Core Viewpoint - On June 23, the Hang Seng Index rose by 0.67%, with southbound funds totaling a transaction amount of HKD 98.834 billion, resulting in a net inflow of HKD 7.895 billion [1]. Group 1: Southbound Fund Transactions - The total transaction amount for southbound funds was HKD 98.834 billion, with buy transactions amounting to HKD 53.365 billion and sell transactions amounting to HKD 45.470 billion, leading to a net buy of HKD 7.895 billion [1]. - The cumulative transaction amount for the Stock Connect (Shenzhen) was HKD 36.039 billion, with net buying of HKD 3.506 billion, while the Stock Connect (Shanghai) had a cumulative transaction amount of HKD 62.795 billion, with net buying of HKD 4.389 billion [1]. Group 2: Active Stocks - The most actively traded stock by southbound funds was SMIC, with a total transaction amount of HKD 48.21 billion, followed by Xiaomi Group-W and Alibaba-W, with transaction amounts of HKD 46.63 billion and HKD 45.52 billion, respectively [1]. - Among the net buying stocks, Meituan-W had the highest net inflow of HKD 15.15 billion, with a closing price increase of 2.18%. Other notable net buying stocks included China Construction Bank with HKD 8.44 billion and SMIC with HKD 6.78 billion [1]. - Alibaba-W experienced the highest net outflow of HKD 12.86 billion, with a closing price decrease of 0.81%. Other stocks with significant net outflows included China National Offshore Oil Corporation and Xiaomi Group-W, with net outflows of HKD 3.27 billion and HKD 3.18 billion, respectively [1]. Group 3: Continuous Net Buying and Selling - Two stocks, China Construction Bank and SMIC, saw continuous net buying for more than three days, with China Construction Bank having a total net buy of HKD 58.54 billion over nine days and SMIC with HKD 12.36 billion over three days [2]. - Three stocks experienced continuous net selling, with Tencent Holdings and Alibaba-W leading in net outflows, totaling HKD 187.31 billion and HKD 19.98 billion, respectively [2].

盘面上，大型科技股涨跌不一，美团涨超2%，阿里跌0.81%，腾讯跌0.3%。美拟收紧半导体技术豁免， 中东紧张局势再添新变数，伊朗议会赞成关闭霍尔木兹海峡，油气、航运股冲高；美拟收紧半导体技术 豁免，中芯华虹均涨超4%；跨境支付通有望打开稳定币应用前景，稳定币概念再度升温；医药、新消 费午后涨幅扩大。另一边，比特币一度失守10万美元大关，加密货币ETF跌幅居前，影视股、乳制品股 等走软。 智通财经APP获悉，美国介入伊以冲突，中东地缘局势持续紧张，港股今日低开高走，午后涨幅进一步 扩大，恒生科技指数涨超1%。截止收盘，恒生指数涨0.67%或158.65点，报23689.13点，全日成交额为 1985.91亿港元；恒生国企指数涨0.82%，报8597.36点；恒生科技指数涨1.05%，报5187.01点。 华泰证券指出，在前期涨幅较大且速度较快的情况下，上周港股受地缘风险、本地流动性隐忧及AH交 易回摆三重扰动触发回调，但短期扰动不改动中期趋势。该行认为，三季度港股或从此前上行趋势转为 阶段震荡，但增配逻辑依然不改，因此逢低买入并持有依然是可行操作。 蓝筹股表现 理想汽车-W(02015)领涨蓝筹。截至收盘，涨 ...

智通财经6月23日电，香港恒生指数收涨0.67%，恒生科技指数涨1.05%。毛戈平涨超7%，百济神州涨超 6%，理想汽车涨超5%，中芯国际、华虹半导体涨超4%；博雷顿跌超4%，沪上阿姨跌超3%。 香港恒生指数收涨0.67% 恒生科技指数涨1.05% ...

Group 1 - The Hang Seng Tech Index has expanded its gains to 1% [1] - Hua Hong Semiconductor has increased by over 6% [1] - SMIC (Semiconductor Manufacturing International Corporation) has risen by over 5% [1]

Group 1 - The Hang Seng Technology Index has turned positive, while the Hang Seng Index is close to turning positive after previously declining over 1% [1] - Hua Hong Semiconductor has increased by over 6%, and SMIC has risen by over 5% [1]

港股半导体板块持续走强，华虹半导体(01347.HK)涨超4%，中芯国际(00981.HK)涨超3%，晶门半导体 (02878.HK)、上海复旦(01385.HK)等跟涨。 ...

Investment Rating - The industry investment rating is "Positive" and maintained [3] Core Viewpoints - The U.S. Department of Commerce plans to cancel the technology exemption for chip manufacturers operating in China, which may weaken the advantages of overseas companies utilizing resources in mainland China and alter the global supply chain landscape [2][6] - This move is expected to benefit domestic semiconductor manufacturers as it may diminish the competitive edge of foreign companies' factories in China, which are crucial to their global supply chains [6] - The cancellation of the exemption could impact the global supply chain structure of the storage industry, with domestic storage manufacturers likely to benefit [6] Summary by Relevant Sections Semiconductor Industry - The U.S. is set to revoke the technology exemption for major semiconductor manufacturers like TSMC and Samsung, which could lead to a supply risk for advanced process equipment and technology in their Chinese factories [6] - The sales of Samsung's Xi'an factory are projected to grow by approximately 29% year-on-year in 2024, reaching 11 trillion KRW, while TSMC's Nanjing factory is expected to achieve a profit of 25.954 billion TWD, a year-on-year increase of about 19% [6] Domestic Semiconductor Supply Chain - The cancellation of the exemption is likely to encourage the continued push for domestic production across the supply chain, benefiting companies in semiconductor equipment, materials, and EDA [6] - Domestic wafer manufacturers and storage manufacturers will be more motivated to procure domestic alternatives to ensure supply chain security and capacity construction [6] Investment Recommendations - Recommended stocks in the semiconductor wafer foundry, equipment, and materials sectors include: SMIC (688981, Buy), Huahong Semiconductor (01347, Buy), and others [6] - In the storage industry chain, recommended stocks include: Zhaoyi Innovation (603986, Buy), Beijing Junzheng (300223, Buy), and others [6]

Group 1 - The Hang Seng Index rose by 1.26% on June 20, with southbound trading totaling HKD 929.70 billion, including HKD 472.61 billion in buy transactions and HKD 457.10 billion in sell transactions, resulting in a net inflow of HKD 15.51 billion [1][2] - The southbound trading through the Shenzhen Stock Connect amounted to HKD 327.63 billion, with net buying of HKD 27.93 billion, while the Shanghai Stock Connect recorded a total of HKD 602.07 billion, resulting in a net outflow of HKD 12.42 billion [1][2] - The most actively traded stock by southbound funds was Pop Mart, with a total transaction amount of HKD 63.06 billion, followed by Tencent Holdings and Shandong Molong, with transaction amounts of HKD 30.64 billion and HKD 30.37 billion respectively [1][2] Group 2 - Among the stocks with net buying, China Construction Bank led with a net inflow of HKD 6.90 billion, closing up by 3.34%, while SMIC and Southern Hang Seng Technology had net inflows of HKD 5.33 billion and HKD 4.29 billion respectively [1][2] - Tencent Holdings experienced the highest net selling amount of HKD 12.34 billion, closing up by 1.51%, while Pop Mart and Bank of China saw net selling amounts of HKD 6.55 billion and HKD 6.49 billion respectively [1][2] - China Construction Bank has been consistently bought by southbound funds for 8 consecutive days, with a total net buying amount of HKD 50.10 billion during this period [2]

Market Overview - The Hong Kong stock market jumped 1.26% amid international capital reacting to U.S. President Trump's management of expectations regarding potential military action against Iran [1] - Trump's decision to delay military action against Iran for two weeks aligns with Israel's urgency to target Iranian nuclear facilities, particularly the Fordow nuclear site [1] Geopolitical Risks - Iran's missile attacks have decreased in intensity, averaging 20-30 high-intensity missiles daily, but threats to Israeli targets in Europe have emerged [2] - The Iraqi Shiite militia "Hezbollah" has threatened to block the Strait of Hormuz if the U.S. intervenes in the Israel-Iran conflict, leading to a decline in shipping traffic through the strait [2] Financial Developments - The People's Bank of China and the Hong Kong Monetary Authority launched a cross-border payment system, enhancing efficiency and reducing costs for cross-border remittances [3] - Major Chinese banks involved in the cross-border payment system saw stock increases of around 2% [3] - Insurance stocks also surged, with companies like China Life and New China Life rising over 4% due to stable investment returns [3] Industry Innovations - China's domestic EUV lithography machine has achieved a significant milestone with a production yield exceeding 70%, marking a critical point in the development of high-end chip manufacturing [6] - This advancement indicates a potential shift in the global semiconductor landscape, reducing reliance on foreign technology [6] Company-Specific Insights - China Coal Energy reported a decline in revenue and profit due to falling coal prices, with average prices for various coal types down significantly compared to the previous year [7] - The company is implementing cost-reduction measures and has seen its major shareholder increase their stake, reflecting confidence in the company's future [8]

Group 1 - Key Point 1: 基石药业-B (02616) rose over 5% after its drug for lung cancer,舒格利单抗, received long-term survival data recognition in The Lancet Oncology, reinforcing its position as a first-line treatment in Europe [2] - Key Point 2: 海昌海洋公园 (02255) increased by over 4% as a major shareholder, 祥源控股, is set to acquire a 38.6% stake for HKD 22.95 billion, potentially alleviating liquidity pressures [2] - Key Point 3: 冠忠巴士 (00306) surged 27% with a projected 143% increase in annual pre-tax profit to HKD 165 million, driven by revenue growth, reduced fuel costs, and autonomous driving licenses [2] Group 2 - Key Point 1: 东方表行 (00398) fell over 5% due to a 5.2% decline in revenue and a 20% drop in net profit, attributed to weak luxury goods demand amid geopolitical conflicts and interest rate fluctuations [2] - Key Point 2: 北森控股 (09669) plummeted over 17% as its adjusted annual EBITDA was only HKD 28.9 million, with Everbright Securities lowering revenue forecasts by 10%-15% due to growth challenges [3] - Key Point 3: 顺丰控股 (06936) rose over 6% to a new high, with May express delivery revenue increasing by 13.4%, and the scaling of unmanned delivery vehicles potentially opening up future profit opportunities [3] Group 3 - Key Point 1: 中国中免 (01880) increased by over 5% as it accelerates the expansion of its duty-free stores, with 4 already opened and 9 more in preparation, benefiting from favorable policies [3] - Key Point 2: 华虹半导体 (01347) rose over 7% with a capacity utilization rate of 102.7%, and Tianfeng Securities optimistic about future contributions of USD 1.28 billion from its 9th factory [3] - Key Point 3: 网龙 (00777) increased over 3% after showcasing AI digital human presentation technology at a UN conference, launching the "EDA Education Metaverse" strategy, which catalyzed a revaluation of AI [4]