Core Insights - The Hang Seng Index decreased by 0.07% on November 5, with southbound trading totaling HKD 956.88 billion, comprising HKD 530.31 billion in buying and HKD 426.57 billion in selling, resulting in a net inflow of HKD 103.73 billion [1][2] Trading Activity - Southbound trading through Stock Connect (Shenzhen) had a total transaction amount of HKD 372.14 billion, with buying at HKD 221.14 billion and selling at HKD 151.00 billion, leading to a net inflow of HKD 70.14 billion [1] - Southbound trading through Stock Connect (Shanghai) recorded a total transaction amount of HKD 584.73 billion, with buying at HKD 309.16 billion and selling at HKD 275.57 billion, resulting in a net inflow of HKD 33.59 billion [1] Active Stocks - Alibaba-W had the highest trading volume among southbound stocks, with a total transaction amount of HKD 73.09 billion, followed by SMIC and Tencent Holdings with HKD 42.37 billion and HKD 34.83 billion respectively [1][2] - The top net buying stocks included Southern Hang Seng Technology with a net inflow of HKD 12.87 billion, Alibaba-W with HKD 8.91 billion, and Xiaomi Group-W with HKD 6.51 billion [1] - The stock with the highest net selling was Hua Hong Semiconductor, with a net outflow of HKD 6.41 billion, followed by SMIC and Bilibili-W with net outflows of HKD 4.99 billion and HKD 1.60 billion respectively [1][2] Continuous Net Buying - Two stocks, Xiaomi Group-W and China Mobile, experienced continuous net buying for more than three days, with Xiaomi Group-W having a total net inflow of HKD 35.66 billion over six days, and China Mobile with HKD 14.20 billion over three days [2]

Market Overview - On November 5, the Hang Seng Index decreased by 0.07%, closing at 25,935.41 points, while southbound funds through the Stock Connect recorded a net inflow of HKD 10.373 billion [1] - The total trading volume for the Stock Connect on November 5 was HKD 95.688 billion, with a net buy of HKD 10.373 billion [1] Stock Performance - In the Shanghai Stock Connect, the top traded stock was Alibaba-W with a transaction amount of HKD 42.31 billion, followed by SMIC and Tencent Holdings with HKD 24.72 billion and HKD 20.62 billion respectively [1] - In terms of net buy amounts, Xiaomi Group-W led with a net inflow of HKD 2.85 billion, despite a closing price drop of 0.23% [1] - Tencent Holdings experienced the highest net sell amount of HKD 2.83 billion, closing flat [1] Shenzhen Stock Connect Highlights - In the Shenzhen Stock Connect, Alibaba-W also topped the trading volume with HKD 30.78 billion, followed by SMIC and Tencent Holdings with HKD 17.65 billion and HKD 14.20 billion respectively [2] - The stock with the highest net buy was Southern Hang Seng Technology, with a net inflow of HKD 1.019 billion, although it closed down by 0.61% [2] - The stock with the largest net sell was Hua Hong Semiconductor, with a net outflow of HKD 649 million, closing down by 3.10% [2] Detailed Trading Data - The top ten active stocks in the Stock Connect included: - Alibaba-W: HKD 423,050.90 million (net buy: HKD 25,349.76 million, daily change: -0.31%) - SMIC: HKD 247,169.48 million (net sell: HKD 28,101.57 million, daily change: -0.21%) - Tencent Holdings: HKD 206,239.48 million (net sell: HKD 28,267.30 million, daily change: 0.00%) [2]

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [1][6][12]. Core Views - The AI computing and storage sectors are experiencing unexpected high growth, with a continued tight supply-demand situation. The electronic sector has faced challenges due to storage shortages, tariff wars, and reduced consumer subsidies, leading to a decline in performance, particularly in the upstream IC design segment [2][3]. - Despite recent market fluctuations, the narrative of a new technological revolution driven by AI remains intact, with expectations for product structure upgrades and innovations in AI applications, such as AI glasses, approaching large-scale deployment [2]. - The report suggests maintaining an optimistic outlook and patience in investment strategies, particularly in domestic controllable (foundry + equipment) and local computing + storage supply chains [2]. Summary by Sections Market Performance - The Shanghai Composite Index rose by 0.11%, while the electronic sector fell by 1.65%. Within sub-sectors, consumer electronics increased by 1.19%, and semiconductors decreased by 3.69% [2][13]. - The report highlights that the semiconductor industry is still facing high expectations, but recent performance has been affected by various external factors [2]. Storage Sector Insights - SK Hynix reported a 119% year-on-year increase in net profit for Q3 2025, with NAND ASP rising by 10%-15% and DRAM ASP by 4%-6% [3]. - Samsung's operating profit for Q3 2025 increased by 1650% quarter-on-quarter, indicating a strong outlook for the storage sector driven by AI demand [3]. - The report recommends focusing on domestic storage companies such as Jiangbolong, Demingli, Baiwei Storage, and Zhaoyi Innovation, which are expected to benefit from rising prices and demand [3]. AI Chip Development - Qualcomm plans to launch AI chips for data centers, with the AI200 and AI250 models expected to be commercially available in 2026 and 2027, respectively [4]. - The report emphasizes the growing interest in AI computing chips and suggests monitoring domestic companies like Cambricon, Aojie Technology, and others [4]. Company Performance and Recommendations - MPS exceeded revenue guidance for Q3 2025, with a 33% quarter-on-quarter increase in enterprise data revenue, driven by AI server power module shipments [5]. - The report highlights NVIDIA's increased GPU shipment guidance and suggests continued attention to high-end PCB manufacturers like Huadian, Shengyi Technology, and others [5][8]. - The report identifies AI as a key growth driver and recommends companies such as Industrial Fulian, Huizhong Technology, and others for investment [9]. Key Investment Portfolio - The report lists key companies for investment across various sectors, including consumer electronics, semiconductors, and equipment/materials, with a focus on companies showing strong growth potential [11][12].

Group 1 - The semiconductor industry has shown a significant performance improvement, with a 46.59% increase in the semiconductor index from the beginning of 2025 to October 31, outperforming the CSI 300 index by 28.65 percentage points [3][22]. - In Q3 2025, the semiconductor revenue grew by 11.0% year-on-year, with notable growth in digital chip design (+35.0%) and semiconductor equipment (+32.4%) [5][48]. - The net profit attributable to the parent company in Q3 2025 increased by 80.4% year-on-year, with integrated circuit manufacturing showing an extraordinary growth of 6819% [5][58]. Group 2 - The gross margin for the semiconductor sector in Q3 2025 was 30.0%, reflecting a 2.8 percentage point increase from the previous quarter, while the net margin was 11.3% [5][67]. - The global semiconductor sales reached $208.4 billion in Q3 2025, marking a 25.1% year-on-year increase and a 15.8% quarter-on-quarter increase [7]. - The report highlights a positive outlook for the storage sector, with expected price increases for DRAM and NAND Flash in Q4 2025, suggesting a favorable environment for domestic storage manufacturers [10]. Group 3 - The report indicates that over half of the 146 A-share semiconductor companies have achieved new quarterly revenue highs in 2025, driven by AI and domestic supply chain improvements [10][41]. - The analysis of fund holdings shows that the proportion of semiconductor stocks in active funds increased to 12.56% in Q3 2025, indicating a growing interest in the sector [3][36]. - The report recommends focusing on companies benefiting from the rise of domestic chip design and high-end chip trends, such as SMIC and Hua Hong Semiconductor [10][11].

Core Insights - On November 5, 2025, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) ranked as the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 4.231 billion, 2.472 billion, and 2.062 billion respectively [1] - Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) also led the trading volume in the southbound trading of the Shenzhen-Hong Kong Stock Connect, with trading amounts of 3.078 billion, 1.765 billion, and 1.420 billion respectively [1] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 4.231 billion, net buying of +0.253 billion [2] - SMIC (00981): Trading amount of 2.472 billion, net selling of -0.281 billion [2] - Tencent Holdings (00700): Trading amount of 2.062 billion, net selling of -0.283 billion [2] - Xiaomi Group-W (01810): Trading amount of 1.830 billion, net buying of +0.285 billion [2] - Huahong Semiconductor (01347): Trading amount of 1.240 billion, net buying of +7.8006 million [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 3.078 billion, net buying of +0.637 billion [2] - SMIC (00981): Trading amount of 1.765 billion, net selling of -0.218 billion [2] - Tencent Holdings (00700): Trading amount of 1.420 billion, net buying of +0.341 billion [2] - Huahong Semiconductor (01347): Trading amount of 1.233 billion, net selling of -0.649 billion [2] - Southern Hang Seng Technology (03033): Trading amount of 1.096 billion, net buying of +1.019 billion [2]

Group 1 - Southbound funds net bought Hong Kong stocks worth 10.373 billion HKD on November 5, with notable net purchases in Southern Hang Seng Technology (1.287 billion HKD), Alibaba-W (890.64 million HKD), Xiaomi Group-W (650 million HKD), China Mobile (206 million HKD), and Meituan-W (184 million HKD) [1] - Significant net sales were observed in Hua Hong Semiconductor (640 million HKD), SMIC (499 million HKD), Bilibili-W (160 million HKD), and Ganfeng Lithium (101 million HKD) [1] - Southbound funds have continuously net bought Xiaomi for 6 days, totaling 3.56561 billion HKD, and China Mobile for 3 days, totaling 1.42 billion HKD; conversely, there have been 4 consecutive days of net selling in SMIC, totaling 2.82588 billion HKD [1] Group 2 - Alibaba's Qwen3-Max reasoning model is still under continuous training, achieving 100% accuracy on challenging mathematical reasoning benchmarks when utilizing tools and scaled testing [4] - Xiaomi Group is expected to see a year-on-year revenue growth of 22% and adjusted net profit growth of 60% in Q3, reaching 112.9 billion and 10 billion RMB respectively, driven by stable electric vehicle sales [4] - Meituan's international food delivery brand Keeta has officially launched operations in Brazil, starting in Santos and São Vicente, with plans to expand to São Paulo by the end of the year [4]

Group 1: Market Overview - On November 5, the Hong Kong stock market saw a net inflow of 10.373 billion HKD from northbound trading, with 3.359 billion HKD from Shanghai and 7.014 billion HKD from Shenzhen [1] - The most net bought stocks included Southern Hang Seng Technology (03033), Alibaba-W (09988), and Xiaomi Group-W (01810) [1] - The most net sold stocks were Hua Hong Semiconductor (01347), SMIC (00981), and Ganfeng Lithium (01772) [1] Group 2: Stock Performance - Alibaba-W had a net inflow of 2.53 billion HKD, with total trading volume of 4.231 billion HKD [2] - SMIC experienced a net outflow of 2.81 billion HKD, with total trading volume of 2.472 billion HKD [2] - Tencent Holdings saw a net outflow of 2.83 billion HKD, with total trading volume of 2.062 billion HKD [2] Group 3: Sector Insights - Southern Hang Seng Technology (03033) received a net inflow of 12.87 billion HKD, with analysts noting that the Hang Seng Technology Index is trading at historically low valuations, indicating potential for valuation recovery [4] - Northbound funds increased their positions in tech stocks, with Alibaba-W, Meituan-W, and Tencent receiving net inflows of 8.9 million, 1.84 million, and 585 million HKD respectively [5] - Xiaomi Group-W is expected to see a 22% year-on-year revenue growth and a 60% increase in adjusted net profit, driven by strong electric vehicle sales [5] Group 4: Corporate Developments - China Mobile (00941) had a net inflow of 2.06 billion HKD, as it announced a transfer of 0.19% of its shares to China National Petroleum Corporation to enhance strategic collaboration [6] - Northbound trading saw significant sell-offs in semiconductor stocks, with SMIC and Hua Hong Semiconductor experiencing net outflows of 4.99 billion and 6.4 billion HKD respectively [6]

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10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中芯國際集成電路製造有限公司 呈交日期: 2025年11月5日 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) | 00981 | 說明 | 無 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.004 | USD | | 40,000,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 10,000,000,000 | USD | | 0.004 | USD | | 40,000,00 ...

Group 1: Market Overview - On November 5, the Hong Kong stock market saw a net inflow of 10.373 billion HKD from northbound trading, with 3.359 billion HKD from the Shanghai Stock Connect and 7.014 billion HKD from the Shenzhen Stock Connect [1] - The most net bought stocks included Southern Hang Seng Technology (03033), Alibaba-W (09988), and Xiaomi Group-W (01810) [1] - The most net sold stocks were Hua Hong Semiconductor (01347), SMIC (00981), and Ganfeng Lithium (01772) [1] Group 2: Individual Stock Performance - Alibaba-W (09988) had a net inflow of 2.53 billion HKD, with a total trading volume of 4.231 billion HKD [2] - Xiaomi Group-W (01810) saw a net inflow of 2.85 billion HKD, with a total trading volume of 1.830 billion HKD [2] - Tencent Holdings (00700) experienced a net outflow of 2.83 billion HKD, with a total trading volume of 2.062 billion HKD [2] Group 3: Analyst Insights - Analysts from Daiwa maintained a positive outlook on the Chinese internet sector, highlighting Tencent's strong product pipeline and anticipated growth in gaming revenue [5] - Citi's report on Xiaomi projected a 22% year-on-year revenue growth and a 60% increase in adjusted net profit for Q3, driven by robust electric vehicle sales [5] - China Mobile (00941) announced a share transfer of 0.19% to China National Petroleum Corporation to enhance strategic collaboration [6] Group 4: Sector Trends - The semiconductor sector faced net selling, with SMIC and Hua Hong Semiconductor seeing net outflows of 4.99 billion HKD and 6.4 billion HKD, respectively [7] - Analysts suggested focusing on the design sector's performance in storage, foundry, and ASICs, as well as the potential for price increases in leading foundries [7]

Group 1 - The net inflow of southbound funds into Hong Kong stocks today reached 10.373 billion HKD, with notable purchases in Southern Hang Seng Technology (1.287 billion), Alibaba-W (890.64 million), Xiaomi Group-W (650 million), China Mobile (206 million), and Meituan-W (184 million) [1] - Continuous buying trends were observed, with southbound funds net buying Xiaomi for six consecutive days, totaling 3.56561 billion HKD, and China Mobile for three consecutive days, totaling 1.42 billion HKD [1] - Conversely, there were significant net sell-offs in companies such as Hua Hong Semiconductor (640 million), SMIC (499 million), Bilibili-W (160 million), and Ganfeng Lithium (101 million) [1] Group 2 - In the Shanghai Stock Connect, Alibaba-W experienced a slight decline of 0.3% with a net inflow of 253 million, while SMIC saw a decrease of 0.2% with a net outflow of 281 million [1] - Tencent Holdings had a net outflow of 283 million, and Xiaomi Group-W had a net inflow of 285 million despite a 0.2% decline [1] - China Mobile recorded a minor decline of 0.1% with a net inflow of 206 million, indicating a stable interest from investors [1]