Core Insights - SMIC's stock price decreased by 0.08% on November 5, with a trading volume of 5.753 billion yuan, indicating a slight decline in market performance [1] - The financing data shows a net financing outflow of 148 million yuan on the same day, with total financing and securities lending balance reaching 13.830 billion yuan [1] Financing Overview - On November 5, SMIC had a financing buy-in of 732 million yuan, with a current financing balance of 13.797 billion yuan, representing 5.76% of its market capitalization, which is above the 80th percentile of the past year [1] - The securities lending data indicates a repayment of 26,700 shares and a sale of 18,800 shares, with a total selling amount of approximately 2.247 million yuan, while the securities lending balance is 32.4007 million yuan, also above the 80th 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, with an average of 8,223 circulating shares per person, an increase of 2.26% [2] - For the first half of 2025, SMIC reported 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, reflecting a growth of 39.76% [2] Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders of SMIC include several ETFs, with notable increases in holdings, such as the Huaxia SSE STAR 50 ETF holding 95.7266 million shares, an increase of 3.3552 million shares [2] - Other significant shareholders include the E Fund SSE STAR 50 ETF and Hong Kong Central Clearing Limited, both of which have also increased their holdings compared to the previous period [2]

每经AI快讯，11月6日，港股芯片股涨幅居前，截至发稿，中芯国际(00981.HK)涨5.3%，报75.45港元； 华虹半导体(01347.HK)涨4.29%，报76.6港元；上海复旦(01385.HK)涨3.14%，报40.74港元；中兴通讯 (00763.HK)涨2.8%，报32.28港元。 （文章来源：每日经济新闻） ...

Core Viewpoint - The market has experienced a significant style switch since November, with brokerages suggesting a focus on technology, consumption, and core asset industries as the year-end approaches in a bullish market environment [1] Market Valuation - As of October 31, the Hang Seng Technology PE-TTM stands at 22.9 times, which is in the 29th percentile historically [1] - Hong Kong's broad market valuation is notably low compared to global indices, with Hang Seng Technology valuations lower than the S&P 500 by 95%, Nasdaq by 88%, DAX by 79%, Nikkei 225 by 73%, and Nifty by 72% since 2005 [1] Capital Inflows - Since 2025, southbound capital inflows have exceeded 1.1 trillion yuan, primarily driven by institutional forces such as public funds and insurance capital [1] - It is anticipated that net inflows from southbound capital will exceed 1.5 trillion yuan next year [1] - In Q3 2025, both long and short-term foreign capital consistently flowed into Hong Kong's technology sector, indicating a growing consensus among foreign investors [1] Institutional Behavior - Data from China Aviation Securities indicates that in Q3, actively managed equity funds increased their positions in technology while reducing exposure to blue-chip sectors like banking [1] Investment Opportunities - Most brokerages believe that the technology growth trend is not over and still presents investment value, particularly in Hong Kong's technology, consumption, and core asset sectors [1] - The acceleration of the AI industry both domestically and internationally is expected to open new growth avenues for technology stocks, with potential for increased capital investment in the AI sector [1] Magnificent 7 in Hong Kong - The "Magnificent 7" in the Hong Kong market includes Xiaomi, Lenovo, BYD, SMIC, Alibaba, Tencent, and Meituan, which are seen as core technology assets attracting investor attention [2] Company-Specific Insights - **Xiaomi**: Expected to benefit from AI applications and successful entry into the smart electric vehicle market, with a focus on new product launches and growth in smart hardware [3] - **Lenovo**: Anticipated growth in PC and smartphone demand driven by AI investments and expansion in emerging markets, particularly in the Middle East [4] - **BYD**: Projected to achieve global sales of 4.27 million vehicles in 2024, with a focus on smart vehicle technology and international expansion [4] - **SMIC**: Positioned as a major beneficiary of global supply chain restructuring, with strong demand for localized production [5] - **Alibaba**: Expected to lead in cloud services driven by AI demand, with a focus on enhancing e-commerce market share through innovative applications [5] - **Tencent**: Anticipated to leverage AI in social advertising and gaming, with a focus on enhancing product offerings through AI integration [6] - **Meituan**: Expected to benefit from growth in the local consumption market and improvements in profitability across various business segments [6]

Group 1 - Semiconductor stocks are experiencing significant gains, with notable increases in companies such as SMIC (5.3% increase), Hua Hong Semiconductor (4.29% increase), Shanghai Fudan (3.14% increase), and ZTE (2.8% increase) [1] - SK Hynix announced on November 5 that it has completed price and quantity negotiations with NVIDIA for the supply of the sixth generation high bandwidth memory (HBM4), with prices expected to be over 50% higher than the previous generation [1] - The semiconductor industry has seen record net profits in the first three quarters of this year, with a year-on-year growth of 53% for comparable companies [1] Group 2 - According to Guosen Securities, over half of the 146 A-share semiconductor companies have achieved record quarterly revenues by 2025, driven by AI and self-controllable trends [1] - The report recommends companies like SMIC and Hua Hong Semiconductor, which are expected to benefit from the rise of domestic chip design enterprises and the trend towards high-end domestic chips [1]

Core Viewpoint - Semiconductor stocks are experiencing significant gains, driven by developments in high-bandwidth memory (HBM) and strong financial performance in the sector [1] Group 1: Stock Performance - Semiconductor stocks are leading in gains, with notable increases: SMIC (00981) up 5.3% to HKD 75.45, Hua Hong Semiconductor (01347) up 4.29% to HKD 76.6, Shanghai Fudan (01385) up 3.14% to HKD 40.74, and ZTE Corporation (00763) up 2.8% to HKD 32.28 [1] Group 2: Market Developments - SK Hynix announced on November 5 that it has completed price and quantity negotiations with NVIDIA for the supply of the sixth-generation high-bandwidth memory (HBM4) [1] - The supply price for HBM4 will be over 50% higher than the previous generation, and it will be used in NVIDIA's next-generation AI chip, Rubin, set to launch in the second half of next year [1] - SK Hynix's pricing strategy may trigger a market reevaluation of high-end storage chip values [1] Group 3: Financial Performance - The semiconductor industry has seen record net profits for listed companies in the first three quarters of this year, with a comparable year-on-year growth of 53% [1] - According to Guosen Securities, over half of the 146 A-share semiconductor companies analyzed are expected to achieve new quarterly revenue highs by 2025, driven by AI and self-sufficiency trends [1] - The report recommends companies like SMIC and Hua Hong Semiconductor, which are benefiting from the rise of domestic chip design firms and the trend towards high-end domestic chips [1]

Group 1 - The Hong Kong stock market indices opened high and continued to rise, with the Hang Seng Tech Index up nearly 2% in the afternoon, driven by gains in tech stocks, metals, and semiconductor sectors [1] - Semiconductor stocks led the gains, with SMIC rising over 5% in the afternoon, attributed to the surge in demand for generative AI training and inference, which is accelerating investments in servers and network facilities [1] - The global GPU market is projected to grow from $77.39 billion in 2024 to $472.45 billion by 2030, indicating rapid growth in the AI chip market in China since the launch of DeepSeek [1] Group 2 - As of November 5, the Hang Seng Tech Index ETF (513180) had a latest valuation (PETTM) of 22.52 times, which is in the low valuation range historically, being below 73% of the time since the index was launched [2] - The outlook for the Hong Kong tech sector is positive, benefiting from the current AI-driven industrial trends, potential foreign capital inflow due to expected Fed rate cuts, and continuous accumulation of southbound funds, suggesting a promising fourth quarter for the Hang Seng Tech Index [2] - Investors without a Hong Kong Stock Connect account can consider the Hang Seng Tech Index ETF (513180) for exposure to core Chinese AI assets [2]

Core Viewpoint - The chip ETF (159995) opened with a gain of 1.39%, indicating positive market sentiment towards semiconductor stocks [1] Group 1: ETF Performance - The chip ETF (159995) opened at 1.750 yuan [1] - The ETF's performance benchmark is the National Securities Semiconductor Chip Index return [1] - Since its inception on January 20, 2020, the ETF has achieved a return of 72.40% [1] - The ETF has experienced a return of -8.75% over the past month [1] Group 2: Major Holdings - Key stocks in the chip ETF include: - Cambrian (寒武纪) up 2.82% [1] - SMIC (中芯国际) up 1.77% [1] - Haiguang Information (海光信息) up 2.25% [1] - Northern Huachuang (北方华创) up 0.55% [1] - Lanke Technology (澜起科技) up 1.30% [1] - Zhaoyi Innovation (兆易创新) up 2.80% [1] - Zhongwei Company (中微公司) up 1.42% [1] - OmniVision (豪威集团) up 0.14% [1] - Changdian Technology (长电科技) up 1.00% [1] - Unisoc (紫光国微) up 1.14% [1] Group 3: Management Information - The ETF is managed by Huaxia Fund Management Co., Ltd. [1] - The fund manager is Zhao Zongting [1]

Group 1 - The Hang Seng Index opened up by 0.49% and the Hang Seng Tech Index increased by 0.63% [1] - Stocks related to power grid equipment, charging stations, and energy storage concepts showed strong performance [1] - Hua Hong Semiconductor rose by 3% and SMIC increased by over 2% [1] Group 2 - WeRide's stock fell nearly 8% on its first day of trading [1]

Market Overview - The Shanghai Composite Index has returned above 4000 points, closing at 4004.25 with an increase of 35.00 points or 0.88% [4][3] - The Shenzhen Component Index and the ChiNext Index also performed well, both showing gains of over 1% [3] Sector Performance - The power equipment sector saw significant gains, with the Shenwan Power Equipment Index rising over 2% and reaching a new high for the year [6] - Multiple stocks within the power equipment sector hit the daily limit, including Huasheng Lithium, Zhongneng Electric, and Haike Xinyuan, with increases exceeding 10% [6][7] - The electronics sector also performed strongly, with a rise of over 2%, featuring stocks like Changguang Huaxin and Greenda hitting the daily limit [8] - The non-ferrous metals sector showed robust performance, with gains close to 3%, highlighted by Longda Co. rising over 15% and several other stocks reaching the daily limit [9] Notable Stocks - In the power equipment sector, notable performers included: - Huasheng Lithium: 64.97, up 19.87% [7] - Zhongneng Electric: 10.42, up 13.26% [7] - In the electronics sector, key stocks included: - Changguang Huaxin: 80.27, up 20.00% [8] - Greenda: 31.85, up 10.02% [8] - In the non-ferrous metals sector, significant stocks included: - Longda Co.: 27.84, up 15.04% [9] - China Aluminum: 10.86, up 10.03% [9] Hong Kong Market - The Hang Seng Index has also shown positive movement, returning above 26000 points, closing at 26361.40 with an increase of 425.99 points or 1.64% [12][11] - Key stocks in the Hang Seng Index included China Hongqiao, SMIC, and China Life, which saw notable gains [11] Corporate Actions - Yuejiang announced a placement of new H-shares at a price of 46.80 HKD per share, aiming to raise approximately 771 million HKD to support the development of high-speed collaborative robots and enhance market exposure [14]

Core Viewpoint - The Science and Technology Innovation 50 Index continues to rise, currently up over 3%, indicating strong market performance in the technology sector [1] Group 1: Index Performance - The Science and Technology Innovation 50 Index has increased by more than 3% [1] Group 2: Component Stocks - Among the constituent stocks, Oceanwide Information has risen over 9% [1] - Cambricon Technologies has increased by over 6% [1] - Semiconductor Manufacturing International Corporation (SMIC) has gained over 4% [1]