Market Overview - The Hang Seng Index closed at 25,220, down 2.38% for the day and 5.09% for the week, but up 25.72% year-to-date[3] - The Hang Seng Technology Index fell 3.21% to 5,395, with a year-to-date increase of 20.76%[3] - The Hang Seng China Enterprises Index decreased by 2.45% to 8,920, with a year-to-date rise of 22.36%[3] - The Shanghai Composite Index dropped 2.45% to 3,835, with a year-to-date increase of 14.41%[3] Sector Performance - The lithium battery sector saw significant declines, with Ganfeng Lithium down over 12% and Tianqi Lithium down over 11%[9] - Semiconductor stocks also performed poorly, with Innolux down over 8% and SMIC and Hua Hong Semiconductor both down over 6%[9] - Xiaomi-related stocks rose against the trend, driven by the launch of Xiaomi's enhanced smart driving system[9] U.S. Market Insights - On November 21, U.S. markets saw all major indices rise, with the Dow Jones gaining approximately 1.1%[9] - The probability of a 25 basis point rate cut by the Federal Reserve in December increased from under 40% to over 70% following dovish comments from New York Fed President Williams[9] - Notable movements in large tech stocks included Google up 3.53% and Nvidia down 0.96%[9] Japanese Market Trends - The Nikkei 225 index fell 2.4%, with a cumulative decline of 3.5% over the past week[13] - Japanese semiconductor stocks faced significant drops, with Tokyo Electron down 7.14% and Advantest down 12.10%[13] - The Japanese government announced a $135 billion economic stimulus plan, adding pressure to the yen and government bonds[13]

Core Viewpoint - The semiconductor sector experienced significant declines, with notable drops in stock prices for several key companies [1] Company Performance - Hua Hong Semiconductor saw a decline of over 11% [1] - SMIC (Semiconductor Manufacturing International Corporation) dropped by more than 5% [1] - Hong Guang Semiconductor fell by over 4% [1] - Shanghai Fudan and Jingmen Semiconductor also experienced declines [1]

Core Viewpoint - The semiconductor sector in Hong Kong experienced a significant decline in stock prices, with major companies facing substantial losses in their share values [1] Company Summaries - Hua Hong Semiconductor saw a drop of over 11% in its stock price [1] - SMIC (Semiconductor Manufacturing International Corporation) experienced a decline of more than 5% [1] - Hongguang Semiconductor's stock fell by over 4% [1] - Other companies such as Shanghai Fudan and Jingmen Semiconductor also followed the downward trend [1]

来源：滚动播报 港股半导体股下跌，华虹半导体跌超11%，中芯国际跌近6%。 ...

Group 1 - Hong Kong's Hang Seng Index rose by 1.42%, gaining 358 points to close at 25,578 points, while the Hang Seng Tech Index increased by 1.65% [1] - Alibaba-W (09988) surged over 4%, with its Qianwen App surpassing 10 million downloads in its first week of public testing [1] - Sinopharm (01801) rose over 3%, with plans to officially go blue starting December 8 [1] - Hengrui Medicine (01276) increased by over 5%, as nine drugs including SHR-9839 received approval for clinical trials [1] - Beijing Automotive (01958) gained over 3%, planning to sell 51% of its stake in Beiqi International for approximately 1.608 billion yuan to accelerate its international strategy [1] - WeRide (00800) jumped over 6%, having obtained Switzerland's first pure driverless license, with Q3 earnings report upcoming [1] - Rusal (00486) saw an intraday increase of over 4%, announcing plans to cease operations at the Krymni silicon plant by 2026 [1] - GAC Group (02238) surged over 12%, with its all-solid-state battery pilot production line officially completed and put into production [1] - Sino Biopharmaceutical-B (02591) rose over 20%, being included in the Hang Seng Composite Index effective December 8 [1] - 3SBio (01530) increased by over 4%, planning to spin off its subsidiary Mandi International for independent listing [1] Group 2 - Oil stocks continued to decline, with CNOOC (00883) dropping by 2.4% amid easing tensions in the Russia-Ukraine situation [2] - Semiconductor stocks faced significant declines, with Hua Hong Semiconductor (01347) falling over 9% and SMIC (00981) down over 5%, as reports indicated the Trump administration is considering approving exports of Nvidia's H200 AI chips to China [2] - Ganfeng Lithium (01772) dropped over 7%, facing potential downward risks in lithium spot prices, leading Goldman Sachs to downgrade the company to a "sell" rating [2]

Group 1: Market Movements - Sangfor Technologies (01530) rose over 5% following the news that Mandi International has submitted an application to list on the Hong Kong Stock Exchange, focusing on skin health and weight management solutions [1] - Yino Pharma (02591) surged over 22.5% after being included in the Hang Seng Composite Index, effective December 8, 2025 [1] - ASMPT (00522) fell over 2% as it was removed from the Hang Seng Tech Index [1] - Semiconductor stocks faced declines, with Hua Hong Semiconductor (01347) down 9.35% and SMIC (00981) down 5.38%, amid reports of potential U.S. chip exports to China [1] - Ganfeng Lithium (01772) dropped over 7% due to Goldman Sachs' report indicating that while the lithium market fundamentals have improved, extended inventory cycles in energy storage may offset this [1] Group 2: Company Earnings and Performance - Miniso (09896) fell over 6% despite reporting a 28.2% year-on-year revenue increase, as net profit dropped over 30% compared to the previous year [2] - NetEase (09999) rose over 5% after reporting a net income of RMB 28.4 billion (approximately $4 billion), an 8.2% year-on-year increase [2] - Alibaba (09988) increased over 4% as its AI assistant app surpassed 10 million downloads within a week of public testing [2] - CK Hutchison (00001) rose nearly 3% amid reports of plans for a dual listing of its Watsons brand, potentially raising up to $2 billion [2] Group 3: U.S. Market Highlights - Nvidia (NVDA.US) continued its downward trend, falling 0.97% despite a strong earnings report, with the founder expressing frustration over market perceptions [3] - Oracle (ORCL.US) dropped 5.66% after issuing $18 billion in investment-grade bonds to increase AI spending [4] - Retailer Ross Stores (ROST.US) saw an increase of over 8.41% after reporting third-quarter sales of $5.6 billion, exceeding market expectations [5] - Intuit (INTU.US) rose over 4.03% after reporting adjusted earnings per share of $3.34, surpassing Wall Street's expectations [5]

（文章来源：每日经济新闻） 每经AI快讯，港股芯片股跌幅居前，截至发稿，华虹半导体(01347.HK)跌8.05%，报67.35港元；中芯国 际(00981.HK)跌5.6%，报64.95港元。 ...

每经AI快讯，11月24日，港股芯片股下挫，华虹半导体跌逾7%，中芯国际跌超5%。 ...

Core Viewpoint - Semiconductor stocks are experiencing significant declines, with notable drops in shares of Huahong Semiconductor and SMIC amid potential changes in U.S. export regulations regarding AI chips to China [1] Group 1: Stock Performance - Huahong Semiconductor (01347) has dropped by 8.05%, trading at 67.35 HKD [1] - SMIC (00981) has decreased by 5.6%, trading at 64.95 HKD [1] Group 2: Regulatory Developments - The Trump administration is reportedly considering approving the export of NVIDIA's H200 AI chips to China [1] - The U.S. Department of Commerce is reviewing changes to export restrictions to China, which may lead to alterations in current policies [1] - No official response has been provided by the U.S. Department of Commerce, and NVIDIA has not commented directly on the matter [1]

Core Viewpoint - The Hong Kong stock market saw a decline in chip stocks, with notable drops in Huahong Semiconductor and SMIC, amidst reports of potential easing in US-China relations that may allow advanced technology exports to China, including Nvidia's H200 AI chips [1] Group 1: Market Performance - Huahong Semiconductor experienced a drop of 5.46%, with a latest price of 69.250 and a total market capitalization of 120.207 billion [2] - SMIC saw a decline of 3.71%, with a latest price of 66.250 and a total market capitalization of 530.006 billion [2] - Other semiconductor stocks also faced declines, including Macro Semiconductor (-1.92%), ASMPT (-1.90%), and Baker Micro (-1.30%) [2] Group 2: Year-to-Date Performance - Huahong Semiconductor has shown a significant year-to-date increase of 219.86% [2] - SMIC has also performed well year-to-date, with an increase of 108.33% [2] - In contrast, Macro Semiconductor has seen a year-to-date decline of 23.88% [2]