Core Viewpoint - The semiconductor stocks continue their recent upward trend, with notable increases in share prices for several companies in the sector [1] Group 1: Company Performance - Shanghai Fudan (01385.HK) increased by 4.71%, reaching HKD 43.6 [1] - Huahong Semiconductor (01347.HK) rose by 3.12%, trading at HKD 89.2 [1] - Hongguang Semiconductor (06908.HK) saw a gain of 1.92%, priced at HKD 0.53 [1] - SMIC (00981.HK) experienced a 1.75% increase, with shares at HKD 84.25 [1]

Core Viewpoint - The semiconductor stocks continue to rise, driven by the rapid appreciation of domestic technology assets, particularly in AI computing power, indicating a significant shift towards domestic AI chip production and a fully integrated domestic AI industry chain [1] Group 1: Stock Performance - Shanghai Fudan (01385) increased by 4.71%, reaching HKD 43.6 - Huahong Semiconductor (01347) rose by 3.12%, reaching HKD 89.2 - Hongguang Semiconductor (06908) gained 1.92%, reaching HKD 0.53 - SMIC (00981) increased by 1.75%, reaching HKD 84.25 [1] Group 2: Industry Insights - Huaxin Securities highlights the rapid value increase of domestic technology assets, especially in AI computing power, which is becoming industrialized and evolving quickly [1] - The domestic AI chip era is emerging, with a complete industry chain established from advanced processes to packaging, and model upgrades by major companies like ByteDance, Alibaba, and Tencent [1] - Minsheng Securities emphasizes the trend towards domestic software and hardware localization amid major power technology competition, suggesting that domestic computing power will resonate with domestic software to build a robust localization ecosystem [1]

Group 1 - Chip stocks continue their recent upward trend, with notable increases in Shanghai Fudan (+4.71% to HKD 43.6), Huahong Semiconductor (+3.12% to HKD 89.2), Hongguang Semiconductor (+1.92% to HKD 0.53), and SMIC (+1.75% to HKD 84.25) [1] - Domestic technology assets are rapidly appreciating, particularly in core AI computing power assets, driven by significant investments in high-end AI computing that are becoming industrialized and rapidly iterating [1] - The domestic AI chip era is emerging, with a fully integrated domestic AI industry chain from advanced processes and packaging to model acceleration and upgrades by major companies like ByteDance, Alibaba, and Tencent [1] Group 2 - The trend towards the localization of core software and hardware is becoming increasingly prominent against the backdrop of major power technology competition, with domestic computing power expected to resonate with domestic software [1] - This synergy is anticipated to drive the construction of a localized ecosystem, contributing to the important goal of achieving high-level technological self-reliance and strength [1]

Group 1 - Semiconductor stocks in Hong Kong are actively trading, with notable increases in shares such as SMIC rising by 3% and Fudan Microelectronics by 3.3% [1] - The Fourth Plenary Session's communiqué emphasizes high-quality development and significant improvements in technological self-reliance during the 14th Five-Year Plan period [1] - Global memory prices are on the rise, with Samsung and SK Hynix notifying clients of potential increases in DRAM and NAND contract prices by up to 30% in Q4 [1] Group 2 - The core driver for the continuous miniaturization of integrated circuit chips is lithography technology [1] - A research team from Peking University has successfully utilized cryo-electron tomography to analyze the three-dimensional structure and entanglement behavior of photoresist molecules in situ, leading to industrial solutions that significantly reduce lithography defects [1]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (71.16%), Gree Power Environmental (70.40%), and COSCO Shipping Energy (70.32%) [1] - In the last five trading days, the largest increases in holding amounts were seen in CNOOC (+2.948 billion), Pop Mart (+2.005 billion), and SMIC (+1.319 billion) [1] - The largest decreases in holding amounts were recorded for Hua Hong Semiconductor (-1.093 billion), Hang Seng China Enterprises (-603 million), and CSPC Pharmaceutical (-596 million) [2] Group 1: Hong Kong Stock Connect Holding Ratios - China Telecom (00728) has a holding ratio of 71.16% with 9.876 billion shares [1] - Gree Power Environmental (01330) has a holding ratio of 70.40% with 285 million shares [1] - COSCO Shipping Energy (01138) has a holding ratio of 70.32% with 911 million shares [1] Group 2: Recent Increases in Holdings - CNOOC (00883) saw an increase of 2.948 billion in holding amount, with a change of 14.69495 million shares [1] - Pop Mart (09992) experienced an increase of 2.005 billion in holding amount, with a change of 8.5892 million shares [1] - SMIC (00981) had an increase of 1.319 billion in holding amount, with a change of 1.59294 million shares [1] Group 3: Recent Decreases in Holdings - Hua Hong Semiconductor (01347) had a decrease of 1.093 billion in holding amount, with a change of -12.6364 million shares [2] - Hang Seng China Enterprises (02828) saw a decrease of 603 million in holding amount, with a change of -6.2396 million shares [2] - CSPC Pharmaceutical (01093) experienced a decrease of 596 million in holding amount, with a change of -7.65722 million shares [2]

Core Insights - The article highlights the net inflow and outflow of funds for various companies in the Hong Kong stock market, indicating significant movements in capital investment [1][2]. Net Inflow Summary - China Mobile (00941) leads with a net inflow of 1.131 billion, representing a 42.43% increase in investment [2]. - China National Offshore Oil Corporation (00883) follows with a net inflow of 979 million, showing a 28.62% increase [2]. - Pop Mart (09992) ranks third with a net inflow of 782 million, but its share price decreased by 9.36% [2]. Net Outflow Summary - Hua Hong Semiconductor (01347) experiences the highest net outflow at -1.018 billion, with a decrease of 22.36% [2]. - The iShares Asia 50 ETF (02800) has a net outflow of -795 million, reflecting a 6.53% decrease [2]. - Stone Pharmaceutical Group (01093) sees a net outflow of -488 million, with a 26.11% drop in investment [2]. Net Inflow Ratio Summary - GX Hangseng Technology (02837) has the highest net inflow ratio at 67.25%, with a net inflow of 14.7513 million [3]. - Tong Ren Tang (03613) follows with a net inflow ratio of 65.42%, amounting to 4.8958 million [3]. - Shenwei Pharmaceutical (02877) ranks third with a net inflow ratio of 54.29%, totaling 3.1420 million [3]. Net Outflow Ratio Summary - The Wisdom Hong Kong 100 ETF (02825) shows a net outflow ratio of -100.00%, with a total outflow of -5.972 million [3]. - China International Marine Containers (02039) has a net outflow ratio of -63.47%, amounting to -19.7122 million [3]. - Eagle Holdings (00041) follows with a net outflow ratio of -60.44%, totaling -5.7119 million [3].

Core Points - The Hang Seng Index rose by 1.05% to close at 26,433.70 points on October 27, with a net inflow of HKD 2.873 billion through the southbound trading channel [1] - The total trading volume for the southbound trading was HKD 129.766 billion, with a net buy of HKD 2.873 billion [1] - In the Shanghai-Hong Kong Stock Connect, the trading volume was HKD 79.878 billion with a net buy of HKD 1.646 billion, while in the Shenzhen-Hong Kong Stock Connect, the trading volume was HKD 49.887 billion with a net buy of HKD 1.227 billion [1] Trading Activity - In the Shanghai-Hong Kong Stock Connect, the most actively traded stock was SMIC, with a trading volume of HKD 6.595 billion, followed by Alibaba and Xiaomi, with trading volumes of HKD 5.869 billion and HKD 4.542 billion respectively [1] - Tencent Holdings had the highest net buy amount of HKD 1.256 billion, closing with a price increase of 2.90% [1] - Alibaba had the highest net sell amount of HKD 1.204 billion, but its stock price still increased by 3.15% [1] Shenzhen-Hong Kong Stock Connect - In the Shenzhen-Hong Kong Stock Connect, Alibaba was also the most actively traded stock with a trading volume of HKD 4.648 billion, followed by SMIC and Xiaomi with trading volumes of HKD 4.008 billion and HKD 3.210 billion respectively [2] - The highest net buy was for Huahong Semiconductor at HKD 1.162 billion, with a closing price increase of 4.98% [2] - Alibaba again had the highest net sell amount of HKD 0.781 billion, with a closing price increase of 3.15% [2] ETF and Fund Activity - The Hang Seng Dividend ETF (Product Code: 159726) tracks the Hang Seng China Mainland Enterprises High Dividend Yield Index and has seen a 5-day increase of 2.76% [4] - The latest share count for the ETF is 28 million, with a net inflow of HKD 1.387 million [4]

Core Insights - On October 27, 2025, SMIC (00981), Alibaba-W (09988), and Xiaomi Group-W (01810) were the top three stocks by trading volume in the Southbound Stock Connect, with trading amounts of 6.595 billion, 5.869 billion, and 4.542 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), SMIC (00981), and Xiaomi Group-W (01810) also ranked as the top three, with trading amounts of 4.648 billion, 4.008 billion, and 3.210 billion respectively [1] Southbound Stock Connect (Hong Kong) - The top three active stocks by trading amount were: - SMIC (00981): 6.595 billion, net buy of -1.9798 million - Alibaba-W (09988): 5.869 billion, net buy of -1.204 billion - Xiaomi Group-W (01810): 4.542 billion, net buy of +457 million [2] - Other notable stocks included Tencent Holdings (00700) with 3.630 billion and a net buy of +1.256 billion, and Pop Mart (09992) with 1.828 billion and a net buy of +492 million [2] Southbound Stock Connect (Shenzhen) - The top three active stocks by trading amount were: - Alibaba-W (09988): 4.648 billion, net buy of -780 million - SMIC (00981): 4.008 billion, net buy of +1.145 billion - Xiaomi Group-W (01810): 3.210 billion, net buy of -575 million [2] - Other notable stocks included Huahong Semiconductor (01347) with 2.402 billion and a net buy of +1.162 billion, and Tencent Holdings (00700) with 2.054 billion and a net buy of -226 million [2]

Core Insights - The Hong Kong stock market saw a net inflow of 28.73 billion HKD from northbound trading, with 16.46 billion HKD from the Shanghai Stock Connect and 12.27 billion HKD from the Shenzhen Stock Connect [1] Group 1: Stock Performance - The most net bought stocks included SMIC (00981), Tencent (00700), and Hua Hong Semiconductor (01347) [1] - The most net sold stocks were Alibaba-W (09988), Li Auto-W (02015), and Xiaomi Group-W (01810) [1] - SMIC had a net inflow of 32.97 billion HKD, while Alibaba-W faced a net outflow of 19.84 billion HKD [2][7] Group 2: Sector Trends - Northbound capital is increasingly favoring semiconductor stocks, with SMIC and Hua Hong Semiconductor receiving net inflows of 11.43 billion HKD and 9.86 billion HKD, respectively [4] - The "14th Five-Year Plan" emphasizes high-quality development and technological self-reliance, which is expected to boost the semiconductor industry [4] - Analysts predict that AI computing demand will drive expansion in domestic and international logic and memory manufacturers [4] Group 3: Company-Specific Developments - Tencent (00700) received a net inflow of 10.3 billion HKD, attributed to strong performance in its gaming segment, with a nearly 15% year-on-year increase in domestic revenue [5] - Alibaba-W (09988) is expected to have capital expenditures reaching 460 billion HKD, significantly higher than its previous target of 380 billion HKD, driven by surging AI demand [7] - Bubble Mart (09992) saw a net inflow of 4.89 billion HKD, with a reported sales growth of 245% to 250% in Q3, exceeding expectations [5]

Group 1 - The net inflow of southbound funds today amounted to 2.873 billion HKD [1] - The top three stocks with net inflows were SMIC, Tencent Holdings, and Hua Hong Semiconductor, with net purchases of 1.143 billion HKD, 1.03 billion HKD, and 986 million HKD respectively [1] - On the other hand, Alibaba-W, Li Auto-W, and Xiaomi Group-W experienced net outflows of 1.985 billion HKD, 813 million HKD, and 117 million HKD respectively [1]