Core Viewpoint - The Hang Seng Index increased by 0.25%, while the Hang Seng Tech Index rose by 0.43%, indicating a positive market sentiment in the technology sector [1] Group 1: Market Performance - The Hang Seng Index experienced a rise of 0.25% [1] - The Hang Seng Tech Index saw an increase of 0.43% [1] Group 2: Stock Movements - Semiconductor stocks opened higher, with SMIC rising nearly 2% and Hua Hong Semiconductor increasing by nearly 1% [1] - New stock Haiwei Co. opened down over 5% [1]

Core Insights - On November 28, 2025, Alibaba-W (09988), Tencent Holdings (00700), and Pop Mart (09992) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 4.408 billion, 1.528 billion, and 1.305 billion respectively [1] - Alibaba-W, Tencent Holdings, and Pop Mart also led the trading volume in the Shenzhen-Hong Kong Stock Connect, with trading amounts of 1.568 billion, 1.067 billion, and 0.860 billion respectively [1] Southbound Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 4.408 billion with a net buying amount of +0.800 billion [1] - Tencent Holdings (00700) recorded a trading amount of 1.528 billion with a net selling amount of -0.172 billion [1] - Pop Mart (09992) achieved a trading amount of 1.305 billion with a net buying amount of +0.208 billion [1] - SMIC (00981) had a trading amount of 1.304 billion with a net selling amount of -0.138 billion [1] - Xiaomi Group-W (01810) saw a trading amount of 1.251 billion with a net buying amount of +0.366 billion [1] - Other notable companies included UBTECH (09880) with 0.783 billion (+78.0527 million), Meituan-W (03690) with 0.774 billion (+0.240 billion), and Huahong Semiconductor (01347) with 0.759 billion (-77.2344 million) [1] Shenzhen-Hong Kong Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 1.568 billion with a net buying amount of +0.294 billion [1] - Tencent Holdings (00700) recorded a trading amount of 1.067 billion with a net buying amount of +0.435 billion [1] - Pop Mart (09992) achieved a trading amount of 0.860 billion with a net buying amount of +0.341 billion [1] - SMIC (00981) had a trading amount of 0.792 billion with a net selling amount of -0.162 billion [1] - Meituan-W (03690) saw a trading amount of 0.639 billion with a net buying amount of +0.230 billion [1] - Other notable companies included Xiaomi Group-W (01810) with 0.578 billion (+1.05 million), GAC Group (02238) with 0.524 billion (+15.6696 million), and China Mobile (00941) with 0.492 billion (-1.69835 million) [1]

Core Viewpoint - The Hong Kong stock market saw significant net inflows from northbound trading, totaling HKD 27.27 billion on November 28, with notable net purchases in stocks like Alibaba, Pop Mart, and Xiaomi [1][2]. Group 1: Northbound Trading Activity - Northbound trading through Stock Connect recorded a net purchase of HKD 27.27 billion, with HKD 9.33 billion from the Shanghai Stock Connect and HKD 17.94 billion from the Shenzhen Stock Connect [1]. - The most purchased stocks included Alibaba-W (09988) with a net inflow of HKD 10.94 billion, Pop Mart (09992) with HKD 5.49 billion, and Xiaomi Group-W (01810) with HKD 4.7 billion [4][5]. Group 2: Individual Stock Performance - Alibaba-W (09988) had a total trading volume of HKD 44.08 billion, with a net inflow of HKD 8 billion, driven by the launch of its new AI product, Quark AI Glasses S1 [2][4]. - Pop Mart (09992) benefited from government initiatives to promote consumer goods, resulting in a net inflow of HKD 2.08 billion [5]. - Xiaomi Group-W (01810) saw a net inflow of HKD 3.66 billion, supported by its recent share buyback program totaling over HKD 12 billion this month [5]. - Other notable stocks included Meituan-W (03690) and Tencent Holdings (00700), which received net inflows of HKD 4.7 billion and HKD 2.62 billion, respectively [6]. Group 3: Net Sell-offs - The stocks with the highest net sell-offs included Semiconductor Manufacturing International Corporation (00981) and Zijin Mining (02899), with net outflows of HKD 3 billion and HKD 2.81 billion, respectively [6]. - The semiconductor sector continues to face selling pressure, as evidenced by the net sell-off of Huahong Semiconductor (01347) amounting to HKD 1.23 billion [6].

本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列華虹半導體有限公司（「本公司」）於上海證券交易所網站刊發的《華虹半導 體有限公司關於發行股份及支付現金購買資產並募集配套資金暨關聯交易事項的 進展公告》，僅供參閱。 承董事會命 華虹半導體有限公司 董事會主席、總裁兼執行董事 白鵬先生 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 （於香港註冊成立之有限公司） （股份代號：01347） 海外監管公告 中國上海，二零二五年十一月二十八日 於本公告日期，本公司董事分別為： 執行董事： 白鵬 （董事會主席及總裁） 非執行董事： 葉峻 孫國棟 陳博 熊承艷 獨立非執行董事： 張祖同 王桂壎太平紳士 封松林 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"） ...

| 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]