Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are Green Power Environmental (70.12%), China Telecom (69.73%), and COSCO Shipping Energy (69.52%) [1][2] - Alibaba-W, Tracker Fund of Hong Kong, and Tencent Holdings saw the largest increases in holding amounts over the last five trading days, with increases of +36.52 billion, +14.31 billion, and +11.54 billion respectively [1][2] - The largest decreases in holding amounts were observed in China Mobile (-6.21 billion), China Telecom (-3.50 billion), and China Construction Bank (-3.35 billion) [1][3] Group 1: Hong Kong Stock Connect Holding Ratios - Green Power Environmental (01330) has a holding ratio of 70.12% with 284 million shares [2] - China Telecom (00728) has a holding ratio of 69.73% with 9.678 billion shares [2] - COSCO Shipping Energy (01138) has a holding ratio of 69.52% with 901 million shares [2] Group 2: Recent Increases in Holdings - Alibaba-W (09988) increased by +36.52 billion with a change of +20.56 million shares [2] - Tracker Fund of Hong Kong (02800) increased by +14.31 billion with a change of +52.11 million shares [2] - Tencent Holdings (00700) increased by +11.54 billion with a change of +1.71 million shares [2] Group 3: Recent Decreases in Holdings - China Mobile (00941) decreased by -6.21 billion with a change of -7.46 million shares [3] - China Telecom (00728) decreased by -3.50 billion with a change of -66.46 million shares [3] - China Construction Bank (00939) decreased by -3.35 billion with a change of -45.96 million shares [3]

Core Insights - The article highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential market movements [1][2][3] Short Selling Ratios - The highest short-selling ratios are observed in Li Ning-R and Great Wall Motors-R, both at 100.00%, followed by Hang Seng Bank-R at 82.27% [1][2] - Other notable stocks with high short-selling ratios include Hong Kong Exchanges-R at 80.09% and Baidu Group-SWR at 75.91% [2] Short Selling Amounts - Alibaba-SW leads in short-selling amount with 1.698 billion, followed by Tencent Holdings at 1.369 billion and Zijin Mining at 1.051 billion [3] - Other significant short-selling amounts include Meituan-W at 1.029 billion and Xiaomi Group-W at 0.952 billion [3] Deviation Values - The highest deviation values are recorded for Mao Ge Ping at 45.59%, followed by an unnamed stock at 43.36% and Greentown China at 41.28% [1][3] - Other stocks with notable deviation values include Baidu Group-SWR at 41.16% and Sunshine Insurance at 41.10% [3]

Group 1: Industry Insights - The storage chip industry is the second largest segment in the semiconductor sector, following logic chips, and has experienced three cycles since 2016, with the current demand driven primarily by large tech companies' infrastructure needs in the AI era, indicating stronger sustainability [2] - Recent reports indicate a significant increase in global storage chip prices over the past six months, with a "super cycle" anticipated in the storage chip industry due to the AI boom, as per Morgan Stanley's latest research [1] - The storage industry is characterized as an oligopoly, with 3-5 major companies dominating the market, where Samsung, SK Hynix, and Micron control over 90% of the DRAM market, and the NAND Flash market is similarly dominated by major players [1] Group 2: Company Developments - Dongxin Co. is advancing its "storage, computing, and networking" integrated strategy, with its 1xnm flash memory products now in mass production and sales, while the development of its 2xnm SLC NAND Flash product series is ongoing [3] - Wanrun Technology's semiconductor storage products are applicable in consumer, industrial, and enterprise storage scenarios, with its controlling shareholder being a provincial state-owned investment platform in the Guangdong-Hong Kong-Macao Greater Bay Area [3] - Semiconductor leaders in Hong Kong, such as SMIC and Hua Hong, have seen stock increases of 12.51% and 13.81% respectively, with Goldman Sachs raising their target prices for these companies, anticipating long-term benefits from AI-driven chip demand [2]

Core Viewpoint - Goldman Sachs released its October Asia-Pacific strategy report, highlighting a list of recommended stocks based on the "earnings revision leading indicator" criterion, focusing on Hong Kong and Chinese concept stocks [1] Group 1: Recommended Stocks - Tencent (00700.HK) is included in the list of recommended stocks [1] - Alibaba-W (09988.HK) is also featured as a buy recommendation [1] - Xiaomi-W (01810.HK) is highlighted as a potential investment opportunity [1] - AIA Group (01299.HK) is part of the recommended stocks [1] - Pinduoduo (PDD.US) is listed among the buy stocks [1] - Hong Kong Exchanges and Clearing (00388.HK) is included in the recommendations [1] - Ping An Insurance (02318.HK) is mentioned as a buy [1] - Kuaishou-W (01024.HK) is part of the recommended list [1] - Techtronic Industries (00669.HK) is highlighted as a potential investment [1] - China Pacific Insurance (02328.HK) is included in the buy recommendations [1] - Lenovo Group (00992.HK) is featured in the list [1] - ZTO Express-W (02057.HK) is also recommended [1] - Hua Hong Semiconductor (01347.HK) is part of the buy list [1] - Kingdee International (00268.HK) is included in the recommendations [1] - GDS Holdings Limited-SW (09698.HK) is highlighted as a potential investment [1] - AAC Technologies (02018.HK) is part of the recommended stocks [1] - BYD Electronic (00285.HK) is included in the buy recommendations [1] - China International Capital Corporation (03908.HK) is featured in the list [1] - Weichai Power (02338.HK) is mentioned as a buy [1] - CRRC Corporation (01766.HK) is included in the recommendations [1] - JD Logistics (02618.HK) is part of the recommended stocks [1] - Swire Pacific A (00019.HK) is highlighted as a potential investment [1] - Miniso Group (09896.HK) is included in the buy recommendations [1] - Times Electric (03898.HK) is part of the recommended list [1] - Haitian International (01882.HK) is also featured in the recommendations [1]

Market Overview - During the holiday period, major global stock indices showed positive performance, with the Dow Jones up 0.44%, Nasdaq up 0.57%, and S&P 500 up 0.39% [2] - European markets also saw gains, with the UK FTSE 100, France's CAC 40, and Germany's DAX rising approximately 1.70%, 1.29%, and 2.05% respectively [2] - In the Asia-Pacific region, the Hang Seng Index fell 0.1%, while the Hang Seng Tech Index rose 0.75%. The Korean Composite Index and Nikkei 225 increased by 3.64% and 6.24% respectively [2] - Commodity prices rose significantly, with COMEX gold and silver increasing by 4.82% and 4% respectively, and various base metals also showing gains [2] A-Share Market Insights - The last trading day before the holiday saw the Shenzhen Component Index, ChiNext Index, STAR 50 Index, and CSI 500 Index reach new highs [3] - The Shanghai Composite Index and the SSE 50 Index approached their previous highs, forming a W-bottom pattern since September [3][4] - The performance of brokerage stocks is highlighted as a key area to watch for potential market movements [3][4] Future Market Expectations - The outlook for the post-holiday market is bullish, with expectations that fluctuations in global markets will not alter the upward trend of the A-share market [5][6] - Gold and silver prices continue to rise, with gold surpassing $4000 per ounce, positively impacting precious and base metals [6] Sector Analysis - The semiconductor sector is driven by AMD's significant partnership with OpenAI, leading to a 28% increase in AMD's stock price [7] - The storage sector in A-shares is showing strong upward momentum, with ETF funds recommended as a good investment choice [7] - The new energy battery sector, particularly solid-state batteries, is expected to grow, with major companies like Ganfeng Lithium and CATL seeing substantial gains [8] Robotics and AI Hardware - The humanoid robot sector is gaining attention, with Tesla's humanoid robot supply chain highlighted as a key area for investment [10] - The upcoming release of Tesla's humanoid robot Figure 03 is anticipated to impact the market positively [11] Conclusion - The recent highs in major indices are seen as a positive sign for the overall market, with a focus on whether the Shanghai Composite Index can achieve new highs [11] - Key sectors to monitor include technology, AI, solid-state batteries, and humanoid robotics, as these are expected to remain the main investment themes [11]

Core Viewpoint - Goldman Sachs released its October Asia-Pacific strategy report, highlighting a list of recommended stocks based on the "Earnings Revisions Leading Indicator" criteria, focusing on Hong Kong and Chinese concept stocks [1] Group 1: Recommended Stocks - The report includes a list of stocks recommended for purchase, which are: - Tencent (00700.HK) - Alibaba-W (09988.HK) - Xiaomi-W (01810.HK) - AIA (01299.HK) - Pinduoduo (PDD.US) - Hong Kong Exchanges and Clearing (00388.HK) - Ping An Insurance (02318.HK) - Kuaishou-W (01024.HK) - Techtronic Industries (00669.HK) - China Pacific Insurance (02328.HK) - Lenovo Group (00992.HK) - ZTO Express-W (02057.HK) - Hua Hong Semiconductor (01347.HK) - Kingdee International (00268.HK) - GDS Holdings-SW (09698.HK) - AAC Technologies (02018.HK) - BYD Electronic (00285.HK) - China International Capital Corporation (03908.HK) - Weichai Power (02338.HK) - CRRC Corporation (01766.HK) - JD Logistics (02618.HK) - Swire Pacific A (00019.HK) - Miniso Group (09896.HK) - Times Electric (03898.HK) - Haitian International (01882.HK) [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 華虹半導體有限公司（於香港註冊成立的有限公司） 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 不適用 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01347 | | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 1,325,869,670 | | 0 | | 1,325,869,670 | | 增加 / 減少 (-) | | | | 1,834,733 | | | | | | 本月底結存 | | | ...

Core Viewpoint - The global market during the National Day holiday (October 1-7) showed a pattern of "Asia-Pacific leading, Europe and America following, and commodity structure differentiation," driven by technology growth and expectations of global liquidity easing [1] Group 1: Global Market Performance - The Asia-Pacific technology growth sector outperformed, with major indices showing significant divergence [2] - The Nikkei 225 index surged by 6.72%, leading global markets, driven by expectations of easing policies from Japan's new Prime Minister and improved corporate earnings [2] - The S&P 500 and Nasdaq indices rose by 0.39% and 0.57%, respectively, supported by AI industry catalysts and interest rate cut expectations [2] Group 2: Commodity Market Trends - Gold and industrial metals showed strong performance, while energy commodities exhibited significant differentiation [3] - Spot gold surpassed $3980 per ounce, with COMEX gold futures rising by 3.48% to cross the $4000 mark, driven by heightened risk aversion and expectations of Federal Reserve rate cuts [3] - Industrial metals like LME copper and LME zinc increased by 4.45% and 2.75%, respectively, due to supply constraints and demand from AI and new energy sectors [3] Group 3: Industry Insights - The technology growth sector is clearly defined, with macro policies and industry trends resonating [4] - The semiconductor sector is driven by a global inventory cycle bottoming out and AI computing demand, with stocks like SMIC and Hua Hong Semiconductor rising over 14% [4] - The Hong Kong market showed significant sector differentiation, with materials, information technology, and healthcare leading, while consumer staples and real estate lagged [4] Group 4: Future Outlook - The A-share market is expected to see a strong opening post-holiday, with technology growth likely to continue its momentum [5] - Focus areas for investment include technology growth (semiconductor equipment, AI computing, communication devices), safe-haven assets (gold), and cyclical sectors benefiting from policy expectations [5] - Caution is advised regarding potential volatility in the technology sector and external policy uncertainties, particularly related to the U.S. government shutdown [5]

Group 1 - On September 26, the top three stocks with net inflows from southbound funds were Alibaba-W (09988) with 34.60 billion, Yingfu Fund (02800) with 14.02 billion, and Tencent Holdings (00700) with 11.06 billion [1][2] - The top three stocks with net outflows were China Mobile (00941) with -6.35 billion, China Telecom (00728) with -3.59 billion, and China Construction Bank (00939) with -3.38 billion [1][2] - In terms of net inflow ratio, GX Hengsheng Technology (02837) led with 462.02%, followed by Green Power Environmental (01330) with 156.44%, and Anjii Food (02648) with 127.61% [1][2] Group 2 - The top ten stocks with the highest net inflows included Xiaomi Group-W (01810) with 11.00 billion and Huahong Semiconductor (01347) with 8.23 billion [2] - The top ten stocks with the highest net outflows included China Petroleum & Chemical Corporation (00386) with -2.16 billion and Changfei Optical Fiber Cable (06869) with -1.53 billion [2] - The net outflow ratios for the top ten stocks included Tianjin Chuangye Environmental Protection (01065) at -123.57% and China Telecom (00728) at -113.73% [3][4]

Group 1 - Goldman Sachs holds a positive view on the ongoing development of China's local AI ecosystem, which will benefit companies like SMIC and Hua Hong Semiconductor in the semiconductor sector [1] - Goldman Sachs raised the target price for SMIC from HKD 95 to HKD 117 and for Hua Hong from HKD 95 to HKD 117, maintaining a "Buy" rating for both [1] - DeepSeek recently launched its experimental model DeepSeek V3.2-Exp, which improved training and inference efficiency, leading to a reduction in API costs by over 50% [2] Group 2 - The introduction of the more efficient AI model is expected to lower the barriers for AI applications, promoting widespread adoption of the technology [2] - Despite SMIC and Hua Hong's primary capacity being focused on mature process nodes rather than advanced GPU/ASIC, both companies are anticipated to benefit from the long-term growth in AI-related demand [2] - SMIC's 7nm/14nm capacity is expanding, while Hua Hong plans to migrate its next wafer fab to a 28nm process, with potential for further upgrades to meet the increasing demand driven by AI [2]