Summary of Conference Call Records Industry Overview - **Market Outlook**: Investors are generally optimistic about the market in 2026, expecting the index to reach 4,300-4,500 points in Q1 2026, providing a solid foundation for positioning in December after digesting negative factors [1][3][4] - **Computing Power Sector**: The overseas computing power sector experienced fluctuations from September to November, but stocks like NVIDIA have stabilized, indicating positive market sentiment for future prospects [1][4] Key Points and Arguments - **Catalysts for Q1 2026**: Multiple significant events are expected to drive the tech market, including Q4 earnings forecasts, CES, NVIDIA GTC conference, and OFC optical communication exhibition [1][4] - **Focus Stocks**: - **Zhongji Xuchuang**: Projected market value could reach 1 trillion to 1.2 trillion by mid-2026, reflecting high growth and explosive performance [1][5] - **New Yisheng**: High cost-performance ratio with conservative revenue estimates of 20 billion next year [1][5] - **Industrial Fulian and Shenghong Technology**: Companies related to 1.6T optical modules are also highlighted [1][5] Domestic and International Tech Companies - **Domestic Focus**: Companies like SMIC and Huahong Semiconductor in chip, liquid cooling, power supply, and switch sectors are expected to see performance inflection points in 2026 [1][7] - **International Recommendations**: Companies such as Sega Light, Yuanjie Technology, and others are recommended for investment [1][7] AI Chip Competition - **Market Shift**: The AI chip market is transitioning from pure computing power competition to system-level competition, with NVIDIA's NVLink leading in interconnect protocols [1][10] - **Google TPU Growth**: Driven by Gemini and nano banana models, leading to increased value in the PCB, copper, and optical module supply chains [1][10] Storage Market Insights - **DRAM Market**: Prices are expected to rise quarterly in 2026, with DDR5 projected to increase by 18%-23% and NAND prices expected to rise by 58%-63% throughout the year [2][14][15][16] - **AI Storage Software**: Companies like MongoDB are benefiting from the demand for external memory systems for large models, with a 22% stock price increase following their latest earnings report [2][21] Investment Opportunities in Vertical Fields - **AI Marketing and Healthcare**: Companies like Hand Information and JD Health are highlighted for their strong data capabilities [12][13] - **General Field**: Companies like Kingdee and Sun Xinfeng are also recommended for investment [12][13] Conclusion - The current market conditions and upcoming technological advancements present significant investment opportunities, particularly in the computing power and storage sectors, as well as in specific domestic and international tech companies. The focus on AI and system-level competition in the chip market indicates a shift that could reshape industry dynamics in the coming years [1][10][21]

Group 1 - The core point of the news is the performance of the Galaxy Innovation Growth Mixed Fund A and C, which experienced declines in November 2025, with A falling by 6.71% and C by 6.75% [1][2] - As of the end of the third quarter of 2025, Galaxy Innovation Growth Mixed Fund A had a scale of 13.875 billion yuan [1] - The fund primarily invests in the semiconductor industry chain, with its top ten holdings including companies like SMIC, Zhaoyi Innovation, and Cambrian [1] Group 2 - Galaxy Innovation Mixed Fund C was established on November 22, 2021, and has a cumulative return of -0.23% as of December 1, 2025, due to its launch during a market peak [1] - The current fund manager, Zheng Weishan, has a background in investment and research, having worked at various financial institutions before joining Galaxy Fund Management in October 2018 [1]

Core Insights - The top three stocks with net inflows are Alibaba-W (09988) with 1.522 billion, Pop Mart (09992) with 385 million, and China Merchants Bank (03968) with 330 million [1] - The top three stocks with net outflows are the Tracker Fund of Hong Kong (02800) with -2.261 billion, Tencent Holdings (00700) with -1.182 billion, and Hang Seng China Enterprises (02828) with -833 million [1] - In terms of net inflow ratios, China National Freight (00598) leads with 73.90%, followed by Southern Eastern Select (03441) with 64.44%, and COSCO Shipping Ports (01199) with 60.69% [1] - The stocks with the highest net outflow ratios include Ruian Real Estate (00272) at -64.09%, CNOOC Services (02883) at -62.56%, and Haitian International (01882) at -55.09% [1] Net Inflow Rankings - The top ten stocks by net inflow include: - Alibaba-W (09988): 1.522 billion, 8.82% [2] - Pop Mart (09992): 385 million, 19.66% [2] - China Merchants Bank (03968): 330 million, 32.52% [2] - CSPC Pharmaceutical Group (01093): 241 million, 20.20% [2] - Vanke Enterprises (02202): 196 million, 35.18% [2] - Yangtze Optical Fibre and Cable (06869): 180 million, 11.11% [2] - China Life Insurance (02628): 168 million, 15.04% [2] - UBTECH Robotics (09880): 148 million, 21.68% [2] - Bilibili-W (09626): 135 million, 20.46% [2] - Lion Group (02562): 132 million, 17.89% [2] Net Outflow Rankings - The top ten stocks by net outflow include: - Tracker Fund of Hong Kong (02800): -2.261 billion, -16.10% [2] - Tencent Holdings (00700): -1.182 billion, -13.16% [2] - Hang Seng China Enterprises (02828): -833 million, -10.01% [2] - Meituan-W (03690): -365 million, -2.74% [2] - China Mobile (00941): -268 million, -23.21% [2] - SMIC (00981): -255 million, -7.67% [2] - Hua Hong Semiconductor (01347): -227 million, -10.96% [2] - China Hongqiao Group (01378): -196 million, -18.31% [2] - BYD Company (01211): -153 million, -5.55% [2] - HSBC Holdings (00005): -153 million, -14.03% [2] Net Inflow Ratios - The top stocks by net inflow ratio include: - China National Freight (00598): 73.90%, 13.0298 million [3] - Southern Eastern Select (03441): 64.44%, 3.7299 million [3] - COSCO Shipping Ports (01199): 60.69%, 11.5153 million [3] - Qingdao Bank (03866): 54.25%, 11.6628 million [3] - China Power (02380): 51.21%, 15.0679 million [3] - Tanwan (09890): 47.54%, 2.8146 million [3] - Power Development (01277): 47.25%, 9.1556 million [3] - Shougang Resources (00639): 45.84%, 15.6165 million [3] - Dashi Holdings (01405): 44.46%, 5.6236 million [3] - Qingdao Port (06198): 44.08%, 2.5357 million [3] Net Outflow Ratios - The top stocks by net outflow ratio include: - Ruian Real Estate (00272): -64.09%, -1.9067 million [3] - CNOOC Services (02883): -62.56%, -56.8889 million [3] - Haitian International (01882): -55.09%, -10.1836 million [3] - Hong Kong and China Gas (00003): -54.67%, -129 million [3] - Angelalign Technology (06699): -48.57%, -34.5458 million [3] - Anhui Wanshan Expressway (00995): -46.19%, -22.9518 million [3] - 361 Degrees (01361): -42.89%, -3.5273 million [3] - Greentown Management Holdings (09979): -42.86%, -5.2056 million [3] - Weigao Group (01066): -42.55%, -44.5428 million [3] - Fenbi (02469): -41.23%, -14.4094 million [3]

Market Overview - On November 28, the Hang Seng Index fell by 0.34%, closing at 25,858.89 points, with a total net inflow of southbound funds through the Stock Connect amounting to HKD 2.727 billion [1][3] - The total trading volume for the Stock Connect on the same day was HKD 60.238 billion, with a net buy of HKD 2.727 billion [1][3] Stock Performance - In the Shanghai Stock Connect, the total trading volume was HKD 37.898 billion, with a net buy of HKD 0.933 billion; in the Shenzhen Stock Connect, the trading volume was HKD 22.339 billion, with a net buy of HKD 1.794 billion [1][3] - The most actively traded stock in the Shanghai Stock Connect was Alibaba-W, with a trading volume of HKD 4.408 billion and a net buy of HKD 0.800 billion, closing up by 0.60% [1][2] - Tencent Holdings and Pop Mart were also among the top traded stocks, with trading volumes of HKD 1.528 billion and HKD 1.305 billion, respectively [1][2] Net Buy/Sell Analysis - In the Shenzhen Stock Connect, Tencent Holdings had the highest net buy amount of HKD 0.435 billion, while the stock closed flat [2] - The stock with the highest net sell amount was SMIC, with a net sell of HKD 0.162 billion, while its stock price increased by 0.66% [2]

Core Viewpoint - The Hang Seng Index increased by 0.25%, while the Hang Seng Tech Index rose by 0.43%, indicating a positive market sentiment in the technology sector [1] Group 1: Market Performance - The Hang Seng Index experienced a rise of 0.25% [1] - The Hang Seng Tech Index saw an increase of 0.43% [1] Group 2: Stock Movements - Semiconductor stocks opened higher, with SMIC rising nearly 2% and Hua Hong Semiconductor increasing by nearly 1% [1] - New stock Haiwei Co. opened down over 5% [1]

Core Insights - On November 28, 2025, Alibaba-W (09988), Tencent Holdings (00700), and Pop Mart (09992) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 4.408 billion, 1.528 billion, and 1.305 billion respectively [1] - Alibaba-W, Tencent Holdings, and Pop Mart also led the trading volume in the Shenzhen-Hong Kong Stock Connect, with trading amounts of 1.568 billion, 1.067 billion, and 0.860 billion respectively [1] Southbound Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 4.408 billion with a net buying amount of +0.800 billion [1] - Tencent Holdings (00700) recorded a trading amount of 1.528 billion with a net selling amount of -0.172 billion [1] - Pop Mart (09992) achieved a trading amount of 1.305 billion with a net buying amount of +0.208 billion [1] - SMIC (00981) had a trading amount of 1.304 billion with a net selling amount of -0.138 billion [1] - Xiaomi Group-W (01810) saw a trading amount of 1.251 billion with a net buying amount of +0.366 billion [1] - Other notable companies included UBTECH (09880) with 0.783 billion (+78.0527 million), Meituan-W (03690) with 0.774 billion (+0.240 billion), and Huahong Semiconductor (01347) with 0.759 billion (-77.2344 million) [1] Shenzhen-Hong Kong Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 1.568 billion with a net buying amount of +0.294 billion [1] - Tencent Holdings (00700) recorded a trading amount of 1.067 billion with a net buying amount of +0.435 billion [1] - Pop Mart (09992) achieved a trading amount of 0.860 billion with a net buying amount of +0.341 billion [1] - SMIC (00981) had a trading amount of 0.792 billion with a net selling amount of -0.162 billion [1] - Meituan-W (03690) saw a trading amount of 0.639 billion with a net buying amount of +0.230 billion [1] - Other notable companies included Xiaomi Group-W (01810) with 0.578 billion (+1.05 million), GAC Group (02238) with 0.524 billion (+15.6696 million), and China Mobile (00941) with 0.492 billion (-1.69835 million) [1]

Core Viewpoint - The Hong Kong stock market saw significant net inflows from northbound trading, totaling HKD 27.27 billion on November 28, with notable net purchases in stocks like Alibaba, Pop Mart, and Xiaomi [1][2]. Group 1: Northbound Trading Activity - Northbound trading through Stock Connect recorded a net purchase of HKD 27.27 billion, with HKD 9.33 billion from the Shanghai Stock Connect and HKD 17.94 billion from the Shenzhen Stock Connect [1]. - The most purchased stocks included Alibaba-W (09988) with a net inflow of HKD 10.94 billion, Pop Mart (09992) with HKD 5.49 billion, and Xiaomi Group-W (01810) with HKD 4.7 billion [4][5]. Group 2: Individual Stock Performance - Alibaba-W (09988) had a total trading volume of HKD 44.08 billion, with a net inflow of HKD 8 billion, driven by the launch of its new AI product, Quark AI Glasses S1 [2][4]. - Pop Mart (09992) benefited from government initiatives to promote consumer goods, resulting in a net inflow of HKD 2.08 billion [5]. - Xiaomi Group-W (01810) saw a net inflow of HKD 3.66 billion, supported by its recent share buyback program totaling over HKD 12 billion this month [5]. - Other notable stocks included Meituan-W (03690) and Tencent Holdings (00700), which received net inflows of HKD 4.7 billion and HKD 2.62 billion, respectively [6]. Group 3: Net Sell-offs - The stocks with the highest net sell-offs included Semiconductor Manufacturing International Corporation (00981) and Zijin Mining (02899), with net outflows of HKD 3 billion and HKD 2.81 billion, respectively [6]. - The semiconductor sector continues to face selling pressure, as evidenced by the net sell-off of Huahong Semiconductor (01347) amounting to HKD 1.23 billion [6].

本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列華虹半導體有限公司（「本公司」）於上海證券交易所網站刊發的《華虹半導 體有限公司關於發行股份及支付現金購買資產並募集配套資金暨關聯交易事項的 進展公告》，僅供參閱。 承董事會命 華虹半導體有限公司 董事會主席、總裁兼執行董事 白鵬先生 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，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 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） 海外監管公告 中國上海，二零二五年十一月二十八日 於本公告日期，本公司董事分別為： 執行董事： 白鵬 （董事會主席及總裁） 非執行董事： 葉峻 孫國棟 陳博 熊承艷 獨立非執行董事： 張祖同 王桂壎太平紳士 封松林 一、本次交易的基本情况 华虹半导体有限公司（以下简称"公司"）拟通过发行股份及支付现金的方 式购买上海华力微电子有限公司（以下简称"华力微"） ...

| A | 股代码：688347 | A | 股简称：华虹公司 | 公告编号：2025-034 | | --- | --- | --- | --- | --- | | 港股代码：01347 | | | 港股简称：华虹半导体 | | 华虹半导体有限公司 关于发行股份及支付现金购买资产并募集配套资金暨 关联交易事项的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、本次交易的基本情况 华虹半导体有限公司（以下简称"公司"）拟通过发行股份及支付现金的方 式购买上海华力微电子有限公司（以下简称"华力微"）股权并募集配套资金 （以下简称"本次交易"）。本次交易完成后，华力微将成为公司的控股子公司。 本次交易预计构成关联交易，但不构成重大资产重组及重组上市。 二、本次交易进展情况 华虹半导体有限公司董事会 2025 年 11 月 29 日 1/2 【 】 【 】 司股票复牌的公告》（公告编号：2025-025）。 2025 年 9 月 30 日、2025 年 10 月 31 日，公司分别披露了《关于发行股份及 支付现金购买 ...

Group 1 - The semiconductor sector showed strength on November 28, 2025, with the Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index rising by 1.22% [1] - Key stocks such as Jinghe Integrated rose by 11.32%, Tuojing Technology by 6.55%, and Tianyue Advanced by 6.13% [1] - The Chinese semiconductor industry is expected to see the chip design sector exceed 1 trillion yuan by 2030, indicating strong long-term growth potential [1] Group 2 - Dongguan Securities forecasts that artificial intelligence will remain the main innovation line in the technology sector through 2026, benefiting multiple segments including computing power, storage, equipment, and advanced packaging [1] - The top ten weighted stocks in the Sci-Tech Innovation Board Chip Index account for 60.55% of the index, with major companies including Haiguang Information, Cambricon, and SMIC [1] Group 3 - The Sci-Tech Chip ETF (588200) tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index, providing a convenient tool for investing in the chip sector [2] - Investors without stock accounts can access domestic chip investment opportunities through the Sci-Tech Chip ETF Linked Fund (017470) [3]