2025年11月25日，非本公司董事因行使根据2014以股支薪奖励计划(于2013年6月13日获采纳)所授予的 受限制股份单位而发行的5.68万股普通股股份。 智通财经APP讯，中芯国际(00981)发布公告，于2025年11月21日，根据2014以认股权计划(于2013年6月 13日获采纳)而发行1万股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 | 2). 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | 56,813 | 0.00071 % | HKD | 0.031 | | | --- | --- | --- | --- | --- | --- | | 而發行新股或轉讓庫存股份 - 涉及新股 | | | | | | | 非本公司董事因行使根據2014以股支薪獎勵計劃(於2013年6月13日 | | | | | | | 獲採納)所授予的受限制股份单位而發行的普通股股份 | | | | | | | 變動日期 2025年11月25日 | | | | | | | 於下列日期結束時的結存 (註5及6) 2025年11月25日 | 6,000,597,200 | | 0 | | 6,000,597,200 | | B. 贖回/購回股份 (擬註銷但截至期終結存日期尚未註銷) (註5及6) | | | | | | | 2. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 | 否 | ...

Core Viewpoint - SMIC's stock performance shows slight increase with a trading volume of 4.584 billion yuan and a market capitalization of 893.45 billion yuan, indicating its popularity in the A-share market [1] Group 1: Company Overview - SMIC is the largest integrated circuit manufacturing enterprise group in mainland China, recognized for its advanced technology and comprehensive support [2] - The company specializes in integrated circuit wafer foundry services, design services, IP support, and photomask manufacturing, with wafer foundry services accounting for 93.83% of its revenue [6] - As of September 30, 2025, SMIC reported a revenue of 49.51 billion yuan, representing a year-on-year growth of 18.22%, and a net profit of 3.818 billion yuan, up 41.09% year-on-year [6] Group 2: Investment and Shareholding - The National Integrated Circuit Industry Investment Fund holds a 1.61% stake in SMIC, reflecting government support for the company [2] - As of September 30, 2025, the number of shareholders in SMIC increased to 336,200, with an average of 6,134 shares held per shareholder [6] - Major shareholders have reduced their holdings, with significant decreases noted in several ETFs, indicating a shift in institutional investment [7] Group 3: Market Position and Trends - SMIC ranks second globally among pure wafer foundry companies and first among mainland Chinese enterprises based on the latest sales figures for 2024 [2] - The company is part of the China AI 50 index, which focuses on AI-related capabilities and performance metrics [2] - The average trading cost of SMIC shares is 123.25 yuan, with current price fluctuations between resistance at 119.22 yuan and support at 99.98 yuan, suggesting potential trading strategies [5]

Market Overview - The Hong Kong stock market showed a significant recovery on November 24, with all three major indices ending a streak of declines[9] - Large tech stocks performed strongly, with Kuaishou rising over 7%, and NetEase and Bilibili increasing over 5%[9] - The Hang Seng Tech Index closed at 5,546, up 2.78% for the day and 24.11% year-to-date[3] Sector Performance - Innovative pharmaceuticals and outsourcing concepts saw notable gains, with companies like Innovent Biologics rising over 6%[9] - Military stocks also performed well, with China Shipbuilding Defense up over 13%[9] - Oil stocks were weak, with China National Offshore Oil Corporation and China Oilfield Services both declining over 1%[9] U.S. Market Insights - On the same day, U.S. markets saw all three major indices close higher, driven by increased bets on a Federal Reserve rate cut[9] - The "Magnificent Seven" tech stocks, including Google and Nvidia, all rose, with Google gaining over 6%[9] - The S&P 500 index is projected to achieve double-digit annual growth according to HSBC strategists[14] Economic Indicators - The Federal Reserve is expected to cut rates in December, with market predictions showing a 70% probability[14] - The U.S. economy's third-quarter GDP report has been delayed due to a government shutdown, affecting economic analysis[14] Investment Trends - The Nasdaq Golden Dragon China Index rose by 2.82%, indicating a positive trend for Chinese concept stocks[13] - Significant inflows into semiconductor stocks were noted, with companies like Broadcom surging 11%[13]

Group 1: AI Chip Market Dynamics - The explosive growth in AI computing demand and Nvidia's dominance in the supply chain mark a more competitive phase in the AI chip war, with Google promoting its TPU as a customized chip offering cost, performance, and energy efficiency advantages [1] - Google's seventh-generation TPU, "Ironwood," has been tested with select customers since April and is set for commercial launch in the coming weeks [1] Group 2: Market Performance and Investment Opportunities - On November 25, the AI market surged, with the Hang Seng Technology Index rising nearly 2%, and A-share chip representatives like the Sci-Tech Innovation Board chip index increasing by 1.57% [1] - The first ETF focused on the Hong Kong chip industry, tracking a 70% hardware and 30% software index, saw its price rise nearly 4%, with a trading volume exceeding 700 million CNY [3] - Goldman Sachs indicates that the AI-driven rise in Chinese stocks is not a bubble, as tech companies have room to enhance valuations and profitability through AI applications, attracting global investors [3] Group 3: Emerging AI Applications - Ant Group's newly launched multimodal AI assistant "Lingguang" achieved over 2 million downloads within six days, reflecting the strong market demand for high-quality AI products and the accelerating pace of AI application development in China [2]

Group 1 - The core viewpoint of the news highlights a significant rise in Hong Kong's stock market, particularly in technology stocks, following the announcement of the "Genesis Plan" by the U.S. government to leverage artificial intelligence for scientific research [1] - The Hang Seng Index and Hang Seng Tech Index opened strongly, with notable gains in companies like Bilibili, Xiaomi, and ZTE, indicating a positive market sentiment towards tech stocks [1] - The Nasdaq Golden Dragon Index, which tracks Chinese tech stocks, rose by 2.82%, with major players like Baidu and Alibaba experiencing substantial increases in their stock prices [1] Group 2 - There is a strong expectation for interest rate cuts by the Federal Reserve, with a probability of 82.9% for a 25 basis point cut in December, which could influence market dynamics positively [2] - Historical data shows that the Hang Seng Index and Hang Seng Tech Index have experienced significant declines recently, with average maximum drawdowns of approximately 17% and 21% respectively during past market corrections [2][3] - The current valuation of the Hong Kong Stock Connect Technology ETF is at a price-to-earnings ratio of 23.55, which is at a historically low level, suggesting potential for recovery [3] Group 3 - The Hong Kong Stock Connect Technology Index has shown greater elasticity compared to similar indices, with a remarkable increase of 170% from February to September 2024, outperforming other indices [4]

Core Viewpoint - The semiconductor industry is experiencing a resurgence driven by both short-term catalysts and long-term fundamental recovery, with significant interest in domestic alternatives and technology advancements. Group 1: Market Performance - On November 25, major indices opened higher, with technology sectors such as aerospace, computing power, and semiconductors showing strength. The semiconductor equipment ETF (561980) rose over 1% during the day, with key stocks like ShenGong Co. increasing by 6.12% and others like ChangChuan Technology and JingYi Equipment rising over 3% [1]. Group 2: Short-term Drivers - The recent IPO of MoEr Thread, the first domestic GPU stock, has garnered significant attention, becoming one of the most expensive new stocks in A-shares this year, indicating high market interest in self-controlled sectors [3]. - ChangXin Storage showcased its latest DDR5 and LPDDR5X products at IC China 2025, achieving top-tier performance in speed and capacity, which boosts market confidence in domestic storage chips [4]. Group 3: Long-term Fundamentals - Major wafer foundries, SMIC and HuaHong Semiconductor, reported high capacity utilization rates in Q3, reflecting strong industry demand. This indicates a recovery in domestic semiconductor demand rather than merely "export grabbing" or channel replenishment [4]. - According to Shihua Securities, the high utilization rates of these domestic foundries signal a gradual recovery in semiconductor demand, with expectations for a resurgence in power semiconductor demand in Q3 [4]. - The semiconductor equipment ETF (561980) tracks the semiconductor industry chain, with over 90% of its holdings in key areas such as semiconductor equipment, materials, and integrated circuit design. The ETF has attracted 334 million yuan in the last ten trading days and has seen its annual share volume double [4].

Core Viewpoint - The semiconductor ETF from Southern (159325) opened with a gain of 0.73%, indicating positive market sentiment towards the semiconductor sector [1] Group 1: ETF Performance - The Southern Semiconductor ETF (159325) opened at 1.371 yuan, reflecting a 0.73% increase [1] - Since its establishment on October 31, 2024, the fund has achieved a return of 36.55%, while its return over the past month has been -13.41% [1] Group 2: Major Holdings Performance - Key holdings in the ETF include: - SMIC (中芯国际) up 0.89% - Cambricon (寒武纪) up 0.48% - Haiguang Information (海光信息) up 0.84% - Northern Huachuang (北方华创) up 1.38% - Lattice Semiconductor (澜起科技) up 2.37% - GigaDevice (兆易创新) up 3.25% - Zhongwei Company (中微公司) up 1.25% - OmniVision (豪威集团) up 0.50% - JCET (长电科技) up 1.11% - Unisoc (紫光国微) up 1.08% [1]

Core Insights - The Hang Seng Index rose by 1.97% on November 24, with southbound trading totaling HKD 102.72 billion, resulting in a net inflow of HKD 8.57 billion [1][2] Trading Activity - Southbound trading saw a total turnover of HKD 1,027.23 million, with buy transactions amounting to HKD 556.47 million and sell transactions at HKD 470.76 million, leading to a net buy of HKD 85.71 million [1] - The Hong Kong Stock Connect (Shenzhen) recorded a total turnover of HKD 437.54 million, with net buying of HKD 64.94 million, while the Hong Kong Stock Connect (Shanghai) had a turnover of HKD 589.69 million and a net buy of HKD 20.78 million [1] Active Stocks - Alibaba-W was the most actively traded stock with a total turnover of HKD 167.75 million and a net buy of HKD 40.66 million, closing up by 4.67% [1][2] - Other notable stocks included Tencent Holdings with a net buy of HKD 11.67 million and Kuaishou-W with a net buy of HKD 8.19 million [1] - Semiconductor company SMIC saw the highest net sell of HKD 10.24 million, closing down by 1.09% [1][2] Continuous Net Buying - Alibaba-W, Southern Hang Seng Technology, and Tencent Holdings experienced continuous net buying for 8, 5, and 3 days respectively, with Alibaba-W leading in net buy amount at HKD 173.86 million [2]

Market Overview - On November 24, the Hang Seng Index rose by 1.97%, closing at 25,716.50 points, with a net inflow of HKD 8.571 billion through the southbound trading channel [1][3] - The total trading volume for the southbound trading on that day was HKD 102.723 billion, with a net buy of HKD 8.571 billion [1] Southbound Trading Details - The Shanghai Stock Exchange's southbound trading had a total transaction amount of HKD 58.969 billion, with a net buy of HKD 2.078 billion [1] - The Shenzhen Stock Exchange's southbound trading had a total transaction amount of HKD 43.754 billion, with a net buy of HKD 6.494 billion [1] Active Stocks - Alibaba-W was the most actively traded stock, with a transaction amount of HKD 96.853 billion on the Shanghai Stock Exchange and HKD 70.891 billion on the Shenzhen Stock Exchange, resulting in a net buy of HKD 8.823 billion and HKD 31.84 billion respectively, with a closing price increase of 4.67% [2] - Semiconductor Manufacturing International Corporation (SMIC) had the highest net sell amount of HKD 4.83 billion, with a closing price decrease of 1.09% [1][2] - Other notable stocks included Xiaomi Group-W and Tencent Holdings, with transaction amounts of HKD 24.54 billion and HKD 21.19 billion respectively, and closing price increases of 1.52% and 2.38% [2]