Group 1 - Southbound funds recorded a net sell of HKD 1.376 billion in Hong Kong stocks today [1] - Notable net purchases included Alibaba-W (HKD 586 million), Kuaishou-W (HKD 471 million), and ZTE Corporation (HKD 407 million) [1] - Significant net sales were observed in the Tracker Fund of Hong Kong (HKD 2.352 billion) and Xiaomi Group-W (HKD 1.525 billion) [1] Group 2 - Southbound funds have continuously net bought Tencent for 7 days, totaling HKD 6.21391 billion [1] - Meituan has seen net purchases for 4 consecutive days, amounting to HKD 2.64745 billion [1] - Kuaishou has experienced net buying for 2 days, totaling HKD 1.64451 billion [1] Group 3 - Semiconductor company SMIC saw a net sell of HKD 878 million with a trading volume of HKD 7.023 billion [3] - Alibaba-W experienced a slight net sell of HKD 36 million with a trading volume of HKD 6.576 billion [3] - Tencent Holdings had a net buy of HKD 333 million with a trading volume of HKD 4.179 billion [3]

知名港股跌幅榜前十： | 序号 | 代码 | 名称 | 最新价 | 涨跌幅 | 今开 | 最高 | 最低 | 昨收 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 06969 | 思摩尔国际 | 22.200 | -5.37% | 23.500 | 23.880 | 21.600 | 23.460 | | 2 | 09626 | 哔哩哔哩-W | 186.600 | -5.18% | 187.000 | 188.100 | 181.500 | 196.800 | | 3 | 00753 | 中国国航 | 5.190 | -4.95% | 5.460 | 5.470 | 5.060 | 5.460 | | 4 | 00998 | 中信银行 | 7.150 | -2.32% | 7.350 | 7.360 | 7.140 | 7.320 | | 5 | 00728 | 中国电信 | 6.160 | -1.75% | 6.270 | 6.300 | 6.160 | 6.270 | | 6 | 09698 | 万国数据-SW | 31.3 ...

Group 1 - The core point of the announcement is that Changjin Hexin Fund Management Co., Ltd. will adjust the valuation method for its fund holdings in Huahong Semiconductor Co., Ltd. (stock code: 688347) starting from August 22, 2025 [1] - The new valuation method will utilize the "index return method" as per the guidelines from the China Securities Association Fund Valuation Working Group for suspended stocks [1] - Once the stock resumes trading and exhibits active market trading characteristics, the valuation will revert to using the closing price of the day without further announcements [1]

Group 1 - The announcement from Galaxy Fund Management indicates a change in the valuation method for stocks held by its funds due to long-term suspension of trading [1] - Starting from August 22, 2025, the "Hua Hong Company" (stock code: 688347) will be valued using the "index yield method" for the relevant securities investment funds, excluding ETFs [1] - The valuation will revert to using the closing price on the trading day once the stock exhibits characteristics of an active market, without further announcements [2]

Group 1 - The core point of the article is that GF Fund Management Co., Ltd. has announced an adjustment in the valuation of certain funds under its management, effective from August 22, 2025 [1] - The adjustment will apply to the stock "Huahong Company" (stock code: 688347), which will be valued using the index yield method [1] - For ETF-linked funds holding the relevant ETFs, the valuation will consider the impact of the stock valuation adjustment on the net asset value of the ETFs on the adjustment date [1]

Group 1 - The announcement from Zhongyou Chuangye Fund Management Co., Ltd. indicates a valuation adjustment for the stock of Huahong Company (stock code: 688347) held by its funds [1] - Starting from August 22, 2025, the company will adopt the "index income method" for the valuation of Huahong Company stock [1] - Once the stock resumes trading and demonstrates active market trading characteristics, the company will revert to market price valuation without further announcements [1]

公告称，决定自2025年8月22日起，对旗下证券投资基金(除ETF外)所持有的"华虹公司"(股票代码： 688347)股票采用"指数收益法"进行估值；同时，对ETF联接基金持有的标的ETF，在当日份额净值的基 础上考虑上述股票的调整因素进行估值。 待上述股票交易体现了活跃市场交易特征后，将恢复按市价估值方法进行估值，届时不再另行公告。敬 请投资者予以关注。 中国经济网北京8月25日讯近日，招商基金管理有限公司发布关于旗下基金估值变更的公告。 ...

Group 1 - The core point of the announcement is that China Resources Yuanda Fund will adjust the valuation method for the suspended stock "Huahong Company" (stock code: 688347) to the index income method starting from August 22, 2025 [1] - The adjustment is made in agreement with the fund custodian and will revert to market price valuation once the stock resumes trading and shows active market trading characteristics [1] - The announcement indicates that no further notice will be issued when the valuation method changes back to market price [1]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The demand outlook remains positive, with capacity expansion driving future growth [2][12]. - The company is expected to achieve revenue growth, with projected revenues of $2.419 billion in 2025, $2.949 billion in 2026, and $3.390 billion in 2027, reflecting year-on-year growth rates of 21%, 22%, and 15% respectively [6][12]. - The company is actively expanding its production capacity, with the monthly capacity increasing from 391 thousand wafers in Q4 2024 to 447 thousand wafers in Q2 2025 [12]. Financial Forecasts and Investment Recommendations - The forecast for the company's net asset per share for 2025-2027 is $3.66, $3.75, and $3.87 respectively, with a target price of HKD 79.63 based on a comparable company average PB of 2.8 times for 2025 [4][13]. - The company reported a revenue of $566 million in Q2 2025, a year-on-year increase of 18% and a quarter-on-quarter increase of 5% [12]. - The gross margin for Q2 2025 was 10.9%, exceeding the company's guidance of 7%-9% [12].

Group 1 - The company is planning to acquire a controlling stake in Shanghai Huali Microelectronics Co., Ltd. through a combination of issuing shares and cash payment to resolve competition issues related to its IPO commitments [1] - The acquisition targets assets related to the 65/55nm and 40nm processes that are in competition with the company's existing operations [1] - The transaction is expected not to constitute a major asset restructuring and will be classified as a related party transaction without changing the actual controller of the company [1] Group 2 - The company's stock will be suspended from trading starting August 18, 2025, for a period not exceeding 10 trading days due to the uncertainties surrounding the transaction [2] - As of the announcement date, the transaction is still in the planning stage, and no formal agreements have been signed yet [2] - The transaction requires approval from the company's board, shareholders, and regulatory authorities before it can be officially implemented [2]