billion, followed by Alibaba-W and Tencent Holdings with HKD 2.046 billion and HKD 1.461 billion respectively [2]

Summary of Key Points Core Viewpoint - The Hang Seng Index rose by 0.43% on December 22, with southbound capital transactions totaling HKD 882.23 billion, resulting in a net inflow of HKD 31.25 billion [1]. Group 1: Southbound Capital Transactions - Total southbound capital transactions amounted to HKD 882.23 billion, with buy transactions at HKD 456.74 billion and sell transactions at HKD 425.49 billion, leading to a net buy of HKD 31.25 billion [1]. - The Hong Kong Stock Connect (Shenzhen) recorded a total transaction amount of HKD 336.97 billion, with net buying of HKD 39.49 billion [1]. - The Hong Kong Stock Connect (Shanghai) had a total transaction amount of HKD 545.26 billion, resulting in a net sell of HKD 8.24 billion [1]. Group 2: Active Stocks - Alibaba-W had the highest transaction amount among southbound stocks at HKD 63.20 billion, followed by SMIC at HKD 56.70 billion and Xiaomi Group-W at HKD 40.84 billion [1]. - SMIC led in net buying with HKD 7.31 billion, with a closing price increase of 5.92%, while Xiaomi Group-W had a net buy of HKD 6.87 billion [1]. - Tencent Holdings saw a net buy of HKD 5.97 billion, while China Mobile experienced the largest net sell of HKD 5.79 billion, closing down by 0.24% [1]. Group 3: Continuous Net Buying - Three stocks have seen continuous net buying for over three days, with Xiaomi Group-W leading at 17 days, followed by Tencent Holdings at 5 days and Yangtze Optical Fibre and Cable at 4 days [2]. - The total net buying amount for Xiaomi Group-W reached HKD 155.58 billion, while Tencent Holdings had a net buy of HKD 24.77 billion [2].

| | 沪股通 | | | | | --- | --- | --- | --- | --- | | 名称 | 涨跌幅 | 净买入额(亿) | 成交额 | 名称 | | 阿里巴巴-W | 0.8% | -10.81 | 42.74 Z | 中芯国际 | | 中芯国际 | 5.9% | 2.59 | 34.72亿 | 阿里巴巴-W | | 小米集团-W | -1.8% | 3.05 | 26.23 Z | 腾讯控股 | | 腾讯控股 | 0.1% | 4.27 | 23.47 Z | 小米集团-W | | 长飞光纤光缆 | 11.2% | 3.11 | 18.81 Z | 长飞光纤光缆 | | 中国海洋石油 | 2.1% | 0.65 | 12.19亿 | 中国移动 | | 中国移动 | -0.2% | -4.41 | 10.78 Z | 中国海洋石油 | | 华虹半导体 | 5.2% | -0.24 | 9.49 Z | 美团-W | | 泡泡玛特 | 4.6% | -0.25 | 9.48 Z | 华虹半导体 | | 工商银行 | 0.2% | 1.23 | 9.44 Z | 石药集团 | 12月22日，南下 ...

【导读】港股三大指数集体收涨，半导体股大爆发！事关黄金，香港财库局局长最新发声 中国基金报记者 伊万 12月22日，港股三大指数全日震荡，午后回暖，最终集体收涨。 截至收盘，恒生指数上涨0.43%，报25801.77点；恒生科技指数上涨0.87%，报5526.83 点；恒生中国企业指数上涨0.43%，报8939.68点。 盘面上，大型科技股多为小幅上涨，腾讯、阿里巴巴、京东等上涨不足1%；半导体芯片股大 爆发，龙头中芯国际盘中涨超8%；通讯板块集体上扬，汇聚科技创下历史新高；海南自由贸 易港全岛封关运作正式启动，免税概念股持续活跃，免税龙头中国中免大涨近16%；金银价 格刷新历史高价，黄金股、有色金属股活跃。 另一方面，奢侈品股走低，生物医药股集体弱势。此外，三只今日上市的新股——明基医 院、印象大红袍、华芢生物集体破发。 | 泡泡玛特 | 201.800 | 4.61% | | --- | --- | --- | | 9992.HK | | | | 阿里巴巴-W | 146.400 | 0.76% | | 9988.HK | | | | 中古国际 | 68.900 | 5.92% | | 0981.HK | ...

Core Viewpoint - The Hong Kong stock market experienced a net inflow of 31.25 billion HKD from northbound trading on December 22, with significant buying in specific stocks and notable selling in others [1][2]. Group 1: Northbound Trading Activity - Northbound trading through Stock Connect saw a net buy of 39.49 billion HKD from the Shenzhen market and a net sell of 8.24 billion HKD from the Shanghai market [1]. - The most bought stocks included SMIC (00981), Xiaomi Group-W (01810), and Tencent (00700), while the most sold stocks were China Mobile (00941) and Alibaba-W (09988) [1][2]. Group 2: Individual Stock Performance - SMIC (00981) had a net buy of 2.59 billion HKD, with total trading volume reaching 34.72 billion HKD [2]. - Xiaomi Group-W (01810) saw a net buy of 3.05 billion HKD, with total trading volume at 26.23 billion HKD [2]. - Tencent (00700) experienced a net buy of 4.27 billion HKD, with total trading volume of 23.47 billion HKD [2]. - China Mobile (00941) faced a net sell of 4.41 billion HKD, with total trading volume at 10.78 billion HKD [2][7]. - Alibaba-W (09988) had a net sell of 10.81 billion HKD, with total trading volume of 42.74 billion HKD [2]. Group 3: Sector Insights - The semiconductor sector saw increased interest, with SMIC and Hua Hong Semiconductor (01347) receiving net buys of 7.3 billion HKD and 200 million HKD, respectively [4]. - Xiaomi's recent product announcements and price adjustments due to rising memory costs were highlighted as key factors influencing its stock performance [5]. - Tencent's growth in advertising and gaming, driven by AI technology, was noted as a positive outlook for the company [5]. - The optical fiber market is experiencing strong demand, with Longi Fiber Optic (06869) receiving a net buy of 4.25 billion HKD, reflecting favorable market conditions [5].

Core Insights - On December 22, 2025, Alibaba-W (09988), SMIC (00981), and Xiaomi Group-W (01810) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 4.274 billion, 3.472 billion, and 2.623 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, SMIC (00981), Alibaba-W (09988), and Tencent Holdings (00700) led the trading volume, with amounts of 2.198 billion, 2.046 billion, and 1.461 billion respectively [1] Southbound Stock Connect Trading Activity - The top three active companies in the Southbound Stock Connect included: - Alibaba-W (09988) with a trading amount of 4.274 billion and a net buy of -1.081 billion - SMIC (00981) with a trading amount of 3.472 billion and a net buy of 0.259 billion - Xiaomi Group-W (01810) with a trading amount of 2.623 billion and a net buy of 0.305 billion [2] - Other notable companies included Tencent Holdings (00700) with a trading amount of 2.347 billion and a net buy of 0.427 billion, and China Mobile (00941) with a trading amount of 1.078 billion and a net buy of -0.441 billion [2] Shenzhen-Hong Kong Stock Connect Trading Activity - The top three active companies in the Shenzhen-Hong Kong Stock Connect were: - SMIC (00981) with a trading amount of 2.198 billion and a net buy of 0.472 billion - Alibaba-W (09988) with a trading amount of 2.046 billion and a net buy of 0.562 billion - Tencent Holdings (00700) with a trading amount of 1.461 billion and a net buy of 0.170 billion [2] - Other significant companies included Xiaomi Group-W (01810) with a trading amount of 1.460 billion and a net buy of 0.382 billion, and China Mobile (00941) with a trading amount of 0.805 billion and a net buy of -0.138 billion [2]

Investment Rating - The report maintains a "Recommendation" rating for the semiconductor and semiconductor production equipment industry [5] Core Insights - The overseas AI chip index increased by 0.6% this week, with Nvidia and AMD rising by 3.4% and 1.3% respectively, while Broadcom fell by 5.1% [1] - The domestic AI chip index decreased by 4.0%, with only Zhaoyi Innovation showing a slight increase of 0.2% [1] - The global AI glasses market is expected to grow from 5 million units in 2025 to 57.7 million units by 2030, with a CAGR of 63% [2][22] - The supply tightness in the DRAM market is expected to continue until after 2026, with Micron indicating it can only meet 50%-67% of demand from key customers in the medium term [3][33] Market Indices Summary - The overseas AI chip index saw a 0.6% increase this week after a previous decline of 4.4% [10] - The domestic A-share chip index fell by 4.0%, with significant declines in several companies, including a 14.5% drop for Aojie Technology [10][11] - The server ODM index decreased by 3.1%, with all component stocks showing a downward trend [11] - The storage chip index dropped by 4.9%, with Demingli, Beijing Junzheng, and Jiangbolong experiencing declines of over 8% [11] - The power semiconductor index fell by 1.2%, indicating a lack of a clear growth cycle [11] Major Events Summary - Apple is evaluating the use of Intel's EMIB advanced packaging solution for its AI server chips due to tight capacity at TSMC [3][29] - The U.S. government has initiated a review process that may allow NVIDIA's H200 to be exported to China [3][30] - TI's new 12-inch wafer fab in Sherman has officially started production and is beginning to deliver chips to customers [3][30] - Micron's Q1 2026 revenue reached $13.64 billion, a 57% year-over-year increase, indicating strong industry demand [3][33]

Group 1 - Northbound trading recorded a net buy of HKD 31.25 billion, with a net sell of HKD 8.24 billion from the Shanghai Stock Connect and a net buy of HKD 39.49 billion from the Shenzhen Stock Connect [1] - The most net bought stocks included SMIC (00981), Xiaomi Group-W (01810), and Tencent (00700), while the most net sold stocks were China Mobile (00941) and Alibaba-W (09988) [1][5] Group 2 - SMIC (00981) received a net buy of HKD 7.3 billion, attributed to the entry of new shareholders in the IC substrate sector, indicating a strategic move by the National Integrated Circuit Industry Investment Fund [3] - Xiaomi Group-W (01810) saw a net buy of HKD 6.86 billion, with upcoming product launches and price adjustments due to rising memory costs [3] - Tencent (00700) had a net buy of HKD 5.97 billion, supported by positive forecasts for its advertising and gaming businesses driven by AI technology [4] Group 3 - Longi Green Energy (06869) received a net buy of HKD 4.25 billion, with strong demand reflected in rising fiber prices and robust export performance [4] - Industrial and Commercial Bank of China (01398) had a net buy of HKD 1.22 billion, with expectations of improved revenue and net profit growth in the banking sector [4]