Core Viewpoint - The Sci-Tech Chip ETF FuGuo (588810) opened down 1.45% at 1.829 yuan, reflecting a decline in its major holdings and overall market sentiment [1] Group 1: ETF Performance - The Sci-Tech Chip ETF FuGuo (588810) has a performance benchmark of the Shanghai Stock Exchange Sci-Tech Board Chip Index return rate [1] - Since its establishment on December 30, 2024, the fund has achieved a return of 85.38% [1] - The fund's return over the past month is reported at 34.87% [1] Group 2: Major Holdings Performance - Major holdings in the ETF include: - SMIC (中芯国际) down 2.91% - Haiguang Information (海光信息) down 2.30% - Cambricon (寒武纪) down 2.31% - Lattice Technology (澜起科技) down 1.96% - Zhongwei Company (中微公司) down 1.40% - Chipone (芯原股份) down 3.88% - Hu Silicon Industry (沪硅产业) down 2.94% - Hengxuan Technology (恒玄科技) down 2.54% - SiTewave (思特威) down 2.05% - Huahai Qingke (华海清科) down 2.08% [1]

Group 1 - The Hong Kong stock market's semiconductor stocks experienced a significant decline, following the downward trend of the A-share market, with major companies like SMIC, Hua Hong Semiconductor, and Jingmen Semiconductor dropping over 5% [1] - Specific stock performance includes: - SMIC (00981) down 5.57% to 78.850, with a market cap of 630.797 billion and a year-to-date increase of 147.96% - Hua Hong Semiconductor (01347) down 5.75% to 80.300, with a market cap of 139.357 billion and a year-to-date increase of 270.90% - Jingmen Semiconductor (02878) down 5.08% to 0.560, with a market cap of 1.399 billion and a year-to-date increase of 13.13% - Shanghai Fudan (01385) down 4.30% to 43.200, with a market cap of 35.486 billion and a year-to-date increase of 187.38% [2]

A股中芯国际登上了热搜，就是因为有多家券商将其两融折算率均调降为0，原因是根据沪深交易所2023年修订的《融资融券交易实施细则》中的规则，当 静态市盈率在300倍以上或者为负数的时候，股票的两融折算率为零，而国庆长假前的最后一个交易日，中芯国际的静态市盈率刚好过了300倍。 对这个现象其实再正常不过了，只是中芯国际目前的涨势比较明显，也很容易吸引市场眼球，所以折算率调整为零会受到市场极大的关注，未来随着股价的 回落，到时候静态市盈率回到300倍以下时，折算率还会恢复正常的。 只是这件事会让市场情绪受到一些影响，大家的理解可能会超出正常的范围，之所以将折算率调整为零，坦率的说，还是之前股价涨幅太大了，而这也预示 着风险，换句话说此时拿折算率出来说事，多少有点降温的意思，毕竟从目前的市场氛围看，芯片的资金集中度确实太高了，从节前的大幅度上涨，到了昨 天开盘的再次飙升，而这无疑在进一步累计风险。 如此看来，无论中芯国际的折算率调整为零带来的影响有限或者说没啥负面冲击，我认为都应该对当前处在高位的科技股有所警示，防范未来的风险比收益 要更为重要。 当然，从中期的角度我依然看好大科技，尤其是芯片以及储能等行业基本面的改 ...

Core Insights - The article emphasizes the importance of both performance and institutional recognition in evaluating investment opportunities, particularly focusing on companies like SMIC and WuXi AppTec, which have shown promising earnings forecasts and institutional holdings [1] Group 1: SMIC - SMIC's Q3 earnings forecast indicates a revenue increase of 12%-15% year-on-year and a net profit increase of 8%-10%, exceeding market expectations of a 5% net profit growth [3] - The growth is attributed to the full capacity utilization of the 28nm mature process, which now accounts for 42% of total revenue, up 3 percentage points from Q2 [3] - Institutional holdings have increased, with public funds adding 120 million shares and social security funds increasing by 20 million shares, indicating long-term confidence from institutional investors [3] Group 2: WuXi AppTec - WuXi AppTec's Q3 forecast shows a revenue increase of 25%-28% year-on-year and a net profit increase of 30%-32%, with growth rates faster than Q2 [3] - The core driver of this growth is an increase in outsourcing orders from global pharmaceutical companies, with North American business up 22%, European business up 27%, and domestic innovative drug services up 35% [3] - Northbound capital has increased holdings by 80 million shares, bringing the total holding ratio to 12%, with notable fund managers maintaining or slightly increasing their positions, reflecting confidence in long-term growth [3] Group 3: CATL - CATL's Q3 earnings forecast shows a revenue increase of 30%-33% year-on-year and a net profit increase of 28%-30%, surpassing market expectations of 25% [4] - The contribution from the Kirin battery has begun, accounting for 8% of total revenue and showing a 150% increase from Q2, with European business growing by 40% [4] - Institutional holdings have also increased, with insurance funds adding 50 million shares, and partnerships with companies like Li Auto and NIO indicating strong industry support [4] Group 4: Kweichow Moutai - Kweichow Moutai's Q3 forecast indicates a revenue increase of 10%-12% year-on-year and a net profit increase of 11%-13%, consistent with Q2 growth rates [4] - A notable detail is the 25% increase in direct sales revenue, which now accounts for 38% of total revenue, suggesting potential for improved profit margins [4] - Institutional holdings remain stable, with social security funds and insurance capital maintaining their positions, indicating a solid foundation for long-term investment [4] Group 5: Overall Investment Sentiment - The article concludes that for long-term investors, the sustainability of growth rates and the recognition from professional funds are crucial indicators, with the highlighted companies meeting these criteria [5]

Core Viewpoint - The Hang Seng Technology Index and the Hang Seng Index experienced significant declines, indicating a bearish sentiment in the market [1] Company Performance - SMIC (Semiconductor Manufacturing International Corporation) saw a drop of over 5.5% [1] - NIO and Xpeng Motors both fell nearly 5% [1] - Baidu Group and Hua Hong Semiconductor declined by more than 3% [1] - Xiaomi Group and Bilibili experienced a decrease of over 2% [1]

Core Viewpoint - Semiconductor stocks continue to decline, with significant drops in major companies like SMIC and Hua Hong Semiconductor, attributed to adjustments in margin financing rates due to high static P/E ratios [1] Group 1: Stock Performance - SMIC (00981) fell by 5.03%, trading at HKD 79.3 [1] - Hua Hong Semiconductor (01347) decreased by 4.11%, trading at HKD 81.7 [1] - Shanghai Fudan (01385) dropped by 2.84%, trading at HKD 43.86 [1] - ASMPT (00522) declined by 2.46%, trading at HKD 93 [1] Group 2: Margin Financing Adjustments - Several brokerages adjusted the margin financing rates for SMIC from 0.7 to 0.00 and for Bawen Storage from 0.5 to 0.00 [1] - The adjustment to a zero financing rate is a unified action by brokerages due to the static P/E ratios exceeding 300 [1] Group 3: Market Outlook - Citigroup reported that despite a 34% valuation premium in the semiconductor index, the AI effect supports a reasonable valuation due to high growth rates, indicating potential for further upward movement in the semiconductor cycle [1] - Goldman Sachs anticipates that with the development of domestic AI solutions, SMIC and Hua Hong Semiconductor are expected to become leading foundries in China and benefit in the long term [1]

Group 1 - The A-share market experienced a significant decline in chip stocks, with Dongxin Co. and Baiwei Storage dropping over 11%, and Yandong Micro and Jinghe Integration falling over 10% [1] - Several stocks, including Zhongxin International and Baiwei Storage, had their margin trading calculation ratios adjusted to 0 due to static P/E ratios exceeding 300 times [1] - This adjustment is a routine operation by brokerages based on exchange rules that have been in place since 2016, affecting all A-share stocks with static P/E ratios above 300, not just specific industries or sectors [1] Group 2 - The market capitalization and year-to-date performance of several key chip stocks were highlighted, with Dongxin Co. valued at 42.7 billion and a year-to-date increase of 287.79%, while Baiwei Storage had a market cap of 44.3 billion and a year-to-date increase of 53.30% [2] - Other notable declines included Yandong Micro with a market cap of 41.6 billion and a year-to-date increase of 45.24%, and Jinghe Integration with a market cap of 71.4 billion and a year-to-date increase of 53.31% [2] - The overall trend indicates a challenging environment for chip stocks in the A-share market, with multiple companies experiencing significant drops in their stock prices [1][2]

Core Viewpoint - The semiconductor sector in A-shares experienced a significant decline, with major stocks like Baiwei Storage and SMIC dropping over 10% and 6% respectively, despite a net inflow of 252 million yuan into semiconductor ETFs, indicating a mixed market sentiment [1]. Group 1: Market Performance - A-shares opened lower and the semiconductor sector saw a broad retreat, with Baiwei Storage down 10%, Jinghe Integration down over 9%, and SMIC down over 6% [1]. - The Kweichow Moutai ETF and chip ETFs both fell by more than 3%, but there was a notable net buying of 252 million yuan in chip ETFs during the day [1]. - In the past five days, the Kweichow Moutai ETF saw a net inflow of 537 million yuan, while the chip ETF had a net inflow of 649 million yuan over the last ten days [1]. Group 2: Industry Dynamics - The current demand for storage chips is primarily driven by large tech companies' infrastructure needs in the AI era, suggesting a stronger sustainability of demand [1]. - According to Debon Securities, the storage industry is expected to maintain high prosperity in Q3 due to the ongoing strong demand from AI servers and data centers [1]. Group 3: ETF Performance - The largest chip industry ETF, Chip ETF (159995), fell by 3.91%, covering the entire industry chain including leading companies like SMIC and Cambrian [2]. - The "semiconductor content over 50%" Kweichow Moutai ETF (588000) decreased by 3.77%, with key stocks including SMIC and Cambrian [2]. - The Kweichow Semiconductor ETF (588170), focusing on domestic replacement equipment and materials, dropped by 2.69%, including stocks like AMEC and Huahai Qingke [2].

Core Viewpoint - Semiconductor stocks continue to decline, with significant drops in share prices for major companies like SMIC and Hua Hong Semiconductor, attributed to adjustments in margin financing rates due to high static P/E ratios [1] Group 1: Stock Performance - SMIC (00981) fell by 5.03% to HKD 79.3 [1] - Hua Hong Semiconductor (01347) decreased by 4.11% to HKD 81.7 [1] - Shanghai Fudan (01385) dropped by 2.84% to HKD 43.86 [1] - ASMPT (00522) declined by 2.46% to HKD 93 [1] Group 2: Margin Financing Adjustments - Several brokerages have adjusted the margin financing rates for SMIC from 0.7 to 0.00 and for Bawen Storage from 0.5 to 0.00 [1] - The adjustment to a zero financing rate is a unified action by brokerages due to the static P/E ratios exceeding 300 [1] Group 3: Market Outlook - Citigroup reported that despite a 34% valuation premium in the semiconductor index, the high growth rates supported by AI effects make valuations reasonable, indicating potential for further upward movement in the semiconductor cycle [1] - Goldman Sachs anticipates that with the development of domestic AI solutions, SMIC and Hua Hong Semiconductor are expected to become leading foundries in China and benefit in the long term [1]

格隆汇10月10日｜A股市场芯片股集体重挫，其中，东芯股份、佰维存储跌超11%，燕东微、晶合集成 跌超10%，德明利、华虹公司、普冉股份跌超8%，联芸科技、芯联集成跌超7%，恒烁股份、翱捷科 技、气派科技、敏芯股份、中芯国际、长光华芯、中微半导跌超6%，中芯国际跌超5%。 | 代码 | 名称 | | 涨幅% ↑ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 688110 | 东心服分 | - | -11.66 | 427亿 | 287.79 | | 688525 | 佰维存储 | 1 | -11.00 | 443 乙 | 53.30 | | 688172 | 燕东微 | 1 | -10.40 | 416亿 | 45.24 | | 688249 | 晶合集成 | H | -10.33 | 714亿 | 53.31 | | 001309 | 德明利 | 1 | -8.93 | 430亿 | 204.96 | | 688347 | 华虹公司 | 1 | -8.79 | 2032亿 | 151.93 | | 688766 | 普申股份 | 豪 | ...