Group 1 - The core viewpoint of the article indicates a decline in Hong Kong chip stocks, with notable drops in major companies [1] Group 2 - Semiconductor company SMIC (00981.HK) experienced a decrease of 5.07%, trading at 70.15 HKD [1] - Hua Hong Semiconductor (01347.HK) saw a decline of 4.91%, with shares priced at 77.45 HKD [1] - Shanghai Fudan (01385.HK) fell by 2.78%, reaching a price of 40.64 HKD [1]

Core Viewpoint - Semiconductor stocks continue to decline, influenced by new U.S. export control measures targeting China, which may accelerate domestic industry self-sufficiency and promote domestic substitution [1] Group 1: Market Performance - Semiconductor stocks such as SMIC (00981) fell by 5.07% to HKD 70.15, Hua Hong Semiconductor (01347) decreased by 4.91% to HKD 77.45, and Shanghai Fudan (01385) dropped by 2.78% to HKD 40.64 [1] Group 2: Regulatory Impact - On October 7, the U.S. House of Representatives' "Special Committee" released a significant report on semiconductor export controls concerning China, proposing nine recommendations to expand export restrictions [1] - According to CICC, the U.S. semiconductor export controls signify a shift in trade friction towards core technologies and raw materials, which may lead to accelerated domestic industry self-sufficiency and promote domestic substitution [1] Group 3: Industry Outlook - Huatai Securities reported that concerns about a potential bubble in the global AI market exist, but overall optimism remains, supported by strong growth in token usage, which bolsters AI investment confidence [1] - TSMC's progress in building factories in the U.S. is on track, although supporting facilities still need improvement, with expectations to maintain high gross margins due to technological advantages [1] - Advanced packaging is highlighted as a key technology that may sustain Moore's Law in the AI era, presenting investment opportunities for related foundries and equipment companies [1]

截至发稿，英诺赛科(02577.HK)跌5.39%、中芯国际(00981.HK)跌4.33%、华虹半导体(01347.HK)跌 3.68%、上海复旦(01385.HK)跌3.40%。 ...

Core Viewpoint - The semiconductor sector, particularly companies like SMIC (00981) and Hua Hong Semiconductor (01347), is currently a market focus due to their recent merger and acquisition activities aimed at strengthening their positions in the industry [1][2]. Company Analysis SMIC (00981) - SMIC's stock price is fluctuating between 66.4 HKD and 84.3 HKD, with key support at 66.4 HKD and resistance at 84.3 HKD. A breakthrough above 84.3 HKD could target 89.6 HKD [2]. - Technical indicators show mixed signals: the RSI is at a neutral level of 50, while the stochastic oscillator indicates a buy signal, but the momentum indicator suggests a sell signal [2][6]. - Recent trading saw a significant drop of 10% in stock price, indicating potential for adjustment after reaching historical highs [1]. Hua Hong Semiconductor (01347) - Hua Hong's stock is trading within a wider range of 65.7 HKD to 91.6 HKD, with a bullish short-term trend indicated by the 10-day moving average being above the 30-day moving average [4]. - Key support is at 65.7 HKD, with resistance at 91.6 HKD, and a potential challenge to 105.6 HKD if the resistance is broken [4]. - The stock has shown a 31.2% volatility over the past five days, suggesting opportunities for short-term trading [4][15]. Derivative Products SMIC Derivatives - SMIC offers a variety of derivative products with high leverage, such as the Bank of China call option (21314) with a strike price of 134.7 HKD and a leverage of approximately 3 times [1]. - Other notable options include a call option with a strike price of 95.05 HKD and a leverage of 3 times, and a put option with a strike price of 75.88 HKD and a leverage of 2 times [1][6]. Hua Hong Derivatives - Hua Hong has fewer but distinctive derivative options, such as a call option with a strike price of 96.08 HKD and a leverage of 2.8 times, which is noted for its low premium and implied volatility [11]. - The put options available include one with a strike price of 70 HKD and a leverage of 1.9 times, reflecting a conservative risk management approach [11][15].

| 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 48.16 亿元 | +5.75 亿元 | | 小米集团-W(01810) | 39.95 亿元 | +10.20 亿元 | | 中芯国际(00981) | 35.00 亿元 | +5390.90 万元 | | 腾讯控股(00700) | 30.20 亿元 | -2.35 亿元 | | 华虹半导体(01347) | 21.48 亿元 | -1195.71 万元 | | 泡泡玛特(09992) | 20.81 亿元 | +2.85 亿元 | | 紫金黄金国际(02259) | 19.49 亿元 | +17.38 亿元 | | 中兴通讯(00763) | 16.86 亿元 | +1.56 亿元 | | 药捷安康-B(02617) | 16.79 亿元 | +3899.32 万元 | | 巨子生物(02367) | 16.39 亿元 | +4.24 亿元 | 深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 小米集团-W(0 ...

Core Insights - The Hong Kong stock market saw a net inflow of 15.822 billion HKD from northbound trading on October 16, with the Shanghai-Hong Kong Stock Connect contributing 8.672 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing 7.15 billion HKD [1] Group 1: Stock Performance - The most net bought stocks included Zijin Mining International (02259), Xiaomi Group-W (01810), and Alibaba-W (09988) [1] - The most net sold stocks included SMIC (00981), GigaDevice Semiconductor (02367), and Tencent (00700) [1] Group 2: Detailed Stock Transactions - Alibaba-W had a net inflow of 2.696 billion HKD, with total transactions amounting to 4.816 billion HKD [2] - Xiaomi Group-W recorded a net inflow of 2.508 billion HKD, with total transactions of 3.995 billion HKD [2] - SMIC had a net outflow of 539.09 million HKD, with total transactions of 3.5 billion HKD [2] - Tencent experienced a net outflow of 235 million HKD, with total transactions of 3.02 billion HKD [2] - Zijin Mining International received a net inflow of 1.738 billion HKD, following its inclusion in the Stock Connect list [4] Group 3: Company-Specific News - Zijin Mining International is expected to achieve a compound annual growth rate of approximately 20% in production from 2025 to 2027, increasing total output from 45 tons to 65 tons, leading to a 30% compound annual growth rate in profits [4] - Xiaomi Group's stock price has been volatile due to various news events, with expectations of a decline in gross profit margin in the second half of the year [5] - Alibaba's stock received a boost from the launch of the Tmall Double 11 shopping festival and an upgrade in capital expenditure forecasts by Goldman Sachs [5] - Kangfang Biopharma (09926) received a net inflow of 6.02 billion HKD following the acceptance of its clinical research results for a new drug in a top medical journal [6] - Pop Mart (09992) saw a net inflow of 4.7 billion HKD, with expectations of strong sales growth from new IPs [7]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購本公司證券的邀請或要約。 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 （於香港註冊成立之有限公司） （股份代號：01347） 月度更新 內容有關 (1) 主要及關連交易－收購協議 (2) 建議非公開發行人民幣股份以募集配套資金 及 (3) 申請清洗豁免 茲提述(i)本公司日期為二零二五年八月三十一日之公告，內容有關（其中包括）(a) 建議收購事項、(b)建議非公開發行人民幣股份及(c)清洗豁免（「交易公告」）；及 (ii)本公司日期為二零二五年九月十九日之公告（「延期公告」），內容有關（其中包 括）延遲寄發通函（連同交易公告，統稱「該等公告」）。除另有界定者外，本公告 所用詞彙與該等公告所界定者具有相同涵義。 本公司謹此通知股東及本公司潛在投資者，於本公告日期，本公司正與其他各方 就建議收購事項的條款（包括但不限於補充協議及標 ...

本公告僅供參考，並不構成收購、購買或認購本公司證券的邀請或要約。 HUA HONG SEMICONDUCTOR LIMITED 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 華虹半導體有限公司 （於香港註冊成立之有限公司） （股份代號：01347） 月度更新 內容有關 (1) 主要及關連交易－收購協議 (2) 建議非公開發行人民幣股份以募集配套資金 及 (3) 申請清洗豁免 茲提述(i)本公司日期為二零二五年八月三十一日之公告，內容有關（其中包括）(a) 建議收購事項、(b)建議非公開發行人民幣股份及(c)清洗豁免（「交易公告」）；及 (ii)本公司日期為二零二五年九月十九日之公告（「延期公告」），內容有關（其中包 括）延遲寄發通函（連同交易公告，統稱「該等公告」）。除另有界定者外，本公告 所用詞彙與該等公告所界定者具有相同涵義。 本公司謹此通知股東及本公司潛在投資者，於本公告日期，本公司正與其他各方 就建議收購事項的條款（包括但不限於補充協議及標 ...

Group 1 - The core viewpoint is that the capacity utilization rate of foundries is expected to remain stable due to low inventory levels among chip design companies, the peak sales season for smartphones, and strong ongoing demand for AI [1] - Some foundries are considering price increases for tight process platforms such as BCD and Power due to better-than-expected performance in Q4 compared to Q3 [1] - The importance of domestic foundries is highlighted by the surge in demand for advanced foundry services driven by domestic computing infrastructure and the "China for China" strategy [1] Group 2 - According to SEMI, the CAGR for Chinese wafer fabs from 2024 to 2028 is projected to be 8.1%, surpassing the global average of 5.3% [2] - The CAGR for mature nodes (55nm and above) in China is expected to be 3.7%, while mainstream nodes (22nm-40nm) will see a CAGR of 26.5%, and advanced nodes (14nm and below) will have a CAGR of 5.7% [2] - By 2024, China's mainstream node capacity is expected to account for 25% of the global total, increasing to 42% by 2028 [2] Group 3 - Major domestic foundries include SMIC, Hua Hong Semiconductor, Jinghong Integrated Circuit, Yandong Microelectronics, and ChipLink Integrated [3]

Core Insights - The article highlights the net inflow and outflow of funds in the Hong Kong stock market, with specific focus on the top gainers and losers in terms of capital movement [1][2][3] Net Inflow Summary - The top three stocks with the highest net inflow are: - Yingfu Fund (02800) with a net inflow of 5.873 billion, representing a 16.92% increase in capital [2] - Hang Seng China Enterprises (02828) with a net inflow of 1.738 billion, showing an 8.61% increase [2] - Huahong Semiconductor (01347) with a net inflow of 1.340 billion, reflecting a 13.36% increase [2] Net Outflow Summary - The top three stocks with the highest net outflow are: - Tencent Holdings (00700) with a net outflow of -2.444 billion, indicating a -10.13% decrease [2] - Alibaba-W (09988) with a net outflow of -1.680 billion, showing a -3.71% decrease [2] - Innovent Biologics (01801) with a net outflow of -734 million, reflecting a -30.27% decrease [2] Net Inflow Ratio Summary - The stocks with the highest net inflow ratio are: - Wisdom Hong Kong 100 (02825) with a net inflow ratio of 100.00% [3] - GX Hang Seng Technology (02837) with a net inflow ratio of 89.15% [3] - Xinhua Wencuan (00811) with a net inflow ratio of 59.93% [3] Net Outflow Ratio Summary - The stocks with the highest net outflow ratio are: - Midea Real Estate (03990) with a net outflow ratio of -51.51% [3] - Kangji Medical (09997) with a net outflow ratio of -49.51% [3] - Baifu Global (00327) with a net outflow ratio of -47.37% [3]