Group 1: Hong Kong Stocks - Yuewen Group (00772) rose over 4% as the company launched four major initiatives to develop its comic-drama ecosystem and actively promote IP commercialization [1] - ASMPT (00522) increased by over 7% after Morgan Stanley reported a recovery in mainstream semiconductor demand and continuous growth in the advanced packaging market, estimating that ASMPT's third-quarter order shipment ratio will remain above 1 [1] - Sands China (01928) rose over 1% as Citigroup expects its EBITDA recovery to continue in Q4 this year and into next year [1] - Jinli Permanent Magnet (06680) saw an increase of over 5% due to significant improvement in profitability and the strategic importance of rare earth resources [1] - AVIC Aircraft (02357) rose over 4% as its Zihuo future aircraft concept model was showcased at the Airshow, with business spanning the aviation industry chain [1] - Minmetals Resources (01208) increased by over 2% with a reported 11% year-on-year growth in total copper production in Q3, and institutions are optimistic about the performance of the Las Bambas mine [1] - Semiconductor stocks led the gains, with Huahong Semiconductor (01347) up over 10%, Shanghai Fudan (01385) up over 4%, SMIC (00981) up over 5%, and Jingmen Semiconductor (02878) up over 6%. Galaxy Securities noted that semiconductor equipment is a critical support sector in the tech war [1] - Horizon Robotics-W (09660) rose over 3% as it gained favor from domestic and international car manufacturers, with HSD already designated by multiple automakers [1][2] Group 2: US Stocks - Tesla (TSLA.US) rose 2.28% with Q3 2025 revenue at $28.095 billion, a 12% year-on-year increase, exceeding analyst expectations [3] - IBM (IBM.US) fell 0.87% as its Q3 hybrid cloud division revenue growth slowed and fell short of expectations [3] - Micron Technology (MU.US) increased by 4.15% as it officially samples the 192GB SOCAMM2 to customers, actively expanding low-power memory applications in AI data centers [3] - NIO (NIO.US) rose 0.73% with over 10,000 deliveries last week, including a record high of over 3,500 for the L90 model [3] - Hesai (HSAI.US) increased by 3.95% after announcing a strategic partnership with Guanghetong to jointly release a multi-modal perception and control solution based on lidar and dual-vision technology [3] - Baidu (BIDU.US) rose 2.95% as it partnered with Swiss Post's subsidiary PostBus to launch autonomous taxi road tests in Switzerland in December [3] - Futu Holdings (FUTU.US) increased by 3.65% after CICC raised its target price by 6% to $230, maintaining an "outperform" rating [3] - Alibaba (BABA.US) rose 3.64% as its Quark AI glasses are set to launch for pre-sale on the 24th [4] - Southwest Airlines (LUV.US) fell 6.25% despite a 1.1% year-on-year revenue increase to $6.95 billion in Q3, exceeding market expectations [4] - Intel (INTC.US) rose 3.36% with Q3 revenue at $13.65 billion, a 2.8% year-on-year increase [5]

Core Viewpoint - The global chip supercycle is emerging, with significant inflows into the A-share technology innovation chip sector, particularly the Science and Technology Innovation Board's chip ETF, which saw a rise of over 2% on October 24, 2023, with cumulative net inflows exceeding 50 million yuan [1][3]. Market Performance - The Science and Technology Innovation Chip 50 ETF (588750) saw nearly all component stocks surge, with notable increases in storage chip concepts, including Bawei Storage up over 5%, Huahong Semiconductor up over 7%, and others like Lanke Technology and Chipone Technology also showing gains of over 5% [3][4]. - As of 9:47 AM, major memory suppliers like Samsung and SK Hynix are expected to raise DRAM and NAND flash prices by up to 30% in Q4 2023 due to surging AI-driven storage chip demand [5]. Supply and Demand Dynamics - The storage chip sector is anticipated to experience both volume and price increases due to a combination of supply shortages and growing AI demand, with the semiconductor sector's overall health being bolstered by these trends [6]. - The ongoing trade tensions and supply chain disruptions are exacerbating the shortage of storage chips, leading to a tightening supply situation and further price increases across various applications, including servers, mobile devices, and PCs [7]. Index Characteristics - The Science and Technology Innovation Chip Index focuses on high-end upstream and midstream segments of the chip industry, with a core segment representation of 95%, which is higher than other indices [9][10]. - The index is designed to reflect the performance of the chip industry, with a strong emphasis on companies listed on the Science and Technology Innovation Board, which has seen over 90% of chip companies choose this platform for listing in the past three years [8][12]. Growth Potential - The Science and Technology Innovation Chip Index is projected to have a net profit growth rate of 71% in the first half of 2025 and an annual growth rate of 100%, significantly outpacing similar indices [12]. - The index has demonstrated strong upward elasticity, with a maximum increase of 186.5% since September 2023, indicating robust performance relative to peers [13][14].

Core Insights - The article highlights a significant recovery in both Hong Kong and A-share markets, particularly in the semiconductor sector, driven by strong performances from companies like Hua Hong Semiconductor and SMIC [1] - A recent important meeting held from October 20 to 23 in Beijing emphasized the strategic goal of accelerating high-level technological self-reliance, marking a notable increase in the mention of "technology" from 2 to 10 times compared to the previous session [1] - The meeting's core spirit focuses on using technological innovation to overcome structural bottlenecks, efficiency reforms to counteract internal competition, and achieving long-term stable growth through high-quality development [1] Market Performance - In the Hong Kong market, semiconductor stocks showed significant strength, with Hua Hong Semiconductor rising over 10% [1] - In the A-share market, storage chip concepts were active, with stocks like Jiangbolong and Lanke Technology collectively rising [1] - Mainstream ETFs such as the Science and Technology Innovation 50 ETF and the Hang Seng Technology Index ETF all experienced increases [1] Strategic Implications - The recent meeting is seen as a starting point for re-evaluating industrial structures and a strategic window for long-term technology growth and high-end manufacturing sectors [1] - The focus on technology self-reliance and innovation is expected to reshape investment strategies in the capital market [1] Related ETFs - In the Hong Kong market, the Hang Seng Technology Index ETF supports T+0 trading and is driven by a dual focus on "hard technology + new consumption" [2] - In the A-share market, the Science and Technology Innovation 50 ETF targets high elasticity with a focus on leading companies in the dual innovation sector [2]

Market Performance - The Hang Seng Tech Index rose by 1.34% as of October 24, 2025, with notable gains from companies like Hua Hong Semiconductor (+9.45%) and ASMPT (+5.59%) [2] - The Hang Seng Tech Index ETF (159742) increased by 0.48%, reaching a latest price of 0.83 HKD, and has seen a 0.61% rise over the past week [2] - The CSI Hong Kong Stock Connect Internet Index increased by 0.97%, with significant gains from companies such as Qutoutiao (+19.38%) and Huya (+5.58%) [3] - The Hong Kong Internet ETF (159568) rose by 0.63%, with a latest price of 1.91 HKD, and has accumulated a 0.42% increase for the month [3] Liquidity and Trading Activity - The Hang Seng Tech Index ETF had a turnover of 4.89% with a trading volume of 225 million HKD, indicating active market participation [2] - The Hong Kong Internet ETF experienced a turnover of 12.47% with a trading volume of approximately 49.42 million HKD, reflecting a vibrant trading environment [6] - The average daily trading volume for the Hong Kong Internet ETF over the past year was 2.17 billion HKD [6] Industry Developments - Alibaba launched its first self-developed AI glasses, Quark AI Glasses, available for pre-sale at 3,699 HKD, featuring advanced technology for vision correction [6] - ByteDance's Seed team introduced a 3D generative model, Seed3D 1.0, capable of creating high-quality 3D models from single images [6] - Tencent announced the internal testing of its IMA 2.0 version, which includes new features based on agent capabilities [6] - Kuaishou launched a comprehensive AI programming product matrix, including tools and models for developers [6] Semiconductor and New Energy Vehicle Innovations - A research team from Peking University developed a high-precision, scalable analog matrix computing chip based on resistive random-access memory, achieving precision comparable to digital computing systems [7] - JD.com, in collaboration with CATL and GAC Group, announced the name of their new vehicle model, "Aion UT Super" [7] Institutional Insights - The recent Fourth Plenary Session emphasized high-quality development and technological self-reliance as key policy focuses, which may benefit the Hong Kong tech sector [8] - Guotai Junan Securities noted that if market concerns ease, the Hong Kong tech sector could benefit from current industry trends and improved liquidity [8] ETF Performance and Composition - The latest size of the Hang Seng Tech Index ETF reached 44.61 billion HKD, with a record high of 5.524 billion shares [9] - The ETF has seen continuous net inflows over the past ten days, totaling 246 million HKD, with an average daily net inflow of approximately 2.46 million HKD [9] - The top ten weighted stocks in the Hang Seng Tech Index account for 69.87% of the index, including major players like Alibaba and Tencent [10] - The CSI Hong Kong Stock Connect Internet Index's top ten weighted stocks represent 72.48% of the index, featuring companies such as Alibaba and Tencent [10]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board 100 Index has seen a strong increase of 2.49%, with notable gains from constituent stocks such as Huahong Semiconductor (up 10.96%) and Plater (up 6.04%) [3] - The Sci-Tech 100 Index ETF (588030) rose by 2.38%, reaching a latest price of 1.33 yuan, and has accumulated a 22.05% increase over the past three months [3] - The trading volume for the Sci-Tech 100 Index ETF was 1.08 billion yuan with a turnover rate of 1.8%, and the average daily trading volume over the past year was 3.96 billion yuan, ranking first among comparable funds [3] Group 2 - The DeepSeek research team has released the DeepSeek-OCR technology, achieving approximately 97% decoding accuracy at 10x compression and 60% at 20x compression, indicating significant advancements in long text processing [4] - Haitong International views this technology as a new generation of long text processing that is more suitable for low-cost storage and retrieval scenarios, particularly in structured document processing like financial reports and scientific literature [4] - The latest scale of the Sci-Tech 100 Index ETF reached 5.915 billion yuan, ranking 2nd out of 12 comparable funds [4] Group 3 - As of September 30, 2025, the top ten weighted stocks in the Sci-Tech 100 Index accounted for 24.32% of the total index, with major companies including Huahong Semiconductor and BeiGene [5]

港股半导体板块持续走高，华虹半导体大涨10%，上海复旦、晶门半导体涨超6%，中芯国际、ASMPT 涨超5%。 ...

Group 1 - Semiconductor stocks in Hong Kong experienced a collective surge, with notable increases in share prices for several companies [1] - Hua Hong Semiconductor rose over 7%, while Shanghai Fudan and SMIC saw increases of over 6% and 4% respectively [1] - Other companies such as China Electric Power Technology and InnoCare also reported gains exceeding 3% and 2% [1] Group 2 - Hua Hong Semiconductor's latest price is 77.95, with a total market capitalization of 135.279 billion and a year-to-date increase of 260.05% [2] - Shanghai Fudan's stock price reached 42.32, with a market cap of 34.763 billion and a year-to-date increase of 181.52% [2] - SMIC's latest price is 77.15, with a market cap of 617.205 billion and a year-to-date increase of 142.61% [2]

Core Viewpoint - Semiconductor stocks are experiencing significant gains, driven by domestic policy support and the acceleration of self-sufficiency in technology amid ongoing U.S. export controls [1] Group 1: Stock Performance - Huahong Semiconductor (01347) increased by 7.11%, reaching HKD 77.6 - Shanghai Fudan (01385) rose by 6.65%, reaching HKD 42.34 - SMIC (00981) saw a 4.52% increase, reaching HKD 77.4 - Jingmen Semiconductor (02878) grew by 4%, reaching HKD 0.52 [1] Group 2: Policy and Economic Goals - The 20th Central Committee of the Communist Party of China recently published a communiqué outlining major economic and social development goals for the 14th Five-Year Plan, emphasizing significant achievements in high-quality development and a substantial increase in technological self-reliance [1] Group 3: Industry Outlook - According to China Merchants Securities, the acceleration of domestic self-sufficiency is expected due to ongoing U.S. export controls, with a rapid expansion of advanced production lines anticipated by 2026, which will positively impact domestic equipment and component orders [1] - Galaxy Securities highlights that semiconductor equipment is a critical support segment in the semiconductor industry, with strong demand for domestic alternatives and urgent breakthroughs needed in high-end materials [1] - Morgan Stanley's recent report indicates robust demand for AI chips in China, along with policy support for domestic AI GPU development, which is expected to drive sustained growth in domestic advanced process foundry demand over the next two years [1]

每经AI快讯，10月24日，港股半导体股普涨，华虹半导体涨超4%，中芯国际涨超3%，上海复旦涨超 2%，英诺赛科涨超1%。 ...

Core Viewpoint - Semiconductor stocks are experiencing significant gains, driven by domestic policy support and the acceleration of self-sufficiency in technology amid ongoing U.S. export controls [1] Group 1: Stock Performance - Huahong Semiconductor (01347) increased by 7.11%, trading at HKD 77.6 [1] - Shanghai Fudan (01385) rose by 6.65%, trading at HKD 42.34 [1] - SMIC (00981) saw a 4.52% increase, trading at HKD 77.4 [1] - Jingmen Semiconductor (02878) gained 4%, trading at HKD 0.52 [1] Group 2: Policy and Economic Goals - The 20th Central Committee of the Communist Party of China outlined major goals for the 14th Five-Year Plan, emphasizing significant achievements in high-quality development and enhanced self-reliance in technology [1] - According to China Merchants Securities, the domestic self-sufficiency process is accelerating due to ongoing U.S. export controls, with expectations for rapid expansion of advanced production lines by 2026 [1] Group 3: Industry Insights - Galaxy Securities highlighted that semiconductor equipment is a critical support segment in the semiconductor industry, with strong domestic demand for replacement and urgent breakthroughs needed in high-end materials [1] - Current domestic production rates for high-end semiconductor materials are low, but with national support, these materials are expected to follow a similar path to domestic manufacturing and equipment [1] - Morgan Stanley's recent report indicates strong demand for AI chips in China, alongside policy support for local AI GPU development, which is expected to drive growth in domestic advanced process foundry demand over the next two years [1]