Core Insights - On February 26, 2026, Alibaba-W (09988), Tencent Holdings (00700), and Yangtze Optical Fibre and Cable (06869) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 4.492 billion, 3.391 billion, and 2.065 billion respectively [1] - The same companies also led in trading volume in the Shenzhen-Hong Kong Stock Connect, with trading amounts of 4.376 billion, 3.171 billion, and 1.531 billion respectively [1] Southbound Stock Connect Trading Activity - **Top Active Companies**: - Alibaba-W (09988): Trading amount of 4.492 billion, net buy of -0.231 billion [2] - Tencent Holdings (00700): Trading amount of 3.391 billion, net buy of +37.9726 million [2] - Yangtze Optical Fibre and Cable (06869): Trading amount of 2.065 billion, net buy of -0.246 billion [2] - SMIC (00981): Trading amount of 1.740 billion, net buy of -0.221 billion [2] - CNOOC (00883): Trading amount of 1.709 billion, net buy of -0.626 billion [2] Shenzhen-Hong Kong Stock Connect Trading Activity - **Top Active Companies**: - Alibaba-W (09988): Trading amount of 4.376 billion, net buy of -0.657 billion [2] - Tencent Holdings (00700): Trading amount of 3.171 billion, net buy of -0.587 billion [2] - Yangtze Optical Fibre and Cable (06869): Trading amount of 1.531 billion, net buy of -0.379 billion [2] - Xiaomi Group-W (01810): Trading amount of 1.351 billion, net buy of +27.0028 million [2] - Kuaishou-W (01024): Trading amount of 0.808 billion, net buy of -0.06332 billion [2]

净卖出中国海洋石油8.93亿、阿里巴巴-W 8.88亿、长飞光纤光缆6.24亿、腾讯控股5.48亿、中国人寿 4.36亿、中芯国际2.98亿、华虹半导体2.84亿、泡泡玛特2.45亿。 据统计，南下资金已连续7日净买入美团，共计36.1242亿港元；连续5日净买入小米，共计32.2538亿港 元；连续4日净卖出中海油，共计12.2479亿港元。 格隆汇2月26日｜南下资金今日净卖出港股73.66亿港元，为连续第2日净卖出。其中： 净买入美团-W 3.11亿、东方电气1.25亿； ...

Core Viewpoint - The Hong Kong stock market experienced significant net selling from northbound capital, totaling HKD 73.66 billion, with notable net sell-offs in major stocks like Alibaba and CNOOC [1][2]. Group 1: Northbound Capital Flow - Northbound capital recorded a net sell of HKD 73.66 billion, with HKD 23.11 billion from the Shanghai Stock Connect and HKD 50.55 billion from the Shenzhen Stock Connect [1]. - The stocks with the highest net buying were Meituan (03690), Dongfang Electric (01072), and Xiaomi Group (01810) [1]. - The stocks with the highest net selling included CNOOC (00883), Alibaba (09988), and Changfei Optical Fiber (06869) [1]. Group 2: Individual Stock Performance - Alibaba (09988) had a buy amount of HKD 21.30 billion and a sell amount of HKD 23.62 billion, resulting in a net outflow of HKD 2.31 billion [2]. - CNOOC (00883) faced a net sell of HKD 8.93 billion, influenced by a drop in WTI crude oil prices below USD 65 per barrel and an increase in commercial crude oil inventory [6]. - Xiaomi Group (01810) saw a net buy of HKD 183.5 million, with the CEO emphasizing a focus on core technologies over the next five years [5]. Group 3: Market Reactions and Trends - The semiconductor sector is experiencing a divide due to AI demand, with upstream manufacturers benefiting while downstream PC and mobile manufacturers face cost pressures [5]. - Dongfang Electric (01072) received a net buy of HKD 1.25 billion, linked to the upcoming signing of a power supply commitment by major tech companies [4]. - Meituan (03690) had a net buy of HKD 3.11 billion, indicating strong investor interest [7].

2月26日，中芯国际大宗交易成交18.15万股，成交额2117.73万元，占当日总成交额的0.56%，成交价 116.65元，较市场收盘价116.65元持平。 | A 27 % William Julia 1 Bill Picies | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | | 卖出营业部 | 是否为专场 | | 026-02-26 | 中发国际 | 688981 | 116.65 | 2117.73 | 18.15 有限公司总盘股份 | 茶量是多餐紹喜喔 | | 190 | ...

Group 1 - The core viewpoint of the article highlights that the industry chain iteration effect of SMIC continues, with a non-seasonal downturn expected in Q4 2025 [1] - The company is leveraging its technological reserves and leading advantages in various segments such as BCD, analog, storage, MCU, and mid-to-high-end display drivers to accelerate verification and capacity expansion [1] - For Q1 2026, the company projects stable sales revenue quarter-on-quarter, with a gross margin between 18% and 20% [1] Group 2 - The company provides an optimistic revenue growth forecast for 2026, expecting sales revenue growth to exceed the average of comparable peers, with capital expenditures remaining roughly the same as in 2025 [1] - Revenue projections for 2025, 2026, and 2027 are estimated at 67.3 billion, 79.1 billion, and 91.0 billion yuan respectively, with net profits attributable to the parent company expected to be 5.04 billion, 6.32 billion, and 7.61 billion yuan [1] - The company maintains a "buy" rating based on these projections [1]

Group 1 - The core viewpoint of the news highlights the performance of the semiconductor sector, particularly the rise of the Kexin Semiconductor ETF (588170) and its constituent stocks, indicating a positive market sentiment towards semiconductor companies [1] - As of 13:51, the Kexin Semiconductor ETF (588170) increased by 1.70%, marking a five-day consecutive rise, with notable gains from stocks such as Oulain Material (up 20.01%), Jingyi Equipment (up 7.01%), and Shengkong Co. (up 5.84%) [1] - SMIC announced plans to acquire a 49% stake in SMIC North Integrated Circuit Manufacturing Co., with the transaction subject to approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission, introducing uncertainty regarding the approval timeline [1] Group 2 - The Huaxia Semiconductor Equipment ETF (562590) and its linked funds track the CSI Semiconductor Materials and Equipment Theme Index, which has the highest semiconductor equipment content in the market at approximately 63%, benefiting from the global chip price surge [2] - The demand for semiconductor equipment manufacturers, referred to as "selling shovelers," is expected to remain strong due to the ongoing chip price increases [2]

半导体龙头ETF工银（159665）业绩比较基准为国证半导体芯片指数收益率，管理人为工银瑞信基金管 理有限公司，基金经理为史宝珖，成立（2022-12-22）以来回报为102.61%，近一个月回报为-4.20%。 来源：新浪基金∞工作室 2月26日，半导体龙头ETF工银（159665）开盘涨0.10%，报2.026元。半导体龙头ETF工银（159665）重 仓股方面，中芯国际开盘涨0.00%，海光信息涨2.00%，寒武纪涨1.15%，北方华创涨0.00%，兆易创新 涨1.50%，中微公司跌0.43%，澜起科技涨0.10%，豪威集团涨0.22%，拓荆科技涨0.16%，长电科技跌 0.04%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 ...

TMTETF（512220）业绩比较基准为中证科技传媒通信150指数，管理人为景顺长城基金管理有限公 司，基金经理为金璜，成立（2014-07-18）以来回报为211.16%，近一个月回报为-0.66%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月26日，截止午间收盘，TMTETF（512220）涨1.60%，报3.113元，成交额1469.62万元。TMTETF （512220）重仓股方面，中际旭创截止午盘涨0.34%，新易盛涨0.58%，立讯精密跌0.19%，寒武纪涨 1.22%，工业富联涨1.24%，中芯国际跌0.68%，海光信息涨0.15%，北方华创跌1.08%，胜宏科技涨 9.23%，兆易创新跌0.61%。 来源：新浪基金∞工作室 ...

Core Insights - Despite sanctions preventing access to the latest advanced equipment from Europe, the US, and Japan, leading Chinese chip manufacturers are enhancing advanced processes and increasing production capacity, aiming to increase output fivefold in two years and twenty-fivefold in five years [1] Production Capacity Plans - China plans to increase the production capacity of chips using 7nm and 5nm processes from currently less than 20,000 wafers per month to approximately 100,000 wafers per month by around 2028 [1] - The long-term goal is to further increase the production capacity of advanced process chips to 500,000 wafers per month by around 2030 [1] Key Players - The only company currently capable of producing 7nm process chips in China is SMIC (Semiconductor Manufacturing International Corporation) [1] Equipment Procurement Challenges - SMIC continues to procure wafer manufacturing equipment from overseas despite sanctions, as the enforcement of export control policies is limited, supporting its capacity expansion [1] - However, SMIC's co-CEO Zhao Haijun mentioned that some equipment purchased this year cannot be utilized due to difficulties in procuring supporting equipment [1] Focus on Mature Processes - Despite challenges, SMIC will not halt its expansion efforts and will also focus a significant portion of its resources on mature processes [1]

新京报贝壳财经讯 2月25日，中芯国际发布公告称，公司拟向国家集成电路产业投资基金股份有限公司 等发行股份购买其所合计持有的中芯北方集成电路制造（北京）有限公司49%的股权。此交易已于2026 年2月25日获得上海证券交易所的受理，相关申请文件被认为齐备且符合法定形式。本次交易的完成尚 需上交所审核通过及中国证券监督管理委员会同意注册，具体审批时间存在不确定性。 ...