Group 1 - The core point of the article highlights significant movements in the semiconductor industry, particularly acquisitions and investments by major players like SMIC, Huahong Semiconductor, and Jinghe Integrated [1][2][3] - SMIC announced plans to acquire 49% of the shares of its subsidiary, SMIC North, for 40.6 billion yuan, aiming to fully own the company and consolidate its operations [1][4][5] - Huahong Semiconductor plans to acquire 97.4988% of Huahong Micro for 8.268 billion yuan, enhancing its control over the company and addressing competition within its group [2][6][7] - Jinghe Integrated has initiated a new project with a total investment of 35.5 billion yuan, focusing on expanding its production capacity and technological capabilities in the semiconductor sector [2][8] Group 2 - SMIC North, established in 2013, has become a key production base for SMIC, with a monthly capacity of 70,000 wafers and advanced technology covering 40nm and 28nm processes [4][5] - The financial performance of SMIC North is strong, with projected revenues of 11.575 billion yuan and 12.98 billion yuan for 2023 and 2024, respectively, indicating significant profit contributions to SMIC [5] - Huahong Micro's core asset is a fully automated 12-inch wafer production line with a monthly capacity of 38,000 wafers, which will enhance Huahong Semiconductor's market position post-acquisition [7] - Jinghe Integrated's new project will add a 55,000 wafers/month production line, focusing on 40nm and 28nm processes, catering to various applications including AI and smart devices [8][9] Group 3 - The global wafer foundry market is expected to grow, with projections indicating an 18.3% increase in the semiconductor market size by 2026, reaching $880 billion [10] - The demand for mature process nodes (22-28nm) is anticipated to shift, with China's share in the global market expected to rise significantly by 2030 [10] - Major foundries, including SMIC and Huahong Semiconductor, are operating at high capacity utilization rates, indicating strong demand and potential for revenue growth [11][12] - Recent trends show a price increase in wafer foundry services, with SMIC and other companies raising prices by approximately 10% for certain processes, reflecting the industry's tightening supply and demand dynamics [12]

Group 1 - The net outflow of southbound funds from Hong Kong stocks today amounted to HKD 4.9 billion, with notable net purchases in Xiaomi Group (HKD 1.072 billion), Tencent Holdings (HKD 0.863 billion), SMIC (HKD 0.563 billion), Alibaba (HKD 0.35 billion), and Goldwind Technology (HKD 0.13 billion) [1] - The net sales included significant amounts in the Tracker Fund of Hong Kong (HKD 6.284 billion), Hang Seng China Enterprises (HKD 2.878 billion), Southern Hang Seng Technology (HKD 1.288 billion), China Mobile (HKD 0.732 billion), Hua Hong Semiconductor (HKD 0.413 billion), Meituan (HKD 0.227 billion), and Kuaishou (HKD 0.122 billion) [1] - Southbound funds have recorded six consecutive days of net purchases in Xiaomi, totaling HKD 4.6844 billion, and five consecutive days of net purchases in Alibaba, totaling HKD 2.46627 billion; conversely, there have been four consecutive days of net sales in China Mobile, totaling HKD 3.13893 billion [1] Group 2 - In the Shanghai Stock Connect, Alibaba saw a decline of 2.3% with a net purchase of HKD 0.311 billion, while Tencent experienced a drop of 1.3% with a net outflow of HKD 4.631 billion [4] - SMIC had a slight increase of 0.3% with a net purchase of HKD 0.34 billion, and Xiaomi Group saw a decrease of 0.4% with a net purchase of HKD 0.578 billion [4] - Goldwind Technology increased by 2.7% with a net purchase of HKD 0.13 billion, while China Mobile decreased by 0.6% with a net outflow of HKD 0.732 billion [4]

Group 1: Investment Trends - Net purchases included Xiaomi Group at 1.072 billion, Tencent Holdings at 863 million, SMIC at 563 million, Alibaba at 350 million, and Goldwind Technology at 130 million [1] - Net sales included the Tracker Fund at 6.284 billion, Hang Seng China Enterprises at 2.878 billion, Southern Hang Seng Technology at 1.288 billion, China Mobile at 732 million, and Hua Hong Semiconductor at 413 million [1] - Southbound funds have recorded six consecutive days of net purchases for Xiaomi, totaling 4.6844 billion HKD, and five consecutive days for Alibaba, totaling 2.46627 billion HKD [1] Group 2: Stock Performance - Alibaba-W saw a decline of 2.3% with a net purchase of 311 million and a transaction volume of 5.722 billion [4] - Tencent Holdings experienced a drop of 1.4% with a net purchase of 585 million and a transaction volume of 2.263 billion [4] - Goldwind Technology increased by 2.7% with a net purchase of 130 million and a transaction volume of 1.797 billion [4] Group 3: Company Insights - Tencent Holdings is viewed positively for its monetization capabilities among moderate to heavy users, despite short-term competition concerns in the music sector [5] - SMIC's acquisition of 49% of the shares in SMIC North is expected to positively impact both short-term and long-term shareholder value, with a projected increase in net profit of over 120 million USD by 2026 [5] - Alibaba's recent communication indicates significant progress in its Taobao Flash Sale initiative, with a clear strategy for market share growth and increased investment [5] Group 4: Analyst Ratings - Daiwa has upgraded Goldwind Technology's rating to "Outperform" with a target price raised to 17 HKD [6]

Core Insights - On January 8, 2026, Alibaba-W (09988), the Tracker Fund of Hong Kong (02800), and SMIC (00981) were the top three stocks by trading volume in the Southbound Stock Connect, with trading amounts of 57.22 billion, 48.64 billion, and 33.52 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and SMIC (00981) also ranked as the top three stocks, with trading amounts of 37.64 billion, 23.27 billion, and 22.18 billion respectively [1] Southbound Stock Connect Trading Activity - **Top Active Companies in Southbound Stock Connect**: - Alibaba-W (09988): Trading amount of 57.22 billion, net inflow of +3.11 billion [2] - Tracker Fund of Hong Kong (02800): Trading amount of 48.64 billion, net outflow of -46.31 billion [2] - SMIC (00981): Trading amount of 33.52 billion, net inflow of +3.40 billion [2] - Xiaomi Group-W (01810): Trading amount of 23.97 billion, net inflow of +5.78 billion [2] - Tencent Holdings (00700): Trading amount of 22.63 billion, net inflow of +5.85 billion [2] Shenzhen-Hong Kong Stock Connect Trading Activity - **Top Active Companies in Shenzhen-Hong Kong Stock Connect**: - Alibaba-W (09988): Trading amount of 37.64 billion, net inflow of +398.60 million [2] - Tencent Holdings (00700): Trading amount of 23.27 billion, net inflow of +2.79 billion [2] - SMIC (00981): Trading amount of 22.18 billion, net inflow of +2.24 billion [2] - Meituan-W (03690): Trading amount of 19.69 billion, net outflow of -3.20 billion [2] - Xiaomi Group-W (01810): Trading amount of 17.10 billion, net inflow of +4.94 billion [2]

Group 1 - The Hong Kong stock market experienced a net sell-off of 49.01 billion HKD from northbound capital on January 8, with the Shanghai-Hong Kong Stock Connect contributing a net sell of 39.68 billion HKD and the Shenzhen-Hong Kong Stock Connect a net sell of 9.33 billion HKD [1] - The stocks with the highest net buy from northbound capital included Xiaomi Group-W (01810), Tencent (00700), and SMIC (00981) [1] - The stocks with the highest net sell included the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and Southern Hang Seng Technology (03033) [1] Group 2 - Alibaba-W (09988) saw a net buy of 3.5 billion HKD, while China Mobile (00941) faced a net sell of 7.32 billion HKD [7] - Xiaomi Group-W (01810) received a net buy of 10.71 billion HKD, driven by expected revenue growth from its electric vehicle business and steady growth in its IoT segment [4] - Tencent (00700) had a net buy of 8.63 billion HKD, with optimistic outlooks from analysts regarding its role in the AI technology sector [5] Group 3 - The Tracker Fund of Hong Kong (02800) experienced a significant net sell of 46.31 billion HKD, indicating a strong outflow of capital [2] - SMIC (00981) had a net buy of 5.63 billion HKD, while Hua Hong Semiconductor (01347) faced a net sell of 4.13 billion HKD, reflecting a divergence in the semiconductor sector [5] - Goldwind Technology (02208) received a net buy of 1.3 billion HKD, with potential positive catalysts from its stake in Blue Arrow Aerospace [5]

Core Viewpoint - The company’s subsidiary, Jiangsu Sujing, is a comprehensive supplier in the clean and environmental protection sector, providing technological innovation, equipment manufacturing, and overall engineering solutions for the semiconductor industry [1] Group 1: Company Overview - Jiangsu Sujing is recognized as a qualified supplier for major companies such as Shanghai Microelectronics, SMIC, and SK Hynix [1] - The current business scale of Jiangsu Sujing is relatively small, resulting in a minimal impact on the company's overall revenue [1]

Group 1 - Chip stocks are performing strongly, with Shanghai Fudan up 3.98% at HKD 52.3, Huahong Semiconductor up 3.19% at HKD 92.15, and SMIC up 2.81% at HKD 76.8 [1] - During CES 2026, major chip companies Nvidia, AMD, and Intel are competing by launching new AI chip products, with Nvidia showcasing the next-generation Vera Rubin platform consisting of six independent chips, featuring 72 GPUs and 36 CPUs [1] - Nvidia's CEO Jensen Huang announced that the Vera Rubin platform is in full production and expected to ship later this year, with AI computing capabilities up to five times that of previous chips [1] Group 2 - Nvidia is finalizing details with the US government regarding the export license for the H200 chip to China, with expectations for delivery soon [1] - Morgan Stanley anticipates that the H200 chip will help meet China's training needs and potentially increase demand for inference chips, thereby expanding market demand [2] - Morgan Stanley is optimistic about SMIC, viewing it as a key supporter of localizing AI in China, and expects strong demand for advanced logic chips [2]

Core Viewpoint - The chip industry in 2025 is experiencing significant fluctuations due to tariff events and supply shortages, leading to price surges and market speculation, with mixed sentiments regarding overall demand growth [3][4]. Original Manufacturers - Domestic analog manufacturers report a 20% decline in consumer segment revenue for 2025 compared to 2024, while industrial segment revenue is expected to double, returning to levels seen in 2020-2022, with a projected 30% growth in 2026 [3][4]. - Overseas chip manufacturers anticipate stable revenue in 2025 compared to 2024, with new opportunities arising in the automotive sector [5]. Distributors - Chip distributors indicate an increase in customer volume and product lines in 2025, but face declining profit margins and extended payment terms, with overall risks increasing [7]. - A distributor focusing on trade reports a stable performance in 2025, with opportunities arising from the storage sector and a cautious outlook for 2026 due to high risks associated with new products [8][15]. Trade - Chip traders report a 50% increase in business in 2025 compared to 2024, driven by demand for ADI and storage products, with a positive outlook for 2026 [18]. - Another trader notes that demand for storage products has improved significantly since March 2025, with expectations of a favorable market in 2026 due to AI server demand and rising raw material costs [19]. Foreign Trade - Foreign trade companies indicate improved performance in 2025, primarily due to business from the Anshi brand, with strong demand from Europe and the US [21][22]. Solution Providers - Chip solution providers report growth in 2025, particularly in the second half of the year, but express concerns about market competition and uncertainty in product development cycles [24][25]. Major Companies Dynamics - TSMC reported a revenue of NT$343.6 billion in November 2025, with a year-on-year increase of 24.5%, and revised its revenue growth forecast for 2025 to mid-thirty percent [28]. - SMIC achieved a revenue of $2.382 billion in Q3 2025, with a year-on-year growth of 17.4%, and plans to raise prices for certain processes by 10% [29]. - Hua Hong Semiconductor reported a revenue of $6.352 billion in Q3 2025, with a utilization rate exceeding 100% for seven consecutive quarters [30]. - Longsys Technology achieved a revenue of NT$100.6 billion in Q3 2025, marking a historical high and a year-on-year increase of 14.8% [31]. - Foxconn reported a 22.07% year-on-year revenue growth in Q4 2025, driven by strong performance in AI-related infrastructure [32]. - Winbond's revenue reached NT$107.93 billion in the first 11 months of 2025, a year-on-year increase of 24.98%, attributed to strong demand in automotive and communication components [34].

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The strong demand for AI is expected to drive price increases for TSMC's advanced process technology from 2026 to 2029, indicating a trend of continuous supply shortages globally [3][4] - Domestic demand for advanced logic chips is anticipated to rise rapidly, with significant growth in both demand and supply expected during the 14th Five-Year Plan period [5] - Recent capital market activities by SMIC and Hua Hong Semiconductor suggest improvements in profitability and advancements in advanced logic processes [6] Summary by Sections Industry Trends - TSMC's N2 node is set to begin mass production in Q4 2025, with initial monthly capacity of approximately 35,000 wafers, expected to increase to 140,000 wafers by the end of 2026, surpassing previous market estimates [4] - The demand for advanced processes remains tight despite the early ramp-up of U.S. wafer fabs and the unexpected capacity of 2nm technology [4] Demand and Supply Dynamics - The import scale of core semiconductor equipment in Shanghai reached approximately 55.8 billion yuan from January to November 2025, a 41% increase compared to 2024, indicating a favorable expansion pace [5] - The trend of "China for China" in advanced process foundries is expected to gain momentum as domestic technology matures [5] Capital Market Activities - SMIC's acquisition of the remaining 49% stake in SMIC North is expected to enhance profit margins, with a projected 19% increase in net profit for the first eight months of 2025 [6] - Hua Hong's acquisition of Hua Li Micro is anticipated to improve revenue by 30% and net profit by 269% for the same period [6] Investment Recommendations - The semiconductor equipment and foundry sectors are expected to benefit from the growth in advanced process demand, with recommended stocks including SMIC, Hua Hong Semiconductor, and others [7]

该行称，是否批准所有云服务商的H200芯片采购仍存在不确定性，因可能影响国产芯片普及，但预计 云服务提供商将结合H200与本地芯片使用，尤其在推理需求上。 摩根士丹利发布研报称，看好中芯国际(00981)，因其是"中国人工智能本地化的关键支持者"，且因先 进逻辑芯片需求将保持强劲，并对中国芯片设备企业持积极看法。 大摩预计H200有助于满足中国训练需求，并可能带来更多对推理芯片的需求，从而扩大市场需求。因 此，该行预计AI资本支出将有所增长，亦料中国芯片自给率预计将由2024年的24%提升至2027年的 30%。 ...