Group 1 - The core theme of technological self-reliance is strengthening, with the Hong Kong stock market's semiconductor sector showing robust performance [1] - Major stocks like SMIC and Hua Hong Semiconductor received significant net purchases from southbound funds, amounting to HKD 11.43 billion and HKD 9.86 billion respectively, ranking first and third among the top ten active stocks [1] - The newly launched Hong Kong Information Technology ETF (159131) is gaining market attention, tracking the CSI Hong Kong Stock Connect Information Technology Composite Index, which consists of 70% hardware and 30% software [1] Group 2 - The Hong Kong Stock Connect Information Technology Composite Index has achieved a cumulative increase of 110.93% from December 30, 2022, to September 30, 2025, significantly outperforming other Hong Kong technology indices [2] - As of October 16, 2025, the index's price-to-earnings ratio stands at 42.68 times, which is substantially lower than major global technology indices like the ChiNext Index and NASDAQ [2] - The index includes 41 hard technology companies, with SMIC holding a weight of 19.41%, Xiaomi at 10.28%, and Hua Hong Semiconductor at 5.11%, indicating a high concentration of leading stocks [1][2]

Group 1 - Semiconductor stocks in Hong Kong are actively trading, with notable increases in shares such as SMIC rising by 3% and Fudan Microelectronics by 3.3% [1] - The Fourth Plenary Session's communiqué emphasizes high-quality development and significant improvements in technological self-reliance during the 14th Five-Year Plan period [1] - Global memory prices are on the rise, with Samsung and SK Hynix notifying clients of potential increases in DRAM and NAND contract prices by up to 30% in Q4 [1] Group 2 - The core driver for the continuous miniaturization of integrated circuit chips is lithography technology [1] - A research team from Peking University has successfully utilized cryo-electron tomography to analyze the three-dimensional structure and entanglement behavior of photoresist molecules in situ, leading to industrial solutions that significantly reduce lithography defects [1]

Group 1 - Semiconductor stocks in Hong Kong are actively trading, with notable increases in shares such as SMIC rising by 3% and Shanghai Fudan up by 3.3% [1] - The Fourth Plenary Session report emphasizes the goals for the 14th Five-Year Plan, focusing on high-quality development and significant improvements in technological self-reliance [1] - Global memory prices are on the rise, with Samsung and SK Hynix notifying clients of potential increases in DRAM and NAND contract prices by up to 30% in Q4 [1] Group 2 - Advances in photolithography technology are crucial for the continuous miniaturization of integrated circuit chip manufacturing processes [1] - A research team from Peking University has successfully analyzed the three-dimensional structure and entanglement behavior of photoresist molecules in a liquid environment, which may lead to industrial solutions that significantly reduce photolithography defects [1]

Core Insights - The total margin balance of the STAR Market reached 258.603 billion yuan on October 27, an increase of 4.599 billion yuan from the previous trading day [1] - The financing balance amounted to 257.688 billion yuan, up by 4.573 billion yuan, while the margin short balance was 0.915 billion yuan, increasing by 0.026 billion yuan [1] Individual Stock Performance - On October 27, 371 stocks on the STAR Market experienced net financing inflows, with 14 stocks having net inflows exceeding 100 million yuan [1] - Lanke Technology topped the list with a net financing inflow of 675 million yuan, followed by Huahong Semiconductor, SMIC, Shengyi Technology, Juchen Technology, Ninebot, and Tuojing Technology [1]

Group 1 - The core point of the article highlights the performance of the Sci-Tech Innovation ETF (588050), which opened down 0.85% at 1.510 yuan on October 28 [1] - Major holdings in the ETF include companies like SMIC, which fell by 1.12%, and Cambrian, which dropped by 1.68%, while Kingsoft Office saw an increase of 4.42% [1] - The ETF's performance benchmark is the Shanghai Stock Exchange Sci-Tech Innovation Board 50 Index, managed by ICBC Credit Suisse Asset Management Company, with a return of 6.10% since its inception on September 28, 2020, and a return of 2.28% over the past month [1]

Core Viewpoint - The semiconductor ETF (159813) opened down 0.91% at 1.200 yuan, reflecting a decline in major holdings and overall market sentiment [1] Group 1: ETF Performance - The semiconductor ETF (159813) has a performance benchmark of the Guozhen Semiconductor Chip Index return rate [1] - Since its establishment on April 17, 2020, the ETF has achieved a return of 81.59% [1] - The ETF's return over the past month is 3.28% [1] Group 2: Major Holdings Performance - Major holdings in the ETF include: - Cambrian (寒武纪) down 1.68% - SMIC (中芯国际) down 1.12% - Haiguang Information (海光信息) down 1.21% - Northern Huachuang (北方华创) down 0.49% - Lanke Technology (澜起科技) down 2.32% - Zhaoyi Innovation (兆易创新) down 2.75% - Zhongwei Company (中微公司) down 1.48% - OmniVision (豪威集团) down 0.33% - Changdian Technology (长电科技) down 0.17% - Unisoc (紫光国微) up 1.58% [1]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (71.16%), Gree Power Environmental (70.40%), and COSCO Shipping Energy (70.32%) [1] - In the last five trading days, the largest increases in holding amounts were seen in CNOOC (+2.948 billion), Pop Mart (+2.005 billion), and SMIC (+1.319 billion) [1] - The largest decreases in holding amounts were recorded for Hua Hong Semiconductor (-1.093 billion), Hang Seng China Enterprises (-603 million), and CSPC Pharmaceutical (-596 million) [2] Group 1: Hong Kong Stock Connect Holding Ratios - China Telecom (00728) has a holding ratio of 71.16% with 9.876 billion shares [1] - Gree Power Environmental (01330) has a holding ratio of 70.40% with 285 million shares [1] - COSCO Shipping Energy (01138) has a holding ratio of 70.32% with 911 million shares [1] Group 2: Recent Increases in Holdings - CNOOC (00883) saw an increase of 2.948 billion in holding amount, with a change of 14.69495 million shares [1] - Pop Mart (09992) experienced an increase of 2.005 billion in holding amount, with a change of 8.5892 million shares [1] - SMIC (00981) had an increase of 1.319 billion in holding amount, with a change of 1.59294 million shares [1] Group 3: Recent Decreases in Holdings - Hua Hong Semiconductor (01347) had a decrease of 1.093 billion in holding amount, with a change of -12.6364 million shares [2] - Hang Seng China Enterprises (02828) saw a decrease of 603 million in holding amount, with a change of -6.2396 million shares [2] - CSPC Pharmaceutical (01093) experienced a decrease of 596 million in holding amount, with a change of -7.65722 million shares [2]

Core Insights - The XINGQUAN Flexible Allocation Mixed Fund (LOF), managed by Xie Zhiyu and Xie Yiran, reported a net value growth rate of 43.58% over the past year [1] Fund Holdings Summary - New additions to the top ten holdings include: - Zhongji Xuchuang (300308) with 2.58 million shares valued at 1.042 billion [1] - Lanke Technology (688008) with 4.92 million shares valued at 761 million [1] - Dongshan Precision (002384) with 9.14 million shares valued at 653 million [1] - CATL (300750) with 1.57 million shares valued at 629 million [1] - Significant changes in existing holdings: - Innovent Biologics (01801) increased by 4.81 million shares (42.97%) to 16.01 million shares valued at 1.408 billion [1] - JuHua Co. (600160) increased by 1.09% to 25.23 million shares valued at 1.009 billion [1] - A decrease in holdings for: - Jingchen Technology (6880889) by 5.85% to 8.96 million shares valued at 996 million [1] - SMIC (00981) by 31.54% to 12.11 million shares valued at 880 million [1] - Exited from the top ten holdings: - Xiaomi Group-W, Kingdee International, Lens Technology, Alibaba-W [1]

Market Performance - On October 27, the equity market experienced a significant increase, with the Wind All A Index rising by 1.19% and a total trading volume of 2.36 trillion yuan, an increase of 365 billion yuan compared to the previous Friday [2] - The Hang Seng Index and Hang Seng Technology Index rose by 1.05% and 1.83% respectively, with net inflows of southbound funds amounting to 2.873 billion HKD, primarily into SMIC and Tencent [2] - The market rally was driven by three main factors: the continued impact of the Fourth Plenary Session, a thaw in US-China relations, and breakthroughs in the photolithography sector [2] Index Recovery - The recovery in late October exhibited a standard "dumbbell" structure, with major indices like the Shanghai 50 and Wind Micro Index showing significant breakthroughs compared to the October 9 closing prices, increasing by 1.62% and 5.33% respectively [3] - In contrast, small-cap indices such as the CSI 500 and CSI 1000 lagged behind, remaining at least 2% below their previous highs [3] - Key sectors leading the recovery included communication equipment and components, which rose by 8.70% and 7.04% respectively, indicating that AI computing power is a primary focus of this recovery [3] Hong Kong Market Dynamics - The Hong Kong market continued to rise, supported by improved risk appetite due to the easing of US-China tensions and a stable US dollar [4] - The Nasdaq index also saw a rise of 1.15%, influenced by upcoming earnings reports from major US tech companies [4] - The bond market began a downward trend, with the People's Bank of China announcing the resumption of government bond trading, leading to a decline in yields for medium to long-term bonds [4][6] Commodity Market Trends - In the domestic commodity market, "anti-involution" products continued to lead, with polysilicon and lithium carbonate rising by 3.82% and 2.53% respectively [7] - The non-ferrous metals sector performed strongly, with copper prices reaching a yearly high, while precious metals like gold and silver faced downward pressure [7] - Overall, the commodity market recorded a net inflow of nearly 6 billion yuan, with significant investments in non-ferrous metals and new energy sectors [7] Future Outlook - The market's performance is seen as a result of the interplay between "TACO" trading and "anti-involution" themes, with future trends dependent on the sustainability of US-China relations and the impact of policies on supply-demand dynamics in the "anti-involution" sectors [9]

Core Points - The Hang Seng Index rose by 1.05% to close at 26,433.70 points on October 27, with a net inflow of HKD 2.873 billion through the southbound trading channel [1] - The total trading volume for the southbound trading was HKD 129.766 billion, with a net buy of HKD 2.873 billion [1] - In the Shanghai-Hong Kong Stock Connect, the trading volume was HKD 79.878 billion with a net buy of HKD 1.646 billion, while in the Shenzhen-Hong Kong Stock Connect, the trading volume was HKD 49.887 billion with a net buy of HKD 1.227 billion [1] Trading Activity - In the Shanghai-Hong Kong Stock Connect, the most actively traded stock was SMIC, with a trading volume of HKD 6.595 billion, followed by Alibaba and Xiaomi, with trading volumes of HKD 5.869 billion and HKD 4.542 billion respectively [1] - Tencent Holdings had the highest net buy amount of HKD 1.256 billion, closing with a price increase of 2.90% [1] - Alibaba had the highest net sell amount of HKD 1.204 billion, but its stock price still increased by 3.15% [1] Shenzhen-Hong Kong Stock Connect - In the Shenzhen-Hong Kong Stock Connect, Alibaba was also the most actively traded stock with a trading volume of HKD 4.648 billion, followed by SMIC and Xiaomi with trading volumes of HKD 4.008 billion and HKD 3.210 billion respectively [2] - The highest net buy was for Huahong Semiconductor at HKD 1.162 billion, with a closing price increase of 4.98% [2] - Alibaba again had the highest net sell amount of HKD 0.781 billion, with a closing price increase of 3.15% [2] ETF and Fund Activity - The Hang Seng Dividend ETF (Product Code: 159726) tracks the Hang Seng China Mainland Enterprises High Dividend Yield Index and has seen a 5-day increase of 2.76% [4] - The latest share count for the ETF is 28 million, with a net inflow of HKD 1.387 million [4]