| 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]

Core Viewpoint - Recently, Huahong Hongli Semiconductor (Wuxi) Co., Ltd. has been established, focusing on integrated circuit manufacturing and related services [1] Company Summary - Huahong Hongli Semiconductor (Wuxi) Co., Ltd. is fully owned by Shanghai Huahong Hongli Semiconductor Manufacturing Co., Ltd., a subsidiary of Huahong Semiconductor [1] - The company's business scope includes integrated circuit manufacturing, sales, design, and services for integrated circuit chips and products [1]

Group 1 - The global semiconductor market is entering an upward phase of the "silicon cycle," with an expected market size of $783.8 billion in 2025, representing a growth rate of 23.4% [4][5] - The demand for high-performance semiconductor products is increasing due to the requirements of large AI models, leading to a tight supply situation in the memory market [5][10] - The U.S. has surpassed China to become the largest single semiconductor product market, with a projected market size of $269.6 billion in 2025, growing by 37.5% [10][11] Group 2 - Logic chips are expected to be the fastest-growing category in the semiconductor market, with a growth rate of 41.5% by 2025, followed by memory products [11][12] - The computing and communication sectors are projected to be the two main growth markets for semiconductors, with market sizes reaching $2.483 trillion and $2.822 trillion, respectively, by 2025 [14][12] Group 3 - China maintains its position as the largest exporter and importer of integrated circuits, with trade volumes significantly increasing due to the semiconductor industry's growth [15][16] - The trade deficit between China and the U.S. is widening, with China's imports from the U.S. increasing while exports are declining [21][22] Group 4 - China leads in the number of semiconductor patents and key articles published, indicating a strong position in intellectual property within the semiconductor industry [19][22] - The top 100 influential semiconductor companies in China are primarily concentrated in the integrated circuit design sector, with a significant presence in the Yangtze River Delta region [28][32] Group 5 - The new wave of semiconductor companies in China is also concentrated in the integrated circuit design field, with a notable presence in the Yangtze River Delta region [38][43] - High-performance storage and edge AI products are expected to drive new market developments, with high-performance storage becoming a core product in AI applications [47][48]

Core Points - The Hang Seng Index rose by 0.07% to close at 25,945.93 points on November 27, with a net inflow of HKD 1.328 billion through the southbound trading channel [1] - The total trading volume for the southbound trading was HKD 86.624 billion, with a net buy of HKD 1.328 billion [1] - In the Shanghai-Hong Kong Stock Connect, the trading volume was HKD 55.325 billion with a net buy of HKD 0.635 billion, while in the Shenzhen-Hong Kong Stock Connect, the trading volume was HKD 31.299 billion with a net buy of HKD 0.693 billion [1] Trading Activity - Alibaba-W was the most actively traded stock in the Shanghai-Hong Kong Stock Connect with a trading volume of HKD 73.15 billion and a net buy of HKD 6.02 billion, despite a closing price drop of 2.71% [1][2] - Xiaomi Group-W followed with a trading volume of HKD 35.41 billion and a net sell of HKD 5.37 billion, closing up by 2.49% [1][2] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W also led with a trading volume of HKD 36.70 billion and a net buy of HKD 3.17 billion, while Xiaomi Group-W had a net sell of HKD 1.52 billion [2] Summary of Active Stocks - The top ten actively traded stocks included Alibaba-W, Xiaomi Group-W, and Tencent Holdings, with respective trading volumes of HKD 73.15 billion, HKD 35.41 billion, and HKD 28.17 billion [1][2] - The net buy and sell amounts for these stocks indicated a strong interest in Alibaba-W, while Xiaomi Group-W faced significant selling pressure [1][2]

Core Insights - On November 27, 2025, Alibaba-W (09988), Xiaomi Group-W (01810), and SMIC (00981) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 7.315 billion, 3.541 billion, and 2.817 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Xiaomi Group-W (01810), and Tencent Holdings (00700) also ranked as the top three, with trading amounts of 3.670 billion, 1.648 billion, and 1.450 billion respectively [1] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Shanghai-Hong Kong)** - Alibaba-W (09988): Trading amount of 7.315 billion, net buying of +0.602 billion [2] - Xiaomi Group-W (01810): Trading amount of 3.541 billion, net selling of -0.537 billion [2] - SMIC (00981): Trading amount of 2.817 billion, net selling of -0.431 billion [2] - Tencent Holdings (00700): Trading amount of 2.676 billion, net selling of -0.165 billion [2] - Pop Mart (09992): Trading amount of 1.979 billion, net buying of +0.290 billion [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong)** - Alibaba-W (09988): Trading amount of 3.670 billion, net buying of +0.317 billion [2] - Xiaomi Group-W (01810): Trading amount of 1.648 billion, net selling of -0.152 billion [2] - Tencent Holdings (00700): Trading amount of 1.450 billion, net selling of -0.094 billion [2] - SMIC (00981): Trading amount of 1.326 billion, net buying of +0.198 billion [2] - Meituan-W (03690): Trading amount of 1.025 billion, net buying of +0.174 billion [2]

Core Viewpoint - Huahong Semiconductor (01347) shows signs of rebound with a stock price increase of 2.80% to 73.35 HKD, indicating significant capital inflow and potential for short-term trading opportunities [1] Technical Analysis - The stock exhibits bottom-building characteristics, with key indicators starting to strengthen despite a general "neutral" signal [1] - The psychological indicator shows a "severe oversold, possible bottoming, buy" signal, while the bull-bear strength indicator also indicates a "buy" signal, suggesting conditions for a technical rebound are accumulating [1] - The stock has experienced a volatility of 27.1% over the past five days, providing rich opportunities for short-term traders [1] Key Support and Resistance Levels - Recent important support is at 67.3 HKD, with the next support level at 61.1 HKD [1] - Initial resistance is at 80.3 HKD, with a potential challenge at 85.6 HKD if broken [1] Market Context - The semiconductor industry is potentially at the bottom of its inventory cycle, which could act as a catalyst for stock price recovery [1] - The article raises questions about whether the current rebound is a technical correction or the beginning of an improvement in the industry's fundamentals [1] Product Performance - On November 24, leveraged products performed well, with UBS bull certificates rising by 30%, and other call options also showing significant gains [3] - For investors optimistic about the semiconductor industry's recovery, specific call options and bull certificates are recommended, offering leverage ranging from 2.8x to 5.9x [6] Investment Products - Recommended call options include the Bank of China call option (19857) with a leverage of 2.8x and a strike price of 73.52 HKD, and the other call option (20249) with 3x leverage and a strike price of 73.5 HKD [6] - For bearish investors, a put option (21316) with 2.2x leverage and a strike price of 72 HKD is suggested, along with a bear certificate (68253) offering 6.6x leverage [6][7]

Group 1: Semiconductor Industry - Semiconductor stocks showed an upward trend, with Huahong Semiconductor rising 1.24% and SMIC increasing by 1.02%. The semiconductor industry is expected to continue its upward trajectory through 2025, driven by U.S. export controls and China's "14th Five-Year Plan" emphasizing technological self-reliance [1][2] Group 2: Pharmaceutical Sector - Lakai Pharmaceutical saw a significant increase of over 15%, with a cumulative rise of over 40% this month. The company has granted rights for its breast cancer candidate drug LAE002 to Qilu Pharmaceutical for a total transaction amount of 2.045 billion yuan, along with a potential sales commission of 10% to 20% [1] Group 3: Technology and AI - Cambridge Technology experienced a nearly 10% rise, with reports indicating that Meta is in talks with Google to potentially purchase TPUs for its data centers starting in 2027, with a procurement scale potentially reaching several billion dollars [1] - Guohua Tong surged over 14% after Huawei announced the launch of its first chat robot, "Smart Hanhan," priced at 399 yuan, marking Huawei's entry into the smart companionship market [2] - Xiaoma Zhixing reported a revenue increase of 72% year-on-year to 25.4 million USD in Q3 2025, with Robotaxi services growing by 89% [3] Group 4: Consumer Goods and Entertainment - Pop Mart rose over 8% after Sony Pictures acquired the film adaptation rights for Pop Mart's popular IP "Labubu," with plans for a movie series already in development [3] - Yuran Agriculture increased by over 9%, being recognized as the world's largest raw milk supplier with a comprehensive business model covering the entire dairy industry chain [4] Group 5: U.S. Market Movements - Robinhood's stock rose over 10.93% as the company announced the launch of a futures and derivatives exchange, deepening its investment in predictive markets [5] - Oracle's stock increased by 4.02% after Deutsche Bank raised its target price based on the company's growth potential in cloud infrastructure and AI services [6]

Core Viewpoint - The article discusses the potential inclusion of eight Chinese companies in the 1260H list, which could impact their collaboration with the U.S. Department of Defense, although the immediate market reaction appears to be rational and unaffected by the news [2][3][4][7]. Group 1: News Context - The news regarding the 1260H list is not old; it was first reported despite the letter's date being October 7 [3]. - The Pentagon has identified Alibaba Group, Baidu, and BYD as companies that may assist the Chinese military, but no new developments have been reported since the initial claim [4]. - The Deputy Secretary of Defense, Stephen Feinberg, mentioned that five additional companies are also under consideration for inclusion, indicating that the list is not finalized [4]. Group 2: Impact on Companies - The core impact of the 1260H list is to restrict companies on the list from collaborating with the U.S. Department of Defense, but it does not directly prohibit partnerships with U.S. commercial firms, although it may create indirect obstacles [4]. - The market response to the news has been measured, as companies like Xuchuang and Xinyi Sheng did not show significant negative impact following the announcement [7]. Group 3: Industry Demand Forecast - According to GFHK's latest data, NVIDIA is expected to require 20 million 1.6T optical modules next year, while Google will need 12 million, raising questions about supply if companies like Zhongji Xuchuang and Xinyi Sheng are affected [4]. - The demand forecast for optical modules shows a significant increase, with shipments projected to rise from 2 million in 2023 to 43 million by 2026 for 800G modules [5].

Core Viewpoint - The article discusses the performance of the A-share market, highlighting the fluctuations in major indices and sector performances, particularly in consumer electronics and HBM concepts, while noting the decline in AI applications and certain real estate stocks [3]. Market Performance - As of the midday session, the Shanghai Composite Index rose by 0.49%, the Shenzhen Component Index increased by 0.38%, and the ChiNext Index initially surged over 2% before settling at a 0.56% gain [3]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.09 trillion yuan, a decrease of 466 billion yuan compared to the previous trading day, with over 3,300 stocks rising [4]. Sector Highlights - The consumer electronics sector saw a rise of 2.28%, while the HBM concept led the gains with a 2.62% increase [4]. - The solid-state battery concept also performed well, contributing to the overall positive sentiment in the market [3]. - The AI application sector continued to show weakness, indicating potential challenges in this area [3]. Notable Stocks - In the pork concept sector, stocks like Jin Xin Nong and Tian Yu Bio experienced significant gains, with Jin Xin Nong hitting the daily limit [5]. - Semiconductor stocks such as Huahong Semiconductor and SMIC saw increases of over 5% and 3%, respectively, reflecting strong performance in the tech sector [6]. - New Energy and AI concept stocks also showed strength, with New Yi Sheng rising by 7% and Yangguang Electric Power increasing by nearly 5% [7]. Additional Market Insights - The Hong Kong stock market opened with a slight increase, with the Hang Seng Technology Index expanding its gains [12]. - The People's Bank of China conducted a reverse repurchase operation of 356.4 billion yuan at an interest rate of 1.40%, indicating ongoing liquidity management [13]. - The Chinese yuan appreciated against the US dollar, reaching its highest level since October 2024 [14].