Market Overview - The Hong Kong stock market experienced a rebound, with the Hang Seng Index reaching 26,123 points, up 188 points, or 0.73% [1] - The Hang Seng Technology Index reported 5,825 points, increasing by 39 points, or 0.68% [4] Sector Performance - The semiconductor sector led the market gains, with notable increases: SMIC (00981.HK) up over 3%, Hua Hong Semiconductor (01347.HK) up over 2%, and Shanghai Fudan (01385.HK) up over 1% [3] - The machinery sector also showed strength, with Weichai Power (02338.HK) rising over 11%, China National Heavy Duty Truck Group (03808.HK) up over 5%, and others like CRRC (01766.HK) and Sany Heavy Industry (06031.HK) up over 2% [3] New Listings - Four new stocks were listed on the Hong Kong market today, with Wangshan Wangshui-B (02630.HK) opening nearly 185% higher [3] - Conversely, three other new stocks faced declines, with Xiaoma Zhixing-W (02026.HK) down over 12% and Wenyuan Zhixing-W (00800.HK) also down over 12% [5][6] Investment Trends - There is a noticeable shift in market funding, with capital moving from previously high-performing tech stocks to traditional economic sectors and utility stocks, such as local banks, real estate, and high-dividend stocks like CLP Holdings and MTR Corporation [7] - The market is expected to be influenced by three key variables: the pace of Federal Reserve interest rate cuts, developments in US-China relations, and progress in China's domestic growth policies [7]

Group 1 - Fudan Microelectronics experienced a decline of 5.01% on November 5, with a stock price of 58.42 yuan per share and a trading volume of 367 million yuan, resulting in a total market capitalization of 47.988 billion yuan [1] - The company, established on July 10, 1998, and listed on August 4, 2021, primarily engages in integrated circuit (IC) related businesses, operating through two segments: design, development, and sales of integrated circuits, and providing IC testing services [1] - The revenue composition of Fudan Microelectronics includes: 37.04% from FPGA and other products, 23.92% from non-volatile memory, 21.35% from security and identification chips, 13.46% from smart meter chips, 4.15% from IC testing services, and 0.09% from rental income [1] Group 2 - According to data, one fund under Baodao holds a significant position in Fudan Microelectronics, with the Baodao SSE STAR Market Composite Index Enhanced A Fund (023901) holding 117,700 shares, accounting for 1.14% of the fund's net value, making it the eighth largest holding [2] - The Baodao SSE STAR Market Composite Index Enhanced A Fund was established on April 29, 2025, with a latest scale of 78.021 million yuan and has achieved a return of 37.6% since inception [2] Group 3 - The fund manager of Baodao SSE STAR Market Composite Index Enhanced A Fund is Yang Meng, who has been in the position for 7 years and 90 days, managing total assets of 18.856 billion yuan, with the best fund return during the tenure being 175.63% and the worst being -27.34% [3]

Group 1: Market Movements - Wanda Hotel Development (00169) saw a significant increase, rising over 20% during trading, attributed to an agreement with Sony's CPE for a 49% stake in Vampire Squid Productions, which operates the "Octonauts" IP [1] - Cat's Eye Entertainment (01896) rose over 5.3% following the announcement of the film "Demon Slayer: Infinity Castle Chapter One" set to release on November 14, with over 142,000 new views recorded on the platform [1] - Baidu Group-SW (09888) increased by 6.6% after its subsidiary reported over 250,000 orders completed by fully autonomous vehicles, marking a significant step in the commercialization of autonomous driving [1] - Semiconductor stocks experienced gains, with Huahong Semiconductor (01347) up 2.14%, Shanghai Fudan (01385) nearly 1%, and SMIC (00981) up 1.37%, driven by a continued demand for memory chips and price increases planned by several manufacturers [1] Group 2: Gold and Oil Stocks - Gold stocks continued to decline, with Lingbao Gold (03330) down 4.46% and China Gold International (02099) down 2.41%, as spot gold prices fell below $3,980 per ounce, a drop of over 9% from the high on October 20 [2] - Oil stocks rose, with PetroChina (00857) up 3.14% and Sinopec (00386) up 1.66%, following OPEC+'s announcement to pause production increases in Q1 2024, leading Morgan Stanley to raise its short-term oil price forecast [3] Group 3: Automotive and Technology Developments - Li Auto-W (02015) fell 3.3%, with a reported 38% year-on-year decline in new car deliveries for October, alongside a recall announcement for the MEGA 2024 model due to coolant issues [3] - Hesai Technology (02525) rose over 2% after announcing a strategic partnership with Guanghetong to develop a multi-modal perception and control solution based on lidar technology [3] Group 4: US Market Highlights - Atour (ATAT.US) increased by over 5.8%, supported by China's 14th Five-Year Plan aimed at boosting consumption [5] - NIO (NIO.US) rose over 2.3% with a 92.6% year-on-year increase in new car deliveries for October [5] - Micron Technology (MU.US) gained over 4.8% as Samsung paused DDR5 DRAM contract quotes, impacting the supply chain [5] - Nokia (NOK.US) rose over 3.4% following a $1 billion investment from Nvidia to accelerate AI-RAN innovations [6]

Group 1 - Semiconductor stocks are rising, with notable increases in companies such as Hua Hong Semiconductor (+3.64%), Shanghai Fudan (+2.7%), and SMIC (+2.61%) [1] - The demand for memory chips continues to exceed supply, leading to additional orders for several packaging and testing companies, with price increases expected by the end of this year to next year, ranging from high single-digit to double-digit percentages [1] - AI demand remains strong, with Trendforce predicting a 24% year-on-year increase in capital expenditure from the top eight CSP cloud service providers, reaching $520 billion by 2026, which will drive demand for computing chips [1] Group 2 - Tianfeng Securities projects optimistic growth for the global semiconductor industry in 2025, driven by AI and ongoing domestic substitution efforts [2] - Companies in various segments are expected to report strong performance in Q2, with a focus on storage, foundry, SoC, ASIC, and CIS sectors showing earnings elasticity [2] - The leading foundry companies may initiate price increases, with optimistic performance outlooks for Q2 and Q3, as marginal changes in advanced processes continue to stimulate growth [2]

Core Viewpoint - The semiconductor sector in Hong Kong experienced an initial surge on November 4, with notable increases in stock prices for several companies, indicating positive market sentiment in this industry [1] Company Summaries - Shanghai Fudan saw a nearly 3% increase in its stock price [1] - Hua Hong Semiconductor and SMIC both experienced stock price increases of over 2% [1]

Core Viewpoint - CICC reports that Shanghai Fudan achieved a revenue of 3.024 billion yuan in the first three quarters, representing a year-on-year growth of 12.7%, while net profit decreased by 22.69% to 330 million yuan [1] Financial Performance - For the third quarter, Shanghai Fudan reported a revenue of 1.186 billion yuan, showing a year-on-year increase of 33.28%, and a net profit of 137 million yuan, which is a year-on-year growth of 72.69% [1] - The performance aligns with market expectations [1] Profit Forecast Adjustments - Considering the impact of asset impairment losses, CICC has lowered the net profit forecast for Shanghai Fudan in 2025 by 28.8% to 639 million yuan and introduced a net profit forecast for 2026 of 923 million yuan [1] Rating and Target Price - CICC maintains a "outperforming the industry" rating for Shanghai Fudan and has raised the target price by 30.1% to 67.42 HKD, taking into account the upward shift in industry valuation [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10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 上海復旦微電子集團股份有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01385 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 284,330,000 | RMB | | 0.1 RMB | | 28,433,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 284,330,000 | RMB | | 0.1 RMB | | 28,433,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | ...

Group 1 - The semiconductor sector in Hong Kong experienced a decline, with major companies like SMIC and Hua Hong Semiconductor dropping over 4% [2] - The semiconductor index fell by 3.88%, closing at 5309.924, down 214.057 points [3] - The trading volume was 28.927 million, with a total transaction value of 2.219 billion [3] Group 2 - The "14th Five-Year Plan" aims to accelerate breakthroughs in the entire semiconductor industry chain, focusing on developing new model algorithms and high-performance computing chips [4] - The domestic chip localization rate is expected to increase from 10% in October 2021 to 18% by 2024, with AI chip penetration projected at around 30% for Chinese brands [4] - There is a significant demand for domestic alternatives in CPU, GPU, analog chips, storage chips, and automotive chips due to external restrictions and the clear guidance of the "14th Five-Year Plan" [4]

每经AI快讯，10月31日，港股半导体股盘初走弱，华虹半导体、中芯国际跌超4%，上海复旦跌超3%。 每日经济新闻 ...

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之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就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之任何損失承擔任何責任。 上海復旦微電子集團股份有限公司 Shanghai Fudan Microelectronics Group Company Limited* ( 在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ) (股 份 編 號: 1385) 新公司章程(草案) 茲提述上海復旦微電子集團股份有限公司（「本公司」）日期分別為 2025 年 10 月 28 日 之公告（「該公告」），內容有關（其中包括）建議修訂公司章程及採納新公司章程。除 文義另有所指外， 本公告所用詞彙與該公告所界定者具相同涵義。 本公告附錄一列載已納入全部建議修訂的新公司章程(草案)，待股東於股東大會上以特 別決議案方式批准後，方可作實。此英文版為中文版的譯文，僅供參考。倘若譯文出現 歧義及╱ 或中英文兩個版本之間存在任何不一致，應以中文版為準。 承董事會命 上 海 復 旦 微 電 子 集 團 股 份 有 限 公 司 公司秘 ...