港股半导体板块走高，华虹半导体涨超5%，中芯国际涨超3%，晶门半导体涨超2%。 ...

Core Viewpoint - Huahong Semiconductor (01347) has seen a significant stock price increase of over 40% since December 17, with a current price of 94.3 HKD and a trading volume of 1.016 billion HKD, following the announcement of its acquisition of approximately 97.5% of Huali Micro for 8.268 billion CNY [1] Group 1: Acquisition Impact - The acquisition of Huali Micro is expected to enhance Huahong Semiconductor's market share in the global wafer foundry market and improve its supply capacity in specialty processes [1] - The integration is anticipated to boost the company's performance significantly, with projected net profit increasing from 380 million CNY to 960 million CNY, representing a 151% growth [1] - Earnings per share (EPS) is expected to rise from 0.22 CNY to 0.50 CNY, indicating a 127% increase in profitability [1] Group 2: Financial Strengthening - The acquisition will potentially introduce approximately 7.6 billion CNY in cash, enhancing the company's liquidity and supporting production line upgrades [1] - Total assets and net assets are projected to increase by 16% and 21%, respectively, following the acquisition and associated financing [1]

华泰证券发布研报称，以2024年数据进行备考测算：利润端，华力微作为优质晶圆代工资产，其注入或 将立竿见影地增厚业绩。备考归母净利润预计从3.8亿元增长151%至9.6亿元，带动EPS从0.22元增长 127%至0.50元，盈利能力或实现跨越式提升。资产端，若考虑配套融资，公司将引入约76亿元现金"活 水"，公司总资产/归母净资产或增厚16%/21%，大幅充实流动性并助力产线升级。 华虹半导体(01347)再涨近6%，12月17日至今累计涨幅已超40%。截至发稿，涨5.6%，报94.3港元，成 交额10.16亿港元。 消息面上，华虹半导体近期宣布，拟以82.68亿元的交易价格，收购华力微约97.5%股权。整合完成后， 公司在全球晶圆代工市场的份额有望进一步提升，特色工艺领域供给能力或增强。同时，募资或助力公 司推进产线升级、进一步拓产，提高研发能力。 ...

Core Viewpoint - The Hang Seng Index fell by 0.94% on January 7, with southbound capital transactions totaling HKD 134.39 billion, indicating a net inflow of HKD 9.18 billion [2] Group 1: Southbound Capital Transactions - Total southbound capital transactions amounted to HKD 134.39 billion, with buy transactions at HKD 71.79 billion and sell transactions at HKD 62.61 billion, resulting in a net buy of HKD 9.18 billion [2] - The Shenzhen Stock Connect saw total transactions of HKD 53.91 billion, with net buying of HKD 5.69 billion, while the Shanghai Stock Connect had total transactions of HKD 80.49 billion, with net buying of HKD 3.49 billion [2] Group 2: Active Stocks - Alibaba-W had the highest transaction amount among southbound stocks at HKD 15.06 billion, followed by SMIC and Tencent Holdings with HKD 6.48 billion and HKD 6.27 billion respectively [2][4] - Tencent Holdings recorded a net buy of HKD 1.96 billion, while Xiaomi Group-W had a net buy of HKD 1.63 billion, and the Yingfu Fund saw a net buy of HKD 1.47 billion [2][3] - China Mobile experienced the highest net sell at HKD 1.13 billion, with its stock price declining by 0.97% [2][4] Group 3: Continuous Net Buying - Four stocks received continuous net buying from southbound capital for more than three days, with Xiaomi Group-W leading at five days, followed by Alibaba-W at four days, and China Life at three days [3] - The total net buying amounts during this period were HKD 3.61 billion for Xiaomi Group-W, HKD 2.12 billion for Alibaba-W, and HKD 1.25 billion for China Life [3]

Core Insights - On January 7, 2026, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) were the top three stocks by trading volume in the Southbound Stock Connect, with trading amounts of 83.52 billion, 44.91 billion, and 34.34 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and SMIC (00981) also ranked as the top three, with trading amounts of 67.05 billion, 28.31 billion, and 19.91 billion respectively [1] Southbound Stock Connect (Shanghai-Hong Kong) - The top active stocks included: - Alibaba-W (09988): Trading amount of 83.52 billion, net buying of +9.74 billion - SMIC (00981): Trading amount of 44.91 billion, net selling of -10.38 billion - Tencent Holdings (00700): Trading amount of 34.34 billion, net buying of +8.86 billion - Xiaomi Group-W (01810): Trading amount of 23.83 billion, net buying of +8.13 billion - China Mobile (00941): Trading amount of 22.60 billion, net selling of -11.26 billion [2] Southbound Stock Connect (Shenzhen-Hong Kong) - The top active stocks included: - Alibaba-W (09988): Trading amount of 67.05 billion, net selling of -8.50 billion - Tencent Holdings (00700): Trading amount of 28.31 billion, net buying of +10.69 billion - SMIC (00981): Trading amount of 19.91 billion, net selling of -3.20 million - Xiaomi Group-W (01810): Trading amount of 16.55 billion, net buying of +8.19 billion - Meituan-W (03690): Trading amount of 13.07 billion, net buying of +4.48 billion [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01347 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 1,328,249,496 | | 0 | | 1,328,249,496 | | 增加 / 減少 (-) | | | | 1,614,697 | | | | | | 本月底結存 | | | | 1,329,864,193 | | 0 | | 1,329,864,193 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年12月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 華虹半導體有限公司（於香港註冊成立的有限公司） | | | 呈交日期: | 2026年1月7日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01347 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 1,328,249,496 | | 0 | | 1,328,249,4 ...

Core Viewpoint - Huahong Semiconductor is acquiring 97.4988% of Huali Micro for a transaction price of 8.268 billion yuan, which aligns with the trend of specialization in the integrated circuit industry in mainland China [1] Financial Analysis - The acquisition is expected to enhance overall profitability, as Huali Micro's production lines may have completed equipment depreciation, potentially outperforming Huahong Semiconductor's existing average profitability [1] - The integration is seen as a fulfillment of the market commitment made during Huahong Semiconductor's A-share listing in 2023 [1] Market Position - Post-integration, the company is anticipated to increase its market share in the global wafer foundry market and enhance its supply capacity in specialized process areas [1] Future Prospects - The fundraising from this acquisition may support the company's efforts in upgrading production lines, expanding capacity, and improving research and development capabilities [1] - The investment bank maintains a "buy" rating for Huahong Semiconductor with a target price of 91 HKD for its H-shares [1]

Core Viewpoint - The report from CMB International indicates that Huahong Semiconductor has acquired 97.4988% equity of Huali Micro for a transaction price of 8.268 billion yuan, which is expected to enhance overall profitability beyond Huahong's existing production lines [1] Financial Analysis - From a financial perspective, Huali Micro has likely completed equipment depreciation, and the integration may lead to stronger profitability levels compared to Huahong's average [1] - The transaction aligns with Huahong's commitment made during its A-share listing in 2023 [1] Market Position and Strategy - The integration will not change the actual controlling relationship between Huali Micro and Huahong Semiconductor, and it follows the trend of specialization and consolidation in the domestic integrated circuit industry [1] - Post-integration, the company is expected to increase its market share in the global wafer foundry market and enhance its supply capabilities in specialized processes [1] Future Prospects - The fundraising from this transaction may assist the company in upgrading production lines and expanding capacity, as well as improving research and development capabilities [1] - CMB International maintains a "Buy" rating for Huahong Semiconductor with a target price of 91 HKD for its H-shares [1]

Group 1 - The core viewpoint of the report is that Huahong Semiconductor's acquisition of 97.4988% equity in Huali Micro at a transaction price of 8.268 billion yuan is expected to enhance overall profitability beyond Huahong's existing production lines [1] - The integration of Huali Micro is seen as a fulfillment of Huahong Semiconductor's market commitment made during its A-share listing in 2023 [1] - The transaction aligns with the trend of specialization and integration within the domestic integrated circuit industry [1] Group 2 - Post-integration, the company's market share in the global wafer foundry market is anticipated to increase, particularly in specialty processes [1] - The fundraising from this acquisition may assist the company in upgrading production lines and expanding capacity, as well as enhancing research and development capabilities [1] - The report maintains a "buy" rating for Huahong Semiconductor, with a target price of 91 HKD for its H-shares [1]