Core Insights - On November 10, 2025, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 30.14 billion, 25.38 billion, and 23.94 billion respectively [1][2] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), SMIC (00981), and China National Offshore Oil Corporation (00883) also ranked as the top three, with trading amounts of 22.88 billion, 17.66 billion, and 16.28 billion respectively [1][2] Southbound Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 30.14 billion with a net buy of -7.48 billion [2] - SMIC (00981) recorded a trading amount of 25.38 billion with a net buy of -91.6453 million [2] - Tencent Holdings (00700) had a trading amount of 23.94 billion with a net buy of -4.19 billion [2] - China National Offshore Oil Corporation (00883) achieved a trading amount of 21.14 billion with a net buy of +5.64 billion [2] - Xiaomi Group-W (01810) had a trading amount of 20.62 billion with a net buy of +2.62 billion [2] - Pop Mart (09992) recorded a trading amount of 18.74 billion with a net buy of +834.075 million [2] - Hua Hong Semiconductor (01347) had a trading amount of 13.06 billion with a net buy of -1.98 billion [2] - Ganfeng Lithium (01772) recorded a trading amount of 11.42 billion with a net buy of -743.079 million [2] - China Duty Free Group (01880) had a trading amount of 10.92 billion with a net buy of -1.47 billion [2] - Xpeng Motors-W (09868) achieved a trading amount of 10.67 billion with a net buy of +1.03 billion [2] Shenzhen-Hong Kong Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 22.88 billion with a net buy of +952.690 million [2] - SMIC (00981) recorded a trading amount of 17.66 billion with a net buy of -1.26 billion [2] - China National Offshore Oil Corporation (00883) achieved a trading amount of 16.28 billion with a net buy of +7.50 billion [2] - Tencent Holdings (00700) had a trading amount of 16.25 billion with a net buy of +2.91 billion [2] - Pop Mart (09992) recorded a trading amount of 12.90 billion with a net buy of +4.35 billion [2] - Xiaomi Group-W (01810) had a trading amount of 11.95 billion with a net buy of -883.856 million [2] - China Mobile (00941) achieved a trading amount of 7.58 billion with a net buy of -789.845 million [2] - China Duty Free Group (01880) recorded a trading amount of 6.07 billion with a net buy of +1.18 billion [2] - 3SBio (01530) had a trading amount of 6.05 billion with a net buy of -11.6094 million [2] - Meituan-W (03690) achieved a trading amount of 5.70 billion with a net buy of -306.287 million [2]

Group 1 - Southbound funds net bought Hong Kong stocks worth 6.654 billion HKD today [1] - The top net purchases included China National Offshore Oil Corporation (CNOOC) at 1.313 billion HKD, Pop Mart at 518 million HKD, Xiaomi Group-W at 173 million HKD, and Xpeng Motors-W at 103 million HKD [1] - The top net sales included Alibaba-W at 653 million HKD, SMIC at 217 million HKD, Hua Hong Semiconductor at 197 million HKD, and Tencent Holdings at 127 million HKD [1] Group 2 - Southbound funds have net bought Xiaomi for 9 consecutive days, totaling 5.36835 billion HKD [1] - Southbound funds have net bought Xpeng Motors for 3 consecutive days, totaling 1.68038 billion HKD [1] - Southbound funds have net sold Alibaba for 3 consecutive days, totaling 1.32284 billion HKD [1]

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound capital, with a total net buy of HKD 66.54 billion on November 10, marking a cumulative net inflow of over HKD 5 trillion since the launch of the Stock Connect program [1]. Group 1: Northbound Capital Inflows - The highest net purchases were recorded for CNOOC (00883), Pop Mart (09992), and Xiaomi Group-W (01810) [1]. - The most significant net sales were observed for Alibaba-W (09988), SMIC (00981), and Hua Hong Semiconductor (01347) [1]. Group 2: Individual Stock Performance - Alibaba-W had a net buy of HKD 11.33 billion and a sell of HKD 18.81 billion, resulting in a net outflow of HKD 7.48 billion [2]. - CNOOC received a net buy of HKD 13.13 billion, influenced by OPEC+ production decisions and U.S. sanctions on Russian oil producers [4]. - Pop Mart saw a net buy of HKD 5.18 billion, with positive sales growth projections through 2026 due to strategic adjustments and product management [5]. - Tencent and Alibaba-W faced net outflows of HKD 1.27 billion and HKD 6.53 billion, respectively, as market sentiment remained cautious ahead of Tencent's earnings announcement [7]. Group 3: Market Trends and Insights - The overall market sentiment is mixed, with concerns about demand weakness and supply surplus affecting oil prices, while optimism exists for the Chinese duty-free sector, particularly for China Duty Free Group [6]. - Hua Hong Semiconductor's third-quarter gross margin exceeded expectations, but its valuation is already reflected in the market [7].

公司指引四季度收入6.5亿至6.6亿美元，毛利率介乎12%至14%。招银国际维持华虹半导体2025年全年 收入预测，并将全年毛利率预估由10.9%上调至12%，反映更强的利润率修复。考虑到计划中的新厂并 购(预计2026年8月左右完成，年收入贡献6亿至7亿美元)，该行上调公司2026年收入预测至32亿美元。 招银国际发布研报称，华虹半导体(01347)毛利率显著超预期但估值已反映，维持"持有"评级，目标价 调整至68港元。其2025年三季度业绩，收入创历史新高达6.35亿美元，同比增长21%，符合市场一致预 期及公司指引。毛利率恢复至13.5%，同比增长1.4个百分点。期内净利润2,600万美元，较市场预期低 5.3%，但净利率由今年首季、次季分别0.7%、1.4%改善至4.1%。 ...

Core Viewpoint - Zhaoyin International reports that Huahong Semiconductor (01347) has significantly exceeded expectations in gross margin, but its valuation is already reflected, maintaining a "Hold" rating with a target price adjusted to HKD 68 [1] Financial Performance - For Q3 2025, Huahong Semiconductor achieved a record revenue of USD 635 million, a year-on-year increase of 21%, aligning with market consensus and company guidance [1] - Gross margin recovered to 13.5%, up 1.4 percentage points year-on-year [1] - Net profit for the period was USD 26 million, which was 5.3% lower than market expectations, but net profit margin improved from 0.7% and 1.4% in the first and second quarters to 4.1% [1] Future Guidance - The company guides for Q4 revenue between USD 650 million and USD 660 million, with gross margin expected to be between 12% and 14% [1] - Zhaoyin International maintains its full-year revenue forecast for Huahong Semiconductor for 2025 and raises the full-year gross margin estimate from 10.9% to 12%, reflecting stronger profit margin recovery [1] - Considering the planned new factory acquisition, expected to be completed around August 2026 with an annual revenue contribution of USD 600 million to USD 700 million, the firm raises the 2026 revenue forecast to USD 3.2 billion [1]

每日焦点 从业务细分来看，12 吋晶圆的销售收入同比增长 43.0%，显示出强劲动能。按 技术平台划分，独立式 非易失性存储器(StandaloneNVM)销售收入同比增 长 106.6%，模拟与电源管理亦增长 32.8%。公司正顺 利推进收购事项(收购 Fab5) 及新 12 英寸晶圆厂的产能爬坡。此举预计将进一步提升产能规模、丰富工 艺平 台，并与无锡 12 英寸生产线形成协同效应，强化公司盈利能力。 来源：凯基证券 来源：市场资讯 $华虹半导体(HK1347)公佈了二零二五年第三季度业绩。销售收入创下历史新高，达 6.35 亿美元，同比 增长 20.7%，环比增长 12.2%。毛利率为 13.5%，优于公司指引， 同比上升 1.3 个百分点，环比上升 2.6 个百分点。此轮增长主要受全球半导体 需求回暖及平均销售价格(ASP)上涨所驱动。第三季度母公司拥 有人应占利润为 2,570 万美元，同比下降 42.6%，但环比大幅上升 223.5%。 （来源：真灼财经） 展望未来，公司预计第四季度销售收入将介于 6.5 亿美元至 6.6 亿美元之间， 毛利率预计在 12%至 14%。管理层表示，受益于精益管理， ...

Core Insights - Huahong Semiconductor (HK1347) reported record sales revenue of $635 million for Q3 2025, representing a year-on-year increase of 20.7% and a quarter-on-quarter increase of 12.2% [3] - The gross margin was 13.5%, exceeding company guidance, with a year-on-year increase of 1.3 percentage points and a quarter-on-quarter increase of 2.6 percentage points [3] - The company's net profit attributable to shareholders was $25.7 million, a year-on-year decline of 42.6%, but a significant quarter-on-quarter increase of 223.5% [3] Revenue and Profitability - The growth in revenue was primarily driven by a recovery in global semiconductor demand and an increase in average selling prices (ASP) [3] - For Q4, the company expects sales revenue to be between $650 million and $660 million, with gross margin projected between 12% and 14% [3] - ASP increased by 5% both year-on-year and quarter-on-quarter, with this positive trend expected to continue into Q4 [3] Business Segmentation - Sales revenue from 12-inch wafers grew by 43.0% year-on-year, indicating strong momentum [4] - Standalone Non-Volatile Memory (NVM) sales revenue increased by 106.6% year-on-year, while analog and power management segments grew by 32.8% [4] - The company is progressing with its acquisition of Fab5 and ramping up capacity at the new 12-inch wafer fab, which is expected to enhance capacity, diversify technology platforms, and strengthen profitability through synergies with the Wuxi 12-inch production line [4]

Investment Rating - The report maintains a "Buy" rating for Huahong Semiconductor (1347.HK) and Huahong Company (688347.CH) [1][2] Core Insights - Huahong's third-quarter gross margin exceeded market expectations, with a gross margin of 13.5%, up 2.1 percentage points year-on-year and 2.3 percentage points quarter-on-quarter [2] - The company expects fourth-quarter gross margins to remain stable compared to the third quarter, driven by tight capacity and rising wafer prices [1][2] - The revenue for the third quarter was $635 million, a 21% year-on-year increase and a 12% quarter-on-quarter increase, aligning with market expectations [2] - The report projects a target price of HKD 94.0 for Huahong Semiconductor, representing a potential upside of 17%, and a target price of RMB 150.0 for Huahong Company, representing a potential upside of 18% [1][2] Financial Performance Summary - Third-quarter revenue was $635 million, with a net profit of $25.72 million, down 43% year-on-year but up 224% quarter-on-quarter [9] - The company’s EBITDA for 2025 is projected at $758 million, with a net profit forecast of $89 million, reflecting a 53% increase from previous estimates [11] - The report provides a detailed financial forecast for 2023-2027, indicating a revenue growth rate of 19% for 2025 and 2026 [4][11] Valuation Metrics - The current EV/EBITDA and price-to-book ratios for Huahong are 24.4x and 2.7x, respectively, indicating attractive valuation levels [1][2] - The report assigns a target EV/EBITDA of 31.0x for 2025, supporting the target price of HKD 94.0 [2][12]

该行指，华虹半导体季度收入符预期，毛利率和净利润因价格调涨及产品结构调整改善而超出预期。该 行维持对公司今年收入预测基本不变，因产能装机增加及折旧增加，下调公司今年净利润预测27%至 1.09亿美元;考虑到平台化预期和产品结构改善，上调对公司明年年收入预测6%至29.72亿美元，上调明 年净利润预测27%至2.16亿美元。 中金发布研报称，华虹半导体(01347)第三季营收同比升20.7%至6.35亿美元，符合此前指引的6.2亿至6.4 亿美元区间;毛利率同比升1.3个百分点至13.5%，超出此前给予的10%至12%指引区间，净亏损719万美 元，纯利2,572万美元。该行基于市场估值中枢上行和市场对公司未来大平台化的预期，上调华虹半导 体目标价120%至110港元，维持"跑赢行业"评级。 ...

Core Viewpoint - Huahong Semiconductor (01347) reported a 20.7% year-on-year revenue increase in Q3 to $635 million, aligning with previous guidance of $620 million to $640 million [1] - The gross margin rose by 1.3 percentage points to 13.5%, exceeding the prior guidance of 10% to 12% [1] - The company recorded a net loss of $7.19 million but achieved a net profit of $25.72 million [1] Group 1 - Huahong Semiconductor's quarterly revenue met expectations, while gross margin and net profit exceeded forecasts due to price increases and product mix improvements [1] - The target price for Huahong Semiconductor was raised by 120% to HKD 110, maintaining an "outperform" rating based on market valuation trends and expectations for the company's future platformization [1] - The revenue forecast for the current year remains largely unchanged due to increased capacity installation and depreciation, while the net profit forecast was reduced by 27% to $109 million [1] Group 2 - The revenue forecast for next year was increased by 6% to $2.972 billion, and the net profit forecast was raised by 27% to $216 million, considering platformization expectations and product mix improvements [1]