Core Viewpoint - The Hong Kong stock market, particularly the semiconductor chip industry, is experiencing a strong rebound, with the Hong Kong Stock Connect Information C Index rising over 2%, significantly outperforming other technology indices [1][10]. Group 1: Market Performance - The Hong Kong Stock Connect Information C Index has a year-to-date increase of over 39% [1][10]. - The Hong Kong Stock Connect Information Technology ETF (159131) recorded a single-day trading volume of 77.27 million yuan, recovering both the 5-day and 20-day moving averages [2][11]. Group 2: Key Stocks and Movements - Notable stock performances include InnoCare Pharma rising over 15%, Midea Group increasing over 11%, and UBTECH Robotics gaining over 8% [5][15]. - Semiconductor companies like SMIC and iFlytek also saw increases of over 4% [5][15]. Group 3: Industry Developments - SMIC plans to acquire a 49% stake in SMIC North, which will become a wholly-owned subsidiary, and will receive a cash injection of $7.778 billion for SMIC South [3][12]. - This capital operation is expected to create opportunities for domestic chips, particularly in semiconductor equipment and AI infrastructure [3][12]. Group 4: Market Outlook - The semiconductor market in China is projected to reach $176.9 billion in 2024, with a year-on-year growth of 15.9%, and is expected to reach $206.7 billion by 2025 [4][13]. - The domestic semiconductor industry is making progress from downstream manufacturing to upstream core equipment, materials, and software, driven by national policies and international dynamics [4][13]. Group 5: Valuation Insights - The Hong Kong Information Technology ETF (159131) has a current P/E ratio of 33.25, which is significantly lower than the ChiNext Index at 41.04 and the Nasdaq 100 at 36.23, indicating a favorable investment valuation [6][16]. - The ETF focuses on a composition of 70% hardware and 30% software, covering 42 hard tech companies, with significant weights in SMIC (15.19%) and Xiaomi (14.21%) [8][18].

Core Viewpoint - The article discusses the acquisition of a 49% stake in Zhongxin North by SMIC, emphasizing the strategic move to enhance its position in the semiconductor industry and the significance of this transaction for the domestic semiconductor sector [2]. Group 1: Acquisition Details - SMIC plans to acquire 49% of Zhongxin North for approximately 40.601 billion yuan, which will result in SMIC owning 100% of Zhongxin North [2]. - Zhongxin North, established in July 2013 with a registered capital of 4.8 billion USD, focuses on 12-inch wafer manufacturing with processes ranging from 65nm to 28nm [2]. - The company has initiated a 12-inch integrated circuit production line project, covering an area of about 286,000 square meters, with a planned monthly capacity of 70,000 12-inch wafers [2]. Group 2: Valuation and Financials - The equity book value of Zhongxin North is reported at 41.8 billion yuan, with an assessed value of 82.8 billion yuan, indicating a valuation increase of 41 billion yuan and a premium rate of 98.19% [2]. - SMIC also announced a new joint venture agreement with the National Integrated Circuit Fund and other investors, increasing the registered capital of Zhongxin South from 6.5 billion USD to approximately 10.0773 billion USD [2].

12月30日港股市场，北水成交净卖出38.45亿港元，其中港股通(沪)成交净卖出13.27亿港元，港股通(深)成交净卖出25.18亿港 元。 港股通(深)活跃成交股 北水再度加仓芯片股。中芯国际(00981)、华虹半导体(01347)分别获净买入7.59亿、1.77亿港元。消息面上，12月29日晚，中 芯国际公告称，公司拟向国家集成电路基金等5名中芯北方股东发行股份购买其所持有的标的公司49%股权，交易价格406亿 元。本次交易完成后，中芯国际将持有中芯北方100%的股权。国泰君安认为，随着全球半导体周期触底回升，叠加国内政 策与资金双重支持，以中芯国际为代表的制造龙头将迎来业绩与估值双修复窗口期。 中海油(00883)获净买入4.6亿港元。消息面上，华泰证券认为，美欧对俄制裁带来的风险溢价已基本消退，北半球需求淡季 叠加OPEC+前期目标增量逐步释放，供需宽松局势下26Q1油价或仍有小幅下行空间，26Q2-Q3油价有望在需求进入旺季的带 动下见底并上探，预计25/26年布伦特均价为68/62 美元/桶。 工商银行(01398)获净买入3.56亿港元。消息面上，国信证券表示，展望2026年，驱动银行春节前行情 ...

头部晶圆厂获增资，晶圆代工景气向上 强于大市( 维持) 行情走势图 证券分析师 | 杨钟 | 投资咨询资格编号 | | --- | --- | | | S1060525080001 | | | yangzhong035@pingan.com.cn | | 陈福栋 | 投资咨询资格编号 | | | S1060524100001 | | | CHENFUDONG847@pingan.com.cn | | 徐勇 | 投资咨询资格编号 | | | S1060519090004 | | | XUYONG318@pingan.com.cn | | 徐碧云 | 投资咨询资格编号 | | | S1060523070002 | | | XUBIYUN372@pingan.com.cn | | 郭冠君 | 投资咨询资格编号 | | | S1060524050003 | 行 业 报 告 行业点评 GUOGUANJUN625@pingan.com.cn 事项： 近日中芯国际公告，中芯南方注册资本由65亿美元增加至100.773亿美元，中 芯控股持有的中芯南方股权增长到41.561%。 平安观点： 电子 2025年12月30日 行 业 ...

12月30日，南下资金净卖出港股38.45亿港元，为连续第三日净卖出。 北水关注个股 三花智控：国家知识产权局信息显示，绍兴三花汽车热管理科技有限公司申请一项名为"一种电子膨胀 阀和冷却器"的专利，公开号CN121230260A，申请日期为2024年6月。 中芯国际：12月29日晚，中芯国际公告称，公司拟向国家集成电路基金等5名中芯北方股东发行股份购 买其所持有的标的公司49%股权，交易价格406亿元。本次交易完成后，中芯国际将持有中芯北方100% 的股权，中芯北方将成为公司的全资子公司。中芯北方主要为客户提供不同工艺平台的12英寸集成电路 晶圆代工及配套服务。 优必选：近日，智能机器人领军企业优必选宣布，通过"协议转让+要约收购"的方式，收购深交所上市 公司锋龙股份共计93,957,518股，占该公司股份总数的43%，收购总对价达16.65亿元。 中国海洋石油：近期国际地缘政治事件成为股价波动的重要催化剂。俄乌局势的紧张升级，特别是乌克 兰无人机袭击俄罗斯官邸的消息，加剧了市场对原油供应中断的忧虑。这种外部风险直接提振了石油板 块的整体情绪。 据统计，南下资金已连续11日净卖出中国移动，共计96.4576亿 ...

中芯国际（688981.SH）12月29日晚间公告称，公司拟向国家集成电路基金等5名中芯北方股东发行股 份购买其所持有的标的公司49.00%股权，交易价格406.01亿元。 | A 股代码:688981 | A 股简称:中芯国际 公告编号:2025-039 | | --- | --- | | 港股代码:00981 | 港股简称:中芯国际 | 本次交易完成后，中芯国际将持有中芯北方100.00%的股权，中芯北方将成为公司的全资子公司。 公开资料显示，中芯北方于2013年7月成立于北京，注册资本48亿美元，由中芯国际与北京市政府共同 投资设立，主要从12英寸晶圆制造，工艺范围涵盖65至28纳米。 中芯国际表示，中芯北方作为上市公司（中芯国际）的控股子公司，主要为客户提供不同工艺平台的12 英寸集成电路晶圆代工及配套服务。中芯国际与中芯北方在工艺技术、客户网络、供应链、核心技术及 产能布局等方面具备协同效应，本次交易有利于进一步提高上市公司资产质量、增强业务上的协同性， 促进上市公司的长远发展，有利于维护上市公司全体股东的利益。 截至2025年12月29日收盘，中芯国际(688981)报收于122.5元，上涨0.3 ...

日本[Table_Title] 日积跬步，水涨船高 ——26 年港股策略展望 [Table_Page] 投资策略|年度报告 2025 年 12 月 30 日 证券研究报告 [Table_Summary] 报告摘要： | [分析师： Table_Author]刘晨明 | | | --- | --- | | | SAC 执证号：S0260524020001 | | SFC CE No. BVH021 | | | 010-59136616 | | | | liuchenming@gf.com.cn | | 分析师： | 余可骋 | | | SAC 执证号：S0260524030007 | | SFC CE No. BRU880 | | | 0755-82565905 | | | | yukecheng@gf.com.cn | 972918116公共联系人2025-12-30 18:24:55 1 / 42 识别风险，发现价值 请务必阅读末页的免责声明 ⚫ 日积跬步：（1）本轮港股资产上涨具备基本面支撑，由于较 A 股更少 的传统经济板块，自 2024 年下半年开始，在内外需共同企稳、宏观政 策发力托底的背景下，港股 ...

Market Overview - The Hong Kong stock market indices collectively rose, with the Hang Seng Index increasing by 0.86% to close at 25,854.6 points and a total trading volume of HKD 199.69 billion [1] - The Hang Seng Tech Index rose by 1.74%, while the Hang Seng China Enterprises Index increased by 1.12% [1] - Everbright Securities noted that the overall profitability of Hong Kong stocks is relatively strong, with sectors like internet, new consumption, and innovative pharmaceuticals being relatively scarce [1] Blue-Chip Stocks Performance - Baidu Group-SW (09888) led blue-chip stocks, rising by 8.9% to HKD 129.7, contributing 20.99 points to the Hang Seng Index [2] - Other notable blue-chip performances included SMIC (00981) up 4.24% and CNOOC (00883) up 3.97% [2] Sector Highlights Technology Sector - Major tech stocks saw gains, with Baidu rising nearly 9%, Alibaba up 0.84%, and Tencent up 0.59% [3] - The robotics sector surged, with companies like Sihai Zhikong (002050) increasing over 12% amid expectations of Tesla's Optimus project [3][4] Semiconductor Sector - Semiconductor stocks performed well, with InnoSilicon (02577) rising by 15.35% and SMIC (00981) up 4.24% [4] - Nvidia's announcement of partnerships for an 800V direct current architecture marks a significant advancement in AI data centers [4] Oil Sector - Oil stocks generally rose, with CNOOC (00883) increasing by 3.97% and PetroChina (00857) up 2.42% due to rising oil prices amid geopolitical tensions [6] - Everbright Securities anticipates that the "three oil giants" will maintain high capital expenditures and continue to expand in the natural gas market [6] Non-Ferrous Metals Sector - Non-ferrous metal stocks rebounded, with China Aluminum (02600) up 5.27% and Zijin Mining (02899) up 3.63% [6][7] Notable Stock Movements - The Hong Kong Stock Exchange saw significant movements with stocks like InnoSilicon (03696) rising by 24.66% and Wuyi Vision (06651) up 29.9% following their IPOs [8] - Meta's acquisition of an AI startup boosted AI-related stocks, with MaiFushi (02556) rising by 11.07% [9] Company Announcements - SMIC announced plans to acquire a 49% stake in SMIC North for approximately RMB 40.6 billion, focusing on 12-inch integrated circuit wafer foundry services [5] - Ganfeng Lithium (01772) faced pressure after being implicated in insider trading allegations, although the company stated that its operations remain normal [11]

Core Viewpoint - The Hong Kong stock market experienced significant net selling from northbound capital, totaling HKD 38.45 billion, with notable net selling in major stocks like Tencent and China Mobile, while stocks like SMIC and CNOOC saw net buying [1][5]. Group 1: Northbound Capital Flow - Northbound capital had a net selling of HKD 38.45 billion on December 30, with HKD 13.27 billion from the Shanghai Stock Connect and HKD 25.18 billion from the Shenzhen Stock Connect [1]. - The stocks with the highest net buying included SMIC (00981), CNOOC (00883), and ICBC (01398) [1]. - The stocks with the highest net selling included the Tracker Fund of Hong Kong (02800), Tencent (00700), and China Mobile (00941) [1]. Group 2: Individual Stock Performance - SMIC saw a net inflow of HKD 3.49 billion, with a total transaction volume of HKD 35.17 billion [2]. - CNOOC received a net buying of HKD 4.6 billion, with analysts noting a potential stabilization in oil prices due to seasonal demand and OPEC+ production adjustments [5]. - ICBC had a net inflow of HKD 3.56 billion, supported by expectations of stable credit growth in 2026 [5]. Group 3: Sector Trends - The semiconductor sector is gaining attention, with SMIC and Hua Hong Semiconductor receiving significant net buying, driven by positive market sentiment and government support [4]. - The robotics sector is also attracting investment, with stocks like Sihai Intelligent Control and UBTECH Robotics seeing net inflows, amid expectations of upcoming projects in North America [5]. - The technology sector showed mixed results, with Meituan (03690) experiencing net buying, while Alibaba (09988) and Tencent faced substantial net selling [6]. Group 4: Market Sentiment - The market sentiment remains cautious, with analysts suggesting that while there may be short-term opportunities, the overall environment is still under pressure, particularly for the Hong Kong market [7]. - The Tracker Fund of Hong Kong faced significant net selling, indicating a potential lack of confidence in the broader market [7].

每经AI快讯，南向资金今日净卖出38.45亿港元。其中，盈富基金、腾讯控股分别遭净卖出16.12亿港 元、12.79亿港元；中芯国际获净买入约7.59亿港元。 ...