人民财讯9月29日电，恒生科技指数涨2%，商汤、华虹半导体、阿里巴巴涨超4%，快手、金蝶国际等 涨超3%。 ...

29 September 2025 | 1:23AM HKT Equity Research Hua Hong (1347.HK): Capacity expansion continues; Supportive policies enhance ecosystem We are positive on Hua Hong driven by its migration to 40nm/28nm technology and expanding capacity. China is building up a more comprehensive semiconductor ecosystem, with the support of government policies and subsidies. China's US$47bn IC industry investment fund phase three has started deployment, with a recent investment disclosed in an equipment company. Supported by th ...

Summary of Semiconductor Manufacturing and Equipment Industry Conference Call Industry Overview - The semiconductor manufacturing and equipment sector has shown remarkable performance in 2025, with the wafer foundry segment doubling in growth and the semiconductor equipment sector increasing by 57% since the beginning of the year [2][4] - The storage segment's expansion has significantly driven growth in the semiconductor equipment industry, with a 21% increase observed since September [1][2] Key Points and Arguments - **Storage Expansion Impact**: The expansion in the storage sector has led to increased confidence among manufacturers, with companies like Zhongwei and Huahai benefiting significantly, showing stock price increases of 30% and 50% respectively [1][3] - **Domestic Market Share Growth**: Domestic storage manufacturers have substantial room for market share growth, particularly in the NAND market, which is expected to rise from 10% to 30%, resulting in significant equipment spending increases [1][6] - **US Sanctions and Domestic Equipment Replacement**: US sanctions are accelerating the replacement of imported equipment with domestic alternatives, with potential increases in domestic equipment spending by 25 billion RMB if the domesticization rate rises from 30% to 80% [1][7] - **Advanced Logic Demand**: There is a strong demand for advanced logic, particularly for 7nm and below processes, with TSMC planning to add over 20 new wafer fabs to meet this demand [1][8] - **Supply and Demand Dynamics**: The domestic semiconductor market is experiencing high demand but tight supply, with projections indicating a rise in demand for 7nm wafers from 70,000-80,000 to over 100,000 in the next 3-5 years [9] Additional Important Insights - **Investment Value in Semiconductor Equipment**: The capital expenditure (Capex) for 7nm processes is approximately $2 billion per 10,000 wafers, with potential increases for more advanced processes, indicating substantial investment opportunities [10] - **Mature Logic Sector Development**: Companies like Huahong are expanding their production capacity, which is expected to drive continuous orders and growth in the equipment sector [11] - **Wafer Foundry Performance**: Notable stock performance in companies like SMIC and Huahong, with significant increases in both A-share and Hong Kong stock markets, reflecting strong industry sentiment and demand recovery [12][13] - **High Utilization Rates**: SMIC and Huahong reported high utilization rates of 92.3% and 108% respectively, indicating robust domestic demand and a recovery in wafer foundry services [14] - **AI and Advanced Process Influence**: AI and advanced processes are major growth drivers, with significant revenue potential from 7nm and 5nm processes, suggesting a strong market outlook for the semiconductor industry [15][16]

格隆汇9月28日｜据Choice数据，剔除新股和次新股，周五A股市场共有52家上市公司盘中股价创出历 史新高。这52家公司分别是：紫金矿业、阳光电源、洛阳钼业、赛力斯、华虹公司、ST华通、徐工机 械、浪潮信息、华工科技、晶合集成、杰瑞股份、华海清科、兴业银锡、科博达、科华数据、安集科 技、中科飞测、剑桥科技、纽威股份、电气风电、宁波华翔、北方铜业、华建集团、聚辰股份、应流股 份、精达股份、聚和材料、汇成股份、美湖股份、隆盛科技、菲林格尔、新坐标、*ST宇顺、统联精 密、赛微微电、亚翔集成、优优绿能、捷邦科技、*ST亚振、合锻智能、易德龙、和远气体、锦华新 材、金马游乐、智洋创新、唯特偶、品茗科技、佰奥智能、埃科光电、征和工业、太龙股份、通源环 境。 ...

Core Viewpoint - Huahong Semiconductor (01347) has shown strong performance recently, with a notable increase in stock price and trading volume, indicating heightened market interest [1][2]. Price Movement and Technical Analysis - The stock price rose by 3.86% to 63.25 HKD, with a trading volume of 3.872 billion HKD, reflecting ongoing market attention [1]. - As of 10:05 AM on the 25th, the stock price continued to rise by 3.72% to 65.55 HKD, with a five-day volatility of 19% indicating increased risk [1]. - The stock has successfully broken through key moving averages, forming a bullish pattern, but technical indicators suggest overbought conditions, signaling potential short-term corrections [2]. Support and Resistance Levels - Key support levels are identified at 56.1 HKD and 51.7 HKD, while resistance levels are at 70.2 HKD and 78.3 HKD [1]. - A critical support level at 55 HKD is noted, with a potential drop to 50.4 HKD if this level is breached [2]. Derivative Market Performance - Recent performance in the warrant market shows significant returns, with a recommended call option yielding a 15% return in two days due to a 7.77% increase in the underlying stock [4]. - Investors are encouraged to consider specific warrants with varying leverage and exercise prices, such as the 4x leveraged product with an exercise price of 75 HKD [6]. Market Sentiment and Future Outlook - The semiconductor sector remains robust, prompting discussions among investors about whether to chase the rising stock price or wait for a potential pullback [9].

9月26日恒生指数下跌1.35%，报收26128.20点，全天南向资金通过港股通渠道合计净买入105.41亿港 元。 证券时报·数据宝统计，9月26日港股通全天合计成交金额为1609.21亿港元，成交净买入105.41亿港元。 具体来看，沪市港股通成交金额1011.09亿港元，成交净买入73.66亿港元；深市港股通成交金额598.12 亿港元，成交净买入31.74亿港元。 成交活跃股方面，沪市港股通前十大成交活跃股中，阿里巴巴-W成交额为110.62亿港元，成交金额居 首；其次是小米集团-W、中芯国际，成交金额分别为74.76亿港元、55.98亿港元。以净买卖金额统计， 小米集团-W净买入额为22.74亿港元，净买入金额居首，该股收盘股价下跌8.07%。净卖出金额最多的 是小鹏汽车-W，净卖出2.24亿港元，收盘股价上涨5.03%。 深市港股通前十大成交活跃股中，成交额居首的是小米集团-W，成交金额64.71亿港元；其次是阿里巴 巴-W、中芯国际，成交金额分别为64.39亿港元、33.16亿港元。以净买卖金额统计，有5只股为净买 入，净买入金额最多的是阿里巴巴-W，净买入20.35亿港元，该股收盘下跌3.20 ...

★ 宏观动态 ★ 中国炼焦行业协会：从未发布或授权任何关于"强制限产""联合提价"的通知或倡议 9月26日，中国炼焦行业协会发布严正声明：中国炼焦行业协会从未发布或授权任何关于"强制限产""联合提 价"的通知或倡议。协会始终严格遵守国家法律法规，坚决维护公平竞争的市场环境。涉事机构及个人应立即 停止侵权行为，协会保留追究其法律责任的权利。 外汇局：8月我国国际收支货物和服务贸易进出口规模42818亿元，同比增长2% 8月，我国国际收支货物和服务贸易进出口规模42818亿元，同比增长2%。其中，货物贸易出口21395亿元，进 口15202亿元，顺差6193亿元；服务贸易出口2546亿元，进口3675亿元，逆差1129亿元。服务贸易主要项目 为：旅行服务进出口规模1887亿元，运输服务进出口规模1745亿元，其他商业服务进出口规模996亿元，电 信、计算机和信息服务进出口规模583亿元。按美元计值，8月，我国国际收支货物和服务贸易出口3357亿美 元，进口2647亿美元，顺差710亿美元。 教育部等六部门印发《县域普通高中振兴行动计划》 据央视新闻报道，我国有近60%的高中学生，是在县域中学读书，县中办得好不好， ...

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound trading, with a total net buy of 10.541 billion HKD on September 26, 2023, indicating strong investor interest in specific stocks, particularly Alibaba, Horizon Robotics, and Tencent [1][5]. Group 1: Northbound Trading Activity - Northbound trading saw a net buy of 10.541 billion HKD, with 7.366 billion HKD from the Shanghai Stock Connect and 3.174 billion HKD from the Shenzhen Stock Connect [1]. - The most net bought stocks included Alibaba-W (09988), Horizon Robotics-W (09660), and Tencent (00700) [1][5]. Group 2: Individual Stock Performance - Alibaba-W (09988) had a net buy of 57.20 billion HKD, with a total trading volume of 110.62 billion HKD, resulting in a net inflow of 3.77 billion HKD [2]. - Horizon Robotics-W (09660) received a net buy of 8.63 billion HKD, with plans to use the proceeds from a share placement to expand its overseas market and support advanced driver-assistance solutions [5]. - Tencent (00700) attracted a net buy of 7.92 billion HKD, supported by its global digital ecosystem conference focusing on AI and internationalization [6]. - Xiaomi Group-W (01810) saw a net buy of 6.05 billion HKD, despite a stock price drop following a product launch event [6]. Group 3: Market Trends and Insights - The cumulative net buy for Alibaba in the month exceeded 68.5 billion HKD, reflecting strong confidence in its future capital expenditure plans and AI-related growth [5]. - Semiconductor stocks like SMIC (00981) and Hua Hong Semiconductor (01347) faced net sells of 1.45 billion HKD and 2.12 billion HKD, respectively, due to regulatory pressures from the U.S. government [7]. - The third-party AI-driven drug development service provider, Crystal Tech Holdings (02228), received a net buy of 1.9 billion HKD, indicating a growing interest in independent platforms in the biotech sector [7].

Core Viewpoint - The article highlights a significant increase in southbound capital inflow into the Hong Kong market, indicating strong investor interest and activity in key technology stocks [1] Group 1: Capital Inflow and Trading Activity - Southbound capital recorded a cumulative net inflow of approximately 43.96 billion HKD this week, representing a week-on-week increase of about 20% [1] - The total trading volume for southbound capital reached approximately 756.20 billion HKD, accounting for about 50% of the total trading volume of the Hang Seng Index during the same period [1] Group 2: Major Stock Transactions - Notable net purchases included Alibaba-W with 19.61 billion HKD, Sunac China Holdings with 3.66 billion HKD, Tencent Holdings with 3.43 billion HKD, SMIC with 2.14 billion HKD, Meituan-W with 2.11 billion HKD, and Pop Mart with 1.75 billion HKD [1] - Significant net selling was observed in Hua Hong Semiconductor, with a net outflow of 0.87 billion HKD [1]

Group 1 - The top three companies with the highest short positions as of September 19 are ZTE Corporation (00763) at 15.35%, COSCO Shipping Holdings (01919) at 14.10%, and CATL (03750) at 13.44% [1][2] - The companies with the largest absolute increase in short positions are China Education Holdings (00839) with an increase of 2.61%, Dongfang Electric (01072) with an increase of 2.06%, and Xiexin Technology (03800) also with an increase of 2.06% [1][2] - The companies with the largest absolute decrease in short positions are Hua Hong Semiconductor (01347) with a decrease of -2.52%, Chifeng Jilong Gold Mining (06693) with a decrease of -1.77%, and Laikai Pharmaceutical-B (02105) with a decrease of -1.72% [1][2] Group 2 - The latest short position data shows that ZTE Corporation maintained 116 million shares, COSCO Shipping Holdings had 406 million shares, and CATL had 20.95 million shares [2] - The companies with the largest increase in short positions include China Education Holdings, which rose from 3.73% to 6.33%, and Dongfang Electric, which rose from 7.34% to 9.40% [2] - The companies with the largest decrease in short positions include Hua Hong Semiconductor, which fell from 9.00% to 6.48%, and Chifeng Jilong Gold Mining, which fell from 3.30% to 1.53% [2][3]