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]

Core Insights - The Hang Seng Index rose by 1.05% on October 27, with southbound trading totaling HKD 129.77 billion, resulting in a net inflow of HKD 2.87 billion [1][2]. Trading Activity - Southbound trading saw a total of HKD 663.19 billion in buy transactions and HKD 634.46 billion in sell transactions, leading to a net buy of HKD 28.73 billion [1]. - The Hong Kong Stock Connect (Shenzhen) recorded a total trading volume of HKD 49.89 billion, with net buying of HKD 1.23 billion, while the Hong Kong Stock Connect (Shanghai) had a total trading volume of HKD 79.88 billion and net buying of HKD 1.65 billion [1]. Active Stocks - The most actively traded stock was SMIC, with a total trading volume of HKD 10.60 billion and a net buy of HKD 1.14 billion, closing up by 3.50% [1][2]. - Alibaba had a total trading volume of HKD 10.52 billion but faced a net sell of HKD 1.99 billion, closing up by 3.15% [1][2]. - Other notable stocks included Tencent, with a net buy of HKD 1.03 billion, and Hua Hong Semiconductor, with a net buy of HKD 0.99 billion [1][2]. Continuous Net Buying - Three stocks have seen continuous net buying for more than three days: SMIC (5 days), CNOOC (4 days), and Tencent (4 days) [2]. - CNOOC had the highest net buy amount during this period, totaling HKD 3.52 billion, followed by SMIC with HKD 2.94 billion and Tencent with HKD 1.98 billion [2].

Group 1 - Southbound funds net bought Hong Kong stocks worth 2.873 billion HKD on October 27, with notable purchases including SMIC (1.143 billion), Tencent (1.03 billion), and CNOOC (544 million) [1] - Southbound funds have continuously net bought SMIC for 5 days, totaling 2.94096 billion HKD, and Tencent for 4 days, totaling 1.97926 billion HKD [3] - CNOOC has also seen 4 consecutive days of net buying, amounting to 3.52 billion HKD [3] Group 2 - Tencent's AI tool application, ima, released its 2.0 version on October 27, introducing a "task mode" that enhances cross-department collaboration efficiency by approximately 30% [4] - ZTE Corporation won a bid for a project from China Unicom worth 71.709 million CNY for the construction of a resource pool in Henan [4] - Citigroup forecasts that Xiaomi Group will announce its Q3 2025 results on November 18, with expectations of slightly lower performance due to smartphone gross margins and IoT revenue [4] - Ideal Auto addressed a fire incident involving its MEGA model, confirming that all passengers were safe and that the company is cooperating with fire department investigations [4]

Core Insights - On October 27, 2025, SMIC (00981), Alibaba-W (09988), and Xiaomi Group-W (01810) were the top three stocks by trading volume in the Southbound Stock Connect, with trading amounts of 6.595 billion, 5.869 billion, and 4.542 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), SMIC (00981), and Xiaomi Group-W (01810) also ranked as the top three, with trading amounts of 4.648 billion, 4.008 billion, and 3.210 billion respectively [1] Southbound Stock Connect (Hong Kong) - The top three active stocks by trading amount were: - SMIC (00981): 6.595 billion, net buy of -1.9798 million - Alibaba-W (09988): 5.869 billion, net buy of -1.204 billion - Xiaomi Group-W (01810): 4.542 billion, net buy of +457 million [2] - Other notable stocks included Tencent Holdings (00700) with 3.630 billion and a net buy of +1.256 billion, and Pop Mart (09992) with 1.828 billion and a net buy of +492 million [2] Southbound Stock Connect (Shenzhen) - The top three active stocks by trading amount were: - Alibaba-W (09988): 4.648 billion, net buy of -780 million - SMIC (00981): 4.008 billion, net buy of +1.145 billion - Xiaomi Group-W (01810): 3.210 billion, net buy of -575 million [2] - Other notable stocks included Huahong Semiconductor (01347) with 2.402 billion and a net buy of +1.162 billion, and Tencent Holdings (00700) with 2.054 billion and a net buy of -226 million [2]

Core Insights - The ICCAD Expo serves as a significant platform for the semiconductor industry, gathering over 400 leading companies in EDA, IP, IC design services, foundry, and packaging [3] - The event aims to facilitate collaboration and exchange among industry leaders and experts, providing insights into the latest trends and developments in the semiconductor sector [8][9] Industry Overview - In 2023, the total sales revenue of China's chip design industry is approximately 646.04 billion RMB, with regional contributions from the Yangtze River Delta (382.84 billion RMB), Pearl River Delta (166.21 billion RMB), and Central and Western regions (98.55 billion RMB) [5] - There are 731 companies in the industry with revenues exceeding 100 million RMB, an increase of 106 companies from the previous year, accounting for 87.15% of the total industry sales [5] Event Highlights - The ICCAD Expo 2025 will take place on November 20-21, 2025, in Chengdu, featuring a high-level forum and multiple sub-forums focusing on cutting-edge technologies and innovations in the semiconductor industry [7][12] - The event will host over 8,000 industry professionals, including 2,000 IC design companies and 300 service providers, ensuring high-level networking opportunities [16] Key Presentations - Professor Wei Shaojun, Chairman of the Integrated Circuit Design Branch of the China Semiconductor Industry Association, will present the "2025 China Integrated Circuit Design Industry Status and Development Report," providing authoritative statistics on sales and regional development [15] - The forum will feature presentations from CEOs and CTOs of leading companies, sharing insights on technology and industry development [16]

Core Insights - The Hong Kong stock market saw a net inflow of 28.73 billion HKD from northbound trading, with 16.46 billion HKD from the Shanghai Stock Connect and 12.27 billion HKD from the Shenzhen Stock Connect [1] Group 1: Stock Performance - The most net bought stocks included SMIC (00981), Tencent (00700), and Hua Hong Semiconductor (01347) [1] - The most net sold stocks were Alibaba-W (09988), Li Auto-W (02015), and Xiaomi Group-W (01810) [1] - SMIC had a net inflow of 32.97 billion HKD, while Alibaba-W faced a net outflow of 19.84 billion HKD [2][7] Group 2: Sector Trends - Northbound capital is increasingly favoring semiconductor stocks, with SMIC and Hua Hong Semiconductor receiving net inflows of 11.43 billion HKD and 9.86 billion HKD, respectively [4] - The "14th Five-Year Plan" emphasizes high-quality development and technological self-reliance, which is expected to boost the semiconductor industry [4] - Analysts predict that AI computing demand will drive expansion in domestic and international logic and memory manufacturers [4] Group 3: Company-Specific Developments - Tencent (00700) received a net inflow of 10.3 billion HKD, attributed to strong performance in its gaming segment, with a nearly 15% year-on-year increase in domestic revenue [5] - Alibaba-W (09988) is expected to have capital expenditures reaching 460 billion HKD, significantly higher than its previous target of 380 billion HKD, driven by surging AI demand [7] - Bubble Mart (09992) saw a net inflow of 4.89 billion HKD, with a reported sales growth of 245% to 250% in Q3, exceeding expectations [5]

Core Viewpoint - The article discusses the investment strategy of Zhao Yi, focusing on three main sectors: AI, lithium battery, and military industry, highlighting a shift from a single focus on new energy to a diversified approach that includes technology and industries in transition [1][17]. Fund Performance - The fund managed by Zhao Yi, named Quan Guo Xu Yuan, achieved a net value growth of 4.75% since its inception, with a notable performance of 45.5% in the third quarter [3][8]. - Despite the recent performance, the fund has underperformed against its benchmarks and the CSI 300 index in previous years, particularly in 2023 where it recorded a -25.87% return [6][7]. Investment Strategy - Zhao Yi's investment strategy has evolved to a "dual allocation" approach, focusing on both the technology AI sector and industries in transition, particularly in new energy and military [11][17]. - The fund's top ten holdings now include a mix of sectors, with 70% of its top holdings in new energy, indicating a diversification in its investment portfolio [11][12]. Portfolio Composition - As of the end of the third quarter, the fund's top ten holdings accounted for over 60% of its total assets, with a turnover rate of 26.9%, suggesting a more stable portfolio structure [13][14]. - Key stocks in the portfolio include Ningde Times, Tencent, and new additions like Tianqi Lithium and Alibaba, reflecting a strategic shift towards high-growth sectors [15][16]. Market Outlook - Zhao Yi is optimistic about the lithium battery sector, particularly focusing on materials with tight supply and long production cycles, predicting a healthier and more sustainable price and volume growth compared to previous cycles [17][18]. - The article emphasizes the importance of AI in Zhao Yi's strategy, targeting internet leaders, new application-driven companies, and cloud service providers [17].