As hundreds of TD Securities managing directors gathered at the Encore hotel overlooking Boston Harbor in June, there was a celebratory atmosphere in the air. Less publicly, there was grousing as well.The buoyant mood at the multiday meeting was partly because Toronto-Dominion Bank’s takeover of New York investment bank Cowen Inc. — completed in 2023 — had cleared its last legal hurdle just months earlier, allowing the firms’ traders to finally work together in person.The event also marked the first time th ...

Core Viewpoint - The semiconductor sector continues its upward trend, driven by significant developments in AI technology and favorable market conditions for memory chips [1] Group 1: Stock Performance - Semiconductor stocks have shown notable gains, with Huahong Semiconductor rising by 5.48% to HKD 76.05, SMIC increasing by 3.73% to HKD 79.35, Shanghai Fudan up by 3.28% to HKD 44.14, and Jingmen Semiconductor gaining 1.72% to HKD 0.59 [1] Group 2: Industry Developments - Alibaba Group's CEO announced a major upgrade to Alibaba Cloud's full-stack AI system on September 24, enhancing technology from AI models to infrastructure [1] - On September 27, the IPO application of Moore Threads was approved, marking the fastest approval time for a new company in this year's Sci-Tech Innovation Board [1] - The semiconductor industry is experiencing expansion plans with Changxin expected to go public by the end of the year and Changchun anticipated to list next year, indicating positive catalysts for the sector [1] Group 3: Market Trends - Huaxin Securities reports that after the price increase of DDR4, memory prices continue to rise, indicating a new cycle for memory chips [1] - The era of domestic AI chips is emerging, with a complete domestic AI industry chain established from advanced processes to packaging, and major companies like ByteDance, Alibaba, and Tencent accelerating model upgrades [1]

Core Viewpoint - Hong Kong chip stocks experienced a notable increase on September 29, with several companies showing significant gains in their stock prices [1] Company Performance - Jingmen Semiconductor (02878.HK) rose by 7.14%, reaching HKD 0.6 [1] - Huahong Semiconductor (01347.HK) increased by 5.42%, trading at HKD 71.95 [1] - SMIC (00981.HK) saw a rise of 2.67%, with shares priced at HKD 74.9 [1] - Shanghai Fudan (01385.HK) gained 2.25%, with a stock price of HKD 42.68 [1]

Group 1 - Semiconductor stocks have risen significantly, with notable increases in companies such as Jingmen Semiconductor (+7.14% to HKD 0.6), Huahong Semiconductor (+5.42% to HKD 71.95), SMIC (+2.67% to HKD 74.9), and Shanghai Fudan (+2.25% to HKD 42.68) [1] - Moer Thread's IPO application has been approved, marking the shortest time from submission to approval among this year's new companies on the Sci-Tech Innovation Board, with plans to raise CNY 8 billion for various AI and graphics chip development projects [1] - The semiconductor equipment sector is experiencing strong performance, driven by increased demand for storage due to AI data centers and ongoing domestic substitution trends, indicating a new growth phase for the equipment industry [1] Group 2 - The focus on domestic substitution and technological breakthroughs is emphasized as key areas for investment, with major storage manufacturers initiating new projects and expanding advanced logic production [1]

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截至发稿，中芯国际(00981.HK)涨5.99%、华虹半导体(01347.HK)涨5.75%、上海复旦(01385.HK)涨 4.80%。 ...

Core Viewpoint - The recent semi-annual adjustment of the FTSE Global Equity Index Series has included several Hong Kong stocks, indicating a shift in market dynamics and highlighting the performance of certain sectors, particularly gold and biopharmaceuticals [1][2][3]. Group 1: Index Adjustments - Chifeng Jilong Gold Mining (06693) and Laopuhuang Gold (06181) have been included in the FTSE China Large Cap Index for the first time, while 11 Hong Kong stocks, including SF Express (09699) and SOTY Technology (02498), have been added to the FTSE China Small Cap Index [1][2]. - The FTSE Global Equity Index Series categorizes stocks into four market capitalization tiers based on free float market capitalization, which excludes strategic holdings and locked shares [1]. Group 2: Market Performance - The newly included stocks have shown significant price increases this year, with Chifeng Jilong Gold rising over 120% and Laopuhuang Gold increasing by over 200%, reflecting strong sector performance [3]. - The biopharmaceutical sector has also seen substantial growth, with companies like Rongchang Bio (09995) and Sanofi (01530) experiencing stock price increases of nearly 670% and a market capitalization exceeding 77 billion HKD, respectively [3][5]. Group 3: Company Highlights - Chifeng Jilong Gold focuses on gold mining and resource recovery, reporting a net profit of 1.107 billion RMB in the first half of 2025, a year-on-year increase of 55.79% [4]. - Laopuhuang Gold, which went public on June 28, 2024, has seen its stock price surge by 204.65% this year, making it the highest-priced stock in the Hong Kong market [4]. - SF Express, as the largest third-party instant delivery platform in China, has seen steady growth in market capitalization and liquidity since its listing in December 2021, with a target price of 20 HKD set by Daiwa [4]. - Sanofi has gained attention due to a significant business development deal with Pfizer, leading to a market capitalization of 77 billion HKD [5]. - Fourth Paradigm (06682) has received positive outlooks from multiple brokerages, with target prices raised due to its strong position in the AI sector [6].

Group 1: Stock Performance - Semiconductor stocks have shown strong performance recently, with notable increases in share prices for several companies: Huahong Semiconductor up 12.65% to HKD 60.1, Jingmen Semiconductor up 8.16% to HKD 0.53, and SMIC up 7.24% to HKD 72.6, reaching a new high [1][2] - Other companies also saw gains, including Shanghai Fudan up 4.3% to HKD 41.72, and several others with increases ranging from 4.03% to 6.81% [2] Group 2: Industry Developments - Alibaba and Baidu have begun using internally designed chips for training AI models, with Alibaba mentioning a "backup plan" in response to global AI chip supply and policy changes during their latest earnings call [2][3] - The domestic computing power chips are gradually replacing NVIDIA's products, indicating a decoupling of China's AI development from the Western semiconductor ecosystem [3] - A report highlighted the advancements of Alibaba's Tsinghua Unigroup in developing AI-focused PPU chips, which reportedly surpass NVIDIA's A800 in key performance metrics [3]

Group 1 - Semiconductor stocks continue to show strong performance, with notable increases in share prices for companies such as Huahong Semiconductor (+9.93%), Jingmen Semiconductor (+6.12%), SMIC (+5.47%), and Shanghai Fudan (+3.05%) [1] - Alibaba and Baidu have begun using internally designed chips for training AI models, with Alibaba mentioning a "backup plan" in response to global AI chip supply and policy changes during its latest earnings call [1] - Guosen Securities highlights that domestic computing power chips are gradually replacing NVIDIA, indicating a decoupling of China's AI development from the Western semiconductor ecosystem [1] Group 2 - A recent report from CCTV's "News Broadcast" showcased the achievements of China Unicom's Sanjiangyuan Green Power Intelligent Computing Center, including Alibaba's Pingtouge's newly developed PPU chip, which surpasses NVIDIA's A800 in key performance metrics [2] - The report also mentioned several domestic AI chip brands, including Pingtouge, Muxi Technology, Moore Threads, and others, that have signed or are planning to sign contracts [2]

Core Viewpoint - The U.S. Department of Commerce's Bureau of Industry and Security (BIS) has added 23 Chinese entities, including Fudan Microelectronics, to its Entity List, impacting the semiconductor sector [3] Company Summary - Fudan Microelectronics has increased its strategic reserves of wafers and key raw materials, with inventory growing from approximately 600 million yuan at the end of 2020 to about 3.1 billion yuan by mid-2025, enhancing supply chain stability and risk resilience [3] - The company has begun wafer production at local fabs since 2023 and is gradually shifting FPGA production to mainland China, indicating preparedness for supply chain disruptions [3] - Morgan Stanley's report suggests limited impact on demand, as overseas sales accounted for only 6% of the company's total revenue last year, although short-term selling pressure may arise [3]