Core Viewpoint - Semiconductor stocks are experiencing significant gains in early trading, indicating positive market sentiment towards the sector [1][2]. Group 1: Stock Performance - Hua Hong Semiconductor (01347) has risen by 3.45%, trading at HKD 76.50 [1][2]. - Shanghai Fudan (01385) has increased by 2.79%, with a current price of HKD 39.84 [1][2]. - SMIC (00981) has seen a rise of 1.86%, currently priced at HKD 68.45 [1][2].

Core Viewpoint - Huahong Semiconductor has shown significant stock performance with a year-to-date increase of 131.63%, despite recent fluctuations in the short term [2] Group 1: Stock Performance - As of December 4, Huahong's stock price rose by 2.09% to 107.64 CNY per share, with a trading volume of 489 million CNY and a turnover rate of 1.13%, resulting in a total market capitalization of 186.86 billion CNY [1] - The stock has experienced a 1.05% increase over the last five trading days, a 15.42% decrease over the last 20 days, and a 38.19% increase over the last 60 days [2] Group 2: Financial Performance - For the period from January to September 2025, Huahong achieved a revenue of 12.583 billion CNY, representing a year-on-year growth of 19.82%, while the net profit attributable to shareholders decreased by 56.52% to 251 million CNY [3] Group 3: Shareholder and Institutional Holdings - As of September 30, 2025, the number of Huahong's shareholders increased by 30.97% to 49,000, with an average of 0 circulating shares per shareholder [3] - The company has distributed a total of 258 million CNY in dividends since its A-share listing [4] - Notable institutional shareholders include Galaxy Innovation Mixed A and Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF, with the latter reducing its holdings by 427,700 shares [4]

Core Viewpoint - The Hang Seng Index fell by 1.28% to close at 25,760.73 points on December 3, with a net inflow of HKD 2.279 billion through the southbound trading channel [1][3]. Group 1: Market Activity - The total trading volume for the southbound trading on December 3 was HKD 66.132 billion, with a net buy of HKD 2.279 billion [1]. - The Shanghai Stock Exchange's southbound trading accounted for HKD 39.050 billion in trading volume, with a net buy of HKD 0.548 billion, while the Shenzhen Stock Exchange had a trading volume of HKD 27.082 billion and a net buy of HKD 1.732 billion [1]. Group 2: Active Stocks - In the Shanghai Stock Exchange's southbound trading, Alibaba-W had the highest trading volume at HKD 32.55 billion, followed by Tencent Holdings and SMIC with HKD 20.92 billion and HKD 13.12 billion respectively [1]. - In terms of net buy amounts, Alibaba-W led with a net buy of HKD 2.60 billion, despite its stock price dropping by 2.17% [1]. - Tencent Holdings experienced the highest net sell amount of HKD 7.26 billion, with a closing price decrease of 0.97% [1]. Group 3: Shenzhen Stock Exchange Activity - In the Shenzhen Stock Exchange's southbound trading, Alibaba-W also topped the trading volume with HKD 23.90 billion, followed by Xiaomi Group-W and Tencent Holdings with HKD 16.21 billion and HKD 14.74 billion respectively [2]. - Xiaomi Group-W had the highest net buy amount of HKD 9.46 billion, despite a closing price drop of 1.18% [2]. - SMIC recorded the highest net sell amount of HKD 1.88 billion, with a closing price decrease of 2.11% [2].

Group 1 - Northbound capital recorded a net purchase of 22.79 billion HKD in the Hong Kong stock market on December 3, with net purchases of 5.48 billion HKD from the Shanghai Stock Connect and 17.32 billion HKD from the Shenzhen Stock Connect [1] - The most net purchased stocks included Xiaomi Group-W (01810), Alibaba-W (09988), and Meituan-W (03690), while the most net sold stocks were Tencent (00700), SMIC (00981), and Hua Hong Semiconductor (01347) [1] Group 2 - Xiaomi Group-W (01810) saw a net purchase of 8.7 billion HKD, with over 500,000 cars delivered since April 3, 2024, and November deliveries exceeding 40,000 units [3] - Alibaba-W (09988) received a net purchase of 4.27 billion HKD, with its AI product "Qianwen App" achieving a monthly active growth rate of 149.03% [3] - Meituan-W (03690) had a net purchase of 2.97 billion HKD, with expectations of reduced losses in its food delivery business and a focus on high-value orders [3] Group 3 - Longpan Technology (02465) received a net purchase of 1.17 billion HKD, signing a long-term procurement agreement for lithium iron phosphate cathode materials worth approximately 4.5 to 5.5 billion CNY [4] - ZTE Corporation (00763) faced a net sell-off of 59.73 million HKD, with its nubia M153 phone being an engineering sample for industry professionals [4] - Northbound capital continued to sell semiconductor stocks, with Hua Hong Semiconductor and SMIC experiencing net sales of 66.36 million HKD and 419 million HKD, respectively [4] Group 4 - XPeng Motors-W (09868) recorded a net purchase of 59.29 million HKD, while Tencent (00700) faced a net sell-off of 732 million HKD [5]

Group 1: Market Overview - Northbound capital recorded a net purchase of HKD 22.79 billion on December 3, with HKD 5.48 billion from the Shanghai Stock Connect and HKD 17.32 billion from the Shenzhen Stock Connect [1] - The most purchased stocks included Xiaomi Group-W (01810), Alibaba-W (09988), and Meituan-W (03690) [1] - The most sold stocks were Tencent (00700), SMIC (00981), and Hua Hong Semiconductor (01347) [1] Group 2: Stock Performance - Alibaba-W (09988) saw a net inflow of HKD 4.27 billion, driven by the launch of its AI app, which achieved a monthly active growth rate of 149.03% [4] - Xiaomi Group-W (01810) received a net purchase of HKD 8.7 billion, with over 500,000 cars delivered since April 3, 2024, and a share buyback of HKD 1.02 billion for 2.5 million shares [3][5] - Meituan-W (03690) had a net inflow of HKD 2.97 billion, with expectations of reduced losses in its food delivery business and a significant share purchase by JPMorgan [5] Group 3: Notable Transactions - Dragon Power Technology (02465) received a net purchase of HKD 1.17 billion, signing a long-term procurement agreement for lithium iron phosphate materials worth approximately HKD 4.5-5.5 billion [5] - ZTE Corporation (00763) faced a net sell-off of HKD 59.73 million, with reports of a new AI phone prototype being developed [5][6] - Northbound capital continued to sell semiconductor stocks, with Hua Hong Semiconductor and SMIC experiencing net sell-offs of HKD 66.36 million and HKD 419 million, respectively [6]

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11月30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: 2025年12月3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 | | | 1,328,093,768 | | 0 | | 1,328,093,768 | | 增加 / 減少 (-) | | | 155,728 | | | | | | 本月底結存 | | | 1,328,249,496 | ...

第 2 頁 共 10 頁 v 1.1.1 II. 已發行股份及/或庫存股份變動 第 1 頁 共 10 頁 v 1.1.1 FF301 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11月30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: 2025年12月3日 I. 法定/註冊股本變動 不適用 FF301 | 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 | | | 1,328,093,768 | | 0 | | 1,328,093,768 | | 增加 / 減少 (-) | | | 155,728 | | | | | | 本月底結存 | ...

Group 1 - Semiconductor stocks have shown some recovery, with Huahong Semiconductor (01347) rising by 2.61%, and Hard Egg Innovation (00400), Jingmen Semiconductor (02878), Chip Intelligence Holdings (02166), and Brain Hole Technology (02203) increasing by over 1% [1][2] - HSBC Investment Management's head of China and core Asia equities, Shen Yu, indicates that the story of AI capital expenditure in China has just begun, with significant growth expected in domestic GPU and AI computing power localization over the next 12 to 18 months [1][2] - In the next 6 to 12 months, a large number of domestic GPU and AI computing-related companies are expected to be listed on A-shares and H-shares, with the domestic GPU substitution rate anticipated to rise rapidly to over 50% in the coming years, potentially reaching 79% [1][2] - This development is expected to create a substantial domestic AI industry chain, significantly promoting the development of AI applications in China [1][2]

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]