Summary of Key Points Core Viewpoint - On April 25, the Hang Seng Index rose by 0.32%, with southbound funds recording a total transaction amount of HKD 861.88 billion, resulting in a net sell of HKD 70.19 billion [1]. Southbound Fund Transactions - The total transaction amount for southbound funds was HKD 861.88 billion, with buy transactions at HKD 395.84 billion and sell transactions at HKD 466.03 billion, leading to a net sell of HKD 70.19 billion [1]. - The breakdown of transactions showed that the Hong Kong Stock Connect (Shenzhen) had a total transaction amount of HKD 341.67 billion, with net selling of HKD 48.61 billion, while the Hong Kong Stock Connect (Shanghai) had a total transaction amount of HKD 520.21 billion, with net selling of HKD 21.59 billion [1]. Active Stocks - Tencent Holdings had the highest transaction amount among active stocks, totaling HKD 53.89 billion, followed by Xiaomi Group-W at HKD 51.11 billion and Alibaba-W at HKD 47.94 billion [1]. - The stocks with the highest net buying included Meituan-W with a net buying amount of HKD 7.45 billion, followed by Sunac China with HKD 1.70 billion and Chifeng Jilong Gold Mining with HKD 22.19 million [1]. - Conversely, Tencent Holdings experienced the largest net selling at HKD 14.89 billion, while Alibaba-W and Pop Mart faced net selling of HKD 8.95 billion and HKD 6.52 billion, respectively [1]. Continuous Net Buying and Selling - Two stocks, Chifeng Jilong Gold Mining and Meituan-W, saw continuous net buying for 7 days and 3 days, respectively, with Meituan-W having the highest net buying amount of HKD 26.15 billion [2]. - Four stocks experienced continuous net selling, with Xiaomi Group-W, China Mobile, and Tencent Holdings leading in net selling amounts of HKD 48.57 billion, HKD 22.89 billion, and HKD 20.92 billion, respectively [2].

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net selling from northbound capital, totaling 70.19 billion HKD, with notable net selling in major stocks like Tencent and Alibaba, while Meituan and Sunac China saw net buying [1][2]. Group 1: Northbound Capital Flow - Northbound capital recorded a net selling of 70.19 billion HKD, with 21.59 billion HKD from the Shanghai Stock Connect and 48.61 billion HKD from the Shenzhen Stock Connect [1]. - The stocks with the highest net buying included Meituan (03690), Sunac China (01918), and Chifeng Jilong Gold Mining (06693) [1]. - The stocks with the highest net selling included Tencent (00700), Alibaba (09988), and China Mobile (00941) [1]. Group 2: Individual Stock Performance - Meituan (03690) received a net buying of 7.45 billion HKD, supported by a report from Citigroup indicating no risk of ADR delisting and stable business income [4]. - Sunac China (01918) saw a net buying of 1.69 billion HKD, as the company is actively seeking support for its debt restructuring plan, with significant progress reported [5]. - Chifeng Jilong Gold Mining (06693) achieved a net buying of 221.9 million HKD, reporting a 29.85% increase in revenue and a 141.10% increase in net profit year-on-year [5]. Group 3: Sector-Specific Trends - Semiconductor stocks like Hua Hong Semiconductor (01347) and SMIC (00981) faced net selling of 1.79 billion HKD and 5 billion HKD, respectively, amid changes in import tariffs for certain semiconductor products [6]. - China National Offshore Oil Corporation (00883) experienced a net selling of 2.81 billion HKD, influenced by OPEC+ countries' discussions on increasing production [6]. - China Mobile (00941) had a net selling of 5.09 billion HKD, with a slight revenue growth of 0.02% in Q1, indicating a slowdown in the telecom sector [7].

Group 1 - Semiconductor stocks in Hong Kong experienced a collective decline, with notable drops in companies such as Beike Micro (02149.HK) and Huahong Semiconductor (01347.HK), both falling over 6% [1] - Other companies like Xianxixing (00595.HK), Naodong Technology (02203.HK), and SMIC (00981.HK) also saw declines exceeding 3% [1]

一、说明会类型 | A | 股代码：688347 | A 股简称：华虹公司 | 公告编号：2025-014 | | --- | --- | --- | --- | | 港股代码：01347 | | 港股简称：华虹半导体 | | 华虹半导体有限公司 关于召开 2025 年第一季度业绩说明会的预告公告 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。 重要事项提示： 华虹半导体有限公司（以下简称"公司"）将于 2025 年 5 月 8 日 交易时段后 披 露 公 司 2025 年 第 一 季 度 业 绩 ， 相 关 内 容 请 详 见 上 海 证 券 交 易 所 网 站 （http://www.sse.com.cn/）及香港交易所网站（https://www.hkex.com.hk/）。 为方便广大投资者更全面深入了解公司经营业绩的具体情况，公司拟于 2025 年 5 月 8 日举行"2025 年第一季度业绩说明会"。 二、 说明会召开的时间、地点 说明会将于 2025 年 5 月 8 日（星期四）下午 17:00-18:00 ...

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） 董事會會議日期通知 承董事會命 華虹半導體有限公司 董事會主席兼執行董事 唐均君先生 中國上海，二零二五年四月二十四日 1 於本公告日期，本公司董事分別為： 執行董事 唐均君 （董事會主席） 白鵬 （總裁） 非執行董事 葉峻 孫國棟 陳博 熊承艷 華虹半導體有限公司（「本公司」）特此通知，本公司謹訂於二零二五年五月八日 （星期四）上午十時舉行董事會會議，以商討下列事項： 1. 考慮及批准刊發本公司及其附屬公司就二零二五年一月一日至三月三十一日 止三個月期間的第一季度未經審核財務業績；及 2. 商議任何其他事項。 獨立非執行董事 張祖同 王桂壎太平紳士 封松林 2 ...

智通财经APP获悉，4月22日港股市场，北水成交净买入213.6亿港元，其中港股通(沪)成交净买入118.06 亿港元，港股通(深)成交净买入95.54亿港元。 北水净买入最多的个股是盈富基金(02800)、恒生中国企业(02828)、阿里巴巴-W(09988)。北水净卖出最 多的个股是小米集团-W(01810)、紫金矿业(02899)、中芯国际(00981)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 美团-W | 27.48亿 | 29.17 乙 | 56.65亿 | | HK 03690 | | | -1.69 乙 | | 小米集团-W | 19.96亿 | 29.82 乙 | 49.78 乙 | | HK 01810 | | | -9.86 亿 | | 盈富县金 | 46.26 Z | 866.31万 | 46.34 乙 | | HK 02800 | | | +46.17 亿 | | 阿里巴巴-W | 26.08亿 | 15.42 乙 | 41.50亿 | | HK 09988 | | | +10.66亿 ...

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| A 股代码：688347 | 股简称：华虹公司 A 公告编号：2025-013 | | --- | --- | | 港股代码：01347 | 港股简称：华虹半导体 | 2025 年 4 月 23 日 1/2 华虹半导体有限公司 关于调整保荐代表人的公告 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。 华虹半导体有限公司（以下简称"公司"）于近日收到国泰海通证券股份有 限公司（以下简称"国泰海通"，原名为"国泰君安证券股份有限公司"）通知， 根据中国证券监督管理委员会出具的批复（证监许可〔2025〕96号），核准国泰 君安证券股份有限公司（以下简称为"国泰君安"）吸收合并海通证券股份有限 公司。目前国泰君安已更名为国泰海通证券股份有限公司。 公司首次公开发行 A 股股票原保荐代表人为寻国良先生、李淳女士、邬凯丞 先生、刘勃延先生。本次合并后，国泰海通指派保荐代表人寻国良先生、李淳女 士（简历详见附件）履行对公司的持续督导职责，持续督导期至中国证券监督管 理委员会和上海证券交易所规定的持续督导义务结束为止。 特此公告。 华 ...

Core Viewpoint - The China Securities Index Hong Kong Mid-Cap Selected Index has shown a decline of 9.91% over the past month, but has increased by 5.55% over the last three months and 2.49% year-to-date [1]. Group 1: Index Performance - The China Securities Index Hong Kong Mid-Cap Selected Index closed at 0.0 points with a trading volume of 0.0 billion [1]. - The index was established on December 31, 2004, with a base point of 1000.0 [1]. Group 2: Index Holdings - The top ten weighted stocks in the index include Pop Mart (6.12%), China Telecom (3.78%), CITIC Bank (2.92%), CanSino Biologics (2.75%), China Pacific Insurance (2.74%), China Tower (2.36%), Kingdee International (1.95%), CITIC Securities (1.83%), Qingdao Beer (1.81%), and Hua Hong Semiconductor (1.75%) [1]. - The index consists entirely of stocks listed on the Hong Kong Stock Exchange, with a 100% allocation [1]. Group 3: Industry Composition - The industry composition of the index includes Consumer Discretionary (18.23%), Industrials (12.53%), Financials (11.95%), Information Technology (9.75%), Communication Services (9.51%), Healthcare (8.67%), Consumer Staples (7.73%), Utilities (7.63%), Materials (5.43%), Real Estate (5.27%), and Energy (3.29%) [2]. Group 4: Sample Adjustment - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [2]. - A buffer zone is established for sample retention, prioritizing older samples ranked between 81 and 220, with specific rules for inclusion and exclusion to maintain a total of 100 samples [2].

Investment Rating - The investment rating for the company is "Outperform the Market" [7] Core Views - The company maintains high capacity utilization, with a focus on the incremental space brought by the localization of mature processes [4] - The company reported sales revenue of $539.2 million in 4Q24, an increase of 18.4% year-over-year and 2.4% quarter-over-quarter, aligning with guidance [1] - The gross margin for 4Q24 was 11.4%, up 7.4 percentage points year-over-year, slightly exceeding the guidance of 9%-11% [1] - The company expects 1Q25 revenue to be between $530 million and $550 million, with a gross margin of 11%-13% [1] Summary by Sections Financial Performance - In 4Q24, the company achieved a gross margin of 11.4% and net profit was impacted by exchange losses and increased operational costs [1] - The company’s capital expenditure in 4Q24 was $1.506 billion, primarily for 12-inch capacity expansion [4] - The projected net profits for 2025-2027 are $107 million, $168 million, and $231 million respectively [4] Production and Capacity - As of the end of 4Q24, the company had a monthly capacity equivalent to 391 thousand 8-inch wafers, with wafer shipments of 1,213 thousand 8-inch wafers, a year-over-year increase of 27.5% [2] - The capacity utilization rate was 103.2%, showing a year-over-year increase of 19.1 percentage points [2] Market Demand - The demand from downstream applications remains stable, with independent non-volatile memory revenue increasing by 57% quarter-over-quarter [3] - Revenue from 12-inch wafers grew by 40.2% year-over-year, while 8-inch wafer revenue saw a slight increase of 0.6% [2][3] Strategic Insights - The company is positioned to benefit from the acceleration of localization in mature processes, with a significant portion of its revenue coming from power devices and analog management [4] - The company has established itself as a preferred foundry for overseas clients, which is expected to support its 12-inch capacity expansion and profitability [4]