Core Viewpoint - The semiconductor sector in the Hong Kong stock market is experiencing a technical rebound, with SMIC (00981.HK) showing a slight increase in stock price after a period of adjustment, although it still reflects a decline year-to-date, indicating a complex high-level adjustment pattern in the market [1]. Technical Analysis - Key support levels for SMIC are identified at 64.9 HKD and 59.5 HKD, with the former being a critical battleground for buyers and sellers. If this support is breached, the next psychological support level is expected to be 59.5 HKD, which is seen as a "touchstone" for assessing the depth of the current adjustment [2]. - Resistance levels are set at 73.3 HKD and 77.3 HKD, with the former being a significant technical platform and the latter combining the 60-day moving average and previous high points, making a successful breakout crucial for reversing the current adjustment trend [2]. Market Dynamics - The overall sentiment in the semiconductor sector has improved, with signs of bottom-fishing capital entering the market. SMIC reported growth in both revenue and net profit for the first three quarters, maintaining a solid fundamental position. The company also noted a high capacity utilization rate and an increase in average selling prices due to product mix optimization [5]. Derivative Products and Strategies - A new bull certificate (65935) has been introduced to meet the rising demand for leveraged tools, featuring a buyback price set at 71.3 HKD, providing a safety margin of about 3 HKD from the current stock price, with a potential leverage of approximately 15 times [4]. - For bullish strategies, investors can consider products like HSBC Bull Certificate (60684) and UBS Bull Certificate (60514), which have buyback prices close to the critical support level of 59.5 HKD, offering substantial safety buffers [9]. - For bearish strategies, UBS Put Certificate (15954) and Bank of China Put Certificate (21281) are recommended, with exercise prices slightly below the first support level, making them effective tools for hedging risks or expressing a bearish outlook [16].

Group 1 - Semiconductor Manufacturing International Corporation (SMIC) has applied for a patent titled "Mask Layout and Its Graphic Addition Method," with publication number CN121454857A, and the application date is July 2024 [1] - The patent describes a mask layout that includes effective graphics aligned with the optimal resolution direction and virtual graphics positioned in blank areas, allowing for improved resolution management during photolithography processes [1] - The method aims to maximize the allowable width of virtual graphics without imaging on the wafer, thereby enhancing the yield and reliability of mask layouts while minimizing the risk of collapse or detachment of virtual graphics [1] Group 2 - SMIC, established in 2000 and located in Shanghai, primarily engages in the manufacturing of computers, communications, and other electronic devices, with a registered capital of 244 million USD [2] - The company has made investments in four enterprises, participated in 129 bidding projects, and holds 150 trademark records along with 5,000 patent records, in addition to 446 administrative licenses [2]

Group 1 - The core viewpoint of the article highlights the performance of the Chip Leader ETF (516640), which opened down by 1.75% at 1.122 yuan on February 6 [1] - Major holdings in the Chip Leader ETF experienced declines, with notable drops including Cambrian (down 1.49%), SMIC (down 1.48%), and GigaDevice (down 2.43%) [1] - The ETF's performance benchmark is the CSI Chip Industry Index return, managed by Fortune Fund Management Co., Ltd., with a return of 14.35% since its inception on August 19, 2021, and a return of 2.83% over the past month [1]

Group 1 - On February 5, SMIC's stock fell by 2.65% with a trading volume of 4.983 billion yuan, while the financing buy-in amounted to 628 million yuan and the net financing purchase was 180 million yuan [1] - As of February 5, the total financing and securities lending balance for SMIC was 13.318 billion yuan, with financing balance at 13.302 billion yuan, representing 5.95% of the circulating market value, indicating a high level compared to the past year [1] - In terms of securities lending, SMIC had a securities lending repayment of 12,700 shares and a securities lending sell-out of 15,800 shares, with a sell-out amount of 1.7674 million yuan, while the securities lending balance was 16.8648 million yuan, which is low compared to the past year [1] Group 2 - As of September 30, SMIC had 336,200 shareholders, an increase of 33.27% from the previous period, while the average circulating shares per person decreased by 25.41% to 6,134 shares [2] - For the period from January to September 2025, SMIC reported operating revenue of 49.51 billion yuan, a year-on-year increase of 18.22%, and a net profit attributable to shareholders of 3.818 billion yuan, up 41.09% year-on-year [2] - Among the top ten circulating shareholders as of September 30, 2025, notable changes included a decrease in holdings by several ETFs, while new shareholders included the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF and the E Fund CSI 300 ETF [2]

Group 1 - The semiconductor ETF (159813) opened down 1.34% at 1.182 yuan on February 6 [1] - Major holdings in the semiconductor ETF experienced declines, including SMIC down 1.48%, Haiguang Information down 1.00%, and Cambrian down 1.49% [1] - The performance benchmark for the semiconductor ETF is the National Securities Semiconductor Chip Index return rate, managed by Penghua Fund Management Co., Ltd. [1] Group 2 - Since its establishment on April 17, 2020, the semiconductor ETF has returned 79.62%, with a return of 3.35% over the past month [1]

Core Viewpoint - The Sci-Tech Chip ETF (588200) opened with a decline of 1.60%, indicating a negative market sentiment towards the semiconductor sector on February 6 [1] Group 1: ETF Performance - The Sci-Tech Chip ETF (588200) opened at 2.525 yuan, reflecting a decrease of 1.60% [1] - Since its establishment on September 30, 2022, the ETF has achieved a return of 157.22% [1] - The ETF has recorded a return of 4.60% over the past month [1] Group 2: Major Holdings Performance - Key holdings in the ETF include: - SMIC (中芯国际) down 1.48% [1] - Haiguang Information (海光信息) down 1.00% [1] - Cambricon (寒武纪) down 1.49% [1] - Lattice Semiconductor (澜起科技) down 1.87% [1] - Zhongwei Company (中微公司) down 1.23% [1] - Tuojing Technology (拓荆科技) down 0.37% [1] - Chipone (芯原股份) down 3.69% [1] - Hua Hong Semiconductor (华虹公司) down 1.90% [1] - Hu Silicon Industry (沪硅产业) unchanged [1] - Dongxin Co. (东芯股份) down 1.37% [1]

Core Insights - On February 5, a total of 3,769 stocks in the A-share market received financing funds, with 397 stocks having a buying amount exceeding 100 million [1] Group 1: Financing Buy Amount - The top three stocks by financing buy amount were Zhongji Xuchuang, Xinyi Sheng, and Zijin Mining, with amounts of 3.289 billion, 1.78 billion, and 1.312 billion respectively [1] - Four stocks had financing buy amounts accounting for over 30% of the total transaction amount on that day [1] Group 2: Financing Buy Proportion - The stocks with the highest financing buy amount proportion relative to total transaction amount were Shanxi Black Cat, Zhendede Medical, and Chengda Biology, with proportions of 61.97%, 36.14%, and 32.04% respectively [1] Group 3: Net Financing Buy Amount - Twenty stocks had a net financing buy amount exceeding 100 million, with Zhongji Xuchuang, Hikvision, and SMIC leading at 944 million, 253 million, and 180 million respectively [1]

Core Insights - The top three companies by stockholding ratio in the Hong Kong Stock Connect are China Telecom (71.39%), Gree Power Environmental (68.80%), and Haotian International Construction Investment (67.58%) [1] - Tencent Holdings, Xiaomi Group-W, and Pop Mart have seen the largest increases in stockholding amounts over the last five trading days, with increases of +36.02 billion, +22.89 billion, and +13.06 billion respectively [1] - Conversely, SMIC, Alibaba-W, and Zijin Mining International experienced the largest decreases in stockholding amounts, with reductions of -18.54 billion, -15.48 billion, and -11.14 billion respectively [2] Stockholding Ratios - The latest stockholding ratios for the top 20 companies in the Hong Kong Stock Connect are as follows: - China Telecom (00728): 99.09 million shares, 71.39% - Gree Power Environmental (01330): 2.78 million shares, 68.80% - Haotian International Construction Investment (01341): 75.00 million shares, 67.58% - Other notable companies include: - Kaisa New Energy (01108): 67.54% - Tianjin Chuangye Environmental Protection (01065): 66.84% [1] Recent Stock Increases - The top 10 companies with the largest stockholding increases in the last five trading days are: - Tencent Holdings (00700): +36.02 billion, +6.44 million shares - Xiaomi Group-W (01810): +22.89 billion, +6.55 million shares - Pop Mart (09992): +13.06 billion, +5.39 million shares - Other significant increases include: - Industrial and Commercial Bank of China (01398): +11.23 billion - China Merchants Bank (03968): +11.16 billion [1] Recent Stock Decreases - The top 10 companies with the largest stockholding decreases in the last five trading days are: - SMIC (00981): -18.54 billion, -2.75 million shares - Alibaba-W (09988): -15.48 billion, -0.97 million shares - Zijin Mining International (02259): -11.14 billion, -0.54 million shares - Other notable decreases include: - Zijin Mining (02899): -10.96 billion - Jiangxi Copper (00358): -6.97 billion [2]

| 股票名称 | 净流出(元)↓ | 净流出比 | 收盘价 | | --- | --- | --- | --- | | 盈富基金(02800) | -37.62 亿 | -16.47% | 27.000（+0.22%） | | 中芯国际(00981) | -15.84 亿 | -24.07% | 70.450（-2.42%） | | 阿里巴巴-W(09988) | -12.14 亿 | -6.84% | 161.000（-1.41%） | | 快手-W(01024) | -3.77 亿 | -7.36% | 73.450（-4.61%） | | 百济神州(06160) | -3.60 亿 | -32.55% | 205.800（+3.89%） | | 长飞光纤光缆(06869) | -1.87 亿 | -5.53% | 94.950（+12.23%） | | 中国宏桥(01378) | -1.62 亿 | -6.97% | 35.300（+1.26%） | | 中国太平(00966) | -1.49 亿 | -32.35% | 25.300（+2.51%） | | 长城汽车(02333) | -1.39 亿 ...

Group 1 - The core point of the news is that SMIC's stock price has been declining for four consecutive days, with a total drop of 9.08% during this period, closing at 111.80 CNY per share on February 5, with a market capitalization of 894.54 billion CNY [1] - SMIC specializes in integrated circuit wafer foundry services, offering a range of technology nodes from 0.35 microns to 14 nanometers, with 93.83% of its revenue coming from wafer foundry services [1] - The trading volume on February 5 was 4.983 billion CNY, with a turnover rate of 2.23% [1] Group 2 - Nord Fund's Nord Xingyuan Optimal Fund holds 9,505 shares of SMIC, representing 1.07% of the fund's net value, making it the tenth largest holding [2] - The fund has incurred a floating loss of approximately 28,900 CNY today and a total floating loss of 106,200 CNY during the four-day decline [2] - The fund manager, Hao Xudong, has a tenure of over 10 years, with the fund's total assets amounting to 290 million CNY and a best return of 115.84% during his management [2]