Core Viewpoint - The leading chip ETF (159801) opened down 0.93% at 0.852 yuan, reflecting a broader trend in the semiconductor sector [1] Group 1: ETF Performance - The performance benchmark for the chip ETF is the return rate of the National Securities Semiconductor Chip Index during the same period [1] - Since its establishment on January 20, 2020, the fund has achieved a return of 71.76% [1] - Over the past month, the fund has experienced a return of -5.26% [1] Group 2: Major Holdings Performance - Major holdings in the chip ETF include: - Cambrian (down 1.35%) - SMIC (down 0.62%) - Haiguang Information (down 0.18%) - Northern Huachuang (down 0.83%) - Lanke Technology (down 1.53%) - Zhaoyi Innovation (down 1.84%) - Zhongwei Company (down 0.36%) - OmniVision (unchanged) - Changdian Technology (down 0.57%) - Unisoc (down 0.34%) [1]

Group 1 - The Hong Kong stock market indices opened higher on November 12, with active performance from certain technology stocks, particularly the Hong Kong Technology 30 ETF (513160) which rose by 0.31% during the session with a trading volume exceeding 780 million HKD [1] - Notable gainers among the constituent stocks included Xiaomi Group-W, which increased by over 2%, along with other companies like AAC Technologies and Sunny Optical Technology, each rising by more than 1% [1] - The Hong Kong Technology 30 ETF has seen continuous net inflows over the past two trading days, accumulating over 18 million HKD from November 10 to 11, and over 1.3 billion HKD in the last five trading days [1] Group 2 - The Hong Kong Technology 30 ETF closely tracks the Hang Seng Hong Kong Stock Connect China Technology Index, which includes mainland companies engaged in technology business and listed in Hong Kong, with top holdings including SMIC, Kuaishou-W, Tencent Holdings, Alibaba-W, and Xiaomi Group-W [1] - Significant inflows from southbound funds have been observed, with a net purchase amount reaching 6.653 billion HKD on November 10, marking the 14th consecutive trading day of net buying in Hong Kong stocks [1] - Year-to-date, southbound funds have net purchased over 1.3 trillion HKD in Hong Kong stocks, setting a new annual record since the launch of the Hong Kong Stock Connect in 2014, significantly surpassing last year's total net purchases [1] Group 3 - According to Huaxi Securities, the main focus for net inflows in cross-border ETFs in November has been on Hang Seng Technology and Hong Kong innovative pharmaceuticals, indicating a potential stabilization in these sectors [2] - Guotai Junan Securities highlighted the importance of monitoring the U.S. government reopening and economic data in the short term, while suggesting that the influx of new capital and the gathering of quality assets in the Hong Kong market could lead to new highs, with technology stocks being a key focus [2]

Core Insights - SMIC's stock price decreased by 1.90% on November 11, with a trading volume of 4.074 billion yuan, indicating a negative market sentiment towards the company [1] - The financing data shows a net financing outflow of 1.20 billion yuan on the same day, suggesting reduced investor confidence [1] - As of November 11, the total financing and securities lending balance for SMIC reached 13.677 billion yuan, indicating a high level of trading activity [1] Financing Summary - On November 11, SMIC had a financing buy-in of 530 million yuan, with a total financing balance of 13.648 billion yuan, representing 5.80% of its market capitalization [1] - The financing balance is above the 80th percentile of the past year, indicating a high level of leverage [1] - The securities lending data shows a repayment of 23,300 shares and a sell-out of 16,100 shares, with a total securities lending balance of 29.749 million yuan, also above the 70th percentile of the past year [1] Company Performance - As of June 30, SMIC had 252,300 shareholders, a decrease of 2.20% from the previous period, while the average number of circulating shares per person increased by 2.26% to 8,223 shares [2] - For the first half of 2025, SMIC reported a revenue of 32.348 billion yuan, a year-on-year increase of 23.14%, and a net profit attributable to shareholders of 2.301 billion yuan, up 39.76% year-on-year [2] - The top ten circulating shareholders include several ETFs, with notable increases in holdings, indicating institutional interest in SMIC [2]

Market Overview - On November 11, the Hang Seng Index rose by 0.18%, closing at 26,696.41 points, with a total net inflow of southbound funds through the Stock Connect amounting to HKD 4.467 billion [1][3] - The total trading volume for the Stock Connect on the same day was HKD 89.849 billion, with a net buying amount of HKD 4.467 billion [1][3] Trading Activity - In the Shanghai Stock Connect, the trading volume was HKD 54.437 billion, with a net inflow of HKD 2.681 billion; in the Shenzhen Stock Connect, the trading volume was HKD 35.412 billion, with a net inflow of HKD 1.786 billion [1][3] - The most actively traded stock in the Shanghai Stock Connect was Alibaba-W, with a trading volume of HKD 48.88 billion, followed by Xpeng Motors and SMIC, with trading volumes of HKD 35.78 billion and HKD 26.09 billion, respectively [1][3] Stock Performance - In terms of net buying, China Mobile led with a net inflow of HKD 748 million, closing up by 0.80%. Conversely, Alibaba-W had the highest net selling amount of HKD 1.45 billion, closing down by 1.84% [1][3] - In the Shenzhen Stock Connect, Alibaba-W also topped the trading volume with HKD 26.29 billion, followed by SMIC and Xpeng Motors, with trading volumes of HKD 22.41 billion and HKD 21.80 billion, respectively [2][3] - The stock with the highest net buying in the Shenzhen Stock Connect was the Tracker Fund of Hong Kong, with a net inflow of HKD 651 million, closing up by 0.15%. Xpeng Motors had the highest net selling amount of HKD 1.053 billion, closing up by 17.93% [2][3]

Core Insights - The article provides a technical analysis and recommendations for 10 stocks, highlighting their short-term trends and key support and resistance levels. Group 1: Tencent (Code: 00700) - Tencent shows a continuous upward trend, being a leader in the domestic internet industry with a strong user base and monetization capabilities across various sectors including social media, gaming, fintech, and cloud computing [1] - Support level is at 617, resistance level at 682, with corresponding call option code 18981 and put option code 20518 [1] Group 2: Alibaba (Code: 09988) - Alibaba is also on an upward trajectory, recognized as a global e-commerce and technology giant with a robust ecosystem and supply chain capabilities [1] - Support level is at 150.5, resistance level at 176.8, with call option code 15432 and put option code 20870 [1] Group 3: Meituan (Code: 03690) - Meituan's short-term trend is positive, being a leading local service platform in China with high market penetration and user engagement [2] - Support level is at 95.2, resistance level at 111.4, with call option code 20964 and put option code 21520 [2] Group 4: JD.com (Code: 09618) - JD.com continues to rise, leveraging its high-quality supply chain and efficient logistics, particularly in the 3C electronics and fresh retail sectors [2] - Support level is at 115.5, resistance level at 133.9, with call option code 18979 and put option code 19822 [2] Group 5: Xiaomi Group (Code: 01810) - Xiaomi is experiencing an upward trend, having established a comprehensive ecosystem of smartphones, smart hardware, and IoT platforms [2] - Support level is at 38.4, resistance level at 50.5, with call option code 13204 and put option code 18546 [2] Group 6: Kuaishou (Code: 01024) - Kuaishou shows a positive short-term trend, being a leading short video and live streaming platform with high user activity and a rich content ecosystem [3] - Support level is at 63.1, resistance level at 82.4, with call option code 18961 and put option code 19035 [3] Group 7: BYD (Code: 01211) - BYD is on a favorable trend as a leader in the electric vehicle industry, benefiting from high growth in the sector [3] - Support level is at 93.7, resistance level at 109.9, with call option code 17318 and put option code 19297 [3] Group 8: Hong Kong Stock Exchange (Code: 00388) - The Hong Kong Stock Exchange continues to rise, serving as a key hub connecting mainland and global capital markets [3] - Support level is at 420, resistance level at 452, with call option code 13855 and put option code 19860 [3] Group 9: AIA Group (Code: 01299) - AIA Group is experiencing an upward trend, being a leading life insurance company in the Asia-Pacific region with strong demand for insurance products [4] - Support level is at 73.7, resistance level at 88.3, with call option code 17948 and put option code 18984 [4] Group 10: SMIC (Code: 00981) - SMIC shows a positive trend as the largest integrated circuit foundry in mainland China, benefiting from domestic semiconductor industry growth [4] - Support level is at 64.7, resistance level at 88.3, with call option code 18977 and put option code 21385 [4]

Core Insights - On November 11, 2025, Alibaba-W (09988), Xpeng Motors-W (09868), and SMIC (00981) were the top three stocks by trading volume in the southbound trading of the Stock Connect, with trading amounts of 4.888 billion, 3.578 billion, and 2.609 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), SMIC (00981), and Xpeng Motors-W (09868) also ranked as the top three, with trading amounts of 2.629 billion, 2.241 billion, and 2.180 billion respectively [1] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Shanghai-Hong Kong)** - Alibaba-W (09988): Trading amount of 4.888 billion, net buy of -1.450 billion - Xpeng Motors-W (09868): Trading amount of 3.578 billion, net buy of -1.213 billion - SMIC (00981): Trading amount of 2.609 billion, net buy of +0.470 billion - Xiaomi Group-W (01810): Trading amount of 2.135 billion, net buy of +0.595 billion - Tencent Holdings (00700): Trading amount of 1.653 billion, net buy of -0.215 billion - Meituan-W (03690): Trading amount of 1.514 billion, net buy of -0.427 billion - CNOOC (00883): Trading amount of 1.273 billion, net buy of +0.333 billion - Hua Hong Semiconductor (01347): Trading amount of 1.145 billion, net buy of -42.346 million - China Duty Free Group (01880): Trading amount of 1.004 billion, net buy of +60.269 million - China Mobile (00941): Trading amount of 0.893 billion, net buy of +0.748 billion [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong)** - Alibaba-W (09988): Trading amount of 2.629 billion, net buy of -0.574 billion - SMIC (00981): Trading amount of 2.241 billion, net buy of -0.908 billion - Xpeng Motors-W (09868): Trading amount of 2.180 billion, net buy of -1.053 billion - Tencent Holdings (00700): Trading amount of 1.356 billion, net buy of -0.249 billion - Xiaomi Group-W (01810): Trading amount of 1.191 billion, net buy of +0.581 billion - China Mobile (00941): Trading amount of 0.909 billion, net buy of -0.391 billion - Hua Hong Semiconductor (01347): Trading amount of 0.828 billion, net buy of -0.302 billion - Yingfu Fund (02800): Trading amount of 0.651 billion, net buy of +0.651 billion - Meituan-W (03690): Trading amount of 0.615 billion, net buy of +0.211 billion - Pop Mart (09992): Trading amount of 0.560 billion, net buy of +0.305 billion [2]

Core Insights - The Hong Kong stock market saw a net inflow of 44.67 billion HKD from Northbound trading on November 11, with the Shanghai Stock Connect contributing 26.81 billion HKD and the Shenzhen Stock Connect contributing 17.86 billion HKD [1] Group 1: Stock Performance - The most bought stocks included Xiaomi Group-W (01810), with a net inflow of 11.76 billion HKD, and the Yingfu Fund (02800), which saw a net inflow of 6.5 billion HKD [1][5] - The most sold stocks were XPeng Inc-W (09868), with a net outflow of 22.65 billion HKD, Alibaba-W (09988) with a net outflow of 20.24 billion HKD, and Tencent (00700) with a net outflow of 4.64 billion HKD [1][6][7] Group 2: Company-Specific Developments - Xiaomi Group-W reported strong sales in the electric vehicle sector, with 48,654 units sold in October, and is expected to announce third-quarter earnings on November 18, with projected revenue of 29 billion CNY from innovative businesses [4][5] - The Yingfu Fund is supported by low valuations in the Hong Kong stock market and multiple favorable factors, indicating a potential continuation of the market's upward trend into next year [5] - XPeng Inc-W's stock surged by 18%, attributed to the launch of new products, including the second-generation VLA model and Robotaxi, which may enhance market sentiment and valuation [7] Group 3: Market Sentiment and Predictions - Analysts predict that the Hong Kong stock market may experience continued upward momentum due to low valuations and supportive factors, despite short-term volatility [5] - Concerns regarding AI market bubbles and high valuations in overseas tech stocks may lead to increased short-term volatility for Tencent and Alibaba as they prepare to announce their earnings [6]

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing up 0.18% at 26,696.41 points and a total turnover of HKD 2,102.31 million [1] - The short-term outlook for Hong Kong stocks is expected to be volatile, with a potential slowdown in upward momentum, although the current position is seen as attractive for medium to long-term investment [1] Blue-Chip Stocks Performance - Baidu Group-SW (09888) rose by 2.31% to HKD 128.7, contributing 5.77 points to the Hang Seng Index [2] - Other notable blue-chip stocks include China National Pharmaceutical Group (01099) up 3.98% and China Resources Mixc Lifestyle Services (01209) up 3.88% [2] Sector Performance - Technology stocks showed mixed results, with Alibaba down 1.84% and Tencent up 0.08%, while Baidu gained 2.31% [3] - Chip stocks declined, with Hua Hong Semiconductor down over 3% and SMIC down 2.74% [5] - Real estate and property management stocks saw gains, with Longfor Group (03380) up 3.95% and China Resources Land (01109) up 1.93% [3] Automotive Sector Insights - The automotive sector showed mixed performance, with Geely Automobile (00175) up 1.34% and NIO-SW (09866) up 1.1%, while Great Wall Motors (02333) fell by 2.1% [4] - The China Passenger Car Association reported a year-on-year increase in October production and wholesale sales of passenger cars by 11.4% and 7.6%, respectively [5] Notable Stock Movements - XPeng Motors-W (09868) surged by 17.93% following the announcement of significant advancements in AI technology and robotics [7] - Ruipu Lanjun (00666) rose by 10.27% due to favorable policies boosting the energy storage industry [8] - WeRide-W (02525) increased by 7.07% ahead of its quarterly earnings announcement [9] - Weisheng Holdings (03393) reached a new high, up 6.89%, driven by the growing demand for data centers [10] - Maoyan Entertainment (01896) gained 5.7% with strong pre-sale ticket sales for upcoming films [11]

Market Performance - The Hong Kong stock market saw all three major indices close higher, with the Hang Seng Index up 0.18% at 26,696.41 points, the Tech Index up 0.15% at 5,924.39 points, and the National Enterprises Index up 0.19% at 9,461.49 points [1][3]. Real Estate Sector - Real estate stocks performed strongly, with Longfor Group rising 3.95%, Longfor Properties up 2.15%, and China Resources Land increasing by 1.93% [3]. - According to the China Index Academy, the top 100 real estate companies acquired land worth 783.8 billion yuan from January to October 2025, marking a 26.4% year-on-year increase, although the growth rate has slowed compared to previous months [4]. Property Management Sector - The property management sector also saw gains, with Kaisa Group Holdings up 4.41% and China Resources Mixc Lifestyle rising 3.88% [4]. Aviation Sector - Airline stocks experienced slight increases, with Cathay Pacific up 2.20%, China Eastern Airlines up 1.78%, and China Southern Airlines up 1.54% [6]. - Cathay Pacific's research report maintains an "overweight" rating for the aviation and oil transportation sectors, predicting a potential super cycle for the airline industry due to high passenger load factors and low ticket prices [7]. Semiconductor Sector - Semiconductor stocks faced adjustments, with Hua Hong Semiconductor down 3.65%, SMIC down 2.74%, and Hongguang Semiconductor down 1.08% [8]. - SMIC is set to hold a board meeting on November 13 to review its Q3 performance, while Hua Hong Semiconductor reported a record Q3 revenue of $635.2 million, a 20.7% year-on-year increase [9]. Gold Sector - Gold stocks showed weakness, with Zhenfeng Gold down 8.37%, Zijin Mining down 1.08%, and Chifeng Jilong Gold down 0.98% [10]. - Despite the decline in gold stocks, the People's Bank of China reported an increase in gold reserves to 74.09 million ounces as of the end of October, marking the 12th consecutive month of increases [11]. AI Sector - Huiliang Technology rose 5.02% following positive Q3 results from AppLovin, which reported a revenue of $1.41 billion, a 68.9% year-on-year increase [12]. Entertainment Sector - Lehua Entertainment fell 6.80% amid concerns regarding Wang Yibo's contract renewal, with the company stating that his income share is gradually decreasing and his contract will expire next year [13].

Group 1 - Chip stocks experienced a decline, with losses nearing 4% for some companies as of the report time [1] - Notable declines in specific companies include Huahong Semiconductor down 3.52%, SMIC down 3.01%, and ASMPT down 2.61% [2] - Huahong Semiconductor reported record sales revenue of $635.2 million for Q3, a year-on-year increase of 20.7% and a quarter-on-quarter increase of 12.2% [2] Group 2 - Jianyin International slightly raised Huahong Semiconductor's profit forecast for 2025, citing better-than-expected gross margins for Q3 and Q4 [3] - The acquisition of Huahong's fifth factory is expected to enhance the company's return on equity, with completion anticipated in 2026 [3] - The target price for Huahong Semiconductor was raised by 46% from HKD 50 to HKD 73, although the rating was downgraded from "outperform" to "neutral" due to high valuation levels [3]