截至发稿，中芯国际(00981.HK)涨5.99%、华虹半导体(01347.HK)涨5.75%、上海复旦(01385.HK)涨 4.80%。 ...

Group 1 - Semiconductor stocks are performing actively, with ASMPT rising 6.33% to HKD 84, SMIC up 3.37% to HKD 75.05, and Huagong Semiconductor increasing by 1.72% to HKD 0.59 [1] - The expectation of rising prices for semiconductor silicon wafers is intensifying, leading to significant stock price increases for companies like GlobalWafers, Win Semiconductors, and others [1] - Dongguan Securities recently reported that policies are strongly favoring the localization of computing power chips, while major cloud companies like Alibaba and Tencent are increasing capital expenditures and adapting to mainstream domestic chips [1] Group 2 - Alibaba and Baidu have begun using internally designed chips to train AI models, replacing some of NVIDIA's chips, which is expected to accelerate the construction of a domestic computing power ecosystem [1] - Apart from AI computing power chips, advanced process wafer foundry, memory, and advanced packaging sectors are also expected to benefit from these trends [1]

Core Viewpoint - The Hong Kong chip stocks are showing active performance, with notable increases in share prices for several companies in the sector [1] Company Performance - ASMPT (00522.HK) increased by 6.33%, reaching HKD 84 [1] - Zhongxin International (00981.HK) rose by 3.37%, trading at HKD 75.05 [1] - Hongguang Semiconductor (06908.HK) saw a gain of 1.72%, priced at HKD 0.59 [1] - Huahong Semiconductor (01347.HK) experienced a rise of 0.82%, with shares at HKD 61.4 [1]

每经AI快讯，9月24日，港股半导体股盘初拉升，中芯国际涨超3%，股价再创历史新高；华虹半导体涨 超2%。 ...

Core Insights - On September 23, 2025, Alibaba-W (09988), SMIC (00981), and Shandong Hi-Speed (00412) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 76.09 billion, 58.35 billion, and 55.48 billion respectively [1] - Alibaba-W (09988), SMIC (00981), and Shandong Hi-Speed (00412) also led the trading volume in the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, with trading amounts of 46.11 billion, 35.19 billion, and 19.51 billion respectively [1] Southbound Stock Connect Trading Activity - The top three active companies in the Southbound Stock Connect (Shanghai-Hong Kong) were: - Alibaba-W (09988): 76.09 billion with a net buy of 7.12 billion - SMIC (00981): 58.35 billion with a net buy of 5.73 billion - Shandong Hi-Speed (00412): 55.48 billion with a net sell of 47.24 million [2] - The top three active companies in the Southbound Stock Connect (Shenzhen-Hong Kong) were: - Alibaba-W (09988): 46.11 billion with a net buy of 9.61 billion - SMIC (00981): 35.19 billion with a net sell of 70.31 million - Shandong Hi-Speed (00412): 19.51 billion with a net buy of 17.09 million [2]

Group 1 - Hong Kong chip stocks continued to weaken in the afternoon on September 23, with Huahong Semiconductor's decline expanding to 5% [1] - Jingmen Semiconductor fell over 4%, while Shanghai Fudan and Hongguang Semiconductor also dropped more than 4% [1]

每经AI快讯，9月23日，港股午间收盘，恒生指数跌0.97%，恒生科技指数跌2.20%。大型科技股集体下 跌，百度跌7.59%，京东跌4.77%，美团跌2.5%。芯片股普跌，华虹半导体跌逾4%，中芯国际跌 2.59%。 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][8] Core Insights - The company is expected to achieve revenues of 16.9 billion, 19.8 billion, and 22.9 billion yuan in 2025, 2026, and 2027 respectively, with net profits of 669 million, 1.11 billion, and 1.52 billion yuan [8][10] - The company plans to acquire a 97.4988% stake in Huali Micro, enhancing its 12-inch wafer foundry capacity and creating synergies in technology and production [5][14] - The company has seen a strong performance in its analog and power management platforms, with significant revenue growth driven by demand in AI servers and related applications [4][14] Company Overview - The latest closing price of the company's stock is 83.00 yuan, with a total market capitalization of 143.9 billion yuan [3] - The company has a total share capital of 1.734 billion shares, with 408 million shares in circulation [3] - The company has a debt-to-asset ratio of 28.7% [3] Financial Projections - The company is projected to have a revenue growth rate of 17.56% in 2025, followed by 17.31% in 2026 and 15.35% in 2027 [10][16] - The EBITDA is expected to increase significantly from 3.18 billion yuan in 2024 to 11.12 billion yuan in 2027 [10][16] - The company's net profit margin is projected to improve, with net profit as a percentage of revenue increasing from 2.6% in 2025 to 6.7% in 2027 [16]

Group 1 - The core viewpoint of the article indicates a general decline in Hong Kong's chip stocks, with notable drops in specific companies [1] Group 2 - Hua Hong Semiconductor experienced a decline of over 4% [1] - SMIC (Semiconductor Manufacturing International Corporation) saw a drop of over 3% [1]

Key Points - The top three stocks with net inflows from southbound funds are Yingfu Fund (02800) with 1.487 billion, Meituan-W (03690) with 1.413 billion, and Pop Mart (09992) with 1.208 billion [1] - The top three stocks with net outflows are Huahong Semiconductor (01347) with -1.173 billion, Tencent Holdings (00700) with -409 million, and Jingtai Holdings (02228) with -315 million [1] - In terms of net inflow ratio, Huaxia Heng ESG (03403) leads with 92.52%, followed by Shenzhen Expressway (00548) with 55.45%, and Kunlun Energy (00135) with 47.40% [1] - The stocks with the highest net outflow ratios include Yuehai Investment (00270) at -59.10%, China State Construction International (03311) at -54.66%, and Qingdao Port (06198) at -53.49% [1] Net Inflow Rankings - Yingfu Fund (02800) had a net inflow of 1.487 billion, representing a 7.88% increase in its closing price [2] - Meituan-W (03690) saw a net inflow of 1.413 billion, with a closing price increase of 0.29% [2] - Pop Mart (09992) experienced a net inflow of 1.208 billion, with a closing price increase of 4.62% [2] Net Outflow Rankings - Huahong Semiconductor (01347) had the largest net outflow of -1.173 billion, with a closing price increase of 8.62% [2] - Tencent Holdings (00700) faced a net outflow of -409 million, with a closing price decrease of 2.95% [2] - Jingtai Holdings (02228) had a net outflow of -315 million, with a closing price increase of 7.49% [2] Net Inflow Ratio Rankings - Huaxia Heng ESG (03403) had a net inflow ratio of 92.52%, with a closing price of 56.860 [3] - Shenzhen Expressway (00548) had a net inflow ratio of 55.45%, with a closing price of 7.230 [3] - Kunlun Energy (00135) had a net inflow ratio of 47.40%, with a closing price of 7.400 [3] Net Outflow Ratio Rankings - Yuehai Investment (00270) had a net outflow ratio of -59.10%, with a closing price of 7.260 [3] - China State Construction International (03311) had a net outflow ratio of -54.66%, with a closing price of 9.900 [3] - Qingdao Port (06198) had a net outflow ratio of -53.49%, with a closing price of 7.290 [3]