Core Viewpoint - The semiconductor industry is expected to experience significant growth in 2026, driven by three key trends: storage, AI, and domestic production. A global supply-demand gap in storage is anticipated to persist, while AI-related capital expenditures and innovations in domestic chip design are set to rise sharply [4][5]. Group 1: Storage - The storage market saw a dramatic price increase in 2025, with major players forecasting that shortages will continue into 2026. Micron's Chief Business Officer highlighted a significant gap between supply and demand [6]. - TrendForce predicts that capital expenditures in the storage sector will rise, with DRAM spending increasing from $53.7 billion to $61.3 billion (14% YoY) and NAND spending from $21.1 billion to $22.2 billion (5% YoY) [6]. - Major PC manufacturers like Lenovo, HP, and Dell are planning to raise prices and adjust product specifications in response to rising storage costs, with Lenovo already notifying customers of upcoming price hikes [7]. Group 2: AI - The AI sector continues to thrive, with global cloud service providers expected to increase capital expenditures by 40% to $600 billion in 2026, driven by demand for AI applications [9]. - The shift from training to inference in AI models is anticipated to boost the demand for ASIC chips, with projections of over 800,000 units shipped in 2026 [9]. - Companies like Chipone have reported a significant increase in new orders, indicating strong demand for customized chip solutions [9]. Group 3: Domestic Production - The domestic semiconductor design sector is experiencing rapid growth, with the number of companies increasing from 1,380 in 2017 to 3,901 in 2025, and sales revenue growing at a compound annual growth rate (CAGR) of 19% [12]. - The utilization rates of domestic foundries like SMIC and Hua Hong Semiconductor have rebounded, benefiting from the rise of local chip design firms and a trend towards localized manufacturing [12]. - In the foundry segment, advanced logic production is expected to double, with significant expansions planned by companies like SMIC and Huahong [15].

事件一：中芯南方签订新合资合同及新增资扩股协议，其注册资本增至101 亿美元，中芯国际持股比例 升至41.56%。2025 年12 月29 日，中芯控股与国家集成电路基金、国家集成电路基金二期、国家集成电 路基金三期、上海集成电路基金、上海集成电路基金二期、泰新鼎吉及先导集成电路基金订立协议，将 中芯南方的注册资本由65 亿美元增加至100.773 亿美元。本次增资，共有中芯控股、国家集成电路基金 三期、上海集成电路基金二期、泰新鼎吉、先导集成电路基金五个增资方，其中后三个增资方为本次新 进入股东。五个增资方现金出资合计77.780 亿美元，其中，35.773 亿美元计入中芯南方注册资本， 42.007 亿美元计入中芯南方的资本公积。 中芯国际收购中芯北方将优化上市公司财务指标，中芯国际归母净利润、归母净资产及每股收益均将提 升。1）中芯北方是优质资产，盈利能力较高。中芯北方经营方面，2023 年/2024 年/2025 年前8 个月的 营收分别为115.76/129.79/90.12 亿人民币， 净利润分别为5.85/16.82/15.44 亿人民币， 对应净利润率分 别为5.1%/13.0%/17.1%。 ...

Core Insights - The top three companies by stockholding ratio in the Hong Kong Stock Connect are China Telecom (71.90%), GCL-Poly Energy (69.96%), and Da Zhong Public Utilities (68.75%) [1][2] - The companies with the largest increase in stockholding over the last five trading days include SMIC (+1.092 billion), China Merchants Bank (+1.052 billion), and Hong Kong Exchanges and Clearing (+790 million) [1][2] - The companies with the largest decrease in stockholding over the last five trading days include China Mobile (-3.216 billion), Tencent Holdings (-1.107 billion), and the Tracker Fund of Hong Kong (-465 million) [1][2] Stockholding Ratios - China Telecom (00728) holds 99.79 million shares with a stockholding ratio of 71.90% [2] - GCL-Poly Energy (01330) holds 28.3 million shares with a stockholding ratio of 69.96% [2] - Da Zhong Public Utilities (01635) holds 36.7 million shares with a stockholding ratio of 68.75% [2] - Other notable companies in the top 20 include China Shenhua (66.39%) and China Merchants Energy (64.43%) [2] Recent Trading Activity - The top three companies with increased holdings in the last five trading days are: - SMIC (00981): +1.092 billion, +15.28 million shares [2][3] - China Merchants Bank (03968): +1.052 billion, +19.92 million shares [2][3] - Hong Kong Exchanges and Clearing (00388): +790 million, +1.93 million shares [2][3] - The top three companies with decreased holdings in the last five trading days are: - China Mobile (00941): -3.216 billion, -39.36 million shares [2][3] - Tencent Holdings (00700): -1.107 billion, -1.84 million shares [2][3] - Tracker Fund of Hong Kong (02800): -465 million, -18.01 million shares [2][3]

Group 1: Market Overview - On December 31, the Hong Kong stock market saw a net inflow of 34.49 billion HKD from northbound funds, with 30.97 billion HKD from the Shanghai Stock Connect and 3.51 billion HKD from the Shenzhen Stock Connect. This marks a record high net inflow of 1.41 trillion HKD for the year, significantly up from approximately 807.9 billion HKD in 2024 [2]. Group 2: Key Stocks - The most net bought stocks by northbound funds included China Merchants Bank (招商银行) with 7.24 billion HKD, Industrial and Commercial Bank of China (工商银行) with 5.88 billion HKD, and China Construction Bank (建设银行) with 5.61 billion HKD [6]. - The most net sold stocks were Zijin Mining (紫金矿业) with a net outflow of 6.82 billion HKD and Tencent (腾讯) with a net outflow of 6.46 billion HKD [7]. Group 3: Sector Performance - The banking sector is expected to benefit from a stable macro-financial environment, with projections indicating that bank interest margins may have bottomed out and risks in the real sector are easing. This is anticipated to lead to income and profit recovery in the banking industry [6]. - Semiconductor stocks, particularly SMIC (中芯国际), received significant net buying, with 3.91 billion HKD, driven by price increases in the 8-inch BCD process platform by approximately 10% [6]. Group 4: Specific Company Insights - Jiangxi Copper (江西铜业) saw a net inflow of 1.58 billion HKD, while Zijin Mining faced a net outflow of 6.82 billion HKD. The National Development and Reform Commission emphasized the need for optimizing the management of the copper smelting industry, which may impact future production levels [7]. - Xiaomi Group (小米集团) received a net inflow of 2.37 billion HKD, supported by government policies promoting consumer electronics [7].

Group 1 - Southbound funds net bought Hong Kong stocks worth 3.449 billion HKD today [1] - The top net purchases included China Merchants Bank at 724 million HKD, Industrial and Commercial Bank of China at 589 million HKD, and China Construction Bank at 562 million HKD [1] - Notable net sales included Zijin Mining at 682 million HKD, Tencent Holdings at 646 million HKD, and China Ping An at 298 million HKD [1] Group 2 - Southbound funds have recorded a continuous net sell of Tencent for five consecutive days, totaling 3.94334 billion HKD [2]

Core Insights - On December 31, 2025, Alibaba-W (09988), Tencent Holdings (00700), and Sanhua Intelligent Control (02050) ranked as the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 1.783 billion, 1.460 billion, and 1.259 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Tencent Holdings (00700), Alibaba-W (09988), and SMIC (00981) were the top three companies by trading volume, with amounts of 1.218 billion, 1.201 billion, and 0.767 billion respectively [1] Southbound Stock Connect Trading Activity - The top three active companies in the Southbound Stock Connect by trading amount were: - Alibaba-W (09988): 1.783 billion with a net buy of -79.182 million - Tencent Holdings (00700): 1.460 billion with a net buy of -139 million - Sanhua Intelligent Control (02050): 1.259 billion with a net buy of 115 million [2] - Other notable companies included: - SMIC (00981): 1.202 billion with a net buy of 142 million - Zijin Mining (02899): 1.146 billion with a net buy of -590 million [2] Shenzhen-Hong Kong Stock Connect Trading Activity - The top three active companies in the Shenzhen-Hong Kong Stock Connect by trading amount were: - Tencent Holdings (00700): 1.218 billion with a net buy of -508 million - Alibaba-W (09988): 1.201 billion with a net buy of 179 million - SMIC (00981): 0.767 billion with a net buy of 249 million [2] - Other notable companies included: - Sanhua Intelligent Control (02050): 0.534 billion with a net buy of 93.908 million - Huahong Semiconductor (01347): 0.475 billion with a net buy of 69.942 million [2]

Group 1 - Northbound capital recorded a net purchase of 34.49 billion HKD in the Hong Kong stock market on December 31, with the Shanghai-Hong Kong Stock Connect contributing 30.97 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing 3.51 billion HKD [1] - The total net purchase of Northbound capital for the year reached a historical high of 1.41 trillion HKD, significantly increasing from approximately 807.9 billion HKD in 2024 [1] - The most purchased stocks by Northbound capital included China Merchants Bank (03968), Industrial and Commercial Bank of China (01398), and China Construction Bank (00939) [1] Group 2 - Alibaba-W (09988) had a net purchase of 850 million HKD, while Tencent Holdings (00700) faced a net sell of 660 million HKD [2] - China Merchants Bank, Industrial and Commercial Bank of China, and China Construction Bank received net purchases of 7.24 billion HKD, 5.88 billion HKD, and 5.61 billion HKD respectively [4] - Semiconductor stocks also saw increased investment, with SMIC (00981) and Hua Hong Semiconductor (01347) receiving net purchases of 391 million HKD and 69.94 million HKD respectively [5] Group 3 - Xiaomi Group-W (01810) received a net purchase of 237 million HKD, supported by government policies promoting consumption [5] - Jiangxi Copper Co. (00358) had a net purchase of 158 million HKD, while Zijin Mining (02899) experienced a net sell of 682 million HKD [6] - UBTECH Robotics (09880) received a net purchase of 86.86 million HKD, as it announced plans to acquire a controlling stake in Fenglong Co. [6]

Core Viewpoint - The main focus of the news is the significant net outflow of capital from the Shanghai and Shenzhen stock markets, amounting to 32.27 billion yuan, with specific attention on the performance of stocks in the Sci-Tech Innovation Board. Group 1: Market Overview - The total net outflow of capital from the Shanghai and Shenzhen markets reached 32.27 billion yuan, with the Sci-Tech Innovation Board experiencing a net outflow of 3.55 billion yuan [1] - A total of 225 stocks saw net inflows, while 374 stocks experienced net outflows [1] Group 2: Stock Performance - Among the stocks on the Sci-Tech Innovation Board, 294 stocks rose while 296 stocks fell [1] - The stock "C强一" saw a notable increase of 13.62% and a net inflow of 488.95 million yuan, leading the inflow rankings [2] - The stocks with the highest net inflows included "铂力特" with 222.93 million yuan and "海光信息" with 220.71 million yuan [2] Group 3: Continuous Capital Flow - There are 44 stocks that have seen continuous net inflows for more than three trading days, with "奥泰生物" leading at 11 consecutive days of inflow [2] - Conversely, 190 stocks have experienced continuous net outflows, with "达梦数据" leading at 18 consecutive days of outflow [2]

（文章来源：证券日报） 证券日报网讯 12月31日，南方泵业在互动平台回答投资者提问时表示，公司与中芯国际有业务往来， 但金额不大，主要为提供泵产品。 ...

第一梯队（绝对主线）：半导体制造（华虹、中芯）与核心AI芯片（地平线）。涨幅遥遥领先，是硬 科技和国产替代逻辑的集中体现。 第二梯队（成长赛道）：智能电车（小鹏、零跑）、AI应用（百度、商汤）、数字健康（京东健 康）。享受产业趋势红利，但竞争格局或盈利路径仍在验证中。 第三梯队（价值修复）：平台型互联网巨头（阿里、腾讯）及成熟应用（网易、快手、腾讯音乐）。涨 幅主要来自盈利兑现、分红回购带来的价值重估，属于"高质量成熟资产"。 港股2025年行情收官，恒生科技指数全年累计大涨23.45%，创下自2020年以来最佳年度表现。在30只 恒生科技指数成份股中，有22只个股上涨，8只个股下跌。 其中，华虹半导体大涨243.19%居前，地平线机器人大涨140.56%，中芯国际大涨124.69%，京东健康大 涨97.51%，阿里巴巴-W大涨77.50%，小鹏汽车-W大涨70.10%，百度集团-SW大涨59.01%，腾讯音乐- SW大涨58.44%。 这张榜单揭示了2025年资金在科技领域的偏好顺序： | 序号 | 代码 | 名称 | 最新价 | 涨跌幅 | 年初至今涨跌 √ | | --- | --- | --- | - ...